Taringa Insights | July 2018
Residents of Taringa are aware they have stumbled upon their own little pocket of paradise. For the past 3 years the number of houses sold in the area has sat consistently between 55 and 70 sales. However to date this year only 18 houses have sold, suggesting there may be even less transactions in 2018.
Two years ago in 2016, Taringa saw substantial growth of over 19% from the previous year. Since then, house prices have levelled out and enjoyed a healthy 6.79% increase overall for the following two years. As fewer homes become available for purchase but demand for the area continues, properties in Taringa are likely to see a steady increase in values in the years to come.
Many of the properties which have sold this year have been untouched houses with refreshed interiors. With a median sale price of $754,000, they are attracting buyers who can live in them comfortably and offer potential for the future. The average days on market also remains low at 30 days, as these entry-level properties appeal to both home owners and investors alike.
Senior Property Strategist at Metropole, Brett Warren, has named Taringa in the top three Brisbane suburbs for small property development. According to Mr Warren, excellent public transport options and its proximity to the CBD make Taringa a sound investment opportunity. Mr Warren also points out that a shortage of quality land with the right zoning means the time to act is now.
We have already seen evidence of this in 2018 with two off-market sales for small property development. 97-99 Swann Road was sold in March for $1,850,000 and has development zoning for medium density residential housing. The 878sqm block offered a sought-after corner position with double frontage.
In February, 49-51 Todd Street also sold to a development group for $1,220,000. The double block which encompasses 1,022sqm of land, currently boasts a four bedroom cottage, which could either be renovated or removed. Home owners in Taringa whose land offers opportunity for development are well positioned to achieve strong results.
Interested to find out more about the Taringa property market?
Our end of financial year Local Market Report has just been released and highlights some of the core trends we are seeing throughout the Toowong, Taringa, Indooroopilly and St Lucia property markets.
Request your copy today and make a confident decision when it comes to your property.