Why buying a home in this surprise suburb could save you $400,000

Not many people know Brisbane’s party hub of Fortitude Valley has become an undervalued suburb – but local architect Adriana Otero does.

“I was single and looking to buy a place that I could afford,” she said, when she found an apartment in the area during 2009.

“At the time that apartment was a little bit above my budget. But when I realised how close Fortitude Valley was to the city, that I could literally just walk to work … I realised it’d be the equivalent to having an apartment further away that was more cost-effective.”

Architect Adriana Otero moved to Fortitude Valley in 2009 for affordability and accessibility reasons, and said she wished her unit was big enough for her family. Picture: Steve Pohlner

With a bustling social scene and a dense collection of units, Fortitude Valley homes have become the most affordable options in the nearby area.

New research from SuburbData has shown the area’s median dwelling value now sits at $500,000: $406,000 cheaper than dwellings found in its neighbouring suburbs.

Accounting only for units, Fortitude Valley’s median price is $550,000, compared to Teneriffe’s median unit price of $967,500.

The unit at 33/38 Robertson St sits in a suburb more than $400,000 cheaper than dwellings in its neighbouring areas.

“I think that people probably are put off by the idea of being so close to all of the night clubs,” Ms Otero said. “It just feels a bit more crowded, industrial, noisy — but I do think the appeal of it is that everything is around the corner.”

“There are obviously lots of options for restaurants, and it’s just a short walk to the city. So I think as a young professional, that’s exactly what attracted me to the area, because of accessibility.”

Ms Otero said the suburb’s reputation had nothing on its accessibility and wealth of dining and lifestyle options. Picture: Steve Pohlner

Place Bulimba agent Shannon Harvey said the suburb was recovering from a reputation of being lower-income, but its position to new hotspots around Brisbane meant it was a perfect market for new owner-occupiers and investors.

“The market is only just catching up with how much opportunity Fortitude Valley has to offer,” she said. “You can walk to Howard Smith Wharves from this apartment, you can walk to the Calile, to the Powerhouse … it’s on the doorstep of James Street!”

“I do think the appeal of it is that everything’s around the corner.”

Ms Otero saw that transformation happening in real time, from living in her unit to eventually renting it out to her sister.

“Across the road from me, there was a childcare and an empty lot and lots of parking, and they slowly started building the area,” she said. “I knew [James Street] street in particular on that side of the valley was eventually going to become a corridor of lifestyle entertainment … but I didn’t know it was going to turn into such a high end destination as it is now.”

Now a mother of four, Ms Otero has decided to sell her apartment at 33/38 Robertson St – but said she still missed the area’s ease of access.

“If I could – and I contemplated it for a little bit – if I could actually fit in the apartment with my family, I wouldn’t hesitate to move back in,” she said.

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