Wavell Heights on Brisbanes’ northside is around 8-10km from the city centre and for the past 3-5 years been a hive of activity when it comes to property.
The demand in this suburb has been fueled by local home buyers, and also interstate investors looking for a solid investment opportunity within 10km of the Brisbane CBD.
For anyone that has lived in this area for more then a few years they would have seen the changes in the area, with new builds, renovations, and small subdivisions occurring throughout the suburb. we have seen a significant change in the Demographics as the older generation move out, and the younger move in.
The median sales price for houses in Wavell Heights in the last year was $660,000 based on 188 home sales. Compared to the same period five years ago, the median house sales price for houses increased 32.3% which equates to a compound annual growth rate of 5.8%. This strong growth has provided home owners with strong equity. But also has eroded Investors returns, with rental yields softening.
Wavell Heights has evolved from a blue collar, return serviceman and government housing area to a new Blue Chip suburb, with an increase in middle to high income earners. (see Graph House Hold Income) Which has in turn has changed the needs and wants of the people living in this area, Old homes no longer rent like they used to, this is also fueling the renovations and new builds in the area, as the suburb evolves with the changing demographics.
Wavell Heights is still a great opportunity for investment and I believe holds strong growth prospects for the future, with Chermside Shopping centre just a few minutes away, the Airport and CBD reachable within 10 minutes this suburb is well located to amenities and lifestyle.
If you want a competitive edge in this Hot Market, contact the team at Hot Property Buyers Agency today 07) 3170 3760