Riverside location driving Hamilton, Brisbane apartment market

Paul Broad of Broad Property Research and Advisory said Hamilton's proximity to the river and access to major infrastructure had made it a stand-out performer.

"Whether it is located near an ocean, lake or river, people pay a premium for waterfront property because waterfront land to build upon is scarce," he said.

"Not only is Hamilton a riverside suburb, it has been one of the prime beneficiaries of major infrastructure spending, with all of Brisbane's major arterial routes immediately accessible through the city's network of tunnels.

"The suburb's winning combination of location, amenity and infrastructure is something investors cannot ignore, particularly in the absolute riverfront developments."

"The basic principles of supply and demand dictate that prices go up for any desirable item for which there is a limited supply.

"The old adage that the three secrets to real estate are 'location, location, location' holds true in that being on the water is typically the best location available.

"The high household income at Portside Wharf is mainly due to the fact that 40 percent of Portside Wharf's residents aged over 15 are professionals, compared to just 19 percent across Queensland as a whole.

"This provides a pool of quality tenants who desire, and are willing to pay premium rents for well-positioned property." 

Mr Broad said 2011 Census data put the median weekly household income in Brookfield Residential Properties'  Portside Wharf precinct, which neighbours the new Gallery House apartments, at $2,416 per week, nearlydouble the average median weekly household income of $1,235 per week across Queensland.

Jonathan and Brianna Parsons (above) were among the first to purchase at Gallery House, which will sit on a prime riverfront site in Hamilton. 

Mr Parsons said the backdrop of the Brisbane River and CBD was one of the biggest motivators.

"Our one bedroom apartment will be spacious and we will also love the break-out spaces like the rooftop pool and barbeque area, which will be great for entertaining," he said.

"We decided the apartment was perfect for our self-managed super fund because we can't see ourselves ever wanting to sell something as rare as this.

"We are buying for the long term and over the years we have observed that riverfront apartments are always in high demand and are much more resilient to market fluctuations than non-riverfront locations."

For more information on Gallery House visit the new Sales & Display Centre at Portside Wharf or gallery-house.com.au.