Chermside is emerging as one of Brisbane's fastest growing suburbs with population figures set to almost double by 2036 and a string of new high-end apartment projects coming on board.
Latest forecasts by Resolution Research Strategists shows an expected increase of more than 8,500 residents between 2016 and 2036, representing an average annual population growth rate of 3.1 percent. This compares to the 2.1 percent growth rate projected to occur throughout the greater Brisbane region over the same period.
The highly sought after suburb has more than $154 million worth of residential building approvals underway and has reported an annual growth rate of 6.2 percent in residential apartment values over the past 12 months.
Amanda Malady, Sales Director of 360 Residential Project Marketing says Chermside's thriving population growth is reflective of the suburb's significant economic growth underpinned by infrastructure investment and the creation of quality mixed-use developments, particularly new residential apartment projects.
"Chermside is unquestionably a unique urban community in which apartment living is well supported," she said.
"With excellent accessibility to the CBD, transport infrastructure, major hospitals, universities and the soon to be completed $355 million Westfield Shopping Centre there is a principle demand for apartment dwellings, particularly from professional workers, university students, young families and retirees.
"Younger professionals are attracted to the area's proximity to major institutions, workplaces, retail infrastructure and the CBD. Families enjoy the diversity of open green spaces, bikeways, sporting grounds and playgrounds and the retirees tend to be drawn to the relaxed lifestyle of the suburb while still being part of an active community that shows strong signs of growth.
"Buyers are attracted to the new, quality apartment stock on offer and the low-maintenance lifestyle that comes with them."Mrs Malady says that in addition to offering key lifestyle benefits, the area presents solid investment opportunities and recent sales in her current project portfolio are testament to that.
"Some of the current projects underway in Chermside include the 45 luxury apartment project, Woodstore, that is due for completion shortly and is 95 percent sold. The chic 52 apartment project, Harper on Hamilton, due for completion mid 2017 that is 80 percent sold and the boutique Hallmarque, that features 23 apartments and is set to commence construction next month that is 85 percent sold.
"The demand for quality apartments in the area remains high and while there has been a strong lift in apartment values, stock in Chermside still remains affordable compared to the broader offerings around greater Brisbane."Resolution Research Strategists director Diana Howe says the growth can be attributed to Chermside's high level of connectivity with the CBD, major employment, health and education nodes.
"Chermside is one of the top performers in Brisbane's northern CBD and the population is tipped to reach more than 18,500 by 2036," she said.
"It's considered to be one of the biggest employment regions on Brisbane's northside with the Australian Tax Office, Prince Charles Hospital and other auxiliary hospitals and government departments based there. Employment figures are set to grow even more when the redevelopment of Westfield Shopping Centre is completed next year.
"Based on the population projections there is likely to be an estimated underlying demand for more quality apartment stock over the coming years."
The Woodstore Apartments, Chermside, Brisbane.