Welcome to the latest edition of your go-to property update for Spring Hill & Petrie Terrace. We’re here to keep you informed about the latest trends, sales, and developments affecting your local real estate market.
Local Property Values
The current median house price (MHP) in Spring Hill is $ 1,607,500 and Petrie Terrace is $1,257,500 whilst the current median unit price of $460,000 in Spring Hill stands as a testament to the areas’ ongoing appeal and value growth.
Spring Hill:
- Houses: The median price for houses is $1,607,500. The prices have grown by 17.8% in the past 12 months. There were 10 houses available in the past month and 18 sold in the past 12 months. Houses typically stay on the market for a median time of 57 days. The rental yield for houses is 3.0%1.
- Units: The median price for units is $460,000. The prices have grown by 5.7% in the past 12 months. There were 38 units available in the past month and 161 sold in the past 12 months. Units typically stay on the market for a median time of 33 days. The rental yield for units is 6.6%1.
Petrie Terrace:
- Houses: The median price for houses is $1,257,500. The prices have decreased by 2.7% in the past 12 months. There were 3 houses available in the past month and 12 sold in the past 12 months. Houses typically stay on the market for a median time of 71 days. The rental yield for houses is 3.2%1.
- Units: No median price trend for units available as there was 1 unit available in the past month and 3 sold in the past 12 months. Units typically stay on the market for a median time of 22 days. The rental yield for units is 3.7%1.
Source : State of Queensland (Department of Natural Resources and Mines) 20181. CoreLogic RP Data
Recent Sales
The last quarter witnessed a flurry of activity, with numerous properties changing hands in Spring Hill such as 35A Wedd St ($1.35m); 23 Wedd St ($2.2m), 124 Kennigo Street ($1.815m) and 9/137 St Pauls Terrace ($1.15m). This healthy sales volume signals strong and enduring interest in Spring Hill & Petrie Terrace as desirable living locations due to its’ schools, medical institutions, parks, proximity to CBD, Suncorp and lifestyle.
Market Trends Analysis
Our analysis indicates that the market remains steady, with median prices holding firm due to low supply and the probability of interest rate cuts. Buyers are snapping up well-priced listings, so if you’re considering selling, now might be an ideal time to enter the market.
Upcoming Developments
Several new developments are on the horizon for our neighborhoods, promising to enhance the local landscape and amenities like the Victoria Park upgrade and the row of new terrace homes being built at 137 Gregory Terrace. It looks as though the mothballed Oria Spring Hill apartment is now underway with a hive of activity at the site.
Expert Advice
Whether you’re buying, selling, or just keeping an eye on the market, we’ve got the insights and advice to help you make informed decisions:
- For Sellers: Maximize your property’s appeal with simple home staging techniques. Get a customised marketing plan for your property.
- For Buyers: Understand the local market dynamics, get on our list of Off-market and upcoming properties for sale.
Remember, our team is here to guide you through the property journey. As individual circumstances vary, to discuss your specific needs and how we can assist, don’t hesitate to reach out.
P.S. For those who like data and more details about the Australian Housing Market, email us at jonzun@jonzunlee.com.au for a free copy of the latest comprehensive Core Logic Housing Market Update January 2024.
SPRING HILL & PETRIE TERRACE PROPERTY UPDATE – FEBRUARY 2024 by Jonzun Lee
Jonzun Lee is a trusted Brisbane real estate consultant and Licensed Real Estate Agent. Please contact Jonzun on 0418 885 708 for further information regarding your property needs.
DISCLAIMER The information contained in this article is for general information purposes only and is not to be construed as financial advice or to be relied upon. The information has been collected from various sources such as RP Data.com.au, Realestate.com.au, Domain.com.au, Price Finder as well as other third party sources. Whilst we endeavour to keep the information up-to-date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the article or the information, products, services, or related graphics contained in the article for any purposes. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising out of or in connection with the use of this article.