Established suburbs that are experiencing urban renewal are becoming increasingly attractive to younger buyers, according to new research.
Ray White Group Chief Economist, Nerida Conisbee, said certain characteristics make some areas more appealing to the next generation of homeowners.
“The critical elements that increase attractiveness for younger people are generally consistent,” Ms Conisbee said.
“Higher density residential development creates affordability for younger people wanting to buy and rent in well-established suburbs where a house may be out of their reach.”
Ms Conisbee said great transport infrastructure and mixed-use developments were also key factors.
“Major infrastructure catalysts, particularly new transport and community facilities, attract younger residents by creating highly connected, amenity-rich neighbourhoods that align with their lifestyle preferences,” she said.
“Projects like Cross River Rail in Woolloongabba and the Airport Line in Mascot significantly improve accessibility to employment hubs, entertainment districts, and urban services.”
The conversion of industrial areas has proven particularly successful in attracting younger buyers, according to Ms Conisbee.
“Areas like Altona North, Cannon Hill, Royal Park-Hendon and Rosebery-Beaconsfield offer large parcels of land that can be master planned to include modern apartments, creative spaces, and retail destinations,” she said.
“These transformations typically result in significant price advantages compared to established inner-city areas, making them particularly attractive to younger buyers and renters.”
Ms Conisbee said social infrastructure renewal was also driving change in some areas.
“The transformation of areas through social infrastructure renewal, as seen in Waterloo, South Brisbane, and Fawkner, represents a significant shift in how we approach community development,” she said.
“These suburbs are experiencing renewal through the introduction or upgrading of public housing, educational institutions, cultural facilities, and community spaces.”
