The Gap property market has seen strong growth and brisk demand in 2021, as both house and unit markets posted double-digit median growth rates within the 12-month period ending September 2021.
Highlights
- The median house price for The Gap picked up by 17.77 per cent from October 2020 to September 2021, whilst the median unit price also grew by 15.57 for the same period.
- The median house price in The Gap now sits at $870,000 and the median unit price is nearly in the same price range at $705,000.
- The Gap is defying all odds with the housing and unit sectors both performing well as pre-COVID activities have returned in recent months.
The Gap Property Market
From October 2020 to September 2021, The Gap’s housing market tracked a 17.77 per cent median house price growth compared to last year, from $738,750 to $870,000. Figures from Property Market Updates indicated that 308 houses were sold for this period, moving at a brisk pace of just 20 days on market.
More than half of the properties sold were three and four-bedroom homes, perfect for established families. Supplies for two-bedroom properties in The Gap are currently low, whilst competition is tight among buyers looking to acquire spacious character-filled wooden homes in this leafy and hilly suburb.
In the past, city dwellers visit The Gap for weekend picnics at its abundant bush retreats. Today, city professionals have this suburb under their radar as a residential option with the tighly-held property market raking in an average of 1,239 property visits from interested investors, per realestate.com.au.
Median Unit Price Growth
The apartment market in The Gap has also gained significantly, with the median rising from October 2020 to September 2021 by 15.57 per cent. The median unit price has landed at $705,000, up from $610,000 in the previous year.
Unlike the housing market, however, movement in the unit market was slower, with listings averaging 55 days on market. There were 77 units sold for this particular time period, with more sales for three-bedroom apartments.
The housing sector has generally outperformed the apartment sector, especially at the height of the pandemic crisis. However, a shift in the market has slowly emerged as pre-COVID activities have returned.
About The Gap
This family-friendly suburb located nine kilometres northwest of the CBD boasts of many sites for nature sports as it sits on the foothills of mountains like Mount Coot-tha, Mount Glorious, and Mount Nebo. The Gap is one of the greenest places in Brisbane, where outdoor fun is the main recreational activity.
The community predominantly consists of professionals who are mostly long-term homeowners with older children. Families are spoilt for choice at the number of parks, walking or biking tracks, and wildlife adventures to be enjoyed around its natural riches.
The Gap provides plenty of school options for young kids, including the award-winning The Gap State High School.
Though The Gap doesn’t offer a fast-paced urban lifestyle compared to other middle-ring suburbs, the residents still enjoy adequate access to shopping and dining hubs. For the more selective locals, more choices for dining and shopping are within 10-20 minutes away by car at Chermide, Indooroopilly, Ashgrove, Bardon, or Paddington.
“Lived there for 10 years, its very scenic but I just wish there was more to do locally.”
Flatcherox
“The Gap is only 9/10 km from Brisbane city centre and has clean air, beautiful walking / cycling tracks; great schools and a real sense of community. Its safe and very friendly – the kind of neighbourhood where children play in the street and many of the people who live there grow their own herb gardens, sharing their produce with their neighbours. Its quite an affluent suburb with many residents being business owners. There is a village centre where you can buy all your groceries and daily needs.”
Ts40
“Having lived in many different places around Brisbane and overseas, I’ve come to the conclusion that I will ALWAYS call The Gap my home and will live here as long as possible (and considering there’s a retirement place, that’s gonna be a while!).The Gap is a beautiful leafy suburb filled to the brim with friendly people (not creepily so, mind!). The main reason I love living in The Gap is the peace and quiet and ease of access to the hustle and bustle when you decide you’re in need of a night out.”
Rachael
