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Kangaroo Point Property Market Red-Hot, Median Rises By 54%

Proving its mettle as a well-connected, highly desirable investment, the Kangaroo Point property market delivered a red-hot 54 per cent increase in median house price in the 12-month period ending October 2021, standing out in a sea of performers in Brisbane.

Highlights

Kangaroo Point’s median house price experienced an astounding 53.77 per cent growth whilst its median unit price increased by 11.17 per cent from October 2020 to September 2021.
Property listings stayed an average of 97 days and 82 days on market, for houses and units, respectively.

Kangaroo Point Median House Price Growth

According to Property Market Updates, the median house price growth for Kangaroo Point has risen by an astounding 53.77 per cent from October 2020 to September 2021. The increase means that the median is now at $1,660,000 — up from $1,079,500 in the previous period.

There were 29 houses sold in Kangaroo Point for this time period with listings staying at an average of 97 days on market. Whilst buyers jumped at the chance whenever a Kangaroo Point house goes on the tightly-held market, it’s a common trend for final price negotiations to take longer.

Kangaroo Point Median House Price Growth — Photo Credit: Property Market Updates

During this period, a couple of significant sales closed that has sparked a wave of excitement from investors.

In March 2021, after a long search, Broncos chairman Karl Morris and his wife Louis bought a luxury trophy home on Leopard Street, with the most exclusive panoramic views of the city. The empty-nesters have downsized from their riverfront mansion in Tennyson.

A stone’s throw away from the Morris mansion is Lamb House, a six-bedroom Queensland mansion from the clifftops of Kangaroo Point, which has been dilapidated due to years of neglect.

In May 2021, this property hit the market for the very first time after 120 years. Its new owners, Brisbane Racing’s power couple Steve and Jane Wilson, plan to restore the heritage-listed property to its former glory.

Kangaroo Point Median Unit Price Growth

Unit sales also performed well for this period with an 11.17 per cent increase, setting the median unit price growth at $570,000. Kangaroo Point unit investors are mostly enticed by the river views and its positioning in Brisbane’s concrete jungle, thus 664 properties were sold in the market for an average of 82 days on market, according to Property Market Updates.

Some of these units fetched prices comparable to high-end estates in other markets yet buyers are still drawn to circle the Kangaroo Point property market because its multimillion-dollar luxury apartments offer prestige for hunters — mostly downsizers and empty nesters — with millions to splash.

The suburb’s infrastructure, where everything residents need is within reach, is also very appealing to investors thus the market continues to perform well, despite the pandemic disruptions.

About Kangaroo Point

One of Brisbane’s oldest suburbs, Kangaroo Point was a former industrial workers’ hub that has dramatically turned into an urban luxury location following a series of developments.

Known as an adventure destination — thanks to the popular climbs at the Kangaroo Point cliffs and Story Bridge, as well as the kayaking tours along the river — this suburb also offers a great dining experience for city slickers.

Kangaroo Point offers high-density living with a vibrant social scene thus it’s also appealing to established young professionals and independent single individuals who work in the inner city. Some 62 per cent of the residents are renters and nearly 70 percent are without kids to raise, who also prefer a low-maintenance lifestyle.

With a location that’s hard to match, Kangaroo Point is a high-demand market where people stroll, hop, bike, drive, catch the bus, or take the City Cat or ferry. Soon, a new green bridge will also improve the transport accessibility in and out of this locale.

The suburb is within easy proximity to Fortitude Valley, South Bank and Woolloongabba where more lifestyle spots could be enjoyed, as well as essential services like hospitals.

