Brisbane’s outer-western suburbs were among the city’s most prestigious during the 1970’s and ‘80s but now the inner-west lays claim to the title.
Suburbs such as Indooroopilly and St Lucia are just a few within seven kilometres of the city centre which have experienced phenomenal house and unit price growth during the past decade.
Their proximity to University of Queensland, Indooroopilly Shopping Centre, Indooroopilly Golf Club, the Brisbane River and several private schools has contributed to the recent surge in local population and property sales.
According to Real Estate Institute of Queensland research, Indooroopilly sales, in particular, have been buoyed by unit developments.
The institute predicts strong investor interest in the short to medium term for all dwelling types.
As the student population at the University of Queensland grows, commercial and retail activity is also expected to increase.
Ivy Street, which runs along the Brisbane River at Indooroopilly, recorded the highest sale price in the suburb for the year to June 30, with a home selling for $3.5 million in April. A popular area for student tenants, the suburb is also becoming a hub for young city commuters.
Indooroopilly has a large apartment market – more than one-third of residences in the suburb are either units or townhouses.
The situation is similar in neighbouring St Lucia, where many older established homes and apartments have been bought in the past five years to be renovated or replaced with units and townhouses. With easy access to the CBD along Coronation Drive, and the City Cat, St Lucia offers city conveniences and a suburban lifestyle.
The suburb’s infrastructure is dominated by the University of Queensland, which provides facilities, such as sporting grounds, a cinema, restaurants, an Olympic-size pool, libraries and shops.
The REIQ predicts strongest buying interest in the suburb from investors in the short to medium term.
Ninth Avenue in St Lucia recorded the highest sale price in the suburb for the year to June 30, with a home selling for $770,000 in December.