Bulimba is an inner eastern suburb of Brisbane, located east of the CBD and is known for being one of Brisbane's premiere riverfront suburbs.
Originally farmland before the 1880s where subdivision began after the land boom, Bulimba remained largely a working class suburb throughout the late 1800s and for the vast majority of the 1900s.
Many of the original homes were inhabited by those working at the local army barracks, or wharf which lie only 20 minutes up the river.
Today, Bulimba is one of Brisbane's most in demand suburbs, and was the number 1 performing suburb in all of Queensland for capital growth according to Aussie Home Loans 25 year report, between the years of 1993-2018 backed by CoreLogic data. It also placed inside the top 100 suburbs for capital growth in Australia.
Lifestyle
Bulimba is known as one of Brisbane's most liveable neighborhoods; it is close to the CBD, riverfront, has all the facilities and is also highly walkable.
As a riverfront suburb, many residents enjoy walking and kayaking along the riverfront, which provides some beautiful views at sunrise and sunset. Many residents also have great views of the city, particularly the residents towards the Primary School, on the hill.
Johnston, Bulimba Memorial, Waterline & Bulimba Riverside Park all hold fantastic open space, and are common places where locals relax and take pets for regular walks or for family picnics. Bulimba also is home to a riverfront golf club, on the bend of Bulimba in Quay street, which is very popular amongst many of the middle aged and older locals.
School Zones
Bulimba State School provides younger residents with a primary public education. St Peters and St Paul's Catholic Primary School provide a catholic education for children of a similar age.
Balmoral State High School provides adolescent students with a public secondary education, which services some of the students.
Being an upmarket suburb, many of the students attend Brisbane Grammar, Brisbane Girls Grammar, St Margaret's, Anglican Church Grammar & Somerville House Schools. Most of these are located in the inner north and inner south of the City.
Narbethong Special School is the closest school for kids of special needs, located in Woolloongabba, about 10 minutes or so away.
Demographics
Long gone is the young working class population of Bulimba. Many of the existing residents we're a part of this group, though now own their houses entirely outright, often bought for sums under $100,000 before 1990.
Bulimba is one of the newest money suburbs in Australia, with the average age of the suburb being 37, despite having an extremely high average household income as per census data.
The average household income per week is $2,805 in Bulimba, which is more than the average monthly mortgage repayments of $2,800, meaning many individuals have very low mortgages compared to income and very high disposable income.
Another key element of Bulimba is that close to 30% of people own their houses entirely outright, despite the suburb hitting a median of more than $2 million in 2021, which has only continued in an upward trajectory.
Employment
Close to 60% of Bulimba's employed workforce are either professional workers or managers. Many of these workers have jobs paying above $150,000 a year, comparable to many old money locations in Australia such as Sydney's Lower North Shore.
The main employers of Bulimba are Healthcare, IT, Law & Financial services. It should be noted that approximately 30% of Bulimba's workforce works entirely from home, close to double the Queensland average.
Bulimba also has close to double the median personal income for Queensland at $1,393 per week in comparison to the state median of $787 per week.
Transport
Bulimba is one of few unique suburbs of Brisbane that has multiple ferry wharves located in both Oxford Street and Apollo Road. These include the local city ferry services and also the Teneriffe services across the river.
There are also many buses that travel throughout the city, which service
throughout many of Bulimba's main streets, including Oxford Street, Bulimba Street & Brisbane Street.
Many residents also enjoy cycling to work, as commonly many work in the inner south and east, in employment hubs such as South Brisbane, Cannon Hill and Woolloongabba.
Private transport is also a really common method of transport in Bulimba, as many families live in the larger detached dwellings and parking is aplenty throughout most of the suburb.
Shopping Centre's, Restaurants & Facilities
Bulimba is an exceptionally walkable suburb, especially considering the quiet nature, expansive blocks and space.
Oxford Street has a high street style to it, across from Bulimba Memorial Park. Here boutique stores, trendy cafes and local restaurants are all favorites of the locals and passers by.