“You may be lucky enough to afford a nice apartment with views in the kangaroo point if so I’m sure it’s a great view. Although Kangaroo point may not be in the right in the heart or north side or inner city of Brisbane, it is blessed with having unrealistic views. It faces the city directly so and night you get to see everything from the towers to Story Bridge (depending on your view). Great walkways to take the dog or go for an early evening jog.”
Yingnyang

“Definitely one of the best views in Brisbane. Looks great at night too.”
Andy

“Great if you like waterfront apartment living. Surrounded by water and parkland the city is a 5-minute ferry ride or 5 minutes over the bridge by car. Close enough to the city without the hustle and bustle. I have lived in the area for over ten years and have no plans to leave.”
JKS

Kangaroo Point to Welcome Sea of Pink as International Women’s Day Fun Run Returns

Photo credit: RACQ International Women's Day Fun Run / Facebook

A sea of pink will pass across the top of Kangaroo Point as the International Women’s Day Fun Run returns in March 2022.

Did you know that 1 in every 7 women are diagnosed with breast cancer in their lifetime? Cancer Australia estimates that in 2021 alone, about 20,000 women would have been diagnosed with the disease. Many of these breast cancer patients are being treated and supported at Mater Hospitals.

To celebrate International Women’s Day and raise funds for Mater Chicks in Pink, a sea of runners and walkers in pink shirts will come rushing across Australia this coming Sunday, 6 March 2022 for the 31st RACQ International Women’s Day Fun Run.

Last year’s Fun Run attracted 3,400 participants and raised $1.5 million, which RACQ hopes to duplicate this year. Half of the total funds raised in the 2021 event went to Mater Foundation’s breast cancer research whilst 25 per cent went to investment in new technology and another 25 per cent went to patient support services.

“Breast cancer is a devastating disease, but each year Mater is making new advances in its treatment because of the advanced research and improved technology that our supporters make possible,” Mater Foundation Executive Director Andrew Thomas said.

“Every step in the RACQ International Women’s Day Fun Run is a step towards beating breast cancer.”

Photo credit: RACQ International Women’s Day Fun Run / Facebook

This year’s Brisbane and regional Your Fun Run, Your Way events registration open on 24 January 2022. The Brisbane event will feature a 5km course that will start at South Brisbane, cross the iconic Story Bridge and pass along the top of Kangaroo Point before finishing at the City Botanic Gardens.

Fun activities, competition and services await participants at the Finisher’s Village. Event finishers are also encouraged to share their special message honouring a special someone on the Virtual Tribute Wall.

So far, over 85 per cent have been sold out, so click here and secure your entry now and make sure to plan your day for the said event. You can also be a ‘breast friend’ by donating directly or supporting a fundraiser via this link.

Kangaroo Point Green Bridge Construction Commences

Photo credit: Brisbane City Council / brisbane.qld.gov.au

Work on the much-anticipated Kangaroo Point Green Bridge commenced in December 2021 and is now underway.

Whilst a majority of construction works will occur from the Brisbane River, construction sites will also be established at C.T. White Park (off Hamilton Street) and Scott Street in Kangaroo Point and the corner of Alice and Edward streets, near the City Botanic Gardens in the CBD.

The initial construction works will involve investigation works, relocation of park infrastructure and associated utilities, diversion of pedestrian and cycle paths, and removal of some vegetation.

Indicative Construction Areas for the Kangaroo Point Green Bridge — Photo credit: Brisbane City Council / brisbane.qld.gov.au

About Kangaroo Point Green Bridge

The $190-million green bridge will provide a convenient way for pedestrians and bikers to move between Kangaroo Point, the eastern suburbs, and the CBD. It is expected to become Brisbane’s latest, must-visit destination with viewing platforms, landing points, and multiple dining opportunities above the Brisbane River.

Spanning 460 metres, one of the longest in the world, the green bridge is part of Council’s long-term plan of providing more riding options to help residents and visitors conveniently move around the city.

Other green bridges in the pipeline include the green bridges linking Toowong to West End and St Lucia to West End, as well as a new crossing at Breakfast Creek.

Location of the Kangaroo Point Green Bridge — Photo credit: Brisbane City Council / brisbane.qld.gov.au

The Kangaroo Point Green Bridge is expected to accommodate more than 6,100 trips per day by 2036 and reduce car trips across the Brisbane River by as many as 84,000 per year.

