Image: Lacey Group's Bodhi Apartments
Upper Mount Gravatt is shaping up to be one of Brisbane's top performers in 2017, with new research showing apartment values have almost tripled since 2000.
A report by The National Property Research Co. showed Upper Mount Gravatt's median apartment price jumped 183 per cent, from $159,000 in 2000 to a record high of $450,000, equating to 7.19 per cent annual growth.
Demand for property in the leafy suburb has also resulted in a 70 per cent increase in median rental rates for one bedroom apartments, which currently achieve $255 per week, compared to $150 per week in 2010.
The National Property Research Co. director Matthew Gross said Upper Mount Gravatt has been a stand out suburb because of its diverse urban economy and broad demographics.
He said he expects the growth trends identified in the report to continue over the coming years assuming that strong population growth and sound economic fundamentals remain.
"To get a complete picture of a suburb's potential it's important to look at both the capital growth and median rent increases over a long-term period of at least five to ten years," said Mr Gross.
"The Mount Gravatt region has a proven track record of consistent growth - median apartment prices even continued to rise throughout the Global Financial Crisis (2008-2011), which shows that it is a resilient market backed by strong underlying demand.
"This demand stems from Upper Mount Gravatt's proximity to two Griffith University campuses - in Mount Gravatt and nearby Nathan, which host more than 17,000 students.
"It is also home to one of Brisbane's largest shopping centres - Westfield Garden City - and there's easy access to the Sunnybank Private Hospital and Queen Elizabeth II Jubilee Hospital, all of which are major regional employers.
"Proximity to education and employment hubs is part of what gives a location its competitive edge over surrounding areas. By comparison to some other Brisbane suburbs, there are fewer new properties being made available for people to buy or rent.
"For the Postcode 4122 -- which includes Upper Mount Gravatt -- has one bedroom apartments renting in as little as 18 days, compared to the average 31 to 39 days that Brisbane apartments are sitting vacant, which is partly due to the higher than usual supply levels the inner city is experiencing," he said.
"There are only a handful of brand new developments in Upper Mount Gravatt, just 20 minutes from the Brisbane CBD, and these projects are attracting the attention of purchasers looking for a more affordable and reliable new home or investment."
Lacey Group Director Adam Lacey, responsible for Bodhi Apartments which launched in Upper Mount Gravatt, said his 78-resident project was primed for the area because of its lifestyle, parklands, sporting facilities, restaurants and entertainment precincts.
"The people who choose to live in Upper Mount Gravatt are looking for convenience and liveability, which is exactly what Bodhi delivers. The apartments are just 300 metres from public transport, minutes from the motorway and a short walk from Westfield Garden City, which has been transformed by a recent $400 million upgrade.
"For semi retirees downsizing and young professionals looking for an executive apartment, liveability means extra space and room to entertain, so we have designed Bodhi with oversized rooms, plenty of storage and generous balconies.
"Students and retail workers searching for a place to rent will also find Bodhi offers plenty of privacy for multiple occupants, with some apartments offering two dedicated car spaces, which is a rare find so close to the CBD."