Buyers rushing to northern suburb
House values are continuing to climb in one area with local and interstate investors chasing value and capital growth.
The number of Sydney and Melbourne investors snapping up houses in Brisbane’s northern suburbs has tripled in 2015, according to Kim McHardy, principal of Raine & Horne Chermside.
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The rush of activity has caused house values in suburbs such as Chermside, Chermside West, Geebung, Aspley, Stafford and Kedron to climb around eight per cent since autumn 2014, the real estate group said.
“Three-bedroom houses built in the 1960s, which are priced between $450,000 and $500,000, are attracting significant interstate investor attention,” Mr McHardy said.
“There’s a growing recognition that Brisbane represents real estate value and we have seen a major upswing in the number of interstate investors buying up established properties over the past few months.”
Mr McHardy said Chermside’s robust housing market was expected to drive up interest in local apartments that are very affordable compared with units in Sydney and Melbourne – and enjoy high occupancy rates.
“It is still possible to pay under $340,000 for a two-bedroom apartment in Chermside and receive $340 a week in rent,” he said.
In addition, the suburb has a number of drivers and amenities that will appeal to buyers and tenants alike, he said.
Mr McHardy noted that Chermside is a business hub located 10 kilometres from the Brisbane CBD and a 20-minute drive to the airport and the Port of Brisbane. The suburb is also 50 minutes to the Gold and Sunshine Coasts.
“We also have Westfield Chermside, which is one of the biggest shopping centres in the southern hemisphere,” Mr McHardy said. “The area’s massive retail precinct, along with Chermside’s excellent location, is a big tick with savvy southern state investors.”