The project is also projected to generate 300 plus local jobs and apprenticeship opportunities of up to 50.

Kangaroo Point Green Bridge Features

Design and construction of the bridge is handled by Connect Brisbane – a consortium led by BESIX Watpac and includes Rizzani de Eccher, WSP, Dissing & Weitling, Blight Rayner, ASPECT Studios, Right Angle Studios and Rowland.

The key features of the Kangaroo Point Bridge include: a river crossing between the corner of Alice Street and Edward Street, and Scott Street; an elegant single-mast cable stay structure; dedicated cycle paths and pedestrian paths; and a navigable bridge with a clearance height of 12.7 metres.

There will also be viewing platforms and rest nodes with panoramic views of the river and the city, as well as high quality landing points.

The green design features including solar panels, cooling vegetation and shade cover along the length of the bridge.

The target completion of the Kangaroo Point Green Bridge is late 2023.

Lamb House Set to Return To Its Former Glory

Despite the challenges that come with transforming the deteriorating home, there have already been improvements so far. The twin levels of the verandah are already equipped with new bearers and flooring timbers whilst the damaged roof tiles will soon be replaced with new ones.

The distinctive ceiling turret, one of the dominant features of the mansion, is currently being restructured.

The ground floor verandah now has floor joists and flooring whilst the top-floor verandah is currently being rebuilt. The existing floor will also be replaced with new polished floorboards whilst the doors and windows will all be replaced in working order.

Read: 200-Million-Year-Old Tree Stump Unearthed During Cross River Rail Tunnelling At Kangaroo Point

About the Lamb House

The historic mansion has been a Brisbane landmark since the 1900s. Located at 9 Leopard St, Lamb House is a heritage-listed villa designed by Alexander Brown Wilson and built in 1902 for businessman John Lamb.

The Lamb family business – known both as Edwards and Lambs and simply Lamb’s – operated successfully into the mid-20th century.

kangaroo-point-mansion — Lamb House, circa 1904 (Photo credit: John Oxley Library, State Library of Queensland)

When John Lamb died in 1920, he passed the business to his two sons, John and Frank, and the house to his widow, Sarah. The Lamb children who did not marry continued to live in the house with their mother.

Fondly called ‘Home,’ the 3,146-sqm mansion was owned by the Lamb family until 2021, when Brisbane City Council put the house on the market for bidding over unpaid rates.

200-Million-Year-Old Tree Stump Unearthed During Cross River Rail Tunnelling At Kangaroo Point

Did you know that workers doing tunnelling work at Kangaroo Point for the Cross River Rail project have unearthed a fossilised tree stump estimated to be over 200 million years old?

According to the archeogeologists assigned to the Cross River Rail project, the fossilised tree stump was found 30 metres underground. It looked like a mound of rock and appeared to have been perfectly preserved by what experts believe to be volcanic activity that may have split Australia from the rest of the continents during the Pangea era.

“The wood got preserved, got covered up, and has since been silicified,” Dr. Andrew Rozefelds of the Queensland Museum of Geosciences said.

“The exciting thing is it tells us a bit about Australia’s geo heritage. It tells us about our history in Brisbane. It tells us about the kind of plants and the kind of flora that was around at this time.”

The experts are trying to reconstruct the vegetation that existed at the Kangaroo Point spot over 220 million years ago. Now an inner-city suburb, Kangaroo Point may have been a swamp valley and the home of giant lizard-like animals and amphibians.

Brad Sandford, one of the managers working on the Cross River Rail project, said that this was the oldest artefact they’ve uncovered. Based on initial findings, the fossilised tree stump predated dinosaurs.

Meanwhile, just before Christmas, the huge tunnel boring machine for the Cross River Rail project has started breaking ground at the Northern Portal in the inner city.

Eventually, it will break through to the end point at the Bowen Bridge Road, which will signal the end of the tunnelling for the state’s largest infrastructure project.

“To see both tunnels now complete is a feat of engineering and a credit to all those who have worked tirelessly to deliver these tunnels ahead of schedule,” said Premier Annastacia Palaszczuk.

