Property investors who have had real estate in Woolloongabba, 4102 should be relatively 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 6.75%
Woolloongabba,4102 was ranked 93 in Australia by increase in median property value over the quarter.
Advertised rents are around the $490 mark per week – giving a return of 3.10% based on the median price in Suburb
If you compare the increase in value of investment property in Woolloongabba, 4102 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this QLD suburb was 0.92%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Woolloongabba has fallen somewhat when compared to the 5 year average annual rate.
Property investors looking for a bargain in Woolloongabba should be aiming for at least -4.42% off the asking price, which is the average vendor discount being achieved at the moment.
The QLD suburb of Woolloongabba, 4102 is in the Brisbane (C) local government area.
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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.