The story of 15 Waverley Road Annerley, a 1970s Entry level unit block off main road located 6kms from Brisbane CBD. Annerley is a gritty Brisbane suburb with a median unit price of $676,250 up 17.6% in the past 12 months. 15 Waverley Road was built in the early 1970s is made up of 10 x 2 bedroom units all a merge 44m2 internal floor area with no private balconies, rather shared balcony of breezeway that provides access to front door entrances. All apartments do have private single lock up garages which is a big selling point for these mostly unremarkable properties.
Here is where the story gets remarkable. According to RP data, Unit 3, with 44m2 internal floor area, in original unrenovated condition sold for $280,000 in August 2022 or $6,363 per m2.
Here is your 44m2 of 1970s architecture
Unit 8, images below, is on the market for $535,000. It is 10 year old laminate kitchen and bathroom, has the same floor plan and internal area 44m2
He is the kicker. Unit 6 a renovated unit with the same internal floor area with a quasi courtyard sold for $579,000 in August 2024. Thats a square meter rate of $13,159. For Further context, thats $737 weekly mortgage repayments for a 90% LVR with 10% deposit. This does not include rates ($2,400), water ($800) and owner corporation fees ($2400) which adds another $5600 to annual costs of $107 per week – round up to $850 per week!
That is nearly 110% price growth in a little over 2 years – thats too much. In 2020 you could of bought the best 1 bedroom apartment in New Farm, Brisbane best suburb $13,000 a square meter.
The quasi courtyard for unit 6
Meanwhile, around the corner (800m away) at 82 Horatio Street, Annerley, a very neat and tidy 3 bedroom brick home on 600m2 block is available to rent at $650 per week with a savings of $1000 per month compared to owning/buying at Waverley Street at today’s prices.