“In a massive project full of huge milestones, today’s breakthrough is the biggest one yet,” she added.

Fast Facts About the Cross River Rail

TBM Merle has broken through at Cross River Rail’s northern portal, having excavated 3.8km of tunnel since launching from Woolloongabba in early 2021.
The project’s other TBM – Else – completed tunnelling in late November.
TBMs excavate the bulk (3.8km) of Cross River Rail’s 5.9km twin tunnels, with the rest excavated by roadheaders.
The TBMs have excavated 310,000 cubic metres of spoil and installed approximately 27,000 concrete segments to line the tunnel’s walls, each weighing about 4.2 tonnes.
At their deepest point, the TBMs tunnelled 58 metres below the surface of Kangaroo Point, and 42 metres below the Brisbane River.
Each TBM weighs 1,350 tonnes and is 165 metres long.
A crew of up to 15 people work in a TBM at any one time.
TBMs work at a rate of 20 to 30 metres a day.
Roadheaders excavated 85,000 cubic metres of spoil while tunnelling almost 900 metres from Woolloongabba to Boggo Road.
The roadheaders are 22-metres long and weigh 115-tonnes.

“Cross River Rail will transform travel in South East Queensland meaning less cars on the road, faster journeys, more stations in more convenient locations and the capacity to increase train services on every line as our population grows,” Premier Annastacia Palaszczuk explains.

“I look forward to the next phase of the project next year with attention turning to tracks being laid and building new underground stations. Queensland’s golden age is well and truly on track,” she added.

More Green Spaces Planned For Mowbray Park

Photo Credit: Brisbane City Council / flickr

Heritage-listed Mowbray Park is up for a major transformation. Locals will be delighted to note that the final concept plan for Mowbray Park includes a lot of green spaces.

Mowbray Park is a District General Recreation Park purchased by Brisbane City Council in 1903. The park features tree-lined paths and lawns spanning 3.1 hectares plus a ferry terminal and other leased facilities.

Council has released a concept plan that identifies potential park improvement projects for better park utilisation and to enhance Mowbray Park’s green space.

Photo Credit: Brisbane City Council / brisbane.qld.gov.au

According to the final concept plan, the existing car park will be relocated from its location near the river bank to a new site located next to Lytton Road, where the East Brisbane Bowl Club is currently located.

The East Brisbane Bowl Club, which has not been used for a decade, will be demolished to create a new green space plus a parkour and active play facilities will be introduced as well to further enhance the recreation experience in the park.

Backbone Youth Arts, which used to lease the former bowls club site, will transition to a new performing arts facility at the Seven Hills Hub starting February 2022.

The car park will leave behind over 2,733 sqm of riverfront space which will be transformed into a new green space. The plan also includes the installation of picnic facilities, kickabout space, and a large flat informal recreation space next to the riverfront.

Also included is a planned extension to the south of the existing playground with the existing picnic facilities to undergo an upgrade and installation of creative lighting to activate the park in the evening.

Moreover, a bandstand will be reinstated as an open contemporary structure that will take advantage of the river views.

Photo Credit: Brisbane City Council / flickr

The release of the final concept plan comes after a series of community consultations conducted mid-2021 with 560 residents responding through online and in-person meetings.

The community engagement summary revealed, among other things, the improvements that locals would like, including an upgrade of the playground and pathways, reinstatement of bandstand/rotunda, more native vegetation, more shrubs with colour, and an upgrade of the Bowls Club site for community use.

Some Opposition

The plan, however, has not been without some opposition.

Save Our Bowlo has actively opposed the planned demolition of the East Brisbane Bowl Club. In a recent statement, the group said that the concept plan “represents poor planning that is environmentally questionable and will impact social cohesion and degrade resident amenity.”

The group said that the club’s demolition exposes the park to pollution (air, noise and visual) from six lanes of traffic on Lytton Rd. The removal will also destroy a “highly activated and valued community space that is affordable, safe and socially & culturally significant to East Brisbane.” According to them, it will remove a public asset that “supports a broad spectrum of creative and collective activity.”

