1 SUBURBPROFILE Situated three kilometres from the Brisbane CBD, Stones Corner is located within one of Brisbane s key growth areas. OVERVIEW Situated three kilometres from the Brisbane CBD, Stones Corner is located within one of Brisbane s key growth areas comprised of the suburbs of Greenslopes, Woolloongabba, East Brisbane and Buranda. Stones Corner is recognised as an urban village which sits within the boundaries of the suburb of Greenslopes. SITUATED THREE KILOMETRES FROM THE BRISBANE CBD, STONES CORNER IS LOCATED WITHIN ONE OF BRISBANE S KEY GROWTH AREAS. Unlike suburb s surrounding Stones Corner, development and proposed future development within the area remains highly constrained. Running in line with this is a growing economic and employment based throughout the wider area which is likely to drive growth in underlying dwelling values over time. According to Walkscore, most errands can be accomplished on foot within the area. There are approximately 100 restaurants, bars and coffee shops within the area with residents able to walk to an average of four of them within five minutes. 100 RESTAURANTS, BARS AND COFFEE SHOPS POPULATION AND DEMOGRAPHICS Given Stones Corner falls within the boundaries of Greenslopes, population and demographic data is only available within those suburb boundaries. An analysis of this data reveals that the Queensland Government s population projections for the area are relatively low in comparison to many inner Brisbane suburbs. This is primarily driven by a lack of available land for future development to allow for a significant expansion in the area s population. The area is principally populated by young professionals, living either by themselves or in couples without children households. At the time of the Census, median weekly personal incomes in the area were $135 per week higher than those recorded throughout Brisbane. This points to an affluent population with a greater capacity to spend more on housing. The proportion of apartments through the area s dwelling landscape is largely in line with the greater Inner City region. However, unlike a large number of suburbs throughout the region, planning instruments which govern development within the suburb have created significantly less dense apartment buildings. Apartment living within Stones Corner is well supported with
Stones Corner is within easy reach of Queensland s largest tertiary institutions which is a key factor underpinning rental demand within the suburb. 2 almost half of the suburb living in apartments. Consistent with this, 54% of the suburb is made up of smaller one and two bedroom dwellings with. The area enjoys strong rental demand with more than half of all dwellings occupied under rental tenure. The area enjoys strong rental demand with more than half of all dwellings occupied under rental tenure. THE AREA ENJOYS STRONG RENTAL DEMAND WITH MORE THAN HALF OF ALL DWELLINGS OCCUPIED UNDER RENTAL TENURE. + PRIMARY DEMAND FOR ONE AND TWO BEDROOM DWELLINGS EMPLOYMENT & EDUCATION The area s workforce is principally comprised of those working in managerial and professional occupations, while the leading employment industry is hospitals. This is unsurprising given the suburb is situated within immediate proximity of some of Queensland s largest hospitals including The Mater Health Precinct (containing the recently opened $1.2 billion Lady Cilento Children s Hospital), The Princess Alexandra Hospital and Greenslopes Private Hospital. Collectively, across these three major hospitals and health precincts, there is an estimated 25,000 workers. 25,000+ HEALTH WORKERS Brisbane s largest city fringe employment area is located within South Brisbane, only four kilometres from Stones Corner. The estimated workforce within South Brisbane sits at over 22,700 which continues to grow in line with the construction of new commercial and retail premises. The suburb s workforce is estimated to more than double by 2031 which will inevitably translate into demand for residential dwellings not only within the suburb itself but those suburbs which surround it. The local economy is solid underpinned principally by the number of popular restaurants, bars and café s which define its unique character. Coincidentally, hospitality is the second largest employment industry for workers living within the area. Stones Corner is within easy reach of Queensland s largest tertiary institutions which is a key factor underpinning rental demand within the suburb. The University of Queensland, Griffith University s Nathan and South Bank campuses, QUT s Gardens Point (CBD) and Kelvin Grove campuses and the South Bank Institute of Technology. Collectively across all of these institutions there are more than 109,000 students enrolled. IS WITHIN EASY REACH OF QUEENSLAND S LARGEST TERTIARY INSTITUTIONS WHICH IS A KEY FACTOR UNDERPINNING RENTAL DEMAND WITHIN THE SUBURB. CLOSE PROXIMITY TO 109,000+ TERTIARY STUDENTS TRANSPORT The area is extremely well serviced by transport infrastructure which offers strong and regular linkages with surrounding employment, retail and education nodes.
