Kangaroo Point Unit Market Underscores Strength of Brisbane Property Market

Kangaroo Point might be one of Brisbane’s oldest suburbs but its urbanisation has brought on changes that have pushed its property market growth ever upward. In a suburb where both stately heritage houses and modern, high-rise apartment units co-exist impressively, the median prices on the property market have grown by almost 17% and 9% for units and houses, respectively.

Housing Market

Photo Credit: Property Market Updates

For the period covering July 2020 to June 2021, 25 houses were sold in Kangaroo Point. Houses here are traditionally tightly held and while they may change hands, not a lot of properties go on the market. Still, data from Property Market Updates show that the suburb’s housing market grew by 9.09 percent for this time period, with an average median house price of $725,000. Most of the houses stayed 51 days on the market. 

Photo Credit: Wikimedia Commons

One of the most talked-about house sales happened in May 2021 for the over 118-year-old heritage-listed property called the Lamb House, bought for more than $12,000,000. Its new owners plan to renovate and faithfully restore the federation-style riverside mansion and spend another  $15,000,000 over the span of three years so it could become a family home. The new owners also plan to open the Lamb House for the public for tours and exhibits from time to time, when the refurbishments are done. 

However, the highest-selling house for the period ending June 2021 was also on Leopard St, a stone’s throw away from Lamb House, at $15,000.000.

Unit Market

Unlike other markets in Brisbane, where units lag behind house sales, Kangaroo Point is firmly a  unit market, achieving a 16.97 percent growth, with a whopping 337 apartments sold for the same period. The impressive sales volume has pushed the unit median price to $579,000 with the most expensive apartment selling for $5,000,000.

Supplies of units in this river peninsula have been steady and in demand, amidst several construction projects because of the Kangaroo Point Peninsula Neighbourhood Plan that rezoned the area near Story Bridge for high-density residential and community developments. Main Street has also been approved as a mixed-use zone to encourage new business.

More than 60 percent of Kangaroo Point residents are renters.  

Photo Credit: Property Market Updates

About Kangaroo Point

Once an industrial hub, Kangaroo Point is now known as an inner-city lifestyle and recreational hub bounded by the Brisbane River as a narrow peninsula. This suburb has the popular Kangaroo Point Cliffs for families or groups to enjoy a perfect river spot picnic whilst the outdoorsy and adventurous types love its bike and running trails, kayaking tours, and cliffside activities.

As a high-density residential suburb, Kangaroo Point is home to a lot of young professionals in their 20s to 30s, along with growing families drawn to the area due to its proximity to some of the best schools in Brisbane, like St Joseph’s Primary School on Leopard St, or the universities in nearby St Lucia or South Bank.

Photo Credit: Google Map

Accessible through the Story Bridge and the M3 Riverside expressway, traffic may sometimes be a problem in this, especially when the games are in season at The Gabba, which is just a few minutes off Main St. 

As development has rapidly changed Kangaroo Point, the construction of new buildings, both for residential and commercial use, is still expected to continue in the coming years. Locals are also eager for the new Kangaroo Point Green Bridge that will connect the CBD and the eastern suburbs.

“KP is one of the most underrated localities close to the city. Pubs, CBD, Southbank all within walk distance, KP Cliffs are stunning. Great for the young up and coming professional or young families.”

Disco, Homely

“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, Homely

“Great access to the City of Brisbane and its River. We could live there and spend a week there at least once a year. The development of the area is all very well done and it has the Story Bridge Hotel, the city, and Southbank nearby.”

FredFellini, Homely