Story House Residential Building Proposed for Kangaroo Point

Story House, an eight-storey residential building with 86 units and a communal rooftop, could soon rise in Kangaroo Point, if development plans from Pellicano receive approval.

Named after the Story Bridge, the residential site designed by DBI Architecture will be built on Duke Street, within walking distance to The Gabba, widely expected to become the centre of action in the 2023 Brisbane Olympics.

Per the development application (DA A005878209) filed in November 2021, Story House will provide studio apartments on the first to third level for short-term accommodation, or a stay averaging less than three months, given its location near the stadium. The rest of the apartments, on the other hand, will be for multiple dwellings.

Story House will also feature a building design that has a “more natural feel” with plenty of deep planting areas, especially on the ground floor. The top floors, on the other hand, will incorporate natural and neutral textures and provide a rooftop communal space with facilities like a pool with a deck, a yoga lawn, and an outdoor gym, as well as a barbecue area and a lounge terrace.

Car parking options at two basement levels will provide for 73 cars and 54 bikes. Provisions for a solar array system are also outlined in the plans, which will likely be installed on the rooftop.

Residents, however, have made their submissions to the development application citing that there is already an oversupply of apartment blocks within the precinct. The busy location has also been riddled with parking issues and the development has not provided enough parking spaces in its plan.

Instead, the residents said that Duke Street could use an underground parking complex or a public park. Residents in the neighbouring apartment buildings said that they were not consulted before the development application was filed with Brisbane City Council. The project is currently under assessment.

Meanwhile, Pellicano is also developing a $700-million build-to-rent residential/commercial complex at a nearby site in Woolloonggaba, which is already on Stage 7. This project will include a tree-filled secret garden next to the heritage-listed Hillyard’s Shop House.

Kangaroo Point Locals Oppose O’Connell St Development

Photo credit: Brisbane City Council

An application for a 14-storey building on O’Connell St in Kangaroo Point has received a number of submissions from residents concerned about traffic congestion and over-development.

Read: Digital Transformation of Queen’s Wharf Brisbane Now Underway

Located at 44 O’Connell St in Kangaroo Point, the site contains a residential apartment that was built in the 1960s, which will be removed to facilitate the development.

Level 1 Plans (Photo credit: Brisbane City Council)

Plans (A005871704) submitted by the developer revealed they are seeking to establish multiple dwellings with a rooftop terrace that will have a swimming pool, lounge area, entertainment/dining area, landscape planters, and lift wells and stairs.

The proposed $80-million building, though only 14 storeys in height, will have a maximum building height of 15 storeys. Each floor will have a combination of three-bedroom and four-bedroom apartments whilst the basement will provide 39 car parks and three visitor car park spaces.

Plans for rooftop terrace (Photo credit: Brisbane City Council)

Locals’ concerns

Nearby residents have already expressed their concerns regarding the potential traffic problems it could create. Because the building has a battle-axe shape and would stand around 15 storeys tall, it would require residents dealing with up to seven sets of traffic lights from the front gate to the car park.

A series of traffic lights that will control car movements will also be essential for a vehicle to enter or exit the car park.

One resident, in particular, mentioned that it could bring traffic chaos to the area. Based on the development application, pedestrian access will be via O’Connell Street, providing ground floor access to the tower.

In response to the concerns of residents, developers said there will be no problem regarding access to the property and that they met all the requirements for the proposed development.

“The development is consistent with the anticipated density and assumed infrastructure demand. The proposal represents a high density development outcome, consistent with the intent of the zone,” Mewing Planning Consultants stated in a planning report.

Digital Transformation of Queen’s Wharf Brisbane Now Underway

Queen’s Wharf Brisbane is on its way to becoming Queensland’s biggest, world-class, integrated resort development, as it undergoes a massive digital transformation through a partnership with Schneider Electric.

