Five Brisbane gentrification hotspots - December 2024

By Rich Harvey, CEO & Founder, propertybuyer.com.au

For decades, the New South Wales Central Coast region was in a property market holding pattern. It was flying under the radar of homebuyers and investors alike. But COVID’s significant upheaval brought the region into the limelight. Now, a raft of drivers across the political and economic spectrum will deliver exciting times to the Central Coast – and those who own property will be among the biggest beneficiaries.
Anthony Knight, Principal buyers’ advocate for Propertybuyer on the Central Coast, has lived in the region for decades. We recently chatted about the region and why he’s excited about what’s to come.

Brisbane’s evolution towards world-city status seems inevitable given its rise in international cachet over the past few decades. Many would consider its “coming of age” began in the 1980s through hosting the World Expo and the Commonwealth Games. That growth is set to continue with the proliferation of world-class restaurants and bars, brilliant lifestyle facilities including coastlines and bushland, along with advancing infrastructure and the 2032 Olympics.

The great thing about Brisbane is that there’s still plenty of opportunity in its real estate market. Key to securing exceptional property is being among the first to identify suburbs on the cusp of a gentrification boom. Buy well in these areas and you dramatically improve the chance of excellent medium- and long-term value gains.

I spoke with Propertybuyer’s local Brisbane expert Glen Sainsbury and he shared five gentrification hotspots that have the right growth fundamentals.

Spring Hill

Positioned a mere one kilometre from the heart of the CBD, Spring Hill has had a rough-and-ready history. After decades (it could almost be said, centuries) of providing mostly modest quality dwellings and public sector housing, the suburb is primed to redefine itself as Brisbane’s answer to Surry Hills in Sydney. At present, the median house price is $1.8 million and the median unit price sits at $500,000.

The central location can’t be beat, and as more interstate and overseas buyers discover the River City, so Spring Hill will benefit. There’s plenty of café culture, restaurants and the nightlife delights of Fortitude Valley within an easy stroll.

Glen said a lot of the older rooming accommodation properties are slowly being replaced and renovated as they become less viable. There have also been a few fantastic multi-million-dollar homes constructed in recent years.

There’s some of Brisbane’s most prestigious private schools within walking distance, and the likely redevelopment of nearby Victoria Park as part of the Olympic infrastructure program can only be a boon to homeowners.

Glen believes Spring Hill will transform into one of the most desirable suburbs in Brisbane by 2040.

Annerley

Annerley is located 4.6 kilometres south of the CBD and is traversed by Ipswich Road. This is another location which has had a shabby history, but things have really turned around in recent years.

The median house price is $1.3 million and median unit price is $660,000. While Annerley homes might still be considered relatively expensive by some buyers, there are far more pricey addresses nearby making Annerley a prime “bridesmaid” location.

The suburb is seeing celebrity-chef eateries, cafés and boutique shopping pop up in once rugged retail strips.

Annerley was also dominated by renter residents in the past but as rents have continued to rise, Glen has seen the population moving more towards aspirational family homebuyers. This can only help drive price growth in the future.

Woolloongabba

The home of Brisbane’s famed cricket ground, Woolloongabba’s gentrification story is one of urban renewal.

The Brisbane Metro infrastructure project is a big drawcard for new residents. In addition, there have been a lot of new housing developments with mixed use towers springing up throughout the area. These projects usually come with brand new retail space at street level, including restaurants, cafés and boutiques. South City Square is a classic example.

The median house price here in “The Gabba” is $1.38 million while the unit median sits at $615,000.

Despite all this, the suburb maintains portions of rustic cool with the light industrial area being utilised for hipster activities like artisan bakeries and micro-breweries. The “Paris End” of Logan Road also has some of Brisbane’s best eateries and bars.

The population is transitioning from older residents to young professionals.

Banyo

People familiar with Brisbane’s suburbs might be surprised to see this one on the list, however, dig a little deeper and it makes sense.

Banyo is one of the more affordable options on Glen’s list with a median house price of $915,000 and a median unit price of $598,500.

Positioned 10.5 kilometres north of the CBD, Banyo offers a mix of housing types. There’s a change underway with many properties being renovated, or even demolished for a rebuild (heritage guidelines permitting of course). This is particularly so with many of the 800 square metre sites primed for subdivision.

We’re also seeing a more affluent demographic establishing itself in Banyo. They’re drawn by the plentiful high-calibre cafés and restaurants that have popped up over the past five to eight years. Banyo also has ready access to great schools such as St Joseph's Nudgee College. Brisbane Airport is a short drive away too, as are a range of north Brisbane employment hubs. Public transport is on hand via both bus and train as well.

Darra

Now long-term Brisbane locals would be shaking their heads at this pick by Glen, but they’d be wrong to ignore Darra. You see, the suburb has long been considered a socially challenging location with lots of low-priced rentals and modest homes on hand. Over the past few decades, however, its Vietnamese community has grown in prominence and they’re a big reason for the area’s gentrification.

With a median house price of $760,000 and unit or townhouse median of $660,000, Darra offers a very easy entry point into an evolving gentrification zone.

Once shunned as a destination, Darra now has some exceptional restaurants and cafés. It is apparent that this suburb is in its early stages of gentrification.

Also, location fundamentals cannot be overlooked, with young professionals now purchasing in the area to raise young families too. There are large allotments on hand – many primed for redevelopment and rebuilds.

Darra is also close to employment hubs throughout the southwest, and the road network provides ready connections in all directions.

As other nearby suburbs become increasingly more expensive, Darra offers an affordable option with excellent access to evolving services and facilities, making it an easy choice for our gentrification list.

Finding those great growth locations takes an intimate insider understanding of the Brisbane property landscape. It’s the sort of knowledge earned through years of experience in the local sector. If you’re keen to secure an excellent investment in a suburb with exceptional potential, reach out to Glen and let him steer you in the right direction.

About the Author

Rich Harvey is the CEO and Founder of Propertybuyer, Australia’s most awarded buyers agency. With decades of experience in property investment, Rich and his team are dedicated to helping clients achieve their property goals with confidence and success.

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