It's One On One On Southside

Sun Herald

Sunday August 19, 2007

By Ellen Lutton

FOR property investors it's the most sought after precinct in Brisbane.

But latest figures show that, on average, there is just one house and one unit sold per street, per year, on the city's inner southside.

And eager buyers will probably have to hand over $1 million.

RE/MAX Solutions West End principal John Kalaja says the fact that the area is so tightly held has contributed to buyer frustration and continued price growth.

"If you look at figures on average over the past three years in the area comprising West End, Highgate Hill, Dutton Park and Woolloongabba, sales compared to the number of streets in that district confirm there is just one house and one unit sold per street, per year," Mr Kalaja said.

West End sold 69 houses and 59 units in 2006. There are 78 streets in the suburb. Highgate Hill has 55 streets and sold51 houses and 52 units in that period.

West End is three kilometres from the CBD and known for attracting those with bohemian lifestyles to its cafes, restaurants and bars.

Mr Kalaja said articles on the shortage of rental properties and improving rent returns had drawn investors back to the market, however many were disappointed by the short supply of properties in the area and their premium price tags.

"This is arguably the most tightly held housing market in all of Brisbane," he said.

Most inner south sales are at least $1 million, with several recent auctions in the area having fetched prices in excess of that.