Brisbane apartment values rise amid culture shift

SELLING up their South Brisbane apartment is a bittersweet moment for Isaac Normann and Genevieve Houldsworth amid Brisbane’s sizzling apartment market. FIND OUT MORE

Genevieve Houldsworth and Isaac Naumann who have recently sold their apartment in South Brisbane. Picture Lachie Millard

SELLING up their South Brisbane apartment is a bittersweet moment for Isaac Normann and Genevieve Houldsworth.

“This apartment was our first home; Genevieve moved in two years ago. I lived here with a roommate throughout the Covid pandemic. It was amazing how much privacy and space you can get in an apartment that is well built and designed,” Mr Normann said.

“South Brisbane is the best place to live, and it will only get better. It’s so exciting to be close to everything like West Village, the new casino opening this year and easy access to the motorway, to name a few things.

Analysis by PRD Real Estate reveals South Brisbane as a suburb with the fifth largest rental yield of 6.2 per cent.

Genevieve Houldsworth and Isaac Naumann who have recently sold their apartment in South Brisbane. Picture Lachie Millard

Mr Normann said, despite the recent sale of their apartment, the couple are convinced the South Brisbane catchment is where they want to be.

“Living in South Brisbane has cemented where we both want to be. We can never move far away from South Brisbane; I am sad to be leaving exactly where we are but excited for what is next for us both,” he said.

“I am excited for the new buyers; they’re going to get a good mixture of everything from the village atmosphere of West End, great city views and the hustle and bustle of South Bank.”

2001/2-4 Edmondstone, South Brisbane

Property agent Michael Hatzifotis from Place Estate Agents, Kangaroo Point, said South Brisbane’s proximity to the city, the Olympic Media Centre, Queens Wharf and the local state high school catchment were just some of the reasons people see value for money in the inner city suburb.

“It’s very much like the Covid boom when everyone was moving closer to the city,” Mr Hatzifotis said.

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“I reckon about 55 per cent of apartment buyers are all coming from houses from the for a lifestyle change where they can enjoy luxury facilities and lock up and leave to do things like travel.

2001/2-4 Edmondstone, South Brisbane

“Buyers want to go home, swim in the pool, jump in the sauna. Apartments have become a new way of living; about six years ago, people didn’t see the value in units and apartments. Many said you’ll never make money out of one.”
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Mr Hatzifotis said he attributed the rise of interest in apartments to the height of the global pandemic in 2020/2021.

“Clients that I sold apartments to three to four years ago who are putting their property on the market are making up to 25 per cent profit,” he said.

2001/2-4 Edmondstone, South Brisbane

“So far, 2024 is exceeding last year. I haven’t seen the market like this for a long time; there is so much positivity, and people want to get into the market.

“The market in Brisbane isn’t going backwards, and people understand that if they don’t act now and get into the market, they’re going to miss out.”

2001/2-4 Edmondstone, South Brisbane, was sold by private treaty for $856,000 and was listed by Michael Hatzifotis and Corey Pugliese from Place Estate Agents, Kangaroo Point.

According to CoreLogic data, the apartment previously sold for $725,000 in 2018.