Paddington – Buyers Agent’s Guide
Are you looking to purchase a home or investment property in Paddington, Brisbane? As a Paddington Buyers Agent we’d be happy to help and have compiled the following suburb profile for your information. Best wishes with your Paddington property purchase!
Paddington is an inner-city suburb of Brisbane, located 2km west of the CBD. Paddington is best known for its trendy café culture, leafy undulating landscape and its beautiful timber character homes.
The suburbs of Red Hill, Bardon, Milton, and Auchenflower border Paddington.
The population of Paddington in 2011 was around 8,000 and it continues to grow. Just over half (52%) of the households in Paddington are owner occupied. Household in Paddington consistent predominantly of professional couples with children.
Shops, restaurants and entertainment
Paddington’s main shopping and café precincts are located around Latrobe and Given Terraces, and also around Nash street in Rosalie Village.
Several convenient bus services connect Paddington with the Brisbane CBD via Latrobe Terrace, and also via Enoggera Terrace to Musgrave Road.
Petrie Terrace State School is the only school in Paddington itself. Adjacent suburbs to Paddington contain some of the most prestigious private schools in Brisbane including Brisbane Grammar School, Brisbane Girls Grammar School and St Joseph’s College, Gregory Terrace.
Most residents commute to the Brisbane CBD for work.
Most and least desirable areas
Streets closest to the Latrobe Terrance café precinct are amongst the most desirable areas in Paddington. Several streets enjoy amazing city views (and command massive sale prices to match!).
Traffic noise can be an issue for properties close to major thoroughfares including Jubilee Terrace, Latrobe Terrace, and Given Terrace. Buyers should check the Brisbane City Council Flood Maps, as some areas (especially around Rosalie Village) are susceptible to river flooding which resulted in significant damage to properties in the 2011 flood event.
Housing type and typical block size
The vast majority (66%) of properties in Paddington are free standing houses.
The suburb is particularly well known for its Colonial and Queenslander style houses and smaller workers cottages. These timber character homes were built in the early 1900s, and are characterised by wrap-around bull-nosed verandas, wide central hallways, VJ walls; ornate timber fretwork and pressed metal ceilings. A typical block size for this type of home is 400-600m2.
What can my money buy in Paddington?
The median house price in Paddington is $1,000,000 which is well above Brisbane’s median.
The median house price in Paddington would typically buy a renovated 3 bedroom, 2 bathroom house on a 400m2 block. For example: 52 Warmington Street Paddington, QLD, 4064 – which sold for $1,050,000 July 2017 click here to view listing
The median unit price in Paddington is: $537,500
This amount would typically buy a 3 bedroom, 2 bathroom, unit in an 1990s style complex in very good condition. For example: 12/179 Baroona Road Paddington, QLD, 4064 – which sold for $525,000 May 2017 click here to view listing
How has the Paddington property market been performing?
In the last 5 years the median house price has increased by 33.1%. Over the last 10 years, house prices have increased by 5.8% per annum.
Units in Paddington have seen more modest price growth. In the last 5 years the median price of units has increased by 17.3%. On average, over the last 10 years unit prices have increased by 4.3% per annum.
Supply and demand characteristics for Paddington
• Houses are typically selling within 55 days (Units typically sell within 73 days).
• On average houses are selling 10% below their list price. (Units typically sell 6% below their list price).
• The auction clearance rates for houses is 84% (compared to 10% for units).
• The average rental yield for houses is 3% (compared to 4% for units).
• There is a shortage of houses currently listed for sale (1.69%), (There is a balanced number of units currently listed for sale (3.07%)).
• The rental vacancy rate for both houses and units is currently high at 5.3%
**Statistics are accurate for July 2017
Check out Paddington’s Community Facebook page (click here) for some additional information on the suburb.
Thinking about buying a property in Paddington? Our Paddington Buyer’s Agent is more than happy to have a chat. Please contact us.
For information about other Brisbane suburbs click here.