Bulimba joins Brisbane’s exclusive million-dollar suburb club, helped by prestige waterfront sales: REIQ

Bulimba joins Brisbane’s exclusive million-dollar suburb club, helped by prestige waterfront sales: REIQ
Bulimba joins Brisbane’s exclusive million-dollar suburb club, helped by prestige waterfront sales: REIQ

The trendy riverside suburb of Bulimba has joined an exclusive group of just three Brisbane suburbs with a median house price of over $1 million, according to June quarter data from the Real Estate Institute of Queensland (REIQ).

Bulimba recorded a median price of $1.07 million, a rise of 33.8% over the June quarter, helped by the sale of a number of prestige waterfront properties.

Figures compiled by RP Data show 45 sales over the quarter, with just 11 of these priced over $1 million.

The top sale of the quarter was a six-bedroom Harry Poulos-designed home (pictured below) on 2,026 square metres of prime riverfront land sold by Judy Goodger Prestige Realty for $5.1 million and described as the “epitome of vibrant riverfront living”.

The property last sold for $2.85 million in April 2007.

Another prestige sale was a six bedroom house at 33 Coutts Street, which sold for $1.72 million in April having previously sold for $1.375 million in 2006.

Brisbane’s other million-dollar suburbs (based on annual data to June 2012) are New Farm, directly opposite Bulimba on the other side of the Brisbane River, with a median price over the past 12 months of $1.175 million (up 6.8% over the past year), and Pullenvale, which has a median price of $1.05 million, down 2.8% over the past 12 months.

Less well known than its inner-city $1 million rivals, Pullenvale is situated around 15 kilometres south-west of the Brisbane CBD, a semi-rural affluent suburb where the median weekly income ($2,350) is almost double that for Queensland ($1,240). A third of residents earn over $3,000 a week, according to census 2011 data.

Current Pullenvale real estate listings show a number of homesteads on large land holdings for sale.

They include this grand five-bedroom country homestead on 4.2 hectares, offering space for horses, a few cattle or goats. The listing is held by Prue Greenwood from RE/MAX Property Centre Toowong & Kenmore.

Two prominent Brisbane riverside suburbs have dropped off the million-dollar list.

House prices in Hamilton on the northern banks of the Brisbane River, next door to New Farm, have plunged 28.2% over the year to June from a median of $1.065 million for the 12 months to June 2011 to $765,000 for the 12 months to June 2012.

St Lucia, four kilometres southwest of the Brisbane CBD near the University of Queensland, has also fallen off the list of million-dollar suburbs, with a current median value of $940,000 compared with $1,04 million as of June 2011 – a fall of 13.8%.

Overall, the REIQ figures show that Brisbane house prices declined by 1% over the quarter to a median of $500,000.

The top-performing major region over the June quarter was Moreton Bay, which recorded median house price growth of 5.3 per cent to $379,000.

Moreton Bay, which is part of greater Brisbane, has a variety of more affordable suburbs that are still within commuting distance of the CBD. Its location and supply of affordable housing is therefore attractive to first home buyers and investors

A number of more affordable Brisbane’s suburbs performed well over the June quarter.

Runcorn’s median house price increased 7.4% to $440,500 and was up 2% over the year.

Runcorn is about 19 kilometres from the Brisbane CBD and is a popular suburb with young and established families, according to the REIQ. Housing in the local area remains predominantly single-detached dwellings with chamferboard and brick and tile houses the most common architectural styles.

Another suburb to record healthy median house price growth was Mansfield, with a median price increase of 7.6% to $476,250.

According to reiq.com.au, Mansfield is characterised by low-set weatherboard houses with traditional Australian backyards and is about 13 kilometres south-east of the CBD. The majority of the dwellings, constructed in the 1940s, 50s and 60s, are made of traditional weatherboard.

REIQ chief executive Anton Kardash says there was a noticeable slowdown in activity from May to June.

“The state government introduced legislation into parliament in mid-May to reinstate the principal place of residence concession on stamp duty from 1 July this year,” he says.

“The return of the concession meant home buyers, who were not first-timers or investors, could save up to $7,000 from 1 July, so it is little wonder that many decided to delay their purchases until after that date.

“Even though sales activity was lower in the month of June in particular, our June quarter data found no significant variations on median prices which means our market is still holding up well. The four rate cuts since November are also starting to have a positive effect on the market.”

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


Be the first one to comment on this article
What would you like to say about this project?