Paddington

Real estate profile

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Location

2km from CBD.

Features

Near city location, good public transport, street café lifestyle, restaurants, renovated houses and character workers’ cottages.

Median Price

REIQ research shows that the median house price in the suburb for the calendar year 2006 was $527,500.

Median Weekly Rent

The median weekly rent paid for a 3-bedroom house in this area in the June 2007 quarter was $400. The median weekly rent paid for a 2-bedroom unit in this area for the same period was $350.

Profile

The inner city suburb of Paddington is 2 km west of the CBD and borders the suburbs of Milton and Red Hill.

Paddington is a true success story in terms of its rejuvenation as a vibrant inner city residential and lifestyle precinct over the past decade or so.

Its proximity to the CBD has been a major driver of this growth, as too have the redevelopment of Lang Park and the creation of various village precincts such as the hugely successful Rosalie Village.

These factors have made the suburb very popular with young families and professionals alike.

Given Terrace, Latrobe Terrace and Rosalie Village provide the main shopping, eating and commercial strips in Paddington – these areas provide an array of some of Brisbane’s best cafes, restaurants and fashion boutiques. There is also a Woolworths on Latrobe Terrace.

There are various educational facilities including the Marist Brothers Catholic College for boys, and the Ithaca Creek Primary School.

Property in Paddington is dominated by renovated workers cottages and Queenslanders, which give the suburb a distinctive Brisbane ‘feel’ and truly characterises the area as an historic Queensland location.

A number of restrictions exist on established and new buildings in the area, helping to maintain Paddington’s special character.

According to the 2006 Census there were 7,625 people living in the suburb with a median age of 31. The median individual income was $729 per week. Of all occupied private dwellings 48.5% were either fully owned or being purchased; 43.9% were being rented.

Source: REIQ

REIQ Copyright 2007. Enquiries about the reproduction of part or all of the information should be directed to the Marketplace Strategy division of the The Real Estate Institute of Qld Ph 3249 7300.

This information has been carefully compiled by the REIQ and is not intended to be treated as a warranty or promise as to the correctness of the information.