Apartments in Brisbane’s inner-northern suburbs have been consistently achieving double-digit annual growth since around 2008, according to a local real estate group.
Director of Position Property Richard Lawrence said information from RP Data shows Albion, Clayfield, Ascot and Hamilton had annual price growth of 16 per cent over the past six years.
“Whether it is owners or investors, these figures represent not only market growth in the region but continued confidence in the inner-north suburbs,” Mr Lawrence said.
He reported the median sales price for apartments in these suburbs was $434,910.
In this region, Albion stood out for its higher sales price.
“Albion registered one of the highest median apartment prices within the region for the year, recording a median price of $447,500, more than $12,500 above the median price,” Mr Lawrence said.
The rental market is also positive for these properties, Mr Lawrence suggested.
“Between 2008 and 2013, these suburbs have exhibited an average annual rental growth of 2.5 per cent for one-bedroom apartments and 2.0 per cent for two-bedroom apartments,” he said.
In particular, brand new properties seem to be most popular among tenants in this area.
“The suburbs are also experiencing a rental increase surrounding new or near new apartments, with renters willing to pay an average of $137-169 more for new or near new apartments, than similar property in other suburbs,” Mr Lawrence said.
According to Position Property, a Brisbane City Council plan to rejuvenate Albion would further boost demand for these properties.
“The Brisbane City Council neighbourhood plan will see Albion in particular transform into a modern inner-city precinct,” Mr Lawrence said.
“The proposed residential developments will cater to the increasing demand of renters, owners and investors, while confidence in the region and continued market growth is expected to remain strong.”