The changing face of West End
If you think West End has changed… well you ain’t seen nothing yet!
There are approximately 3830 residential properties in West End, and 2303 of those properties are apartments! Just completed and not in these figures as yet are another 333 apartments that have settled in the last 2 months, with 1088 further apartments under construction. In addition to this, there are another 640 apartment developments currently advertised for off the plan sales, but not started. But that’s not all… There are also a few more Development Applications currently in play and going through the approval process, so in essence over the next 2 to 3 years, West End will be almost doubling the amount of apartments available for residents.
The next suburb over, South Brisbane is also experiencing a similar increase in the number of apartments becoming available over the same time frame, with most apartments bought by overseas and interstate investors for the rental market.
So what does this mean? The good news is that there are definitely buyers and tenants wanting to move to this area because of the lifestyle offered, closeness to the Brisbane CBD, a fantastic food and cultural hub in West End and South Brisbane/Southbank, popular schools such as West End State School, Brisbane Sate High, St Lawrence’s College and Somerville House, and very close to many of the key hospitals in Brisbane – Mater, Lady Cilento Children’s, Greenslopes, Wesley, Princess Alexandra and Royal Brisbane.
What we will have to wait and see is how the influx of apartments will be absorbed and how quickly, and what this will mean to the values and the rental returns – will they decrease or hold steady? If the new apartments roll out in a more even wave rather than big chunks of numbers, the negative effect will be less. But unfortunately only time will tell, and a close eye needs to be kept on the 4101 postcode and surrounding developing areas.
At the end of the day, none of us have a crystal ball. However we have noticed a slight decrease recently of apartment price values and the rents in this area, and over the last 3 years apartment pricing has been relatively static in this area. Houses had a massive jump in pricing last year and are still on a nice steady increase with their values.
All in all, with the location benefits and established infrastructure, West End will always remain high on the list for people looking for diversity and lifestyle close to Brisbane City.
If you’d like an update on the market for your property please call our West End specialist Rebecca Herbst on 0431 608422 or e-mail firstname.lastname@example.org