St Lucia Insights | July 2018
St Lucia prides itself on being the exclusive inner-city suburb that everybody wants a piece of. Offering some of the best schools in Brisbane and a world renowned University, families are drawn to the area because of its academic opportunities and prime, peninsula-like location.
Residents of the area keep a tightly-held community, with only 14 houses sold to date in 2018. The suburb offers an interesting mix of housing, from landmark residences and architectural homes, to the more humble, family properties built in the late 90’s to mid 00’s.
Student accommodation is also prominent throughout the area, which in itself drives demand for future development opportunities. The few remaining pockets of land or original houses are increasingly sought after by developers.
152-156 Gailey Road was sold for $3.5M earlier this year and has development approval for student accommodation. The triple block which encompasses 1,619sqm of land, is approved for a 6 storey building which can be made up of 90 student beds within 17 units.
The University of Queensland has also announced it will develop a new Sustainable Futures Building, thanks to the $13.5M donation from alumnus, Andrew N. Liveris. According to Brisbane Development, the Liveris Academy will enable students to “reach their full potential while addressing major challenges facing society today.” Yet another reason why UQ is leading the way for a sustainable future in Brisbane.
Property in St Lucia has seen substantial growth over the last year, with the median house price increasing by 11.02% from January 2017. This is likely due to the limited number of sales in the area, as home owners hold on to their prime estates.
Whilst demand for St Lucia continues to push the median house price above $1.19M, the average days on market does tend to stretch out compared with its neighbouring suburbs. This higher price bracket has seen the average days on market this year sit at around 123 days.
Interested to find out more about the St Lucia property market?
Our latest 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.
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