The suburb of Woolloongabba has historically been best known for its proximity to the Brisbane Cricket Ground, which takes its “Gabba” name from the same source, yet the suburb is increasingly being seen as an extremely convenient inner ring suburb for young professionals.
The suburbs of Woolloongabba and adjacent East Brisbane are located only 2 kilometres due south-east of the Brisbane Central Business District.
Woolloongabba is approximately 2 square kilometres in area, and the suburb has two fine parks.
The suburb is also home to the grand Princess Alexandra Hospital, the famed Stanley Street and Vulture Street thoroughfares, and has both a train station and a Busway Station, as well as easy access to the Pacific Motorway.
The population of Woolloongabba in 2006 was around 3900 people, yet by 2016 the population had swelled to 5630 showing a very significant population growth during that time, reflective of the construction of multiple new apartment blocks in the gentrifying suburb.
Unsurprisingly, the predominant age group in Woolloongabba is the 25-35 years bracket. Households in the suburb largely comprise couples who are likely to be repaying between $1800 and $2400 per month on mortgage repayments.
About 38 per cent of the dwellings in Woolloongabba are owner-occupied, with that share trending down over time as the market becomes oversupplied with investment units.
Currently the median sales price of houses in the area is $750,000 – without question the best dwelling types to own here are detached houses on spacious blocks of land – but the suburb also largely comprises units and apartments with median prices currently in the range of $400,000.
Be very wary of apartment oversupply in the inner ring suburbs of Brisbane, with the construction cycle easing well beyond its peak in 2018 and the rental market accordingly weak.
Other fine suburbs worthy of consideration include well-connected Coorparoo, which is home to some magnificent Queenslanders and is benefiting from a revitalisation project at the suburb’s centre.
Those with an eye for development potential may further consider Norman Park, which also has a railway link to the City.