Kelvin Grove Buyers Agent’s Guide
There are many great opportunities to purchase homes or investment properties in Kelvin Grove. As local Buyers Agents, we have compiled the following suburb profile for your information. Best wishes for your Kelvin Grove property purchase!
Kelvin Grove is an inner city Brisbane suburb located 3km north of the CBD. Surrounding suburbs include Red Hill, Herston, Newmarket and Ashgrove. Kelvin Grove is home to a major university, and its close proximity to the city makes it popular with students and professionals.
The population of Kelvin Grove in in 2016 was around 7,913 having grown significantly in recent years. Many properties (62%) in Kelvin Grove are investor owned, and cater mainly for students and young professionals.
Shops, restaurants and entertainment
Kelvin Grove’s main shopping and café precincts is located around the university campus, in an area called the Kelvin Grove Urban Village. The suburb is also home to an independent theatre (La Boite) and adjoins the Victoria Park Golf Course.
Bus services connect Kelvin Grove with the Brisbane CBD via Inner Northern Busway and Kelvin Grove Road. Kelvin Grove is also likely to benefit significantly by the Brisbane Metro Project which is due for completion in 2023.
The area is close to a number of great private and public schools including Kelvin Grove State College; Brisbane Boys and Girls Grammar Schools, and St Joseph’s College, Gregory Terrace. The Queensland University of Technology (QUT) also has a major campus in Kelvin Grove
Major employers in the area include QUT and the Royal Brisbane and Women’s Hospital (RBWH) in nearby Herston.
Housing type and typical block size
The vast majority (71%) of properties in Kelvin Grove are apartments. Houses are mostly timber character homes on small-sized blocks, with some newer/infill developments.
What can my money buy in Kelvin Grove?
The median house price in Kelvin Grove is $966,000 which is above Brisbane’s median.
The median house price in Kelvin Grove would typically buy a 3-bedroom, 2-bathroom house on a 152m2 block. For example: 35 Rusden Street, Kelvin Grove, Qld 4059 – sold for $970,000 in Sep 2021 (click to view listing and see images below).
The median unit price in Kelvin Grove is: $450,000.
This amount would typically buy a 2-bedroom, 1-bathroom, 1-garage unit in a contemporary complex. For example: 11/27 School Street, Kelvin Grove, Qld 4059 – sold for $413,000 in Dec 2021 (click to view listing and see images below).
How has the Kelvin Grove property market been performing?
In the last 5 years the median house price has increased by 25%. Over the last 10 years, house prices have increased by 4.4% per annum.
Units in Kelvin Grove have not performed as well. In the last 5 years the median price of units have fallen by -0.5%. On average, over the last 10 years unit prices have increased by 0% per annum.
Supply and demand characteristics for Kelvin Grove
- Average Days on Market: Houses 38 days. Units: 52 days.
- On average houses and units are both selling 4% above their list price.
- Kelvin Grove’s auction clearance rates are 69% for houses.
- The average rental yield for houses is 2.6%, compared to 4.65% for units.
- There is a shortage of houses currently listed for sale (1.19%), (There blanked supply of units currently listed for sale (2.86%)).
- The rental vacancy rate for houses is 6.7%, compared to units 2.9%.
**Statistics are accurate for December 2021
Thinking about buying a property in Kelvin Grove? Our Kelvin GroveBuyer’s Agent is more than happy to have a chat. Please contact us.
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