Three properties snatched up in tightly held suburb
THREE properties were snapped up in one of southern Brisbane’s most tightly held suburbs last month — and they all fetched million dollar prices.
Burbank, known for its acreage, experienced a staggering 23.5 per cent median house sales price increase in the 12 months to December 2018, with the figure now at $1.21 million according to CoreLogic data.
Early last month Grace & Keenan agent Cobey Parnell sold a 2.04ha property at 1328 Mount Cotton Rd for a cool $1.7 million and said the estate-like residence had garnered interest from both interstate and internationally.
“Burbank is only a 15 to 20 minute drive from the Brisbane CBD and five minutes to highways heading north and south, it has great schools and large land holdings which are amazing value compared to some of the offerings in the western suburbs,” Mr Parnell said.
“We are seeing a range of buyers from locals upgrading in the area to international buyers.”
Ray White Rochedale’s Zishaan Omar also sold two properties in Burbank in March, with the 2.02ha property at 308 Ford Rd sold under the hammer for $1.1 million after fierce competition between nine registered bidders.
Mr Omar sold the other property on the same day, also 2.02ha, this time at 196 Ford Rd, for $1.03 million.
He also agreed that the convenience and land size was a drawcard for buyers.
“In Burbank you think you’re in a rural setting and have the lifestyle that comes with bigger land … but you have all the amenities 10-15 minutes away,” Mr Omar said.
“We are finding the older generation are moving on and downsizing, and the younger families are moving in.”
Mr Omar said some investors were also looking to land bank in the suburb.
CoreLogic data showed there were 11 sales in the suburb in the past 12 months that were above the million dollar mark, with the highest sitting at an eye watering $2.9 million for a 4ha property at 1656 Mount Cotton Rd.
At the time of publication there were only eight properties in Burbank listed as for sale on realestate.com.au, with prices ranging from $1.1 million to $2.3 million.