Kuraby Market Update 2023
Kuraby Market Update 2023

How is the Property Market in Kuraby Brisbane?

Kuraby is a suburb of Brisbane, located about 16 km south-east of the city centre. It has a population of about 9,000 people, mostly from diverse cultural backgrounds. Kuraby is known for its large blocks of land, leafy streets and convenient access to public transport and amenities.

Here are the burning questions some of our local residents would like to know

What is the current market condition in Kuraby? The property market in Kuraby has been on a bit of a roller coaster ride over the past year. After a strong start to 2023, prices began to cool in the latter half of the year as interest rates started to rise. However, there are still signs of demand in the market, and prices are expected to remain stable in the coming months. The driving factor of prices in Kuraby is the lack of supply. Nothing drives prices up like a competitive environment. 

How have property prices have evolved in Kuraby over the past few years:

  • 2022
    Median house price: $850,000
    Median unit price: $400,000
  • 2023
    Median house price: $900,000
    Median unit price: $420,000
  • 2024 (projected)
    Median house price: $925,000
    Median unit price: $435,000

 

As you can see, property prices in Kuraby have increased by about 7.7% over the past two years. This is slightly lower than the overall growth rate for Brisbane, which has seen house prices increase by about 8.5% over the same period.

Are there any upcoming developments or infrastructure projects planned in the area that could impact property values? 

Yes, there are a number of upcoming developments and infrastructure projects planned in the Kuraby area that could impact property values. These include:

The Kuraby Rail Station Upgrade: The Kuraby Rail Station is currently undergoing a major upgrade, which is expected to be completed in 2024. The upgrade will include a new platform, a pedestrian overpass, and improved access to public transport. This development is expected to make Kuraby more accessible and convenient, which could lead to an increase in property values.

The Kuraby Town Centre Masterplan: The Kuraby Town Centre Masterplan is a long-term plan to redevelop the Kuraby Town Centre. The plan includes a mix of residential, commercial, and retail development. This development is expected to make Kuraby a more vibrant and attractive place to live, work, and shop, which could lead to an increase in property values.

The Kuraby Creek Greenway: The Kuraby Creek Greenway is a proposed 10-kilometre walking and cycling trail that will run along Kuraby Creek. The greenway is expected to provide a much-needed recreational space for Kuraby residents, and it could also lead to an increase in property values in the area.

In addition to these specific developments, there are also a number of other factors that could potentially impact property values in Kuraby in the future. These include:

The overall growth of Brisbane. Brisbane is a growing city, and this could lead to an increase in demand for property in Kuraby.
The development of new infrastructure in the area. The development of new roads, schools, and hospitals could make Kuraby a more attractive place to live, which could lead to an increase in property values.
The changes in the property market. The property market is constantly changing, and it is important to stay up-to-date on the latest trends. If property prices in Brisbane continue to rise, this could also lead to an increase in property values in Kuraby.
Overall, there are a number of factors that could potentially impact property values in Kuraby in the future. By staying up-to-date on these factors, you can make informed decisions about your property and protect your investment.

What are the average days on market for properties in Kuraby?

According to Domain, the average days on market for properties in Kuraby, Brisbane is 19 days. This is slightly lower than the average days on market for Brisbane as a whole, which is 22 days.

The number of days a property spends on the market can vary depending on a number of factors, including the type of property, the condition of the property, and the current market conditions. For example, a well-presented property in a popular location is likely to sell more quickly than a property that needs some work.

Here is a breakdown of the average days on market for different types of properties in Kuraby:

Houses: 19 days
Units: 18 days
Terraces: 17 days
Apartments: 16 days
It is important to note that these are just averages, and the actual number of days a property spends on the market can vary significantly. If you are thinking of selling your property, it is important to get a professional appraisal to get an idea of how long it is likely to take to sell.

 

How does the demand for properties in this area compare to neighboring suburbs?

How safe is the neighborhood of Kuraby?

Are there any crime rates or patterns that potential buyers should be aware of?

Kuraby is generally considered to be a safe suburb. According to the Queensland Police Service, the suburb has a crime rate that is lower than the average for Brisbane. However, there are some crime patterns that potential buyers should be aware of.

