A postage-stamp suburb pack an enormous punch when it comes property price increases
The view of the CBD from the deck of 22 Dilkera Street, Balmoral. Picture: Supplied / Place
Empty nesters Jodi and Warren Harris are selling their home in Brisbane’s hottest property suburb with no interest in re-entering the overheated market in the short term as they weigh up their next move.
Postage stamp-sized Balmoral is the best ‘pound for pound’ suburb when it comes to real estate in Greater Brisbane, according to the latest CoreLogic data.
The view of the CBD from the deck of 22 Dilkera Street, Balmoral. Picture: Supplied / Place
The 1.3sq km suburb increased 11.2 per cent in value in the March quarter and eclipsed nearby Seven Hills (11.1 per cent), Carindale (10.7) and prestigious inner-city area Red Hill (10.2 per cent).
Ms Harris was pleased but not surprised that the suburb, sandwiched between well-known Bulimba, Hawthorne and Morningside and just 1.3sq km, had topped the list.
She said in the 13 years they had lived in Balmoral raising two children, plenty of people they had crossed paths with had heard of Balmoral but couldn’t pinpoint it on a map.
Jodi and Warren Harris Empty nesters, selling in Balmoral which has had the highest quarterly gain of any suburb in Brisbane. Picture: Jamie Hanson
“When people ask where you live and you say Balmoral, they’re next question is ‘where is that’ and then you mention Bulimba and they all know,” she said.
“Some actually think you’re talking about Balmoral, NSW.”
The suburb may be a little nondescript to some, but there has been enormous interest in the four-bedroom, two-bath, two-car home, with superb views of the CBD at 22 Dilkera Street that goes to auction on Saturday at 5pm, said Place Bulimba real estate agent Joanna Gianniotis.
Balmoral may be a small suburb (1.3sq km) but it packs a lot of punch in real estate terms. Picture: Supplied
It sits on the doorstep of up-market Bulimba, within 900m of a CityCat ferry stop and has a hill with “extreme elevation” that provides panoramic views of the horizon, Ms Gianniotis said.
She said it’s a well-established area that had all the trimmings of Bulimba without the premium price tag that suburb draws.
Place real estate agent Joanna Gianniotis said the “extreme elevation” of Balmoral hill that provided uninterrupted views of the CBD was a major drawcard for the area. Picture: Supplied
“It’s slightly cheaper to buy in Balmoral than Bulimba or even Hawthorne,” Ms Gianniotis said.
“It’s gathering speed because it is right next to both of those suburbs with the same dynamic in play, such as schools, proximity to the CityCat, Oxford Street and access to the Gateway.
“It has extreme elevation as well on Balmoral hill with city views and won’t be lost in time.”
She said a lot of the price growth had been a result of solid competition from outside of Queensland. “
The rear view of 22 Dilkera St Bulimba which goes to auction on Saturday. Picture: Place
“We have an increasing number interstate and overseas inquiries along with more local inquires as well for Balmoral,”
While Harris’ will take their time deciding where to permanently settle next, it will no doubt be somewhere near a cycle track.
Ms Harris has been riding for charity for the past decade for Tour de Cure, raising more than $160,000 in the process.