Rush For The River Of Gold

Sun Herald

Sunday November 24, 2002

By HANNAH EDWARDS

PRICES for homes along the Brisbane River in Queensland's capital are regularly breaking records.

Former riverside industrial sites are being transformed into funky new apartment blocks and old Queenslander houses are being restored and renovated much to the delight of families keen to move in from the outer suburbs.

Adding to the attraction of riverfront living, local council urban renewal groups have created ``character zones" that stipulate that developments and renovations must be in keeping with the history and style of that particular area.

At one particular bend in the river, beautiful, original Queenslanders front parkland that overlooks the gently flowing water. It's a peaceful and pretty spot to live, even though it is close to the CBD, and this is reflected in recent home prices with many rivalling Sydney equivalents.

In the east Brisbane waterfront suburb of Hawthorne, a nondescript older-style house sold recently at auction for $3.17 million. Sitting on 1,619sqm, the home broke price records for the street.

Sales like these are no longer unusual along the Brisbane River, which stretches for 10km through the city's central suburbs.

In the past five years, eight out of the top 10 performing suburbs in Queensland have been waterfront, either bayside or riverfront, figures from the Real Estate Institute of Queensland (REIQ) show.

The top performing waterfront suburb, West End, has seen property prices jump by a record 122.35 per cent over the past five years.

The REIQ's spokeswoman Fiona Bergin said the stampede to live by the river has been Brisbane's biggest property trend.

``Being close to the river has been the single biggest factor in property growth over the past two years," Ms Bergin said.

``The current property boom in Brisbane has been going on since early 2000. There are people who are cashing in on the trend and making staggering profits.

``There are also plenty of people making a living out of buying a shack and doing it up. People are giving up their day jobs to do this."

One new waterfront development by Urban Properties, River Edge, in the previously industrial and working class suburb of Bulimba, has been selling well. One three-bedroom unit sold for $720,000 while a parcel of vacant land has sold for $1.2 million.

Urban Properties spokeswoman Kesree Jones said the units and land had been proving popular with Brisbane locals, with many families choosing to live along the river.

Another development, Regatta Riverside by the Leyshon Group, has gone up in the city-fringe suburb of Toowong. The building of 187 units has enjoyed more than $40 million in sales since it opened in late 2001.

``Toowong's position has always been an investment drawcard," Regatta Riverside spokesman Mark Rundle said. ``But two new infrastructure upgrades have refocused attention on the precinct.

``The decision to site a CityCat ferry terminal just down from Regatta Riverside, plus the upgrade of Coronation Drive, which borders our development, augers well for continued growth of the historic suburb."

BRISBANE'S TOP PERFORMING SUBURBS
Suburb          % growth
                over five years
  West End*     122.35
 Manly *                112.33
 Bulimba *      110.98
 Sandgate *     108.7
 Balmoral *     101.96
 Kangaroo Point *       100
 Woolloongabba          100
 Hawthorne *    98.86
East Brisbane *         98.72
Paddington      98.03
* indicates waterfront suburb, either riverside or bayside. Figures for 1997 to
2002.
Source: Real Estate Institute of Queensland