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St Lucia 2020 | Property Market Trends

St Lucia 2020 | Property Market Trends

St Lucia has always been a highly sought-after suburb on this side of town.

Flanked by the Brisbane river and with one of Australia’s top universities at its heart, St Lucia has firmly established itself as a prestigious neighbourhood to call home.

St Lucia’s reputation is well known on an international scale, with many migrating families seeking the enviable lifestyle on offer here. The school catchment zones for St Lucia allow children in this area to attend some of Brisbane’s best schools, including Ironside State Primary School and Indooroopilly State High School.

Of all the inner-western suburbs in Brisbane, St Lucia holds the third highest median sale price, which currently sits at $1,125,000. St Lucia has only just been beaten by Paddington which holds a median sale price of $1,165,000 and Auchenflower which sits at $1,162,500.

Buyers relocating to St Lucia are often prepared to pay the higher price tag because they are less likely needing to move for high school, access to work or even retirement. According to the Australian Institute of Family Studies, 43% of 20 to 24 year-olds are now living at home with their parents, and so St Lucia provides a hassle free option.

Growing families can settle into St Lucia knowing that their children can enrol in great schools and then walk to the University of Queensland, without the need to move. This trend is evident with the average length of home ownership stretching to 13 years in St Lucia.

Transport upgrades connect St Lucia with health corridor

Upgrades to St Lucia’s transport infrastructure in 2020 will make it even quicker and easier for locals to commute to work. The Guyatt Park ferry terminal has recently received a complete overhaul and the UQ ferry terminal now offers express services to the City in just 15 minutes.

The Brisbane Metro will encompass a new UQ Lakes Station which will connect St Lucia with a growing health corridor, including the PA Hospital, the Mater Hospital and the RBW Hospital. The health care industry in Brisbane employs the largest number of workers, with over 93,000 employees registered across 10,000 businesses.

Connecting St Lucia with Brisbane’s growing health precinct will increase demand for the area, as workers search for a home that offers a great lifestyle with quick travel options. In peak hour, the Brisbane Metro will run every 3 minutes and on weekends it will operate 24hrs. While still in its early stages, the project is due for completion in 2023.

St Lucia values surpass 2017 peak

Over the past three years St Lucia has experienced a fluctuation in property values that was fairly in line with the Brisbane market. Property prices peaked in October 2017 with the median house price reaching $1,235,000. Following this peak, property values in St Lucia began to fall throughout early 2018 which was around the same time that national housing values were beginning to slip.

St Lucia’s median sale price reached the bottom of the market in February 2019 and at the time of writing (March 2020) values hadn’t completely recovered. We were confident this would happen in 2020 and new figures released in April show the median sale price has now surpassed its 2017 peak, reaching $1,227,500.

The extent of the global pandemic became more visible in the latter half of March. While it is still too early to predict the impact it will have on the St Lucia property market, at this current point in time we are still receiving good levels of enquiry across all property types.

Local Market Report 2020 Brisbane

Interested to learn more about St Lucia?

Find out exactly what’s happening in St Lucia with our 2020 Local Market Report.

  • Explore the change in property values over the past 4 years
  • Find out where buyers for St Lucia are coming from
  • Top recorded sales in St Lucia
  • Median sale price for houses and apartments
  • Average rental values for St Lucia

 

Get Your Free Report

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Byrony O'Neill

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