Has the value of your investment property increased in 2021?
Brisbane property values have recorded significant growth over the past year.
Property investors throughout Indooroopilly, St Lucia and Toowong have seen as much as a 20% increase in the value of their investment property since the beginning of the pandemic.
Taringa, Indooroopilly, Red Hill and Ashgrove have recently joined the million-dollar club, alongside St Lucia, Auchenflower and Paddington which already boast $1M+ price tags.
In this investor update, we find out if the value of your inner-west investment property has increased in 2021.
Investment properties in Indooroopilly jump by 10%
In March 2020, the median sale price for a house in Indooroopilly sat at $945,270. Since then, property values have increased by 10.44% in 12 short months, with the median sale price now reaching $1,044,000.
Property owners in Indooroopilly have experienced a sharp increase in property values as demand for the area continues. A mix of families, property developers and investors are driving demand for Indooroopilly and we have seen some exceptional sale prices for houses in 2021.
Earlier this year, an investor purchased 75 Carinya Street, Indooroopilly for $1,010,000 after 121 buyers inspected the home and 4 offers were presented to the seller. In a similar situation, 108 Boundary Road, Indooroopilly was sold to a property developer for $605,000 after 45 groups attended the first open home and 5 offers were received.
Apartments in Indooroopilly have also experienced a rise in property values since the start of the pandemic. The median sale price has increased from $465,000 in March 2020 to $480,000 in 2021.
St Lucia property investors outperform neighbouring suburbs
Throughout Brisbane’s inner-western suburbs, St Lucia has been the standout performer in property value growth. Prior to the pandemic, the median sale price for a house in St Lucia was $1,240,000 which was already significantly higher than neighbouring suburbs.
Since then, property values in St Lucia have increased by a staggering 20.96% bringing the median to $1,500,000 in 2021. The price gap between Paddington ($1,250,000) and Auchenflower ($1,152,500), is widening, as St Lucia continues to outperform other suburbs in Brisbane’s inner-west.
Apartments in St Lucia have also experienced significant growth in the past 12 months. In March 2020, the median sale price for an apartment in St Lucia was $455,000. Property values have increased by 6.59% with the median now reaching $485,000 in 2021.
Landlords who are taking advantage of these market conditions with the help of our team, are being rewarded with impressive results. Our recent sale of 6/54 Durham Street, St Lucia is a perfect example of this. We were able to generate 8 offers for the two bedroom townhouse, which sold in just 2 weeks for $550,000.
Landlords in Toowong capitalise on hot property market
Throughout 2021, Toowong has seen some extraordinary levels of market activity. Houses are consistently seeing upwards of 40+ buyers attending open homes and many properties are receiving multiple offers within days of coming to the market.
In the last few months, we have helped many property investors capitalise on these opportunities in Toowong. 8B Elizabeth Street, Toowong had been rented for many years when we brought the property to the market. 53 buyers came through the first open home and the house sold for $925,000 in just 4 days.
14 Annerley Street, Toowong had also been an investment property before it was sold for a record price in February 2021. The property received 4 offers and is now the second highest sale for a house on a small block in Toowong, achieving $1,150,000.
With the help of our expert team, owners of investment properties are continuing to break records in Toowong. 27 Soudan Street, Toowong achieved a record sale price for an original house in the street and was sold to a buyer from our database. Another long-term rental property at 90 Sylvan Road, Toowong achieved $41,000 above the asking price and sold for $861,000.
Whilst the official median sale price for Toowong is $920,000, preliminary data from realestate.com.au suggests property values could have increased by as much as 4.2% since March 2020, taking the median closer to $990,000. If these sales continue, and it’s looking likely that they will, property values in Toowong could reach $1,000,000 by the end of 2021.
Would you consider selling your investment property for the right price?
Market conditions are the strongest we have seen in 30 years and property investors are in a unique position to take advantage of such. The level of competition in the market is discouraging most homeowners from selling, as they are aware they will need to buy in the same frenzied market.
With limited homes coming to the market for sale, this offers a unique opportunity for investors to capitalise on their property’s value.
We consistently achieve premium sale prices for our investors
Landlords choose to sell their investment property with us, because we consistently achieve premium sale prices for our investors. Call Byrony today on 0412 132 480 and find out the value of your investment property in the current market.