Chermside West is one of Brisbane’s up and coming suburbs situated only 10km from the CBD, and adjacent to the busy hub of Chermside. It is currently the fastest selling suburb in Brisbane’s middle ring. So, what makes this suburb so appealing to investors?
1. Lifestyle destination
Chermside West is located less than 4km away from Australia’s 5th largest Westfield Shopping Centre. Westfield Chermside is undergoing a $355 million redevelopment, adding 95 new stores. Part of the redevelopment includes the recently completed resort-style dining precinct which aims to be a “premiere destination” for all of Brisbane.
Chief Economist at REA Group, Nerida Consibee says suburbs around Westfield Chermside are the suburbs to watch in Brisbane this year.
“Shopping online is increasingly popular, but it doesn’t appear to have affected our love for shopping centres. So much so that the apparent desire to live near one has meant nine of the top 10 suburbs with the most sales over $1 million in 2016 were suburbs adjacent to large metro shopping centres,” she said.
“Westfield Chermside offers one of the best Westfield shopping experiences in the country. With the highly anticipated dining precinct now open, Westfield has created a lifestyle destination for families as well as a fantastic retail food and beverage offering. It’s fair to say that if Westfield is spending $355M on a shopping centre upgrade, they are expecting a significant increase in population growth and retail demand which is definitely a vote of confidence in the area,” said Ironfish National Housing Manager, Josh Ure.
2. Proximity to the top two employment hubs
Chermside West is located 10km north of the Brisbane CBD, which is the number one source of jobs in Queensland, with 100,000 new jobs by 2031. Importantly, it is also located within 9km of the second largest employment hub: the Australia Trade Coast (ATC).
Australia Trade Coast is home to around 1,500 businesses, encompassing the two main precincts of the Port of Brisbane and Brisbane Airport. The ATC is considered a key driver of economic growth and employment in South East Queensland, with 83.3% jobs growth forecast and 50,000 new jobs by 2031.
The expansion of Brisbane Airport alone with the construction of a second $1.35 billion runway (due for completion in 2020) will create 2,700 jobs at peak construction and 7,800 jobs by 2035 due to additional capacity. Capacity at Brisbane Airport will essentially be doubled, so it will be able to provide the same level of capacity as Hong Kong and Singapore Airports today.
3. Quality ‘Ed-Med’ tenants
Closer to home, the neighbouring suburb of Chermisde is an “Ed-Med” (Education & Medical) jobs hub; it is home to two major hospitals as well as the Queensland University of Technology medical engineering campus. Healthcare and Social Assistance is the largest industry employer within the Chermside catchment, employing 14.7% of working people. There are also several Aged Care facilities located within the Chermside area.
Properties situated close to educational and medical facilities can attract doctors, healthcare staff or academics – professional tenants which are often highly sought-after by landlords.
4. Natural beauty on its doorstep
Chermside West offers the best of both worlds: it’s close to retail and business hubs, but it also offers a quiet retreat from its busier neighbouring suburbs. Chermside West is home to the Chermside Hills Reserves, which comprise over 129 hectares of parklands and nature reserves, complete with walking and bike trails. This area is also home to an important wildlife corridor, with plenty of opportunities for koala spotting!
“Chermside West is a quiet, leafy green suburb, close to protected native bushland, and yet very close to a major city hub – for Sydney-siders I like to describe it as similar to the leafy, peaceful suburb of St Ives, which is situated close to the busy retail hub of Chatswood,” said Mr Ure.
5. New infrastructure brings the city even closer
The $4.8 billion Airport Link road was a Queensland state government project encompassing a 6.7-kilometre road, primarily underground with twin tunnels, including three major interchanges. According to Thiess, which delivered this as a joint venture project with John Holland, the completed Airport Link has reduced traffic congestion for Brisbane’s northside motorists, saving up to 20 minutes travel time in peak hour and reducing travel times up to 88% for individual trips.
Chermside West is one of the suburbs which benefits from this major new infrastructure, meaning the CBD is now more easily accessible than ever before.