Real estate development continues in Woolloongabba as market adjusts

May 17, 2018 by  

The area once colloquially known by first settlers as One Mile Swamp for its many boggy waterholes is now considered by some as a residential development hotspot.

Officially renamed Woolloongabba in 1870 after the Aboriginal word for whirling waters (or ‘fight talk place’, depending on who you ask), the suburb is now home to over 5,500 people who mostly live in units. Recent census data showed that the average age of residents is 30, quite a bit younger than the median age for Brisbane as a whole. This dynamic age group is a key demographic for marketing firms using printing services and promotional products.

After the Woolloongabba Priority Development Area was created in 2010, major developments such as South City Square, One South City and The New Deshon have come to the district, which is two kilometres from the CBD and arguably best known as the home of the Brisbane Cricket Ground. Many new complexes have already sold out to first home buyers, downsizers and property investors who are keen on its proximity to the city, education facilities, public transport and affordability.

However, some headwinds are predicted for property values in inner Brisbane areas. A recent report by BIS Oxford Economics has found that over 10,000 new apartments have been abandoned or deferred by developers in the past year as the market has tipped into oversupply.