Milton has recorded the highest growth in median apartment prices of the 21 suburbs in Brisbane’s inner city, outstripping some of the city’s most prestigious areas, new research shows.
Resolution Research found apartment prices in Milton had recorded the highest median price growth in the inner city precinct over both the past decade and the last 12 month research period from 2009 to 2010. Milton posted a median price increase of 12.3 per cent per annum over the last 10 years, with apartment prices jumping from $171,000 in 2001 to $544,000 in December 2010.
It trumped the next best performers of East Brisbane at 11.8 per cent and Dutton Park at 10.5 per cent, and the average across the inner city precinct of 7.3 per cent.
Milton also came out on top for price growth between 2009 and 2010, with a 22.5 per cent median increase during that time, ahead of Herston at 20.8 per cent and Hamilton at 20.5 per cent, and well ahead of the average inner city growth of 7.7 per cent.
Resolution director Diana Howes said properties in the suburb were expected to continue to perform strongly, with very limited new supply on the horizon. “The inner west, which includes Milton, is one of the most undersupplied markets in inner Brisbane,” she said.
“Currently, The Milton is the only high-density residential apartment project on the market in the inner west, and that is not likely to change, based on current approvals, until at least 2013 to 2015.
“At the same time, demand from those wanting to live in this area is strong, particularly renters looking to take advantage of the convenience of its near-CBD location and lifestyle amenities.
“Traditionally, demand for inner city apartment living has predominantly come from professional couples, those without children and lone person households, but we are increasingly seeing more young families wanting this style of home.”
Ms Howes said inner city suburbs like Milton were sought after because of their combination of proximity to the CBD, public transport and amenities like restaurants, cafes, shops and entertainment.
“Brisbane’s apartment market is once again the most affordable capital city on the east coast, ahead of Melbourne and Sydney,” said Ms Howes. “This is not only making Brisbane a popular choice with southern buyers looking for their next investment property, but is likely to stimulate interstate migration, particularly on the back of the vast employment opportunities on offer across Queensland.