Kangaroo Point 4169 - Queensland
Click here for the latest property prices in Kangaroo Point The riverside suburb of Kangaroo Point has witnessed an enormous amount of residential construction during the past decade. The resident population in the suburb is estimated to have grown by more than 20 per cent during the past decade as both homebuyers and tenants gravitate closer to the CBD.
For many years the suburb was dominated by the factories of heavy engineering businesses, particularly those involved in the maritime industry. The industry vacated the area in the 1980s, which was then redeveloped for high-rise accommodation. The suburb is now mostly residential, with the traditional Queenslander houses also gradually being replaced by high-rise developments.
Kangaroo Point is located on a peninsula formed of harder rhyolite rock which the Brisbane River flows around. On the northern tip of the peninsula the Story Bridge connects it to the central business district and the suburb of Fortitude Valley. In the suburb of Woolloongabba is located to the south. The six-laned Main Street runs from the Story Bridge to Woolloongabba.
The size of the suburb's rental market has grown strongly nearly doubling in size during the past ten years. Investors are still the main buyers in Kangaroo Point.
Residents of this sought after suburb enjoy close proximity to the CBD and have access to excellent public transport. In addition to regular bus services to the city and other attractions such as the Brisbane Cricket Ground (The Gabba), most residents are within walking distance to CityCat ferry terminals for quick access to the city or a leisurely cruise to Southbank or Brett's Wharf at Hamilton.
The median house price in the suburb for the calendar year 2005 was $445,000. The median unit price for the same period was $358,000. The median weekly rent paid for a 3-bedroom house in this area in the December 2005 quarter was $315. The median weekly rent paid for a 2-bedroom unit in this area for the same period was $310. Latest Market Price in Kangaroo Point The median house price in Kangaroo Point has dropped -1% from $447,000 in the 6 months to March 2008 to $440,000 in the 6 months to September 2008. The long term trend for house prices in Kangaroo Point over the last 10 years is +11.8% per annum.
The median unit price in Kangaroo Point for the same period has dropped -3% from $473,000 to $460,000. The long term trend for unit prices in Kangaroo Point over the last 10 years is +4.3% per annum.
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