Wavell Heights house prices surge to $1.65m as buyers target Brisbane middle ring

House prices may be lower in 74 Queensland suburbs now than they were 12 months ago, but years of runaway growth mean that there are many more homeowners are still sitting on an equity goldmine.

And sellers in Wavell Heights are just one of them.

The latest REA Group Market Trends report shows that 897 Queensland suburbs are still at, or above, the median house prices of 12 months ago.

Wavell Heights has recorded 10.6 per cent growth in the past three months – 10 per cent over the past year – and now sits at $1.65 million, $150,000 more than at the same time last year.

Place Purpose Group Ascot agent Drew Davies is marketing 54 Corowa St at Wavell Heights, which will go to auction on October 10.

The brand new modern residence is the work of Brisbane property development and construction company, Imara, which was founded by school friends Heinrich Van Der Walt, and brother and sister duo Dan and Lauren Stringfellow.

The trio also run an airconditioning company.

Heinrich Van Der Walt and Lauren Stringfellow at the house they are selling in Wavell Heights. They are selling in a suburb defying the downturn. Pictures: Adam Head

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Mr Davies said that while home values had fallen in some suburbs, and even some pockets within suburbs, the market was not behaving the same way everywhere.

He said that suburbs with limited stock and strong owner-occupier demand continued to show an “upwards trajectory”, adding that “the middle (inner-city) ring had become the affordability sweetspot”.

“Buyers priced out of the blue-chip suburbs are moving out to that middle ring, think places like Wavell Heights, Nundah, Staffor Heights, even further, because they can get more land and new home just 10km from the CBD,” Mr Davies said.

“When we had the first open home for this one, there were 12 groups through, which was one of the best open home atttendances across our office and I would say the vast majority were serious buyers ready to purchase at auction.”

Drew Davies of Place Purpose Group Ascot.

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Mr Davies added that while buyers were being more selective, requesting additional information and taking longer to make a decision, they were quick to act on the right property.

“This one ticks all of the boxes and I am finding that many looking at new builds now have done their research and received quotes on renovating or rebuilding their existing home and then realising that they can buy new without too much of a premium, or, depending on how long it has been on the market, no premium at all,” he said.

The brand new Wavell Heights home has five bedrooms, three bathrooms and sits on a 599sq m block approximately 11km from the CBD.

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54 Corowa Street, Wavell Heights

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The lower level is home to the open plan statement kitchen with butler’s pantry, living and dining zones which flow out to an entertaining area overlooking the pool and fenced grass yard.

Also on this level is a guest suite with an ensuite and laundry.

54 Corowa Street, Wavell Heights

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Upstairs hosts another living area, three further bedrooms with walk-in robes, a family bathroom and a master suite with a walk-in robe and ensuite.

There is also a double garage with additional secure off-street parking, ducted airconditioning, an EV charging point, solar, irrigated gardens and a mud room.

For Imara, 54 Corowa St is their third completed project, with the team now on the hunt for their next venture.

54 Corowa Street, Wavell Heights

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“The first was a renovation and these last two have been knock-down rebuilds,” Lauren said.

“We have focussed mainly on Kedron and Wavell Hieghts because the location is perfect for families, close to schools, shops and transport.

“There is just a vibe and both suburbs are going through gentrification so we haven’t seen any decrease in values.”

54 Corowa Street, Wavell Heights

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Lauren said that their first two projects were purchased by families – the first by a family living in Brisbane after moving from overseas, and the second by a family who relocated from Darwin and bought sight-unseen.

54 Corowa Street, Wavell Heights

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