Like many other inner-city locations with high-density urban precincts, the Fortitude Valley property market has had an oversupply of inventory and high vacancy rates but performed astonishingly better within the 12-month period ending June 2021, amidst a softer housing demand through the pandemic.
Highlights
- Fortitude Valley had a 3.78 per cent growth between July 2020 to June 2021, despite a softer demand for properties close to the CBD during the lockdowns.
- The median unit price moved upwards to $456,630 compared to $440,000 pre-pandemic.
- Buyers and investors are taking advantage of the opportunity to buy properties in Fortitude Valley whilst the prices are subdued.
Unit Price Growth
Despite most buyers flocking to the middle and outer ring suburbs to find lifestyle properties to work from home, the apartment market in Fortitude Valley still had a substantial buying activity between July 2020 to June 2021. Figures from Property Market Updates revealed that this suburb so close to the CBD, where disheartening shutdowns and job cutbacks have been significant, posted a 3.78 per cent growth, pulling the median unit price up to $456,630.
With 405 transactions closed for this period, Fortitude Valley attracted buyers and investors who saw an opportunity to buy newly-built apartments whilst property prices have been more subdued than other markets. Though house prices are rising all across Brisbane, first-home buyers and younger professionals have been grabbing the chance to invest in the Valley and get their foot in the door closer to the city.
Buying than renting units is cheaper in Fortitude Valley and this realisation accounts for much of the 151 two-bedroom units snapped up within an average of 76 days on market. A townhouse located on Bowen Terrace, which offers a good vantage point of the Story Bridge and is within walking distance to lifestyle and recreational amenities, was sold at the highest price of $2,426,00.
About Fortitude Valley
The dwellings offered in Fortitude Valley are best suited for the younger demographic. More than 65 per cent of the residents here are between 20 to 39 years old and the majority do not have any kids. Thus, they feel at home in this suburb’s vibe and energy with its buzzing entertainment and nightlife district.
A significant number of homes in the Valley are also purchased for investment and rented out to college students, professionals, singles, and young couples who prefer walking, biking, or taking public transportation to get to work or meet-ups with friends at heaps of local hangouts. The residential precincts continue to grow alongside commercial developments, making Fortitude Valley such an exciting place for people who prefer cosmopolitan living.
Fortitude Valley is the go-to host for the best musical acts regularly performing along Brunswick Street Mall in China Town. In contrast, the James Street precinct is where people go for dining at fancy and trendy restaurants or shopping at upmarket boutiques. However, there are also a number of heritage-listed buildings standing next to modern sites. During weekdays, the Valley is busy as office and business workers hustle whilst weekends are for chilling out.
“If you’re wanting to be as close as possible to both the airport & CBD for work; then it’s hard to beat the Fortitude Valley due to its quick access to toll-paid-tunnels, great choice of bars, restaurants, cafe’s and heaps of gyms as well as a great public pool for athletes or the athletic-minded. Rent is fairly reasonable considering how close you are to the city centre & the fact that pretty much the whole suburb has access to TPG’s FTTB fibre optic internet combined with great cellular coverage means high-speed internet either via fibre optic cables or 4G is always available. Many apartments have great views as well which is a plus.”
Alexk15
“Fortitude Valley is a razor edge kind of place. Insanely, almost migraine-inducingly cool, it has a seedy heart to it at times. By day, hip designers sell overpriced products to EMO’s and grown-ups who should know better. Excellent restaurants vie for attention amongst organic beauty outlets and dingy cafes. By night, a rock scene comes alive and the streets swell with the youth and the youthful of the Brissy music scene. Staples of the Valley include Fatboys/Riks cafe and the Empire Hotel.”
Ready09
