Property value increases in Woolloongabba have tracked higher than the QLD average of 5.76% over the last 12 months.
Woolloongabba,4102 has offered an average of 15.13% return per annum in house price rises to property investors over the last three years.
LACK OF BUYER INTEREST may well be the reason that Woolloongabba is offering property investors an average of -5.08. This rate of discount on properties puts Suburb at number 184th in terms of most discounted suburbs in QLD
Residents and property investors in Woolloongabba have been waiting around 58.7826 days to sell a property.
At number 966th in the list of Australian suburbs ordered by increase in median house value over the last year, Woolloongabba, 4102 is in the BOTTOM 40% with a property value increase of 1.20% recorded in median house prices.
Across a shorter period, Woolloongabba, 4102 has seen a median price increase of 0.00% over the last quarter.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Woolloongabba, 4102. Typically our figures indicate that -5.39% is being offered, which puts this QLD suburb at 199th most discounted overall in Australia.
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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.