The Gap, once known for its affordability for families, is now grappling with soaring property prices, putting its status as a family-friendly suburb to the test.
This suburb is well-regarded for its lush streets, vibrant community, and top-notch schools, making it a popular choice for many. But what price do residents pay for this desirable lifestyle?
A Local Market on the Upswing
In the last year, The Gap has seen house prices climb to an average of $1.28 million, while units have hit a median price of $933,750, marking a notable increase of 12.3%.
Longtime locals such as Angelique Simonet are noticing the impact. In 2019, she and her family bought their home for $585,000.
“We were fortunate,” she remarks. “Had we delayed for just a year, staying here wouldn’t have been possible.” As her property value has skyrocketed, she’s seen friends depart, struggling to manage the escalating costs in the area.
Comparison with Neighboring Suburbs
The Gap’s average house price of $1.28 million positions it among more affluent suburbs. For context, Ascot, with a median house price of $2.28 million, is one of the most expensive suburbs. New Farm boasts a median house price of $2.8 million, reflecting its high desirability. Stafford, a more affordable option, has a median house price around $920,046. While The Gap remains more affordable than suburbs like Ascot and New Farm, its rising prices are narrowing the gap.
Reasons The Gap Is Noteworthy
Families flock to The Gap, attracted by its close access to natural wonders such as the Enoggera Reservoir, a popular spot for kayaking, swimming, and bushwalking. The Walkabout Creek Discovery Centre is just around the corner, providing wildlife encounters and educational experiences that have made it a beloved spot for both locals and visitors.
The Gap showcases a mix of convenience and accessibility, with the Village Shopping Centre standing out for its range of shops and services available to the local community. Local residents can rely on the dependable public transport system, as the 385 bus route offers smooth connections to the CBD.
However, enjoying these amenities and natural treasures does come with a price. Rising housing prices are putting pressure on many families’ finances, sparking worries about the future accessibility and inclusivity of the suburb.
Shifting Population Trends
Rising costs and a lack of rental properties are reshaping the community scene. Longtime residents are struggling to manage increasing expenses, while younger families are facing challenges in a competitive housing market. Even renters, many of whom have lived in this area for years, are struggling to make ends meet.
This change is transforming The Gap’s identity, prompting some to reminisce about its more approachable past.
What’s On The Horizon
The Gap’s housing market continues to thrive, driven by strong demand and a scarcity of available properties. Despite the potential for rising interest rates to slow down growth, the suburb’s charm guarantees that buyers will keep shelling out premium prices.
The challenge is to maintain The Gap’s family-friendly vibe as the area experiences this growth. The future of this area hangs in the balance, as it faces the challenge of maintaining its community spirit while accommodating growth and ensuring accessibility for all residents.
Published 23-Dec-2024