Market recap April 2021 – Fortitude Valley
Fortitude Valley is Brisbane’s grungy, hip, nightlife, and food center. Filled with exciting entertainment possibilities, hidden laneways, and creative eateries, Fortitude Valley is sure to provide a great day or night out. Referred to as “The Valley” by locals, this part of the city has been constantly transforming itself, allowing it to retains its place as a central part of Brisbane’s cultural identity. Once filled with classy department stores, then the center of Brisbane’s underground music scene, now The Valley is Brisbane’s nightclub and bar haven. However, even this is changing as Fortitude Valley’s role in our city transforms again.
The Valley is predominantly filled with apartments and tends to be a renter focused market. As an area which is becoming increasingly popular to live and work in, new apartments and offices are regularly being constructed to keep up with demand. If you are looking to purchase a property in Fortitude Valley, we have created a market recap to assist you.
Median property price
Houses
Due to the apartment dominated market of Fortitude Valley, there are very few houses. In fact, according to REA, less than 10 sales have been recorded from March 2020 to now. However, based on 31 house listings the average rent in The Valley for a home is $440 per week.
Apartments
For apartments, the average sale price is $434,000. For 1 bedroom this is $310,000, 2 Bedroom $436,000, 3 bedroom $650,000. These sales figures are based on the sale of 242 units from 1 March 2020 to now. 3 bedroom figures are from apartments with 3+ bedrooms
The average rent for an apartment in Fortitude Valley is sitting at $410 per week. $375 per week for 1 bedroom, $450 per week for 2 bedrooms, and $620 per week for 3 bedrooms. These rental figures come from 1809 products listed from 1 April 2020 to now.
Trends
The average unit price has steadily increased. In April 2020 the average unit sale price was $405,000. This is a $29,000 improvement over one year. In the past decade, units in Fortitude Valley have not sold for this high of an average since 2015.
Average market demand
The average demand of units has been calculated by looking at the number of visits to listed properties in the past 12 months. Fortitude Valley sits below the Queensland average with 258 visits per property. The Queensland average is 892 visits per property.
Demographics
The demographics of those living in Fortitude Valley is dominated by independent youth (49.4%). This is couples, singles, and home sharers under 35. This matches with the entertainment, and youthful vibe The Valley enjoys. The second and third highest demographics are Maturing & established independence (25.1%) and older independence (7.1%). Maturing independence refers to single and home sharers aged 35-54. While older independence refers to singles and home sharers aged 55-64.
Similar suburbs in Brisbane
Similar suburbs in Brisbane to Fortitude Valley are other neighbouring inner-city suburbs. These include Bowen Hills, New Farm, Brisbane CBD, South Brisbane, Kangaroo Point, West End, Spring Hill, and Teneriffe.
Conclusion
Fortitude Valley is a growing suburb that has transformed itself many times in its history. This transformation continues now as the suburb grows in popularity for both living and working. The grungy, fun vibe The Valley is famous for attracts a wide range of creatives, foodies, and young club-goers. For more information on Fortitude Valley check out our suburb page here.
