2021 Indooroopilly Property Market Outlook
We delve into the 2021 Indooroopilly real estate market and take a look at property values, buyer demand and what to expect if you’re buying or selling this year.
2021 Indooroopilly Real Estate Market
Real estate throughout Indooroopilly continues to be highly sought-after in 2021, with buyers drawn to the prestigious homes and extensive list of top schools in the area.
The ability to own a substantial family home and be within walking distance of these educational precincts is a lifestyle many people consider when moving to Indooroopilly.
Ongoing demand for schools in Brisbane’s inner-western suburbs has led the State Government to commit $65M to building a new primary school in the area, which they hope to open by 2023.
Earlier this year, the Education Department proposed building the school on the grounds of Indooroopilly State High School.
However, given the number of schools in this area already, local residents are keen for alternative sites to be considered.
Taringa’s Tricare Site on Seven Oaks Street, the SES Depot, service station and land near Toowong Bowls Club, as well as QASMT moving to UQ are just some of the alternatives which have been suggested.
Why buyers are drawn to real estate in Indooroopilly
In addition to leading schools, people are drawn to real estate in Indooroopilly because of the community and lifestyle on offer here.
Magnificent riverfront properties with large family homes sit shoulder to shoulder.
The esteemed St Peters precinct encompasses peaceful streets such as Glencairn Avenue and Nindethana Street where children can stroll to school.
While an abundance of green space, parks, playgrounds and golf courses create a serene haven for locals to come home to.
The Indooroopilly Riverwalk is ahead of schedule and likely to open in May 2021, 6 months earlier than planned.
The dedicated pathway will connect cyclists and pedestrians between Twigg Street, Jack Pesch Bridge, Indooroopilly Train Station and Whitton Barracks Park.
Indooroopilly Shopping Centre will also become home to an Australian-first, car showroom this year.
“AutoMall West” will combine Indooroopilly’s retail shopping with a car showroom, service area and test drive centre, which will be the first of its kind in Australia.
Demand for real estate in Indooroopilly is at record levels in 2021
With all of this on offer, it’s no surprise the number of people wanting to call Indooroopilly home has almost doubled in the past year.
According to realestate.com.au, more than 500,000+ people search for property to buy in Indooroopilly, every single month.
That’s a 73% increase from the 290,000 monthly searches, Indooroopilly was recording before the pandemic struck.
Even actor Mark Wahlberg has been drawn to Indooroopilly and is rumoured to be opening his family’s burger chain “Wahlbergers” here in 2021.
Driven by this demand, real estate in Indooroopilly has experienced growth in property values throughout 2021.
In December 2019, the median sale price for a house in Indooroopilly was $940,000.
Property prices fluctuated throughout the pandemic, but ultimately increased in value to $970,000 in May 2021.
Out of 126 houses which have sold in the last year, 61 of those have been over $1,000,000.
Lack of homes to buy is creating a competitive real estate market
Despite strong demand for real estate in Indooroopilly, the number of houses selling in the area is down by 15% over the past 12 months.
Homeowners are choosing to stay where they are, which is creating a shortage of housing and as a result, we are seeing some extraordinary real estate prices in Indooroopilly in 2021.
In the first week of advertising, 75 Carinya Street, Indooroopilly attracted 70 buyers through the first open home. That’s almost 5x times what we would typically see in a normal market.
The property went under contract in just 7 days after receiving multiple offers. The home has now sold for $1,010,000.
In a similar situation, buyers flocked to an original house at 108 Boundary Road, Indooroopilly to inspect the property.
45 groups came through the home with 5 offers being presented to the seller on the first weekend. The property sold in just 6 days with a cash unconditional contract of $605,000.
Houses across all price points in Indooroopilly are in demand
At the top end of Indooroopilly’s real estate market, properties between $1.5M to $2M are also experiencing high levels of demand from buyers.
It took just days for our team to sell a contemporary 4 bedroom home at 69 Gladstone Street, Indooroopilly.
After reaching out to buyers who had registered with us for pre-market properties, inspections were booked and the home quickly sold for $1,650,000.
Apartments in Indooroopilly have also bounced back, after property values were hindered by an oversupply of units in Brisbane’s CBD.
The median sale price for an apartment in Indooroopilly is $476,000 as of May 2021, which is 3.7% higher than the same time last year.
Throughout Brisbane’s inner-western suburbs, Indooroopilly now has the highest median sale price for an apartment and is significantly more than Brisbane’s median of $425,000.
Buyers forced into Indooroopilly rental market in 2021
We expect Indooroopilly’s rental market to record some strong figures in 2021.
The flow on effect from a shortage of real estate to buy in Brisbane’s inner-western suburbs is already forcing buyers into the rental market as they struggle to purchase their next home.
The average rent for a house in Indooroopilly has risen by 4.7% in the past year to $550 per week.
Apartments however, are largely rented by university students in Indooroopilly and as such, units have felt an impact of the pandemic to a certain extent.
The average rent for a unit in Indooroopilly dropped slightly to $420 per week, which was the median rental level, apartments were achieving in 2019.
The Indooroopilly property market is showing no signs of slowing down in 2021. The number of active buyers in the market is creating a competitive environment for those looking to purchase a property.
Homeowners who have made the decision to sell their property in Indooroopilly are being rewarded with very good sales results.
If you were considering selling your home in Indooroopilly, 2021 is proving to be an excellent market to do so.
Researching the market?
Find out exactly what’s happening in your suburb with our free 2021 Local Market Report.
- Suburb spotlight on Toowong, Taringa, Indooroopilly and St Lucia
- Explore the change in property values over the past 4 years
- Investigate the trends affecting our inner-western suburbs in 2021