West Brisbane Is The Way To Go

The property market in Brisbane’s western suburbs has started the year strong, with buyer competition pushing prices up, according to SPACE Property Ashgrove principal Michael Shean.

SPACE Property Ashgrove Principal Michael Shean has sold just shy of $10 million in property since his office opened in September last year, including four $1 million-plus home sales.

He said the office, which has just secured a physical location at 6/477 Waterworks Road, was opened in response to buyer demand and a strengthening of activity in Brisbane’s west, stretching from Mitchelton to Kenmore.

“Our office saw a number of significant sales towards the end of 2019 which has provided confidence to the market and this momentum has resulted in a strong start for 2020,” said Mr Shean.

“The lower than normal listing numbers over the Christmas period has created a surplus of purchasers looking to enter the market which has resulted in strong attendance numbers at open homes and this will equate to some very significant sales for this year.

14 Theale Terrace, Ashgrove recently sold for $1,375,000 by Michael Shean of SPACE Property. 

“This year is expected to be bigger than ever, with the strongest demand coming from young professionals and families.”

Mr Shean said Ashgrove’s proximity to the CBD makes it a popular family suburb.

“It offers exceptional schools, walking paths, green spaces, large character homes, and has a leafy, green feel about the area," said Mr Shean.

“In the past five years Ashgrove has witnessed average growth of over 30 per cent in prices, and it will continue to be in high demand due to its positive attributes and proximity to the city.”

Mr Shean said properties in need of renovation, providing opportunities to add value, in Ashgrove and surrounds would continue to be highly sought after.

The SPACE Property Ashgrove office.

“These properties are achieving higher than expected prices at the moment,” said Mr Shean.

“Properties that are ‘move in ready’ are also in demand from both interstate and local buyers that are looking for an easy transition into the suburb.”

Mr Shean said the Brisbane market was the prime beneficiary of a slowdown in the Sydney and Melbourne markets, with investors looking elsewhere for growth.

“A growing number of investors are attracted to Brisbane due to an improvement in its economy and job growth as a result of infrastructure spending,” said Mr Shean.

“Many people are also moving to Brisbane for affordability and lifestyle, with South East Queensland emerging as Australia’s most preferred destination for internal migration.

“Brisbane is a fabulous city with liveability, affordability and economic prospects.

"Over the next five years, Brisbane is tipped to be Australia’s best performing property market.”

The opening of the Ashgrove office came as SPACE Property recently celebrated its 16th birthday, opening in August of 2003.

The brand, which focuses on selling inner city residential property in Brisbane, has more than doubled its presence in this area over the past six months, with the addition of three new offices to its existing offices in Paddington and South Brisbane.

In addition to Ashgrove, SPACE Property has also opened a Toowong office and a SPACE Projects division based in Newstead.