In the recent figures released by the Valuer General, property values across Brisbane has risen by a healthy six percent on average. In fact, over the past four years commencing in 2014, land values in Brisbane have seen positive growth. These increases were off the back of negative growth, albeit marginal, in 2012 and 2013. According to figures released by the Valuer General’s office, the increases in land values over the past four years are as follows:
While these figures are no way close to the exponential growth we saw in the previous decade, it still represents a steady and healthy increase in land and property values which is sustainable in the medium to long term.
Within the small cluster of suburbs that fall within the 4122 postcode, we have seen remarkable increases of between 12.2% and 18.2%, which is well above the Brisbane average.
Changes in Land Values
The table below shows the changes in value in these 5 suburbs over the previous year.
|Suburb||2017 (% increase)|
|Mt Gravatt East||14.5|
|Upper Mt Gravatt||18.2|
While land value represent the valuation determined by the Valuer General who takes numerous factors into account, it is sometimes not a true representation of the actual property market in any given suburb. Sceptics may say the Government has a vested interest to see rises in land values as Council Rates that owners pay are linked to the DG’s valuations.
Despite this however, it would be correct to say that property prices within suburbs in the 4122 postcode has risen across the board in recent years due to a number of factors including good infrastructure, proximity to the Brisbane CBD, good schools, easy access to major arterial roads and good public transport facilities.
Demand for rental properties has also risen for the same reasons, as a result we have seen property investors snapping up some good bargains.
The table below summarises the performance of these suburbs.
|Mt Gravatt||Mt Gravatt East||Upper Mt Gravatt||Mansfield||Wishart|
|Median Sales price||$641,000||$588,065||$615,000||$625,000||$710,000|
|Annual growth rate||5.40%||5.20%||5.20%||6.80%||6.30%|
|% of investment properties||38%||37%||34%||25%||23%|
|Median rent (per week)||$425||$428||$400||$498||$490|
(data sourced from CoreLogic RPData, realestate.com.au and Dept of Natural Resources)