Bulimba tops house sale prices for Brisbane

PROPERTY owners in this Brisbane suburb could be sitting on gold mines, with sale prices rising 23 per cent in a year.

BULIMBA homeowners could be sitting on a gold mine, with local house sales recording the largest jump in value in Greater Brisbane.

Of 116 sales in the 12 months to June, the median price was just over $1.06 million, up 23 per cent on the year before according to RP Data.

Ray White East Brisbane agent Peter Laoudikos said he was not surprised by Bulimba’s ranking.

“I wouldn’t expect anything less,” he said.

“Bulimba has had a lot of money put into it of recent … you will notice all the new bars and restaurants and there is a new Gold Class cinema going in.

“There are a lot of new (residential) developments coming up in the area as well.”

Mr Laoudikos said the impressive figure was mainly a product of high demand but also owed to movement in the higher end of the market.

“We are now selling a riverfront property a month and we haven’t done that since 2007,” he said.

Bulimba residents Chris and Renee Snate are selling their home at 4 Marie St but don’t plan to move out of the suburb.

Bulimba recorded the strongest capital growth year-on-year in Brisbane. Chris and Renee Snate are selling their home. Pic Mark Calleja

Mr Snate said homebuyers were “catching on” that Bulimba was a good area.

“A lot of people thought it was nice but they are realising more and more it’s a good place to live in regards to lifestyle and convenience,” he said.

“It’s more of a destination than a thoroughfare.”

While Bulimba houses ranked number one for price growth in Greater Brisbane, they were fifth in Queensland overall.

Montville units topped the state list with a 37 per cent increase in median sale price.

But as Ray White Minyama principal Ben Wilson pointed out, the figure was based on a small number of sales as detached houses and acreages dominated the hinterland market.

Units in North Toowoomba and houses in Kurrimine Beach and Sunshine Beach were next on the list, respectively.

In terms of rental yields, Queensland’s best investment markets were all regional.

The top spot went to houses in Miles with an average 10 per cent gross rental yield in the 12 months to June.

Surat Basin Real Estate agent Leanne Healy said Miles attracted a lot of investors but the market worked in waves and had been “up and down” since Kogan Creek Power Station was built in 2006.

She said growth had slowed recently with local mining projects between construction and operation phases but she expected another pick-up by early next year as more workers returned to the area.

Cloncurry houses recorded the second largest gross rental yields in the state at 9 per cent, followed by four unit markets around Cairns: Bungalow, Woree, Westcourt and Manunda.

Originally published as Bulimba tops house sale prices for Brisbane