The real estate market is moving at such a rapid rate, house prices are increasing more per year than the average wage in some suburbs. Picture: Josh Woning
A property price tsunami sweeping through their inner-Brisbane suburb convinced retirees Karen and Colin Cole to take their 37-year-old home to market months earlier than planned.
The couple will put their Greenslopes home to auction later this month and move to Mackay to be closer to their sons as they enter the next phase of their life.
The Cole’s have based their decision to sell, before instead of after Christmas, on movement in the local market.
“We hope we are doing the right thing,” Ms Cole said.
The timing of the sale falls into line with the latest REA Group data that shows the annual median house price in Greenslopes is ‘outstripping’ yearly wages.
Colin and Karen Cole with their pooch Holly. The retirees were going to sell their extremely well maintained Greenslopes abode after Christmas but have brought the sale forward following recent strong sales. Picture: Josh Woning
Over the past three financial years, the median house price in Greenslopes has risen $90,000 per year compared with the annual median income of $64,211 for the suburb.
It placed Greenslopes at 10 on the list of Brisbane suburbs where houses have earned more per year than the average wage.
Ms Cole said they intended sell 11 Mount Street, Greenslopes and join their sons in North Queensland after Christmas, but decided to go to auction on October 23 while there was still heat in the property market.
“We were planning to sell in January or February next year but we decided to sell now while the market is moving well,” Ms Cole said.
“I know it’s (the market) been rising and, certainly in the last few years, it has gone ahead.”
The price surge across Greenslopes has been a long time coming, said Place Woolloongabba real estate agent Darren Cosgrove.
For far too long, the suburb has been overlooked but since the property price explosion during the pandemic, Greenslopes has come of age, with one house in the area recently selling for a few million dollars, he said.
The lounge/dining area inside 11 Mount St, Greenslopes. The house goes to auction on Saturday, October 23. Picture: Supplied
“It’s been a bit of an unsung hero on the southside and people who once thought it wasn’t special are now discovering it is special,” Mr Cosgrove said.
“It’s come of age and finally has its big boy pants on and we are seeing houses sell for three and a half million.”
Ms Cole said when they bought in Greenslopes in 1984 they had to work hard to make ends meet on their 1980s wages.
“We found it hard to buy here in 1984 and when we look at it now, it’s quite laughable, because it seemed like a big deal for us with the wages we were on then,” she said.
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