Stephen and Hannah McGarry moved to Chermside five years after they arrived in Australia – and now they can’t imagine living anywhere else.
The English migrants pushed their budget to live in a suburb close to a shopping centre and public transport, buying their home nine years ago for $821,000.
Now, the property’s value has more than doubled, estimated to be worth around $2m.
Stephen and Hannah McGarry have lived with their daughter in Chermside for nine years, and have seen their home’s value double over that time. Picture: Steve Pohlner
“Ten to 15 years ago, I don’t think Chermside might have had the reputation it has today,” Mr McGarry said.
“When they changed the shopping centre up the road and they gave it a revamp, they made it so we didn’t have to go into the city anymore – we had it all up the road.”
Chermside has been named one of Queensland’s top ‘shopping centre suburbs’: areas where buyers are willing to pay what they have to for easy access to food, transport and amenities.
Chermside was named Queensland’s top convenience suburb: areas near a shopping district where buyers would pay a premium to get in. Picture: NewsWire / John Gass
Place Advisory research found home hunters will often pay up to 15 per cent more for houses and units near shopping hubs for their accessibility, which can save up to $3,000 per person each year in fuel costs.
Only 33.7 per cent of Brisbane residents live within 800m of high frequency public transport, making suburbs like Chermside that much more appealing for buyers.
“We catch up with friends who had a young family like us, and the shopping centre is definitely a great meeting place,” Mr McGarry said.
9 Bundal St, Chermside, is now up for sale with Place Ascot, and is only considering offers over $2m.
Buyers are often willing to pay a 15 per cent premium to enter the market in a shopping centre suburb, and could save up to $3,000 per person a year in fuel costs.
The family are now selling their home at 9 Bundal St, but do not intend to leave the suburb.
“We won’t be moving out of the area,” Mr McGarry said. “If we move further out, we’d definitely get a little more bang for our buck … but our friends are around here, and it’s so convenient.
“More families have moved into the area, and I think the families that have moved here are bringing a better vibe to the place.”
“We won’t be moving out of the area … it’s so convenient.” Picture: Steve Pohlner
Place Ascot agent Tony McLoughlin is helping the family sell their home, and said he had seen the suburb go through a major shift over 20 years.
“I remember breaking the suburb record at $2.5m,” he said. “Now there are properties in excess of $3m in the suburb.
“Chermside is one of the biggest shopping centres in SEQ, and a lot of people have held onto that tight-knit area near the shopping centre … it’s becoming a lot more protected, because of the public transport.”
Place Ascot agent Tony McLoughlin said homes near accessible public transport were becoming a hot commodity, like in Sydney and Melbourne. Picture: Richard Walker
Mr McLoughlin said Brisbane was quickly catching up to cities like Sydney and Melbourne, where it is often viewed as essential to have homes near shopping and transport needs.
“It has a massive bearing on the price of property down there,” he said.
“Brisbane has always been that sleepy community that’s chasing Sydney and Melbourne, and as the population continues to grow, those things are going to become the primary commodity in terms of price.”
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