6 Lychee Place, Belmont: Sold $1,157,500 September 2021.
FROM KERYN OSGERBY, SOLD PROPERTY GROUP
As 2021 ended, we saw the median price for homes in Belmont reach a handsome $885,000, $15,000 north of Brisbane’s overall median house price*. This represents 22% price growth in 2021.
Last year, total home sales for the suburb were down by 11% on 2020, largely due to concerns over the continuing uncertainty of COVID-19*. This coupled with the strongest demand we’ve seen for the suburb has intensified property prices further.
The ferocity of the market is perfectly illustrated in these three properties in the one street, sold within 15 months. First, 19 Lychee Place sold in May 2020 for $890,000. Not dissimilar, I sold 4 Lychee Place for $980,000 in May 2021, and I then sold 6 Lychee Place with the addition of a pool, for $1,157,000 in September 2021.
I anticipate December and January figures will reflect a continuing upward trend in prices, following the record volume of enquiry and buyers through open homes during this period. Over 100 buyers are attending open homes in the area with some properties achieving up to 10 written offers to purchase within just days on market. This means many buyers are repeatedly missing out.
Such an overflow of buyers will result in continued price growth for the foreseeable future, until there is a substantial increase in homes coming onto the market to absorb the demand.
So why is Belmont so popular? Firstly, it’s just so convenient. The proximity benefits are exceptional – moments to the Gateway Motorway on-ramps, under 10 minutes’ drive to Westfield Carindale, Wynnum and Manly esplanades, and 20 minutes from the CBD with multiple access routes should there be a traffic incident to avoid. Then there is the family friendly community. Belmont comprises 65% of family structure residents and a whopping nearly 80% owner occupied dwellings*. Couples generally purchase their first family home here, raise children and become empty nesters all in the same home before they consider downsizing. Often they don’t want to leave the area that has been so convenient to them for so long.
The quiet streets, green leafy trees surrounding, plenty of parks and the ability to still have a back yard make this location ideal for bringing up children. The icing on the cake is local amenity – possibly Brisbane’s best ciabatta bread can be found at Uncle Bob’s Bakery, sensational fish and chips, plus Kiwi delicacies at Y’eaten Belmont, and a great spot to watch the local traffic go by over a cold one is the Belmont Tavern – all within walking distance from your front door.
If you’d like to find out the NEW 2022 market value of your Belmont property, pop down to our new Belmont Village office or call me on 0421 594 529.
*Source Core Logic RP Data Professional 2022