Many residents for larger shops travel to Westfields at Carindale or for outlet style shopping at the Direct Factory Outlet at Hendra, about 20 minutes or so away.
Cricket, Rugby League, AFL & Soccer are all popular sports in Bulimba. Bulimba Memorial park regularly holds games every saturday outside of the school holiday period.
Wellbeing is also another common activity for locals. There are a few run clubs, gyms and yoga clubs that are within Bulimba too, often running in the early mornings before work or sometimes on weekends.
Development
Bulimba is mostly compromised of single detached low density dwellings, and a very small component of commercial and medium density dwellings. High density does not exist in Bulimba.
A common feature of development in Bulimba is the renovation, demolition and redevelopment of many old queenslander dwellings. There are some phenomenal opportunities of double blocks in Bulimba, though are often in hot demand from developers as they present outstanding profit margins to be made.
Common in Bulimba is pools, outdoor living spaces and sometimes backyards with great sporting set ups such as basketball hoops and goals, a feature of many upmarket family households.
Townhouses and apartments do exist, however they are mostly within the Oxford Street Precinct. Johnston and Banya Street also have small complexes of Townhouses and Apartments. The only commercial precinct is within Oxford Street.
Capital Growth
Bulimba is the number 1 suburb in Queensland for Capital Growth in houses according to Aussie Home Loans and CoreLogic in the 25 year report. Bulimba has performed at 9.5% capital growth year on year according to the reports.
Once underpriced, with a median of $133,000, Bulimba in recent years has surpassed $2 million, and is continuing to grow at substantial levels. Some pockets of Bulimba have performed at above 11% capital growth year on year on average, representing some of the highest growth in Australia.
This is largely due to the presence of the suburb having a similar feel to that of Ascot and Hamilton - Brisbane's old money suburbs, yet not the price point.
Apartments and Townhouses do not have sufficient data, however often perform at between 5-7% capital growth, a very high number for Brisbane often closer to 4%.
Cash Flow
Despite its $2 million price point, Bulimba yields between 3.1-3.4% on average for houses, a number that is rarely seen in Australia, with many suburbs yield below 2.8% that are above $2 million.
Bulimba has a close to 65% owner occupier rate, meaning houses for rent are very scarce.
Townhouses and apartments generally yield between 4-5%, and represent a strong investment opportunity, as many buyers priced out of homes often seek to lease these properties.
Rental Demand
Bulimba generally averages a 1.4% vacancy rate for houses, however in recent years since COVID19, the vacancy rate has sit below 1% consistently.
A key note of Bulimba houses is that rental increases are generally above the state and national average, between 3-4% year on year. Many investors who bought decades ago, have millions in equity and tens of thousands in positive cash flow year on year on year.
Townhouses and apartments generally have vacancy rates closer to 2.2%, largely due to the proportion of professionals seeking to buy after years residing in the suburb.
Why You Require a Buyers Agent in Bulimba
As Queensland's best suburb for capital growth is not a secret, buyers flock to purchase some of the best residences that Queensland have to offer.
Developers, wealthy investors, upgraders, interstate and international buyers can all be seen regularly within Bulimba. Many of the finest homes have very strict rules around entry, and require only private viewings.
Private viewings are largely used throughout many of the riverfront properties, some of which are owned by mining billionaires.
Properties in Bulimba are extremely scarce, with stock more than halving over the past 10 years. Having inexperience in a suburb of such can cause mistakes of up to 20% occurring, which at $2 million, equates to $400,000.
It should be noted as well, that small sections of Bulimba do flood, others have large overhead powerlines and easements that affect blocks. It is difficult for a non suburb expert to understand these metrics, and often these properties may perform at up to 4% less capital growth year on year on year compared to the best stock in the suburb.
Having an experienced, knowledgeable, firm and well connected buyers agent in Bulimba is a sure way to secure some of the best residential stock Australia has to offer at the correct price, saving hundreds of thousands on the way in and making you potentially millions in the future.
Why not seek Professional Advice from one of our Buyers Agents
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