Aspley is no longer the sleepy suburb it used to be, with renovations, development and urban renewal at nearly every turn. The younger generation are now moving into the area and creating a demographic shift that is stimulating change and growth in the suburb.
Just minutes from one of the largest Westfield shopping centres in Australia, Chermside Shopping Centre, the suburb offers a level of convenience and affordability rarely seen within a 13km radius of the Brisbane CBD.
Median property prices over the last year range from $615,000 for houses to $390,000 for units. If you are looking for an investment property, consider that houses in Aspley rent out for around $460 PW annual with a rental yield of around 3.9%, and units rent for $400 PW with a rental yield of 5.3%. Based on five years of sales, Aspley has seen a compound growth rate of 3.1% for houses and 0.1% for units.
This relatively modest growth rate for houses over the past five years doesn’t accurately represent the growth opportunity that the suburb offers, in my opinion. Given the suburb has great access to the Brisbane CBD, the Brisbane Airport and Trade Coast precinct, I feel the Aspley property market has good times ahead.
Demand in the area is strong, fueled by not only local amenities such as shops, but also public transport and schooling options. Schooling includes Aspley and Aspley East State Schools for primary, both of which have obtained an overall score on the Better Education website of over 90, which places them in the top 25% of the State.
Units, on the other hand, have performed poorly, as they have done in many areas across the Brisbane market due to the oversupply we have seen. But to be honest, Aspley isn’t really a unit demographic, its a family area that still demands houses with land and they filter through to the poor performance we are seeing in growth.
We have been very active in the Aspley area as buyer’s agents, recently securing a great investment property for a time poor local Brisbane buyer, located on Coolah Street. This is a great example of a high demand property that matches the area demographics perfectly.
So whats the best property to purchase in the Aspley Property Market?
In my opinion, the sweet spot at the moment is in the $550-650,000 price range, with properties on over 600m2 blocks, avoiding busy road and flooding. Established homes that offer value-adding potential, but potential isn’t enough, you as an investor or home buyer need to be prepared to invest in those improvements to feel the potential upswing in performance over the next three to five years.
Where in Aspley is best to purchase?
As with all real estate, location location location. I love properties with elevation and perhaps an outlook. Keep your eye out for those pockets of Aspley that offer these unique features. Ultimately, as long as you are on a quiet street and not too close to busy roads, I feel Aspley will be in for a great property cycle.
Want help purchasing a property in Aspley or the surrounding region? Our Brisbane buyer’s agents are here to help. Contact us today.