The sun continues to shine in the Sunshine State capital as the property market in over half of the suburbs in Brisbane, including Kangaroo Point, sustained rising trend and sales activity for the period April 2021 to March 2022, contrary to some expectations.
Kangaroo Point House Price Growth
In Kangaroo Point, the median house price exhibited a 52.20 per cent rise for the period of April 2021 to March 2022, assuring buyers of the sound performance of their investments in this tightly-held market. According to Property Market Updates, Kangaroo Point’s median house price now sits at $1,660,000 for the said period.
About 30 homes were sold for this period within an average of 102 days on market. Despite the market time, property punters have predicted that houses across Brisbane, especially in the inner cities, will experience a price hike of over 30 per cent, triggered by the confirmation of the 2032 Brisbane Olympics.
In June 2021, a prestige waterfront home with an impressive scale and sleek contemporary design netted the highest deal for the period.
Kangaroo Point Unit Price Growth
Kangaroo Point’s unit price growth might not be as astronomical as the house price growth but it is holding steady. With a modest 4.60 per cent rise, the unit median price is currently at $580,000.
For this period, Property Market Updates logged 527 units sold for an average of 71 days on market. There were 205 two-bedroom units sold, highly-coveted by buyers.
Amidst all the speculation in the market, industry experts are confidently betting on the inevitable increase of the unit market in Kangaroo Point, leading up to the 2032 Olympics.
Vertical living, with its proximity to universities and sports complex, as well as the heaps of burgeoning infrastructure projects nearby, such as the Cross River Rail, Queens Wharf, and Eagle Street, will keep Kangaroo Point very attractive, especially for first-home buyers.
Kangaroo Point Property Market Post-Flooding
Kangaroo Point was deeply submerged during the recent flooding but many experts agree this will not dampen the property market’s performance all that much.
Whilst some price falls could be expected, Brisbane’s inner cities remain more affordable than other Australian cities. Buyers also tend to overlook the risks of the opportunity to acquire a property overlooking the Brisbane River.
During the 2011 flooding, the hardest-hit suburbs took three years to recover but those in the inner cities improved at a faster rate or at least 50 per cent above the prices pre-flooding. More high-end homes in Kangaroo Point have been selling than ever before, according to one property agent.
