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.
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