Brisbane’s Paddington Sees Influx of New Residents from Sydney

Located about 2km west of Brisbane’s CBD lies the inner city suburb of Paddington. Its close proximity to a wide range of shops, restaurants, and other recreational establishments has made buying into the suburb quite a steal, and Sydney residents are taking advantage of it.

Recently, Urban Property Agents reported a spike in the interest of Sydney residents to relocate to this particular area in West Brisbane, due to the rousing mortgage prices in Sydney.

Daniel Argent, the principal of Urban Property Agents said, “We started to notice [a surge in interest from Sydneysiders] at the end of last year. Just before Christmas it started and it has continued quite strongly into this year.”

Their estimate shows that 10 percent of their sales so far this year came from people who have relocated from Sydney. This doesn’t come as a surprise considering that Paddington houses in Brisbane are considered really good buys. One can get a three-bedroom house for more or less $800,000 based on sales data from sales data. In comparison, three-bedroom houses in the similarly named Paddington suburb near Sydney are priced much higher at more than $2 million.

This recent spike in Paddington house sales has brought about prices that are 6 percent higher, a trend that Argent believes will continue as the market conforms to the growing demand from the Harbour City.

Photo credit: CC-BY/bertknot/Flickr