Queenslanders can save thousands of dollars a year on transport by buying in one of the state’s few ‘shopping centre suburbs’ – and new data has found they’ll splurge to get in.
New research from Place Advisory found buyers will pay up to 15 per cent for homes near a central shopping hub, instead of buying in affordable suburbs nearby.
Queenslanders could save up to $3,000 a person each year on public transport by buying near a shopping centre hub. Picture: Richard Walker
Place Advisory researcher Damian Hackett said these suburbs were sought-after for their convenient access to work, schools, shopping, healthcare, dining and transport.
“Buyers are interested in what gives them a better lifestyle, and increasingly they’re buying back time,” he said.
“It’s about living somewhere that makes everyday life cheaper, easier and less stressful. That’s becoming one of the biggest drivers of buyer demand, and we’re already seeing it reflected in specific suburbs.”
Place Advisory researcher Damian Hackett said buyers were willing to pay a 15 per cent premium to get into these suburbs over their neighbouring areas.
Chermside in Brisbane was ranked as the most convenient suburb across Queensland, followed by Robina on the Gold Coast and Maroochydore on the Sunshine Coast.
Brisbane also had Indooroopilly, South Brisbane, Woolloongabba and Carindale ranked on the top ten list.
North Lakes in Moreton Bay, Springfield Central in Ipswich and Broadbeach on the Gold Coast rounded out the list, with most of the attention on Brisbane’s biggest traffic hubs.
Chermside was ranked as the most convenient suburb across all of Queensland, close to a key shopping district and a range of public transport options. Picture: NewsWire / John Gass
Only a third of Brisbane residents are less than 800m away from high-frequency public transport, unlike the majority of people in Sydney and Melbourne.
While the majority of Sydney and Melbourne residents live within 800m of high frequency public transport (67.2 per cent and 52.5 per cent, respectively), only a third of Brisbane residents have the same luxury (33.7 per cent).
Mr Hackett said this lack of accessibility made suburbs with good connectivity rarer and more valuable, with owners in these locations able to save up to $3,000 a year per person in fuel.
“[Buyers] are asking themselves how much they’ll spend on fuel every week, how long they’ll sit in traffic, whether they need two cars, and how much of their life is spent driving from one place to another,” he said.
“If everything you need is less than 10 minutes away instead of 40, you’re not just saving fuel. You’re spending less time commuting and giving yourself more time with family.”
Many buyers are willing to sacrifice the quality of their home for the sake of ease of access to transport. Picture: Lyndon Mechielsen/Courier Mail
Independent buyers agent Wendy Russell said the vast majority of buyers she worked with wanted to buy in a convenience suburb, either near a mall or a village with a shopping strip.
I’ll have buyers come to me and say they only want to buy in a village suburb,” she said.
“They’ll buy a less attractive home to them – they will sacrifice the house itself for the location, more times than not.
“They want to be close to the schools, the shops, doctors, cafes – they will absolutely prioritise and pay a premium to live in these suburbs, rather than move further out for a nicer house.”
Independent buyers agent Wendy Russell said buying in a ‘train station suburb’ was a backup several of her clients had to settle for, when they could not buy close to the shops.
Ms Russell said those who could not afford to live near a shopping hub would then prioritise public transport to save costs on fuel.
“That’s the next line of defence,” she said. “They say, ‘If we do need to compromise and move further out, let’s make sure we buy in a train station suburb’.”
“[Regardless], when I go to get them into a new home, I still always make sure part of the brief is ‘we need to be able to walk to a bakery or a coffee shop’.”
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