It's long been known as one of Queensland's most affordable and stunning locations, but several notable high-end, luxury transactions on Bribie Island have set the stage for a strengthening high end market, according to Resolution Research.
Bribie Island’s luxury market has typically existed within Banksia Beach fronting Pumistone Passage, which has seen benchmark transactions firmly take a foothold of the emerging top end market.
Recent notable transactions include 55 Seaside Drive, Banksia Beach which sold in March 2015 for $2,350,000, representing the third highest transaction recorded on Bribie Island. The highest sales price achieved on the Island was in 2006 when 65 Seaside Drive achieved $2.7 million.
The seaside suburb of Woorim remains a relatively untouched seaside village which is drawing significant interest from prestige buyers. The million dollar-plus market within Woorim remains in its infancy with only four properties sold in this price bracket in the past eight years. Each of the properties were situated along the suburb’s premier beachfront strip, Rickman Parade.
Image: VisitBrisbane.com.auResolution Research says Woorim looks poised to experience price growth at the top end with its recent performance significantly outperforming that recorded in the premier ocean front market of Noosa Heads to the north.
Over the past year median price growth in Woorim has eclipsed that recorded within Noosa (10.5% vs 5.3%) a fundamental which has been duplicated over the past five years (2.9% vs 1.1%).
The median house price within Woorim for the year ended September 2016 was $485,000, which is $310,000, or 64% lower than Noosa Head’s which recorded a median house price of $795,000 over the same time period, according to the company.
Properties within Woorim are tightly held with transactions averaging 30 per annum over the past five years. Over the twelve month period to September 2016, transactions are down considerably sitting at only 16 which is the lowest volume of sales recorded across the past 15 years. With end of year data processing, Resolution Research expects these volumes to increase, albeit marginally. At the time of undertaking this research, there were only 18 homes for sale out of the 690 privately owned homes within Woorim suggesting that local market confidence is high with properties being held in a rising market.
Will Woorim mimic Noosa’s strongest annual lift in median values of 54% (lifting from over the 12 months to 2003) as it emerges as the Moreton Bay Region’s millionaire’s row? Potentially yes, as properties are renovated, new supply enters the market and Rickman Parade’s retail and dining precinct begins to emerge, strong lifts in values are highly likely over the coming years.
According to the research company, the market is abuzz with rumours that two large parcels of church-held land on Rickman Parade have recently traded for an undisclosed amount. With the parcel zoned for low density residential it is likely to propel Woorim’s top end market onto centre stage for price growth over the coming years.