The area is extremely well serviced by transport infrastructure which offers strong and regular linkages with surrounding employment, retail and education nodes. 3 THE AREA IS EXTREMELY WELL SERVICED BY TRANSPORT INFRASTRUCTURE WHICH OFFERS STRONG AND REGULAR LINKAGES WITH SURROUNDING EMPLOYMENT, RETAIL AND EDUCATION NODES. STRONG TRANSPORT LINKS The Stones Corner Busway Station forms part of the Eastern Busway - a dedicated busway running from the University of Queensland through to Coorparoo with a number of key stops along the way including The Princess Alexandra Hospital. Travel time to both the University of Queensland and the hospital is less than five minutes. The Buranda Busway Station operates along the South East Busway a bus only corridor running from Rochedale through to the Queen Street Bus Station. The Buranda Station is located within immediate proximity of Stones Corner and easily accessible on foot. The busway provides an important link between major cultural, educational and employment nodes including Griffith University, The Mater Hill Health Precinct, South Bank and its cultural precinct which includes Queensland Performing Arts Complex, Queensland Conservatorium of Music, Gallery of Modern Art, Queensland Art Gallery State Library, Queensland Museum and Science Centre and the Queensland Maritime Museum. The Buranda Railway Station is a short walk from Stones Corner and serviced by the Shorncliffe/ Cleveland Line. The Park Road Railway Station is the next stop from Buranda heading towards the CBD and connects with both the Ferny Grove/Beenleigh and Airport/Gold Coast lines. Travel time to the CBD is 15 minutes and to the Airport around 40 minutes Stones Corner is well connected to a number of key road networks and major highways including the Pacific Motorway, Ipswich Road and Logan Road. These major road networks not only provide a high level of connectivity between Stones Corner and the South East major employment, retail and educational nodes but provide direct access to the TransApex network. The TransApex network is the biggest urban road project undertaken in Australia. The network is comprised of the Clem7 Tunnel, Airport Link M7, Go Between Bridge and Legacy Way. The TransApex network has transformed vehicular access in and around Brisbane by vastly cutting travel times, particularly in peak periods. RETAIL AND DINING Brisbane has a long term affection for Stones Corner s retail and dining culture. The suburb s high street has been transformed from Brisbane s largest factory outlet retail strips into an eclectic mix of boutique retailers, larger supermarket and grocery stores together with a diverse range of cafes, restaurants and bars. The high street is also home to the historic Stones Corner Hotel - a favourite destination for the local community and considered one of inner Brisbane s iconic hotels. DIVERSE RANGE OF RETAIL AND DINING Stones Corner Village is the area s central shopping centre. The Centre is home to an Aldi Supermarket and more than 15
The area s low vacancy rate of 2.2% suggests the market may be in a state of undersupply. 4 cafes, service/health providers and speciality retailers. The recently upgraded Greenslopes Mall is also situated within the area and contains a large Coles supermarket plus 30 speciality stores. Brisbane City Council s Eastern Corridor Neighbourhood Plan lays down Council s vision for the area which includes a revitalisation of Stones Corner into a unique urban village. This includes an activation of the retail and pedestrian frontages which will not only stimulate further economic and community activity but improve public transport linkages. These new planning instruments will inevitably translate into improved infrastructure and amenity which is likely to underpin both residential market demand and value. BRISBANE CITY COUNCIL S EASTERN CORRIDOR NEIGHBOURHOOD PLAN WILL INEVITABLY TRANSLATE INTO IMPROVED INFRASTRUCTURE AND WHICH IS LIKELY TO UNDERPIN BOTH RESIDENTIAL MARKET DEMAND AND VALUE. RECREATIONAL Residents of Stones Corner have access to a diverse range of parklands, sporting clubs and recreational infrastructure ensuring the suburb s attractiveness as a green, active community. GREEN, ACTIVE COMMUNITY Stones Corner is bordered to the west by the 5.2 hectare Hanlon Park which is the area s most popular recreational facility. The Park contains a children s playground, picnic and bbq facilities and large tracts of open space. Norman Creek runs through Hanlon Park, thereby further ensuring the preservation of this unique inner urban park. The area includes, and is surrounded by, a plethora of sporting clubs including lawn bowls, netball, soccer and football. Langlands Park, situated within Greenslopes, is one of the inner South s major sporting and recreational facilities. The Park contains three pools, various fitness facilities, a playground and is home to the Easts Tigers Rugby League Club. Brisbane s iconic South Bank is located only four kilometers from Stones Corner on the southern banks of the Brisbane River. South Bank is unquestionably Brisbane s premier lifestyle and cultural destination containing 17 hectares of parklands, a wide array of eateries and bars and Australia s only inner-city, man-made beach. APARTMENT MARKET FUNDAMENTALS Demand for apartments within the area is clearly growing with vacancy rates sitting well below the balanced rate of 3.0% over the past three years. Over the past twelve months, the rental vacancy rate has sat at 2.2%. With 3.0% considered be indicative of a balanced rental market, the low rate of 2.2% suggests the market may be in a state of undersupply. THE AREA S LOW VACANCY RATE OF 2.2% SUGGESTS THE MARKET MAY BE IN A STATE OF UNDERSUPPLY. HISTORICALLY LOW VACANCY RATE 2.2% Corresponding with this low vacancy rate is a high yielding rental market, which, over the past twelve months has averaged 5.3%. Given Stones Corner is classified as a place within the suburb
Brisbane City Council s Eastern Corridor Neighbourhood Plan will inevitably translate into improved infrastructure and amenity which is likely to underpin both residential market demand and value. 5 of Greenslopes, data relative to median price performance can only be obtained from a suburb level. An analysis of the area s apartment market reveals that over the past ten years, median values have grown by an impressive average annual rate of 4.9%. For the 12 months to September, the median apartment value sat at an affordable $381,000. STRONG GROSS RENTAL YIELD 5.3% GIVEN COUNCIL S URBAN RENEWAL PROGRAM AND VISION FOR THE FUTURE OF COUPLED WITH SCARCITY OF AVAILABLE LAND, THE SUBURB IS WELL POSED TO SEE APARTMENT VALUES INCREASE. Given Council s urban renewal program and vision for the future of Stones Corner coupled with scarcity of available land, the suburb is well posed to see apartment values increase. This upward spiral is further heightened by the area s economic, employment and infrastructure growth and development. VALUES UP 4.9% P.A.