Darcy Lord and Sanchia Watchorn are two of Newstead’s many long-term residents who watched it turn from an emerging suburb into one of Brisbane’s top Olympic hotspots.
“I moved to Newstead in 2016,” Mr Lord said. “In my ten years being there, I’ve actually been in three buildings now. Newstead was never on the radar for me … [but] the area is thriving with life, thriving with people.”
Darcy Lord and Sanchia Watchorn are selling their family’s Newstead home, after watching it turn into one of Brisbane’s top Olympic suburbs. Picture: Liam Kidston
Newstead is one of 27 suburbs across South-East Queensland said to be thriving today thanks to future Olympic infrastructure, according to a report by iBuyNew and Hotspotting.
With the city preparing for the 2032 Olympic and Paralympic Games, suburbs in and near key locations are seeing their apartments selling well above asking price, along with house values spiking by more than $350,000 within 12 months.
Within the past year alone, Newstead units have jumped up by 25 per cent in price to a median of $870,000, with an influx of new infrastructure to come before the global sporting event.
Units such as 206/20 Wyandra St have jumped up by 25 per cent in price within the last year, with Newstead in a key suburb to access the 2032 Olympic and Paralympic Games.
Mr Lord moved into the suburb when infrastructure for first homebuyers was still being built, and spent his early 30s in an apartment with frequent housemates and guests.
“That was one of the things I didn’t know Newstead was about, and I’ve just grown to love it,” he said.
“Everyone actually lives in the buildings all around you. It’s one of the reasons you stay there – it’s so close to everything and everyone.”
Mr Lord said he grew to love the suburb’s social life as he watched it grow – but new homeowners would need to buy existing infrastructure to get in. Picture: Liam Kidston
But with less space able to be built on within the central suburb, Newstead’s more recent developments have moved to a more expensive demographic.
“I think the entry level is done now,” Mr Lord said. “It started for a lot younger of a crowd, then they’ve gone and built a lot of luxury retirement towers.”
Mr Lord and Ms Watchorn are now selling their home at 206/20 Wyandra St, which has recently come under offer – the family seeking a house in Bulimba to help raise their child.
Land is at a premium for spots close to the city, and many new developments are being priced towards higher earners and retirees. Picture: Liam Kidston
Place New Farm agent Aaron Woolard said he had seen a huge spike in older markets, with downsizers seeking large unit housing with the convenience of location.
“They’re looking for future-proofing,” he said. “Early on in this market, they were building a lot of properties just for investors, whereas the market has now migrated to people who are looking to live full-time in unit housing.”
New developments are currently in the works across Newstead, expected to be finished before the Olympics; but Mr Woolard said developers would need to act fast to affordably corner the remaining available land.
“We’ve probably got a lag in terms of completion – we still have a supply issue,” he said. “We’re limited on space, so land is at a premium and there just isn’t enough.”
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