Cannon Hill has always been viewed as a contemporary Brisbane suburb, however a closer look at the amount of recent Cannon Hill development evidences its promising future.
While nearby suburbs such as Camp Hill and Coorparoo have seen large plots of land snapped up by developers and subdivided to build multiple townhouses, or multi-level apartment blocks, Cannon Hill has primarily remained true to its original houses and infrastructure. Its two bordering roads are home to apartment blocks and developments; however, its internal streets haven't changed substantially in recent years.
With only 12 apartments and four townhouses sold in the six months leading up to June 2018, compared to 47 houses, it’s fair to say that developers didn’t have a firm grasp of this untouched Brisbane suburb - until recently.
What has changed?
Cannon Hill development has recently seen a Quest serviced apartment hotel open its doors on Wynnum Road. Along with this, a new apartment complex, Lime Living has recently taken residence on the same road.
Perhaps the most considerable development in recent years, East Village, lies in heart of Cannon Hill. Completed in 2016, The East Village Cannon Hill development is home to 105 townhouses, 98 apartments, retail & entertainment precincts, a gym and medical centre, a hotel, and commercial office spaces. Judging by the popularity of the East Village development, it’s easy to see why Cannon Hill could see future development.
Along with this, recent construction at Minnippi Parkland provides a glimpse into the suburb’s residents embracing Cannon Hill development.
The development will see the construction of 123 individual houses, four medium density apartment or townhouses, along with a new golf course.
Minnippi Parkland is known to be a relatively untouched, lush meadowland in the centre of Brisbane’s eastern suburbs. Home to a rare surviving lagoon from pre-settlement days, the lake is host to an abundance of wildlife and a popular walking track.
The new residential development will eventually comprise of a Brisbane City Council owned public golf course, conservation areas and of course, housing. The announcement of 125 hectares of land for development sent buyers into a frenzy in 2016, and with the Brisbane Airport and CBD both being 11km away, along with several great schools, parks and bikeways in the immediate area, the investment potential is clear.
What does this all mean?
Place Bulimba agent, Meagan Muir provides her insight into the recent Cannon Hill development. “The Minnippi Estate is an exciting upgrade - allowing families to build their dream home in their preferred Brisbane suburb, on generous sized blocks of land in a family friendly community, with an impressive golf course on offer”.
With the first release of 53 lots selling within hours, owners have since then been able to re-sell their blocks for considerable profit - a block that originally sold for $510,000 in 2016 sold for $691,000 in July last year. Another block is currently listed at offers over $800,000.
Meagan continues; “The advantage was that people could buy flat, generous sized and easy to build on land and sell their property in a strong market, with Cannon Hill sitting at 6.3% annual growth which is above the Brisbane inner city average”
The first home to be completed is an impressive five-bedroom, four bathroom stately American inspired home on 555 square metres of land.
A lot of people were eagerly anticipating the sale price and outcome of this property, as this would set a benchmark for the new estate and cement its high profile.
With the mix of old and new development bringing out the best of this up and coming suburb, it’s no wonder its future looks bright. Cannon Hill has so far retained its traditional appealing assets, with additional developments adding value to Cannon Hill’s facilities, and therefore its housing market.
If you’re interested in learning more about Cannon Hill, download your free suburb report here.
