By Rich Harvey, CEO & Founder, propertybuyer.com.au
Brisbane is constantly mentioned as THE national hotspot for property buyers in 2022. While Sydney and Melbourne have seen their value growth slow, Brisbane’s has continued at breakneck speed with CoreLogic reporting a 6.4 per cent gain in house values already this year.
But even when a market is strong, it matters what you buy and where. Choose badly and you’ll either leave money on the table or miss a golden opportunity.
The best source for understanding exactly what’s happening in Brisbane is a specialist who works there on the ground, day-in day-out.
That’s why Glen Sainsbury, buyers’ agent at Propertybuyer Brisbane, is the person I turn to for information about the river city. Glen has revealed his top five growth suburbs in Brisbane, and he hasn’t chosen the usual suspects.
1. Balmoral
Balmoral is positioned four kilometres east of Brisbane’s CBD and is the very definition of a ‘bridesmaid’ suburb riddled with potential.
It’s often in the shadows of its higher profile neighbours Morningside, Hawthorne and Bulimba, Balmoral has plenty to offer that they don’t.
It’s a lower density address than Bulimba (which is starting to fill with apartments).
Balmoral state high school, who’s catchment area includes Bulimba means residents of this suburb enjoy no morning drop off’s and pickups, with families moving to Brisbane from interstate embracing the parks, local amenities and more open space than some of the surrounding suburbs.
The suburb will be a major beneficiary of the extensive Bulimba Barracks development too.
Balmoral is more commutable than its neighbours. Riding Road and Hawthorne Rd are morning bottlenecks, often carparks, whereas Balmoral provides alternate routes via Thynne Road and Lytton Road which can shave minutes off your travel time into the city.
It remains comparably affordable too. The Balmoral median house price is $1.45 million which is below Bulimba at $1.65 million and Hawthorne at $1.81 million.
Balmoral historically follows Bulimba’s lead in the price cycle. Given Bulimba saw its median price rise by around 25 per cent in the past 12 months, Balmoral is now primed for its run of capital gains and it can be argued it offers something unique in comparison to its neighbours.
2. Kippa-Ring
This Redcliffe Peninsula address has a raft of homebuyer advantages, yet it’s remained under the radar for some time now.
For starters, it’s the anchor point for the recent Petrie rail line extension that connects the Peninsula to Brisbane’s CBD and the Sunshine Coast.
The Redcliffe Peninsula where Kippa Ring is located is home to the newest NRL franchise, the Redcliffe Dolphins from 2023, with Kippa Rings train station being the primary transport gateway in and out of the region now ajd into the future.
In fact, gentrification is already well underway. Home renovations are picking up in pace, and new home construction is popular where land is available. Commercial infrastructure and revitalisation is set to follow and Kippa Ring will be a primary beneficiary.
Yet the price point remains modest. Houses reflect a median of $590,000. That’s an attractive figure, particularly as you still have easy access to all the bayside amenities on offer at Redcliffe, Woody Point and Scarborough.
I would expect a good home priced between $600,000 and $700,000 will deliver excellent growth potential.
3. Beenleigh
Ask a Brisbane local and they would probably shake their head at Beenleigh being named a capital growth hotspot, but local biases mean they’re missing out on a major opportunity.
Beenleigh benefits from existing strong infrastructure. There are already plenty of facilities, services, golf courses sporting pursuits and entertainment options on hand. Employment hubs at Yatala, Springwood and Loganholme are all in good proximity too.
Then there’s its accessibility. The Pacific Highway provides a fast route north to Brisbane’s CBD (or the Gateway Motorway and the Sunshine Coast) and south to the Gold Coast. In addition, Beenleigh’s train station and bus terminal will take you right through to New South Wales, while the bus terminal is an important transport hub as well. Half an hour from the Brisbane CBD or the Gold Coast beaches means it is extremely well positioned for residents.
Homes are affordable so buying in is easy with a median house price of $450,000 according to realestate.com.au. Rezoning and increased densities within the Beenleigh CBD means a modest house could be a future gold mine.
There’s some solid metrics supporting Beenleigh as a growth zone. Glen said in terms of online search demand, Beenleigh is one of the few locations to see an increase in people searching for property each month, not less. This indicates buying activity will soon ramp up.
4. Cleveland
This bayside suburb is the centre of local government for the Redland Shire.
Cleveland benefits from two hospitals, one of which is undergoing an extensive upgrade. There’s also some great schooling such as Cleveland High which services the whole of the bayside area.
This location is undergoing some major change as well. There is a $1.3 billion-dollar marina and apartment project called Toondah Harbour which will alter the landscape of Cleveland and be a magnet for new residents.
Cleveland is a suburb full of family amenities, but there are plenty of existing retiree residents who will no doubt sell down in the coming years. This means gentrification will be an unfolding story.
Housing options are diverse. You can spend anywhere from $600,000 to several million dollars buying a home in Cleveland, but the sweet spot for opportunity is in the $800,000 to $1.1 million bracket. You’ll get a lot of home and plenty of land for your dollars, and that bodes well for future capital gains.
5. Spring Mountain
Ask a Brisbane local to spot Spring Mountain on a map and 99 per cent won’t be able to.
Spring Mountain remains entirely under the radar – there’s very little data available on it – but its location is primed to take advantage of facilities established by one of Brisbane’s biggest developments, Greater Springfield.
A huge amount has been invested in the Springfield Central area which delivers comprehensive service and facilities, as well as thousands of jobs. That’s great for Springfield residents, but I’d argue Spring Mountain homeowners are more conveniently positioned to take advantage of this hub. On google maps the aerial image looks like a construction site and is very off putting, yet when you click on street view, from back in August 2020, shows a fully established community with beautiful homes and a highly attractive streetscape. This has only evolved further since then.
Spring Mountain sits adjacent to Springfield Central. Apart from the Orion Shopping district, there’s going to be a new tech city at this locality. This central hub is becoming a “Metro/Urban” zone where you’ll see some higher density development underway too. Spring Mountain will be a very easy walk – or electric scooter ride – away from all this appealing infrastructure.
Demand is high but it’s also set to continue. There’s limited land in Spring Mountain itself, which means supply is tight. Blocks of land have sold for as much as $750,000 for a 700 square metre site in 20201, and some people have waited over a year for the opportunity to buy land.
Spring Mountain simply deserves to be one of the western corridor’s premium addresses and buyers who get in now will benefit for years to come. Homes can be bought for the short term below their replacement cost, and this is a huge opportunity.
As you can see, unless you’re a specialist working daily at the coalface of a particular location, unearthing fantastic properties opportunities is incredibly difficult. To that end working with a local buyers’ agents like Glen will put you well ahead of the market and ensure your next purchase has every chance of reflecting excellent gains and lifestyle benefits.
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