Brisbane’s real estate market continues to go from strength to strength, during a period of downturn currently sweeping the rest of Australia.
While Sydney and Melbourne home prices have fallen by 1.2 percent and 0.8 percent respectively, Brisbane has seen a healthy rise of 0.7 percent.*
New figures have revealed that 26 Brisbane suburbs achieved double-digit property price growth in the past year – with the inner east Brisbane suburb of Norman Park sitting at number 16.*
With a median house price of $967,000, which has grown by a significant 14.9 percent in the past 12 months*, Norman Park is the only inner-east Brisbane suburb to achieve a double-digit growth figure. While prices are on the rise, property is still relatively affordable with the median house price sitting comfortably under $1 million.
What does this mean?
Nerida Conisbee, chief economist at realestate.com.au told the Courier Mail that the top growth suburbs in Brisbane all lay in the middle to high price brackets, whereas in cities such as Sydney, only the cheap or expensive suburbs recorded growth.
“The $800,000 plus suburbs seem to be doing best, which is quite unusual. Brisbane is now looking more positive than last year, so if you are looking to get into the market, I think now is a good time.”
Homes available for under $1 million in a suburb so close to the city showcase a positive sign of the current state of Brisbane’s property market. With an average of 953 visits per property, compared to the Queensland average of 377 visits*, it’s safe to say that this is also a high demand suburb. Norman Park has evidently cemented itself as one of the top growth suburbs in Brisbane.
Who’s buying in Norman Park, and why?
Norman Park’s median age is 34, with 70% of all households consisting of families with children, with the parents aged between 35-64**.
Norman Park and its surrounding areas are home to some of the best primary schools and high schools that Brisbane has to offer. The catchment area of the highly-sought after Norman Park state school doesn’t extend far from the suburbs’ own boundaries, making it crucial to live in the immediate area if you wish to send your children to the school. Along with this Norman Park is located close to Anglican Church Grammar, one of Brisbane's most esteemed private schools for boys.
The suburb is only 4km from Brisbane’s CBD, with convenient access to major arterial roads. It has many leafy parks and playgrounds, along with riverfront walking paths. These aspects combined enable Norman Park to be one of the few suburbs in Brisbane where properties can boast both river and city views.
Dickens Street resident, Michelle Bignell, provides her view on why Norman Park is one of the top growth suburbs in Brisbane.
“I believe it is so popular due to its close location to high end and sought-after schools, both primary and secondary. Having the city, New Farm and Hawthorne all at your fingertips for entertainment purposes is great. Plus, it has a great community feel and some of the best coffee in Brisbane!”
If you’re interested in learning more about Norman Park, download our suburb profile here.
Sources:
* CoreLogic Property Data
** Australian Bureau of Statistics