2017 Year in Review; Market Update for the Inner West

2017 was another solid year for the inner western suburbs of Brisbane.  All inner western suburbs recorded strong capital growth mostly above the Brisbane metropolitan average.  Online recorded searches reveal all suburbs remain in high demand for both buyers and renters. This being said the contrasting volume of available properties houses for sale, versus available properties for rent, delivered different results.  A fall in available houses for sale on past years have contributed to the rising property prices with competition pushing prices forward,  whereas an oversupply of  available properties for rent in particular newly built apartments have forced rental rates to remain stagnant and in some cases even drop to secure or maintain good tenants.

Ashgrove –  Realestate.com show a 5.7% compound annual growth rate for 2017 based on a 31.9% 5year growth rate, 182 sales were recorded by realestate.com with an annual median of $903,500. Ashgrove is recording 3 times the QLD average in online searches for properties listed for sale. Median rent is at $550/week returning on average a 3.2% yield and demand for rental properties remains above average.

Auchenflower – Realestate.com show a 6.2% compound annual growth rate for 2017 based on a 35.4% 5 year growth rate, 56 sales were recorded by realestate.com with an annual median of $1,100,000. Auchenflower records almost 3 times the QLD average in online searches for properties listed for sale. Median rent is at $540/week returning on average a 2.6% yield and demand for rental properties remains above average.

Bardon – Realestate.com show a 3.7% compound annual growth rate for 2017 based on a 19.7% 5 year growth rate, 163 sales were recorded by  realestate.com with an annual median of $907,000. Bardon is recording 3 times the QLD average in online searches for properties listed for sale. Median rent is at $560/week returning on average a 3.2% yield and demand for rental properties remains above average.

Kelvin Grove – Realestate.com show a 2.9% compound annual growth rate for 2017 based on a 15.2% 5 year growth rate, 51 sales were recorded by realestate.com with an annual median of $760,000. Kelvin Grove is records above the QLD average in online searches for properties listed for sale. Median rent is at $500/week returning on average a 3.4% yield, demand for rental properties remains above average.

Milton – Realestate.com show a 6.8% compound annual growth rate for 2017 based on a 38.9% 5 year growth rate, 26 sales were recorded by realestate.com with an annual median of $901,250. Milton records the QLD market average for online searches for properties listed for sale. Median rent is at $565/week returning on average a 3.3% yield and demand for rental properties remain online with the QLD average.

Paddington –  Realestate.com show a 6.6% compound annual growth rate for 2017 based on a 37.4% 5 year growth rate, 156 sales were recorded by realestate.com with an annual median of $1,040,000. Paddington is recording almost 4 times the QLD average in online searches for properties listed for sale. Median rent is at $580/week returning on average a 2.9% yield and demand for rental properties remains high.

Petrie Terrace – Statistics show a 5.2% compound annual growth rate for 2017 based on a 21.6% 5 year growth rate, 20 sales were recorded by realestate.com with an annual median of $792,500. Petrie Terrace is recording almost 4 times the QLD average in online searches for properties listed for sale. Median rent is at $580/week returning on average a 2.9% yield and demand for rental properties remains high.

Red Hill – Realestate.com show a 4.6% compound annual growth rate for 2017 based on a 25.4% 5 year growth rate, 80 sales were recorded by realestate.com with an annual median of $906,000. Red Hill is recording 4 times the QLD average in online searches for properties listed for sale. Median rent is at $550/week returning on average a 3.2% yield and demand for rental properties remains above average.

 

Posted by Nicholas Hall