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2021 St Lucia Property Market Outlook

2021 St Lucia Property Market Outlook

We delve deep into the 2021 St Lucia real estate market, where property values are on the rise and infrastructure projects are enhancing the suburb even further.

2021 St Lucia Real Estate Market

Ideal for families with long-term education goals, St Lucia is a world class university precinct surrounded by a wide variety of quality real estate.

In 2021, many families are choosing to move to St Lucia so their children can attend the coveted Ironside State School, renowned high schools and then have the option to go on to study at the University of Queensland (UQ).

Ranked #1 in Queensland and #46 in the world, UQ’s reputation as one of Australia’s most research-intensive universities was illustrated in 2020, with the development of a COVID-19 vaccine.

Although the vaccine did not progress to phase 2 of the clinical trials, it was among the first in the world to be developed and just goes to show why UQ is ranked so highly.

Enhancing St Lucia’s vibrant outdoor spaces

St Lucia has also undergone several improvement projects recently, which have focussed on enhancing green space and supporting healthy lifestyles for local residents.

Guyatt Park upgraded its Junior Playground in 2020 and unveiled an exciting new Ninja Warrior Course.

The free, outdoor fitness course includes 11 challenging obstacles which can test the athletic abilities of both big kids and little warriors.

Guyatt Park upgrades add value to St Lucia real estate
Guyatt Park Ninja Warrior course opened in 2020

For those looking for something a little more relaxed, the St Lucia Community Garden also opened at Lex Ord Park South in May 2021.

The gardens are already flourishing with herbs, vegetables and flowers which is another great additional to the local area.

Walk or cycle across St Lucia’s new green bridge

Brisbane City Council is doing its part to support St Lucia’s healthy lifestyle by building two new green bridges.

These bridges will create an active travel network between St Lucia, West End and Toowong and cater for pedestrians and cyclists.

Following consultation with the community, the St Lucia green bridge will be built between Guyatt Park and Orleigh Park (near Morry Street), while the Toowong green bridge will connect the old ABC site (600 Coronation Drive) with Orleigh Park (near Forbes Street).

St Lucia green bridge location
Green bridge across the river will connect St Lucia to West End

Connecting St Lucia even further will be the Brisbane Metro project, which is currently underway and expected to begin services in late 2023.

These 24m long, all-electric metro vehicles will run between UQ, the Mater Hospital, Southbank, Queen Street Mall, all the way through to the Royal Brisbane Women’s Hospital.

With so much already on offer, connecting St Lucia with Brisbane’s health corridor as well as work, study and lifestyle precincts, will attract even more people to this vibrant suburb.

Demand for real estate in St Lucia remains high in 2021

According to realestate.com.au, 200,000+ people already search for real estate to buy in St Lucia, every single month.

Buyer activity has been exceptionally high in 2021, particularly throughout February and March.

Buyers are not only looking online, but they are actively calling our agency in search of upcoming homes or properties available which are not yet advertised.

Townhouse in St Lucia had record number of buyers making offers
Sold | 6/54 Durham Street, St Lucia $550,000

Despite significant demand for real estate in St Lucia, the number of houses which have come to the market in 2021 is down by almost 11%.

Over the past year, this lack of housing supply, coupled with ongoing demand for the area, has generated an impressive price growth for St Lucia.

Real Estate values soar by 22% in St Lucia

Property prices for houses in St Lucia have increased by 22.81% in just 12 short months. Out of the 63 houses which have sold in the last year, 52 of those have been over $1,000,000.

The median sale price for St Lucia has reached $1,507,500 which is now the highest within Brisbane’s inner-western suburbs, surpassing both Auchenflower and Paddington.

Considering the year we’ve just had, this exceptional level of growth in property values is certainly to be commended.

Open plan dining and kitchen looking out to pool area in St Lucia
42 Hawken Drive, St Lucia sold in 2016 for $1,250,000

Apartments on the other hand, unfortunately have not performed as well.

Units in St Lucia were the most heavily impacted by the pandemic because of their reliance on university students.

When COVID-19 hit Brisbane, university activities and lectures moved online, and many of the student’s part time jobs were lost, resulting with the demand for apartments dropping.

The median sale price for a unit in St Lucia is now $450,500 which is -2.49% lower than 12 months ago.

Although the unit market is a little softer than the house market in the area, we are still achieving good results for clients who are prepared to style their apartment for sale with an appropriate listing price.

St Lucia’s rental market bears the brunt of the pandemic

Understandably, rent levels in St Lucia have also come back slightly.

Houses are now averaging $550 per week compared with $600 per week prior to the pandemic.

Whilst apartments are currently averaging $400 per week as opposed to $430 per week being achieved in February 2020.

Combined dining and living room with timber floors and balcony in St Lucia
Leased | 4/61 Depper Street, St Lucia $440pw

As life returns to normal in 2021, the academics, faculty staff and university students who make up a large portion of the buyers and tenants in St Lucia will return to the market.

We are confident that St Lucia’s appealing lifestyle and increasing connections to West End, Southbank and the City, will reinvigorate demand for apartments.

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

2021 property market report covering Toowong Taringa Indooroopilly and St Lucia

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    Byrony O'Neill

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