Ashgrove QLD 4060 Suburb Profile
Demographics, Population Growth, and Location
Ashgrove, an upscale and family-friendly suburb, is located just 4km northwest of the Brisbane CBD. Known for its tranquil residential streets and proximity to the city, Ashgrove is bordered by The Gap, Bardon, Red Hill, Paddington, Enoggera, and Alderley. The suburb boasts a population of approximately 13,000 residents and continues to grow, with a population growth rate of 1.0% between 2011 and 2016. This steady increase in population highlights the ongoing appeal of the area to new residents and families looking for a convenient and pleasant place to live. Local residents enjoy a manageable daily commute to the city, and the suburb supports a variety of small businesses.
The community in Ashgrove predominantly consists of professional couples with children, with many residents working in a professional occupation. Approximately 70% of households in Ashgrove are owner-occupied, reflecting the suburb’s stability and appeal to families looking for a permanent residence. The high rate of owner-occupancy contributes to the community’s strong sense of stability and continuity, making it an attractive option for those seeking a long-term home.
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Property Market Analysis
Historical Median Sale Price Trends
The property market in Ashgrove has demonstrated strong growth over the years. The median house price in Ashgrove has increased by a substantial 47% in the last five years, translating to an average annual growth rate of 6.1% over the past decade. This remarkable appreciation highlights the suburb’s desirability and the robust demand for residential properties. The increase in house prices is indicative of the high level of interest from both buyers and investors, drawn to Ashgrove for its lifestyle offerings and proximity to the city.
When owner-occupied rates in Ashgrove were compared, 70% of homes were owner-occupied in 2011, which increased to 75% in 2016.
In contrast, the median unit price in Ashgrove has experienced more modest growth. Over the past five years, unit prices have risen by 3.3%, with an average annual increase of 1.2% over the last ten years. Despite the slower growth rate for units, they remain a viable option for those seeking entry into the Ashgrove property market. The unit market provides a more affordable entry point into the suburb, appealing to first-time buyers, downsizers, and investors.
As of the latest data, Ashgrove has a median sale price of $1,640,000, with an impressive annual capital growth rate of 10.81%. This indicates a strong return on investment for property owners and a buoyant market. The significant capital growth rate underscores the suburb’s potential for continued appreciation, making it an attractive option for both homeowners and investors.
Investment Property Potential
Ashgrove is a popular choice for investment properties, offering a median rent of $750 per week and a rental yield of 2.91%. The suburb’s range of amenities and its proximity to the city make it an attractive option for investors looking for properties with strong rental demand and median rent potential for capital appreciation. The rental market in Ashgrove is supported by the suburb’s desirable location, family-friendly environment, and excellent schools, which attract a steady stream of tenants.
Investors in Ashgrove benefit from the suburb’s robust infrastructure and community amenities. With easy access to the Brisbane CBD, public transport options, and a variety of local amenities, properties in Ashgrove are consistently in demand. This high demand translates to low vacancy rates and stable rental returns, providing a reliable income stream for property investors.
Property Types and Prices
Housing Types and Block Sizes
Ashgrove’s property landscape is dominated by free-standing houses, which constitute 79% of all properties in the suburb. The typical block size in Ashgrove is around 600m², providing ample space for families and contributing to the suburb’s spacious and green character. The larger block sizes offer families the opportunity to enjoy outdoor living, with space for gardens, play areas, and entertaining.
One of the architectural highlights of Ashgrove is its ‘Ashgrovian’ style houses, characterised by grand gable roofs and ornate plaster ceilings. These unique homes add to the suburb’s charm and appeal, making it a desirable location for those who appreciate distinctive architectural styles. The Ashgrovian houses are a testament to the suburb’s rich history and offer a blend of old-world charm and modern convenience.
Current Property Prices
As of June 2024, the median house value in Ashgrove stands at $1.63 million, representing a 9.2% increase compared to the last 12 months. Houses are selling more quickly, with the median days on market now at 23, reflecting an 11.5% decrease compared to the last quarter. There have been 190 house transactions recorded, a 17.3% increase compared to the last year. This surge underscores the strong demand and competitiveness in the Ashgrove property market. The median rent for houses is $750 per week, with a median gross rental yield of 2.9%.