Read: Unique, Low-density Residential Building Proposed at Kangaroo Point

Schneider will design and implement integrated digital solutions that feature Building Management Systems (BMS), and Integrated System Platforms (ISP) across the whole precinct, including The Star Grand hotel, casino, main podium area, Sky Deck, as well as the Dorsett hotel and Rosewood hotel.

The company’s tech solution, which involves integrating over 20 building systems across the whole site, is designed to effectively aggregate data for workflow management and analytics, while achieving the precinct’s sustainability goals.

Louise Monger, Vice President of Digital Buildings at Schneider Electric said the highly integrated and intelligent system will allow the facility management team to respond to building incidents faster, and drive energy efficiencies.

The Building Advisor platform within Schneider’s solution also uses machine learning to provide key operational insights and recommendations for improvement.

“Our relationship with the Queen’s Wharf team began in 2017, when we first identified technology to be a key focus for the development. Since then, we have been working closely together to ensure they are supplied with the best tech solutions and customer experience throughout the journey,” said Ms Monger.

“In addition to bringing more employment opportunities to the local community, we also pride ourselves on a 100% on-schedule delivery to date for the project, despite border closure. It’s largely because we don’t need to fly technicians from other regions to Brisbane, thanks to Schneider’s strong delivery team on the ground and highly experienced projects delivery leadership,” she added.

About the Queen’s Wharf Development

Queen’s Wharf, which is being built between the Brisbane River and George Street and between Alice and Queen streets, is a new destination with exciting entertainment and attractions that will showcase the essence of Queensland, and the best of Australia.

Queen’s Wharf is comprised of:

Multiple hotel towers with over 1,000 rooms
Three residential towers with over 2,000 apartments, gaming and entertainment facilities
A feature curved sky deck sitting 100 metres above street level
A range of restaurants and bars, from hatted fine dining to pop-up cafes
An outdoor moonlight cinema and large areas of public event space
A new pedestrian bridge that crosses the river to South Bank

The $3.6-billion development is set to open in the first half of 2023. For more details about Queensland’s biggest development to date, visit https://queenswharfbrisbane.com.au/.

Locals Concerned About Losing Green Space After Raymond Park Upgrades

Photo Credit: Orderinchaos, CC BY-SA 4.0 , via Wikimedia Commons

“Save our green space!” Concerned that plans to upgrade Raymond Park will “disrupt the balance,” Kangaroo Point residents launched an online petition to express their objection over plans to upgrade the park and construct warm-up facilities for the 2032 Olympics.

An online petition was launched to urge decision-makers to ditch their plans for the park and instead redirect the funds to the Coorparoo Giffin Park precinct, where such a facility is needed.

Brisbane City Council wants to upgrade fields being used by the Kangaroo Point Rovers and the Brisbane City Quidditch Club to serve as Olympic training ground and will invest $287,000 for the project.

The petition said that the park provides “a mix of community sport, open space, family recreation and barbecue facilities” which balance would be disrupted if plans for Raymond Park upgrade push through.

Concerns were also raised that a facility of Olympic standard would require more space than the park could provide, thus resulting in possible land resumption to accommodate the project.

Instead, the proposal suggests that funds be redirected to Coorparoo Giffin Park. The petition also highlighted several benefits to investing in the Coorparoo Giffin Park precinct for Olympics training purposes.

According to the petition, the facilities will be built where they are needed and the proposed solution would benefit local schools and sporting clubs. It added that Coorparoo Giffin Park precinct would also benefit economically by way of renting out these facilities for Olympic and other events, among other benefits to the government and Coorparoo locals.

“The importance of this green space was highlighted during and now post COVID, where we’ve seen an increase in the use of the park and its facilities by the local community. Inner city green space is rare, and vital to the liveability and mental health of local residents,” the online petition explained.

“Raymond park represents 49% of the available green space in Kangaroo Point, and without this, we fall well below the BCC required green space of .8ha per 1000 residents. We have to speak up now to preserve this vital green space for our local residents and future generations.”