These suburbs are predicted to see massive growth as a result of the Brisbane Metro infrastructure project.
The announcement of the $944m Brisbane Metro infrastructure project has many realtors expecting the infrastructure surge to be a major growth catalyst for several suburbs along the alignment.
Busting traffic congestion, the project is expected to bring a rise in property sales for suburbs along the inner north and south of the city.
Suburbs near the alignment, such as Kelvin Grove and Herston in the north, and Eight Mile Plains, Upper Mount Gravatt, Woolloongabba and Holland Park in the city's south are expected to become more popular among home buyers, due to their proximity to the metro, agent Hamish Bowman, of Ray White New Farm told WILLIAMS MEDIA.
"The inner south will definitely see massive growth, particularly Woolloongabba and Holland Park, which will have the access off the metro. My pick for the northside would be Kelvin Grove and Herston as the best placed suburbs to take advantage of it. They also have lots of facilities on that side such as hospitals and schools, while still being close to the city," he said.
Alex Jordan, an agent with McGrath, told WILLIAMS MEDIA he believes that Toowong and Chapel Hill could also see growth as a result of the metro.
This stunning residence in Toowong is available for sale through Alex Jordan.
"Toowong represents relative affordability when compared to neighboring suburbs and offers great infrastructure with shopping, transport, and is only 4.5km from the CBD. A little further out and Chapel Hill neighbors Indooroopilly and is a great option for families, as it's in the precinct of reputable schools while still being close to shopping and transport and offers relative affordability," he said.
Supplied: Brisbane City Council
With population growth always increasing, the congestion will only continue to worsen, which is why buyers will see tangible value in buying properties in suburbs along the alignment for the traffic-busting metro.
Proximity to public transport is one of the top three determinates when buying a property, says Bowman.
"Being close to public transport is certainly a consideration for home buyers, particularly for investors, who are going to be renting out their property to people who will be traveling to and from the CBD for work. Inner city suburbs like Kelvin Grove, Herston and Woolloongabba have the perfect climate for investors.
"I think buying into suburbs that are well placed to take advantage of the metro, such as Kelvin Grove and Herston, will be one of the determining factors for buyers, as well as other considerations such as proximity to schools, shopping and parking," he said.
Jordan told WILLIAMS MEDIA that while proximity to public transport depends on the demographic, those who work in the CBD are the most likely to purchase into the suburbs that are set to boom.
"School catchments are still the number one draw card for families. Those that will be the most attracted to proximity to public transport are typically those working in the city or are parents with teenage children who use public transport to get to and from school," he said.
Queensland Executive Director of the Property Council, Chris Mountford, said the planned infrastructure has increased confidence in the Queensland property sector.
"The opportunities created by additional jobs facilitates interstate migration. Queensland has been expecting increased migration for years, due to our lower property prices and fantastic amenities, now we have the job growth to support it. With major projects underway across both the public and private sectors, this is a very exciting time for Queensland," he said.
Alex Jordan, agent with McGrath, told WILLIAMS MEDIA that Brisbane is well positioned for future growth.
"While dwelling values have been steady in Brisbane, with it's strong population growth, improving jobs sector and relative affordability, the Brisbane housing market, in my view, is well positioned for further growth in the short to median term," he said.
Bowman agrees, estimating that the city will continue to see steady growth throughout the year.
"Brisbane trails Sydney by six to nine months, so we're still sitting very steadily - we don't peak and trough like the southern markets. Through this next half of the year from July through to December, I see steady growth, particularly in the inner city," he said.
If you want to buy into one of these booming suburbs, this residence in Eight Mile Plains is currently for sale, this Chapel Hill home has just been listed, and this Kelvin Grove family home is on the market.
To view more properties for sale in these suburbs, visit Luxury List and The Home Page.
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