Petrie Terrace is a historic inner-city suburb located just west of Brisbane's central business district (CBD), Queensland, Australia. Nestled between Roma Street Parkland and Paddington, Petrie Terrace boasts a rich history dating back to Brisbane's early settlement days.
Originally established as a military barracks in the mid-19th century, the suburb has since evolved into a trendy residential area known for its heritage-listed terrace houses and vibrant atmosphere. One interesting fact about Petrie Terrace is its close proximity to Suncorp Stadium, Queensland's premier sports venue, which hosts major events and concerts.
While the suburb has undergone gentrification and improvement in recent years, it still retains its historic charm, attracting a mix of young professionals, families, and artists. The growth of house prices in Petrie Terrace has been significant over the past decades, driven by its desirable location and heritage appeal.
Lifestyle
Petrie Terrace offers residents access to various reserves and green spaces, including the iconic Roma Street Parkland, which provides a peaceful oasis in the heart of the city.
Outdoor enthusiasts enjoy activities such as walking, running, and cycling along scenic trails. The suburb is also home to numerous cafes, restaurants, and boutique shops, catering to diverse tastes and preferences.
Residents can often be found enjoying a leisurely brunch or coffee at one of the trendy cafes lining Caxton Street. Pet owners appreciate the pet-friendly atmosphere of the suburb, with nearby parks and walking paths providing ample space for exercise and socialization.
School Zones
Public primary schools serving Petrie Terrace include Petrie Terrace State School and Milton State School, both of which offer quality education within walking distance of the suburb.
Nearby Catholic primary schools include St. Joseph's School in nearby Kangaroo Point. Brisbane State High School is the designated public high school for the area, renowned for its academic excellence.
Exclusive independent private schools favored by affluent families include Brisbane Grammar School and St. Joseph's College, Gregory Terrace. The closest school for students with special needs is the Lady Gowrie Special School, offering specialized programs and support services.
Demographics
From 2006 to 2021, the median weekly household income in Petrie Terrace has shown steady growth, reflecting the suburb's increasing prosperity rising from $1,222 to $2,401.
Families make up a significant portion of the population, with a mix of young professionals, students, and empty nesters also calling the suburb home.
Major cultural ethnicities in the suburb include Anglo-Australian, European, and Asian communities. The average income in Petrie Terrace surpasses the Australian average, indicating a higher socioeconomic status.
The suburb's wealth is increasing over time, driven by factors such as urban renewal projects and rising property values.
Employment
A significant percentage of Petrie Terrace residents are professionals and managerial employees, according to the 2021 ABS census making up 55% of the working population.
The main employers in the suburb include businesses in the hospitality, retail, and service industries, as well as nearby educational institutions and healthcare facilities.
Many residents work in Brisbane CBD, with easy access to employment opportunities via public transport or walking. Emerging employment trends include growth in creative industries, technology, and hospitality sectors, reflecting the suburb's diverse economy.
Transport
The main methods of transport in Petrie Terrace include bus services connecting the suburb to Brisbane CBD and surrounding areas.
While there are no main train lines or trams in the suburb, residents have access to nearby train stations at Roma Street and Milton. Ferries operate from nearby South Bank, providing scenic transport options along the Brisbane River.
Bicycle paths are available for cyclists, although private transport remains popular for commuting and local travel within the suburb.
Shopping Centre's, Restaurants & Facilities
Petrie Terrace offers a high walk score, with numerous amenities within walking distance, including cafes, restaurants, and specialty shops.
The nearby Barracks shopping precinct provides additional shopping options for residents, including supermarkets, fashion boutiques, and cinemas. Popular dining spots include award-winning restaurants along Caxton Street, known for their diverse cuisines and vibrant atmosphere.
Local facilities include fitness centers, yoga studios, and community centers, catering to a range of lifestyle activities. Residents often gather at social clubs and pubs along Caxton Street for live music and entertainment.
A unique feature of Petrie Terrace is its proximity to Suncorp Stadium, offering residents access to major sporting events and concerts. Nearby churches and religious institutions serve as community hubs for residents to gather and worship.
Development
Dwellings in Petrie Terrace consist of a mix of heritage-listed terrace houses, apartments, and contemporary townhouses.
While knock-down rebuilds and renovations occur, they are less common due to the suburb's heritage character and strict zoning regulations. Redevelopment projects have focused on preserving the historic fabric of the suburb while introducing modern amenities and infrastructure.
Limited subdivision opportunities exist, primarily due to land constraints and heritage considerations.
Capital Growth
The average capital growth for houses, townhouses, and units in Petrie Terrace has been robust over the past decades, driven by its prime location and heritage appeal.
Houses generally perform at 8.6% growth year on year and the best pockets of the suburb for houses are typically found in areas close to amenities, parks, and public transport options and perform at 12%.
Factors driving capital growth include limited supply, strong demand from buyers seeking inner-city living, and ongoing urban renewal projects. Main buyers in the suburb include affluent professionals, families, and investors attracted to the suburb's unique charm and lifestyle amenities.
Cash Flow
The average cash flow for houses in Petrie Terrace demonstrates favorable yields for investors, with steady growth observed over the past decades yielding 3.2-3.4%.
Townhouses and units also offer competitive rental yields at 4.5%, appealing to tenants seeking inner-city convenience and lifestyle amenities.
Common tenants of leased properties in the suburb include young professionals, students, and couples drawn to the suburb's vibrant atmosphere and proximity to Brisbane CBD.
Rental Demand
Vacancy rates for houses, townhouses, and units in Petrie Terrace have remained relatively low over the past 10 years, with minor fluctuations averaging 1.5%.
Since the COVID-19 pandemic, vacancy rates have slightly decreased due to increased demand for inner-city living and limited rental stock with 1% vacancy rates.
Driving forces behind rental demand include proximity to employment hubs, universities, and lifestyle amenities. Rental stock levels have decreased due to a combination of factors, including strong demand from tenants and limited new developments.
Why You Require a Buyers Agent in Petrie Terrace
Competition for properties in Petrie Terrace is fierce, with low stock levels and high demand from buyers and tenants alike. A buyer's agent can provide valuable insights into the local market, identify investment opportunities, and negotiate favorable terms on behalf of clients.
Petrie Terrace's prime location, heritage charm, and vibrant lifestyle amenities make it an attractive option for buyers looking to invest in inner-city living in Brisbane.
Having a buyers agent in your corner is crucial to your success in Petrie Terrace. Having the knowledge, strategy, access and negotiation ability will ensure you save thousands on the way in and make potentially millions in the future.
Why not seek Professional Advice from one of our Buyers Agents
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