WOOLLOONGABBA in Brisbane’s inner east has been named as the best place to invest in for residential property Australia-wide.
According to a new report from ME, which outlines the top 20 best places to invest in the wake of the COVID-19 pandemic, Queensland’s Woolloongabba ranks number one.
To arrive at this ranking, ME, as commissioned by Ethos Urban, looked at a wide range of criteria to measure an areas investment potential.
“A common theme that really stands out in ME’s list is the huge impact that new transport infrastructure has on creating investment opportunities in a suburb,” said Chris McNeill, consulting demographer for ME, from Ethos Urban.
The qualitative and quantitative benchmarks beyond new transport infrastructure, included average rental yields, recent population growth, median house prices, average rental prices and lifestyle factors including the ease of access to cafes.
“Woolloongabba, for example, is already serviced by two train stations and the new Cross City Rail Project will provide a new line running directly under the suburb, increasing connectivity and changing the way people use the area. This will only be bolstered in the coming years as Brisbane prepares its infrastructure for the 2032 Olympics,” added McNeill.
While the Queensland suburb took the top spot, New South Wales was most represented on the list, with nine areas across the state in the top 20.
Five Dock came in at number three, Rozelle at number five, Parramatta at number seven, Crows Nest at number eight, Waterloo at number 12, Coffs Harbour at number 12, North Sydney 14, Pyrmont 15 and Concord coming in at 19.
“Key transport infrastructure projects like the Sydney Metro South West Project will enhance connectivity to the CBD from areas including North Sydney and Crows Nest, bolstering the already well-established apartment market and coffee scene,” said McNeill.
Queensland took the top two spots, with five suburbs making the list in total, following Woolloongabba, Burleigh Heads came in second, with Mermaid Beach ranking at 17, Miami at 18 and Fairfield closing out the top 20.
“The new Cross City Rail and the Burleigh Heads Light Rail will turbo charge value along the picturesque coast line of the Gold Coast, adding to its already valuable apartment living and growing retail focus,” said McNeill.
Victoria’s North Melbourne ranked at number four, reflecting the transport infrastructure plans for the area, with Preston ranking at number nine reflecting the state government’s level crossing removal project and South Melbourne at 10, also benefitting from these improvements thanks to greater connectivity.
WA had three suburbs in the top 20, with Ellenbrook at number six, with the rail extension increasing connectivity to the wine region, likewise the Yanchep Rail Extension project took Yanchep to the number 11 spot and Claremont’s station upgrade took the suburb to the number 16 spot.
“While the ACT, South Australia, Tasmania and Northern Territory, had no entries in the top 20, this doesn’t suggest they are lacking in favourable investment options. Based on the statistical approach and methodology applied, it is simply that the most impactful transport projects presently being undertaken, are in New South Wales, Victoria, Queensland and Western Australia,” concluded McNeill.