Seachange or treechange, there is no doubt that Australia’s capital cities have seen an increasing number of their residents boxing up and moving out to regional areas. A 2018 Propertyology report found that migration away from capital cities saw a marked increase in the year ending 30 June 2018, with the population of regional Australia increasing by 89,132 to reach 8,424,137.
The report also found that a significant chunk of interstate migration was seen in Queensland, with 28,668 people migrating from other parts of Australia into the northern state.
Driven by a desire for a lifestyle change and cheaper living costs, many Australians are quickly identifying the opportunities outside of the country’s largest cities.
However, there are a number of small pockets that can be found across our capital cities that provide a sense of escape from the mania of inner-city life, while remaining within the inner city.
The Brisbane suburb of Bulimba is one such haven.
Situated in the heart of Brisbane, only 4 kms northeast of the CBD, Bulimba is one of the city’s oldest suburbs. While many of its plots date back to the 1880s, there are heritage-listed properties that date earlier. Bulimba’s European settlement goes back to the 1840s, and properties that run along central Oxford Street, like the Bulimba Hotel, Crouch’s Cottage, and Bulimba Uniting Church, all give a nod to this history.
The central location of Bulimba, alongside the number of schools, restaurants, bars, and cafes gives those living in the area a great sense of connection and community, while the number of heritage Queenslander homes that dot the neighbourhood keep a sense of space and peace within an otherwise central innercity suburb.
Over the second half of 2018, house prices in Bulimba experienced a marked decline, which has opened the pocket up to more buyers.
In June 2018, the median sale price for a freestanding dwelling Bulimba sat at $1, 357, 500. This price has fallen by 30 per cent over the past 12 months to currently sit at $960,000. The median sale price of apartments has expectedly seen less of a decline but has still fallen by 5 per cent to sit at $570,000.
With 30 per cent of Bulimba residents sitting in the highest socioeconomic bracket, earning over $3,500 per week as a household, there is a high level of demand for properties in the area, which is seen in the fact that realestateview.com.au data shows 42 per cent of households in Bulimba are occupied by homebuyers, while 38 per cent are owned outright.
What attracts buyers? With the largest percentage of Bulimba residents being couples with children, the quality and number of schools close by as well as access to the CBD are key drivers.
Bulimba State School and Balmoral State High School lie within 1.5km of the area, while parents have the options of St. Margaret’s Anglican Girls School, St Rita’s College, Clayfield College, and Lourdes Hill College for secondary schooling.
While an increasing number of luxury apartments are appearing in the area, it is the quiet village-like feel of the local cafes, restaurants, and shops that give the area a regional feel, on top of the tree-lined streets full to the brim with stunning Queenslander homes.
What’s available in Bulimba?
This three-bedroom apartment on Johnston Street is a superb example of the types of luxury apartments being built in Bulimba for families wanting access to the city and the amenities of Bulimba without the worry of maintenance costs that come with a freestanding house.
This 3 bedroom home is accepting offers over $799,000. It is situated a short walk from Oxford Street and epitomises the romance of the traditional Queenslander, with renovated modern kitchen and bathroom amenities as well as light-filled living areas. With the median sale price of homes in the area sitting at $960,000, this home indicates strong potential for growth.
Another great example of the traditional Queenslander, 40 Riddell Street stands to benefit from future subdivision and/or renovations to increase value, while its location so close to Oxford Street and its heritage value promise to keep it in high demand for future buyers.