Boom Town

EXPERTS SEE MORE GROWTH

MORE than 1000 units are under construction in the inner-north dotting the skyline with about a quarter of all the city’s cranes. But experts at the Real Estate Institute of Queensland say more need to be built to meet the under-supply in the market. MORE than 1000 units are under construction in Brisbane’s inner northern suburbs but property experts say there should be more.

The Real Estate Institute of Queensland (REIQ) believed Brisbane was undergoing the largest transformation in its recent history, with significant residential and commercial development. The inner north was at the forefront of that development.

“Demand for apartments around 10km from the CBD is clearly established,” REIQ chief executive Antonia Mercorella said.

“Areas such as Albion, Grange, Bowen Hills, Kedron, Gordon Park and Lutwyche are now the focus as the old ‘sixpack’ brick apartment blocks from the 1970s get knocked down and larger, modern designs take their place.

“That development, five years ago, was very focused on the inner 5km ring … however, Brisbane is moving into the next stage of its facelift cycle and we are now seeing development fanning out through the middle ring suburbs.

Ray White Albion principal David Treloar (pictured) is confident of future growth for investors buying inner north properties. He said the old axiom of location, location, location was driving buyer interest and developers were responding to demand. For instance, Albion was only three train stops from the city, with good access to the motorways heading to the Gold and Sunshine coasts. “It also has a high vantage point, which will be protected especially with developments like The Hudson near the railway line that are not likely to be built out,” he said. According to the Rider Levitt Bucknall Index, which tallied crane activity, there were 104 working in Brisbane including nine in the CBD, seven in Newstead, six in the Valley, four each in Albion and Lutwyche and three in Bowen Hills. They were on site at such developments as Jade, The Hudson, Crosby Park and Kokora Apartments in Albion, Bowen Rise in Bowen Hills and at least four sites in Lutwyche. The collective worth of the units was more than $400 million, based on the average of displayed prices.