Generally, real estate agents focus largely on their local market knowledge such as median sale price, number of properties sold, days on market and auction clearance rate. After all one of the most common questions agents get asked is, “How is the market going?” The truth is most people who ask already have an idea of how the market is doing.
In order to give any meaningful comment, I like to look at what drives housing demand in an area. We know that in Spring Hill, Petrie Terrace, Red Hill and for most other areas as well, it is schools, hospitals, work places, shops, transport and amenity that drive demand.
Briefly, below are some developments (for better or worse) that will have some impact on the housing market in Spring Hill and Petrie Terrace and they include :
- the soon to be completed hospital / health care high rise at 525 Boundary Street, cnr of Torrington Street. The construction works plus other nearby developments on Gregory Terrace has really caused a lot of angst to the locals who live nearby.
- Victoria Park / Barrambin is being developed by the Brisbane City Council into an iconic parkland of 64 hectares – a natural retreat and urban park.
- “The Normanby Hotel was recently sold to Ingham-Myers Hotels for $15 million. It is a heritage-listed building on a 4162sq m site with future redevelopment potential. The prominent Brisbane pub has had a challenging history, with a proposed 15-storey development and underground nightclub next to its heritage-listed hotel rejected by Brisbane City Council’s City Planning Committee in 2019. The owners plan to “reposition” the pub and “re-establish the Normanby as a market-leading venue.” – The Urban Developer, February 2023
- The upcoming $2.1-billion Brisbane Live development, including an 18,000-seat stadium above the new Roma Street Cross River Rail Station is in the pipeline with the area set for a period of prolonged infrastructure stimulation and economic growth.
- As a sign the times are changing, Komeyui, a very high-end Japanese restaurant with an established reputation in Melbourne has recently opened at 191 Wharf Street, Spring Hill.
UPCOMING DEVELOPMENTS – A MAJOR CHALLENGE AND OPPORTUNITY 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.
Image: The Urban Developer, February 2023
Source: The Urban Developer, February 2023
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