Property investors who have had real estate in Woolloongabba, 4102 should be pleased with this QLD suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 8.15%
When looking at the potential capital gains offered to property investors over the last 3 years, Woolloongabba comes in at number 508th in QLD.
State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.03% offered to property buyers. Sellers in Woolloongabba itself are offering an average vendor discount of -5.90% to real estate investors.
On average over the past year, suburb has had 3.33 sales per month, which equates to 40 per year.
Woolloongabba, 4102’s gross rental yield is 3.08%
At number 680th in the list of Australian suburbs ordered by increase in median house value over the last year, Woolloongabba, 4102 is in the top half with a property value increase of -0.92% recorded in median house prices.
If we look at median property appreciation over just the last three months, Woolloongabba has given property investors a paper return of -0.61%. This puts Suburb as 193 on a list of fastest fasting appreciating suburbs in QLD
Our latest figures would indicate that property sellers in Woolloongabba are currently offering property investors an average price cut of -4.38% below the asking price at the moment.
At number 1036 in a list of fastest selling suburbs, Woolloongabba is in the bottom 30% of suburbs in Australia with an average of days on market 98.6176 for properties listed there.
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Woolloongabba’s only around 3km south of the Brisbane CBD, and it’s this inner-city location, combined with the area’s regeneration, that makes it worth keeping an eye on.
The area has hit a slow patch in terms of capital growth, says PRDnationwide analyst Josh Brown, but he pegs it as a suburb that’s well worth going into now to pick up a unit – as the market conditions dictate that buyers can bargain hard on the price and hold for long-term growth.
“A large portion of this suburb was also declared an Urban Development Area in April 2010, which will transform the region and provide strong capital growth for investors who are willing to hold the property for a number of years,” he says.
In the meantime, the average unit yield is holding up well and Brown expects this figure to rise as the city’s rental market tightens. Census data indicates that 50% of the suburb’s occupants are renters, and SQM Research predicts that this number will increase to 56% over the next five years.
Hot Property Specialists’ Liz Wilcox notes that, as Woolloongabba’s becoming a higher density urban precinct, there’s a lot of new unit stock coming on to the market and it’s these newer properties that investors should be targeting.
“The old boxes don’t get such good rental returns, as there are a lot of young professional tenants in that area and they’re looking for more modern properties,” she says.
Woolloongabba has a couple of train stations within walking distance (Buranda and Dutton Park), while the Pacific Motorway takes bus users and motorists to the heart of the city. Amenities are plentiful and of course the world famous Gabba cricket ground can be found a couple of kilometres north of central Woolloongabba towards Kangaroo Point.