Herston Buyers Agent’s Guide

Are you looking to purchase a home or investment property in Herston? As a Herston Buyers Agent we’d be happy to help and have compiled the following suburb profile for your information. Best wishes with your Herston property purchase!

Description

Herston is an inner-city suburb located 3km north of the Brisbane CBD. The suburb is best known for the Herston Health Precinct (home to the Royal Brisbane and Women’s Hospital) and the Victoria Park Golf Complex. Herston is bordered by the suburbs of Kelvin Grove, Newmarket, Wilston, Windsor, Bowen Hills, Spring Hill and Petrie Terrace

Herston Map

Demographics

The population of Herston in 2016 was around 2,216 and continues to grow. 35.5% of households in Herston are owner occupied and consistent predominantly of professional couples without children aged 20-29.

Shops, restaurants and entertainment

The closest shops are in the Kelvin Grove Urban Village and nearby Newmarket Village on Enoggera Road.

Transport

Herston is conveniently located on the Inner Northern Busway. There are two bus stations in Herston: one on Herston Road; and the other on Bowen Bridge Road close to the Herston Health Precinct.

Schools

The area is close to some of the best private and public schools including St Joseph’s College, All Hallows School, Brisbane Grammar School, Brisbane Girls Grammar School, St James College, Kelvin Grove State College and Brisbane Central State School.

Parks and Green spaces

Herston is known for the beautiful Victoria Park Golf Complex which takes up almost half of the suburb’s area. The golf course will be redeveloped into parklands over the next few years which is welcome news for local residents.

Major employers

The Herston Health Precinct is a major local employer that is currently undergoing significant expansion. The precinct is home to a major hospital, other medical service providers, the University of Queensland, and other training and research centres. Once completed, the precinct will also include a private hospital, aged care facility, residential and student accommodation, retail, commercial and recreational spaces.

Most and least desirable areas

Traffic noise can be an issue for properties close to major thoroughfares including Herston Road and Bowen Bridge Road. Streets surrounding the Herston Health Precinct can also be quite busy, particularly during business hours.

Buyers should check the Brisbane City Council Flood Maps, as some areas (especially around Butterfield Street) are susceptible to flooding.

Housing type and typical block size

Only 39% of properties in Herston are free standing houses.

The suburb is particularly well known for its Queenslander style houses. These timber character homes were built in the early 1900s. Typical block size in the area ranges from 400m2 to 600m2.

What can my money buy in Herston?

The median house price in Herston is $785,000 which is above Brisbane’s median.

The median house price in Herston would typically buy a basic 4 bedroom, 2 bathroom house on a 600m2 block requiring renovation.

For example: 42 Bramston Terrace Herston – sold for $792,000 in May 2019 (click to view listing)

Buying a house in Herston

The median unit price in Herston is: $388,000

This amount would typically buy a 2 bedroom, 2 bathroom unit in an older style complex.

For example: 5/8 Clyde Road Herston – sold for $388,000 in January 2019 (click to view listing)

Buying an Investment Property in Herston

How has the Herston property market been performing?

In the last 5 years the median house price has increased by 33%. Over the last 10 years, house prices have increased by 0.8% per annum.

Units in Herston have seen declining prices growth over the last 5 years (-11.3%). On average, over the last 10 years unit prices have increased by 0.7% per annum.

Supply and demand characteristics for Herston

  • Average Days on Market: Houses 63 days.  Units:  78 days.
  • On average houses are selling 1% above their list price. Units typically sell 1% below their list price.
  • Herston’s auction clearance rates are 25% for houses, and 0% for units.
  • The average rental yield for houses is 3.35%, compared to 5.02% for units.
  • There is a balanced number of houses currently listed for sale (3.51%), (There is a large number of units currently listed for sale (7.23%)).
  • The rental vacancy rate for houses is 3.35%, compared to units 5.9%.

**Statistics are accurate for June 2019

 

Thinking about buying a property in Herston? Our Herston Buyer’s Agent is more than happy to have a chat. Please contact us.

For information about other Brisbane suburbs click here.