Brendan Mayles Paddington market report End of financial year 2017
A word from Brendan Mayles
It is no secret that Paddington’s real estate market has experienced a robust shift over the last twelve months. In April 2017 Paddington hit a record high median house price of $1 million. As you delve into this year’s report, what’s fascinating is this still doesn’t cut the list of Brisbane’s top ten median house price suburbs.
This year wasn’t all about business though, it’s great to give something back to the community that we live and work in. On the 3rd June 2017 I returned home after doing the Youngcare Simpson Desert Challenge, spending 8 days trekking 250 kilometres through one of Australia’s harshest landscapes, the Simpson Desert.
While Paddington and Brisbane’s Inner West currently represent an attractive value proposition, considering the location and facilities in comparison to other blue chip suburbs of similar distance from the city, prices are on the move.
With so many generous individuals and local businesses that made a donation, purchased a raffle ticket or attended my charity breakfast we managed to raise over $41,000 for Youngcare Australia.
An increasing house price gap between Brisbane and southern capital cities is pivotal in creating new market energy. As a result we are seeing a steady flow of Sydney and Melbourne buyers up north. Our Sydney agents are selling ordinary homes for $2 million and more, whereas you can buy luxury homes in blue chip inner city Brisbane suburbs for similar money.
This would not have been achieved without the local community support and people coming together to give generously to make a real difference for the sake of others. I hope you enjoy this year’s report.
3088 1520 0402 659 010 brendanmayles@mcgrath.com.au
Top 10 Paddington House Sales* Address
Bed
Bath
Car
Sale date
Land size
Sale price
1
22 Reading Street
5
7
6
Apr 17
1,553sqm
$5,450,000
2
169 Fernberg Road
5
3
3
Oct 16
1,126sqm
$5,300,000
3
115A Kennedy Terrace
6
5
2
Aug 16
810sqm
$2,700,000
4
40 Plunkett Street
5
4
3
Oct 16
598sqm
$2,620,000
5
96 Enoggera Terrace
4
2
2
Dec 16
544sqm
$2,500,000
6
38 Plunkett Street
4
3
2
May 17
597sqm
$2,450,000
7
29 Tooth Avenue
6
3
2
Aug 16
737sqm
$2,400,000
8
67 Upper Cairns Terrace
4
2
2
Dec 16
568sqm
$2,300,000
9
87 Tooth Avenue
5
3
2
May 17
503sqm
$2,200,000
10
12 Glanmire Street
4
4
2
Dec 16
840sqm
$2,052,000
Sale date
Land size
Sale price
Lowest 10 Paddington House Sales* Address
Bed
Bath
Car
1
121 Lower Cairns Terrace
3
1
1
Sep 16
205sqm
$650,000
2
42 Stafford Street
3
1
1
Jul 16
405sqm
$695,000
3
15 Stewart Street
3
1
-
Sep 16
465sqm
$728,000
4
34 Armstrong Terrace
2
1
1
Aug 16
405sqm
$735,000
5
2 Howard Street
3
2
2
Dec 16
372sqm
$741,500
6
13 Bousfield Street
3
2
2
Sep 16
435sqm
$742,500
7
14 Carrington Street
3
1
2
Aug 16
405sqm
$760,000
8
16 Drynan Street
3
2
-
Dec 16
304sqm
$760,000
9
15 Hall Street
3
1
2
Nov 16
405sqm
$760,000
10
139 Beck Street
3
1
2
Oct 16
250sqm
$765,000
The information in this report is provided by CoreLogic RP Data and Australian Property monitors for the period July 2016 to June 2017. Its accuracy cannot be guaranteed. Parties should rely on their own enquiries and McGrath will not be liable for error or admission herein. * Settled sales (this is for highest and lowest Paddington house sales)
Paddington statistics Houses No. Sold
Median
Highest
Lowest
1 yr median change
Average rent
136
$1m
$5.45m
$650k
6.2%
$570pw
No. Sold
Median
Highest
Lowest
1 yr median change
Average rent
80
$531k
$1.115m
$267k
-5.17%
$410pw
Apartments
Paddington median house price
1997
$210,000
2007
2017
$675,000
$1,000,000
Local house activity Suburb
Median
Sales
$1M+ Sales
1Yr Median Change
Highest Sale
Bardon
$940k
148
50
9.57%
$3.485m
Red Hill
$850k
88
25
0%
$2m
$962.5k
63
33
8.30%
$4.05m
Milton
$965k
20
8
10.80%
$2.21m
Petrie Terrace
$825k
23
6
0.60%
$1.725m
Auchenflower
$1.09m St Lucia
$1.111m West End
$1.125m Wilston
$1.14m Highgate Hill
$1.17m Bulimba
$1.2m Hawthorne
$1.275m Hamilton
$1.425m Ascot
New Farm
Teneriffe
$1.605m
$2.1m
Brisbane suburbs with the highest median sale price
Top 10 suburbs Suburb
Median price
Sales
Suburb
$2.1m
15
6
Median price
Sales
Bulimba
$1.17m
89
1
Teneriffe
2
New Farm
$1.605m
80
7
Highgate Hill
$1.14m
34
3
Ascot
$1.425m
85
8
Wilston
$1.125m
45
4
Hamilton
$1.275m
62
9
West End
$1.111m
52
5
Hawthorne
$1.2m
100
10
St Lucia
$1.09m
68
Our local Paddington sales
2/5 Alexandra Street Sold $565k
25 Central Avenue Sold $1.035m
38 Plunkett Street Sold $2.45m
2 Howard Street Sold $741.5k
1/62 Howard Street Sold $476k
40 Plunkett Street Sold $2.62m
167 Fernberg Road Sold $1.26m
3/157 Fernberg Road Sold $1.15m
Thank you I would like to extend a heartfelt thank you to the local community for helping me raise $41,000 for Youngcare Australia. On the 3rd June 2017 I returned home safely after trekking 250 kilometres through one of Australia’s harshest landscapes, the Simpson Desert. Experiencing a completely isolated environment for 8 days where I had little control over personal choice - a reflection of the challenges that young people with high care needs living in inappropriate accommodation face on a daily basis. It is only with this kind of generosity that Youngcare can continue working to create real choices in care and age-appropriate accommodation.