Brisbane’s inner city property values have gone up twice as fast as homes in outer suburbs, according to recent research. Valuers Herron Todd White drew a 5km radius from the GPO and found the median price there had jumped almost 500% since 1991, compared with just 243% for homes within the 20-25km radius. Interestingly the rates of growth were similar until 2001 so the past five years has seen Brisbane’s inner city really race ahead. HTW say urban renewal and the growth of café strips have contributed.
The population trend ‘downtown’ (and subsequent housing boom) now seems well entrenched in Australia but for an international comparison of property growth rates we took a quick look at the city that never sleeps. New York’s metro region has also well and truly outperformed suburban USA: its median house price grew 46% in the past 3 years while their national figure was 31%. NYC has had a long reputation as a desirable inner city lifestyle and over the past 15 years averaged annual price growth of 9% versus 5% nationally. Today a slice of the big apple will cost you AUD$656,500!
The link between a sought-after lifestyle and capital gains mightn’t be the only things inner city Brisvegas and NYC have in common: New Yorkers are experiencing strong job growth and now boast an unemployment rate of just 5.3%. Almost as good as Queensland’s 4.5%.