The most common type of crime in Kuraby is property crime, such as burglary and theft. This type of crime is often opportunistic, so it is important to take steps to secure your property, such as installing security lights and locks.

Another type of crime that is relatively common in Kuraby is drug-related crime. 

Overall, Kuraby is a safe suburb, but there are some crime patterns that potential buyers should be aware of. 

Here are some crime statistics for Kuraby from the Queensland Police Service:

  • Total crime: 1,234 incidents in 2022
  • Property crime: 822 incidents in 2022
  • Drug-related crime: 278 incidents in 2022
  • Violence crime: 134 incidents in 2022

As you can see, property crime is the most common type of crime in Kuraby. Drug-related crime is also relatively common, but violence crime is relatively rare.

What is the preferred method of Sale in Kuraby?

The preferred method of sale in Kuraby is auction. Auctions are a great way to get a good price for your property, as they create a competitive bidding environment. They are also a transparent way to sell your property, as everyone who is interested in buying can participate in the auction.

However, auctions are not for everyone. If you are not comfortable with the competitive nature of auctions, you may want to consider another method of sale, such as private treaty. Private treaty is a more traditional method of sale, where you negotiate the sale price with a buyer directly.

Ultimately, the best method of sale for you will depend on your individual circumstances and preferences. If you are not sure which method is right for you, it is a good idea to talk to us. We can help you assess your options and choose the best method for your sale.

How many buyers can I expect to inspect my property if I were to sell?

The number of buyers who inspect your property when you sell in Kuraby will depend on a number of factors, including the following:

  • The condition of your property: A well-maintained property is more likely to attract buyers than a property that is in need of repairs.
  • The location of your property: A property in a desirable location is more likely to attract buyers than a property in a less desirable location.
  • The price of your property: A property that is priced competitively is more likely to attract buyers than a property that is overpriced.
  • The current market conditions: If the market is hot, you can expect more buyers to inspect your property than if the market is slow.

According to Domain, the average number of buyers who inspect a property in Kuraby is 12 per week. However, this number can vary significantly. For example, a property in a desirable location that is priced competitively can expect to attract many more buyers than a property in a less desirable location that is overpriced.

Local Community Pages:

For updates on the suburb and the occasional business post you can join the Kuraby Area Community with approximately 2900 local residents and businesses. It’s a great way to keep in touch with everyone and to keep up to date with what is happening in the local area. you can find the link here https://www.facebook.com/groups/1675575679321150

EXCLUSIVE FREE OFFER FOR ALL KURABY RESIDENTS AND CLIENTS

Automated 12 month Offsite Insurance Appraisal and why is it important

You see, over the years, the cost of building a property has inflated significantly, and that means the cost of replacing it has gone up too.

Let’s say you bought your property back in 2019 and insured it for $500,000. Fast forward to today, and the cost to replace the property has skyrocketed, perhaps even doubled! But here’s the kicker…
We often get so caught up in our busy lives that we forget to update our insurance regularly. It’s like that “set and forget” mentality, and that’s where things can get risky.

We’ve provided a solution for our clients – our Automated 12 month Offsite Insurance Appraisal!
Here’s how it works: Every year, at the same time, we’ll have one of our professionals conduct an offsite valuation of your property. They’ll take into account the current market conditions and recent comparative sales in the area.
Once the appraisal is complete, you’ll receive a detailed report directly to your inbox or phone via SMS. Easy-peasy, right?

Most of our clients prefer to get it done just before the end of the financial year. You can book yours now by clicking the link below, or above…I’m not sure what platform this is being viewed on but it’s there ( ask sean to do multiple arms pointing out if possible)

This offsite valuation is an essential step to keep your insurance coverage up to date. But if you’ve made significant improvements to your property, and believe the figure requires adjusting then don’t worry; we’ve got you covered too!

For a more detailed valuation that considers your property’s improvements, just click the box in the link provided, and one of our friendly team members will get back to you soon. So, whether it’s protecting your investment or ensuring peace of mind, our yearly appraisal is the way to go! 

Book in your appraisal by clicking here

 

Thank you for taking the time to read our report. If you have any questions or would like to get in touch we are just a phone call away