Salisbury is experiencing unprecedented growth as the Brisbane suburb, traditionally known for its industrial sector, attracts a new young crowd.
Units in Salisbury have
experienced 44.78 per cent capital growth in the last 12 months with a median price of $485, 000 ranking it in the top growth areas of Queensland suburbs.
This capital growth in units is against current trends in the Australian market.
According to Quest Newspapers, Salisbury’s growth can be attributed to the opening of trendy cafes.
Apples on Ainsworth is a café owned by Alejandra Jimenez Jarramillo and husband Miguel Mungarrieta Monsalve. Their suppliers are small businesses.
Sprout Artisan Bakery only opened this year and supplied sourdough to G20 leaders in Brisbane.
Both are cafes in Salisbury. The redevelopment and growth of this sector points to its gentrification.
The suburb’s reputation as an industrial area does not hurt the fact it has good infrastructure in place.
Factors like these have contributed to new young home owners.
The median age of people living in the suburb is 35 with 45 per cent representing the 20-49 age bracket.
Lifestyle, good infrastructure, gentrification, and affordability are all traditional growth factors and Salisbury is ticking all the boxes.
The suburb is located 11 kilometres south of Brisbane’s Central Business District, is close to universities, and has a railway and four bus stations.
It’s an attractive area for young people based on its affordability and cultural redevelopment.
Councillor of Moorooka ward Steve Griffiths told Quest Newspapers, “The city is becoming more expensive, Salisbury is between two uni's. It’s more affordable and it’s got creative people there as well.”
Based on current trends capital growth in Salisbury will only continue to rise in the near future.