THORNESIDE is the Redlands suburb for property investors to watch in 2017, says real estate principal Jeff Cannon.
The suburb was positioned well geographically, offering easy access to the city and bay, and had train services.
“According to REIQ’s latest Market Monitor, Thorneside has experienced 10 per cent annual price growth and I predict it’ll continue to rise in value over the next year,” the Johnson Real Estate Redlands principal said.
“We’ve had contact from interstate investors that have been looking at Thorneside and many can’t fathom why the area hasn’t taken off yet.
“Thorneside is a bit of a dark horse, but it’s definitely a suburb to watch,” he said.
Other suburbs that buyers should watch were Capalaba and Alexandra Hills, which offered some of the most affordable properties in the Redlands.
“They’ve carried a stigma in the past, but that has changed,” Mr Cannon said.
Capalaba had a lot of amenities and was one of the closest to the city.
Michael Fardouly of Network Realty said properties near train lines – such as in Cleveland, Ormiston, Wellington Point, Birkdale and Thorneside – were attractive to buyers, while Alexandra Hills and Capalaba were always going to provide cheaper options.
Overall Mr Cannon expected property in the Redlands to see a continuation of the moderate growth experienced last year.
“The reason I think we’ll see steady growth is because we’re still affordable in comparison to other areas,” he said.
Mr Fardouly predicted the property market in the Redlands would remain largely consistent at just above inflation.
“The growth will continue, but it’s not going to peak, it’s not going to spike, it’s just going to bump along the road there,” he said.
“You’ll get a growth of property values going up just above inflation; only choice or special properties will probably break that price barrier.”
Mr Fardouly said the Redlands offered a good lifestyle, but its distance from the city required good roads and transport, which were lacking.
“We still have an archaic one-line train line to the city which takes a good part of an hour to get into the city which is ridiculous. Coupling with that is the archaic road system we have here.”
Mr Fardouly said certain developments proposed in Cleveland were an indication of confidence in the area.
However, he said people had been disappointed by townhouse developments, particularly with living and car spaces that were “woefully inadequate”.