The median unit/townhouse price in Ashgrove is $663,000, marking a 9.1% increase compared to the last 12 months. Units in Ashgrove are selling rapidly, with the median days on market at just 10 days, indicating a highly competitive market. There have been 60 unit/townhouse sales in the last year, demonstrating strong activity and robust demand in the unit market. The median rent for units/townhouses is $570 per week, with a median gross rental yield of 4.53%.
The Ashgrove property market has shown remarkable resilience and growth over the past year. With rising median property values and quicker sales, the outlook for both sellers and buyers is positive.
Buying a Property in Ashgrove QLD 4060
Research and Due Diligence
When buying a property in Ashgrove, conducting thorough research and due diligence is essential. Reviewing council records for building and renovation approvals is crucial for identifying the heritage value of properties and any potential development restrictions. This step ensures that buyers are fully aware of any limitations that may affect their plans for the property. Understanding the history and potential restrictions of a property can prevent unforeseen issues and help buyers make informed decisions.
Additionally, conducting a flood zone check is vital for evaluating environmental risk factors. Some areas of Ashgrove are flood-affected, so understanding these risks is important for making informed decisions and ensuring the safety and longevity of the investment. Buyers should consider the impact of flooding on property values, insurance premiums, and future resale potential.
Working with a Buyers Agent
Navigating the Ashgrove property market can be complex, and working with a knowledgeable Buyers Agent can provide significant advantages. Expert Ashgrove Buyers Agents can help identify the best properties that meet specific needs and preferences, negotiate better prices, and streamline the buying process. Their local expertise and market insights can make a substantial difference in finding the ideal property at an optimal price.
Buyers Agents have access to off-market listings and can provide valuable guidance on the most suitable areas and property types within Ashgrove. Their negotiation skills can also result in better purchase terms, saving buyers time and money. Engaging a Buyers Agent can be particularly beneficial for those new to the area or unfamiliar with the local market dynamics.
Lifestyle and Amenities
Education and Schools
Ashgrove is home to a number of highly regarded schools, making it an ideal suburb for families with children. Some of the notable schools in the area include Marist College Ashgrove, Ashgrove State School, and Mt St Michael’s College. These institutions provide excellent educational opportunities from primary to high school levels. The presence of these schools enhances the suburb’s appeal to families seeking quality education for their children.
For higher education, Ashgrove’s proximity to the University of Queensland and Queensland University of Technology (QUT) offers convenient options for university students, further enhancing the suburb’s appeal to families and students alike. The easy access to higher education institutions ensures that residents can pursue advanced studies without having to travel far from home.
Local Amenities and Attractions
Ashgrove offers a range of local amenities and attractions that contribute to its vibrant community atmosphere. The inner city suburb is well-served by parks, sports grounds, and green spaces, providing ample opportunities for outdoor activities and recreation, which are particularly enjoyed by the predominant age group. The abundance of green spaces promotes a healthy and active lifestyle, with options for walking, cycling, and various sports.
Banks Street Reserve is a beautiful green oasis within Ashgrove, offering kilometres of walking and cycling paths for residents to enjoy. Dorrington Park and the Enchanted Forest playground are popular spots for weekend picnics and family outings, particularly for those with young children. These parks provide a safe and enjoyable environment for families to spend quality time together.
The suburb also boasts a range of amenities, including small businesses and a serviced office at Highpoint – 240 Waterworks Road, Ashgrove. This caters to small businesses and sole practitioners, making it a convenient and supportive environment for local entrepreneurs and professionals. The availability of local services and amenities enhances the quality of life for Ashgrove residents, providing convenience and fostering a strong sense of community.
Summary of Ashgrove Property Market
In summary, Ashgrove is a highly sought-after suburb with a strong property market driven by its proximity to the Brisbane CBD, excellent amenities, and attractive lifestyle. The suburb offers a diverse range of property types and prices, catering to investors, families, and professionals alike. The ongoing demand for properties in Ashgrove is a testament to its appeal as a prime residential location.
With its impressive historical price growth, robust rental yields, and distinctive architectural styles, Ashgrove presents an appealing option for those looking to invest in or move to one of Brisbane’s most desirable suburbs. The suburb’s combination of lifestyle benefits, educational opportunities, and community amenities makes it a standout choice in the Brisbane real estate market.
Whether you’re considering purchasing a family home or an investment property, Ashgrove’s comprehensive amenities, excellent schools, and vibrant community make it a prime choice in the Brisbane real estate market. The suburb’s strong property market performance and ongoing desirability ensure that it will remain a top choice for buyers and investors for years to come.
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