- Cannon Hill's asking prices are now above $1 million
- Brisbane still witnessing strong growth, despite a slowdown in Sydney and Melbourne
- Urbex, in conjunction with the Brisbane City Council, are releasing the last 15 lots of a new development in the area
As Brisbane’s house prices continue to rise sharply, there has been particularly strong attention towards Cannon Hill, located 11 kilometres east of the Brisbane CBD.
Though relatively flat during the early 2010s, the suburb began to witness growth from 2014 onwards, with a sharp rise in weekly asking property prices, according to SQM Research. Asking prices for houses are now $1 million-plus.
Cannon Hill – 4170
Given its proximity to the city centre, a 125-homesite development in the area, which is nestled by over 90 hectares of open space and is being developed by Urbex in conjunction with Brisbane City Council, has caught the attention of buyers and investors.
The last 15 lots for Minnippi will be sold via an online auction this Wednesday.
“Brisbane’s lack of supply is certainly underpinning any significant decline in housing values,” said Urbex Realty General Manager, Craig Covacich.
He noted that the city’s median housing values climbed a further 1.7% in April, which takes the three-month growth rate to 5.7% – the fastest quarterly growth rate in housing values amongst the capital cities. This comes as Sydney and Melbourne continue to witness falls.
“Adding to this, in the past 12 months property values increased in almost every part of Brisbane, with a median house value uplift of 29.7% over the past 12 months,” Mr Covacich said.
“These figures alone show the enormous growth rate of Brisbane’s market which is increasingly become one of the most intense markets in Australia,”
Craig Covacich, Urbex
“Locally in Cannon Hill, median home values have increased 37.6% over the past 12 months, but the suburb remains an affordable option within the inner eastern catchment of Brisbane’s CBD which has seen it become a highly-sought-after place for many locals and interstate buyers.
“Minnippi really provides an incredible – and rare – opportunity for these buyers to purchase premium land in this stellar locale and provides much-needed supply in this increasingly popular area.
The estate will also be near a future golf course and is near Brisbane Airport via the Gateway Arterial. It has won an environmental excellence award from the Urban Development Institute of Australia (UDIA).
“Buyers are also being enticed by the community this estate offers, along with the added freedom to build and design an architectural home of their dreams with a variety of lot sizes to choose from which is incredibly rare in a suburb like Cannon Hill,” Mr Covacich added. “
“We’re experiencing high demand for these superior homesites with 3 of the 15 lots sold prior to auction, from buyers who have seized this fantastic opportunity amidst increased housing scarcity.”
The news comes as Urbex launched their first development in Perth earlier this year.
