At number 2552th in the list of Australian suburbs ordered by increase in median house value over the last year, Woolloongabba, 4102 is in the BOTTOM 50% with a property value increase of 0.89% recorded in median house prices.
Over the longer term, Woolloongabba has seen property prices show investors a 7.70% return over the last 3 years. This is worse than over the last 12 months
Our latest figures would indicate that property sellers in Woolloongabba are currently offering property investors an average price cut of -4.74% below the asking price at the moment.
A $500 per week rent on the median house gives suburb investors a gross yield of circa 3.26%, without taking into account capital value appreciation, which has been averaging out at 3.50%.
Woolloongabba is in the bottom 20% in QLD when comparing median price capital growth over the last year. Woolloongabba gave property investors a dismal capital gain figure when compared to the rest of the state, with -9.47%.
If we look at median property appreciation over just the last three months, Woolloongabba has given property investors a paper return of -2.10%. This puts Suburb as 263 on a list of fastest fasting appreciating suburbs in QLD
Property buyers and investors in Woolloongabba 4102 should be seeing an average reduction in asking price of around -3.23% . This means that Woolloongabba is holding prices well when compared to other suburbs in QLD.
In the last year 48 properties changed hands in Woolloongabba, which puts it as the 126th most active market in QLD when comparing the number of sales per suburb.
Woolloongabba, 4102’s gross rental yield is 5.64%
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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.
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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.
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