New urban hub underway
Written on the 17 April 2009
WOOLLOONGABBA is tipped as the next urban hub to rival New Farm and South Brisbane in the future.
Colliers International residential research director Jonathan Rivera says out of any other suburb in Brisbane Woolloongabba will lead the charge, as the epicentre of inner city residential living over the next 10 years.
“It’s the forgotten area of the inner ring and I expect it will become a hot spot for a new generation of multi-use developments,” says Rivera.
“Despite the doom and gloom in the property market — its one suburb that will shine.”
The real estate agent’s Property Market Overview recorded a median unit price jump for the suburb of 16.6 per cent over the past year and Rivera believes there’s still a long way to go.
“The vision for Woolloongabba is to become a higher density mixed-use community, focusing on pedestrian and public space enhancements,” he says.
“The suburb has recently come under the spotlight of the Urban Land Development Authority – the same Council led team responsible for the rejuvenation of some of Brisbane’s most popular inner city locations, including New Farm, Fortitude Valley and West End.”
Colliers point to major infrastructure developments in the area that will help its transformation, such as the North South Bypass Tunnel, the Eastern Busway, the Boggo Road Urban Village and the Mater Hospital’s Translation Research Institute & Queensland Children’s Hospital.