Brisbane has seen a dramatic increase in property value during the past decade, particularly in suburbs closest to the CBD. This trend can be seen in the city’s inner south, including the popular and culturally diverse suburbs of South Brisbane and West End.
According to recent research by PRD Nationwide, Brisbane’s inner-south property market has performed very well recently. Only three suburbs in the inner south failed to meet the greater Brisbane average during the past five years.
The median price of a block of land in the inner south is $270,000 – a huge increase from $100,000 five years ago. According to the report, projected population levels to 2011 show South Brisbane, West End and Woolloongabba are expected to record the highest population growth levels of Brisbane’s inner-southern suburbs within 10km of the CBD.
Once an industrial area, characterised by a number of factories along the Brisbane River and Montague Road, the bohemian suburb of West End has seen many changes due to urban renewal during the past 10 years. Just 3km from the CBD, West End has a vibrant atmosphere, making it popular with university students, alternative types and young professional couples. Known as a cultural melting pot, its broad social and economic range is reflected in its great restaurants, boutiques, cafes and bars.
West End is expected to see strong growth in median house prices, as buyers continue to seek property close to the city. As urban renewal projects in areas, such as Newstead and New Farm begin to wind down, the Brisbane City Council and developers are increasingly looking to the old industrial areas of West End as sites for the future growth of Brisbane.
The neighbouring suburb of South Brisbane is a favourite place for a day out. Its appeal stems from a number of its attractions, including South Bank Parklands, created on the former Expo 88 site.
South Brisbane is also a centre for the arts, with the Queensland Performing Arts Centre, Queensland Museum and State Library.
The suburb’s history extends back to the original settlement of Brisbane, when the river was a barrier to the area, creating a separate township. These days, the William Jolly Bridge, Victoria Bridge and Goodwill Bridge ensure its accessibility.