MARKET OUTLOOK ROCHEDALE - Maison Rochedale
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MARKET
OUTLOOK
ROCHEDALE
Rochedale residents benefit from being located within close proximity to
the Pacific Motorway, connecting residents to the Brisbane CBD within 20
minutes and to the Gold Coast within 1 hours drive. Residents also have
access to over 10 educational institutions, employment hubs and lifestyle
amenities, including Westfield Garden City.
01
Brisbane
Overview
04
Population
& Education
05
Infrastructure
& Amenity
06
Residential
Market
07
Rental
Market
Prepared exclusively for
R & F Properties Australia
October 2018 Top: Westfield Garden City; Bottom: Eight Mile Plains Busway Station; Bottom Right: Family-friendly park
BRISBANE
OVERVIEW
By 2031, Brisbane has a vision to be regarded as a
top ten lifestyle city and global hub for resource and
related service industry businesses, with strong
business and cultural links with Asia.
Sunnybank
Brisbane’s 2022 Plan lays the foundation for the economy
to grow and be worth over $217 billion by 2031. Economic
growth is being fuelled by a competitive base for
doing business, high levels of business investment and
innovation, and the largest public infrastructure spending
program in Australia’s history.
04
Brisbane’s geographic location also places it as a strategic 12
gateway for trade with Asia, further boosting economic 05
growth and cultural exchange. Brisbane is well connected
26
to global markets yet remains economically resilient, with
strength in key industries such as mining, construction
and infrastructure.
Important from a visitation perspective, the Brisbane
Airport is internationally recognised as one of the
best privatised airports in the world. The Brisbane
Airport is serviced by 31 airlines, with more than 23.4
million passengers per year. In addition, Brisbane is
within an hour’s drive of the Gold Coast and Sunshine
Coast, both home to world-renowned beaches and
tourism destinations.
Rochedale is located 15km southeast of the Brisbane
CBD and 19km from the Brisbane Airport. Rochedale
is one of the Brisbane LGA’s last urban land releases
where housing demand is driven by high earning white
collar workers. In addition to being well connected to key
Gold Coast 1 hour
employment nodes, employment within Rochedale area
is forecast to grow by an additional 6,300 employees
by 2036.
BRISBANE ECONOMY
Year to June 2017
$117.2 billion
Gross Regional Product
$103,646
Per Capita Gross Regional
Product (‘000) BRISBANE IS AUSTRALIA’S
CLOSEST CAPITAL CITY TO ASIA
Prepared by Urbis; Source: ABS; REMPLAN ON THE EASTERN SEABOARD.
2 Market Outlook Rochedale
Brisbane CBD
20mins
Mount Gravatt Airport 20 mins
13
28 29 Rochedale
11 14 27 15 25
06 Eight Mile Plains 01 23
10 22
09
08
GATEWAY MOTORWAY 02
18 16
21 Y 17
R WA 03
T O
30
C MO
FI
CI
PA
20
19
Rochedale South
07
24
ENTERTAINMENT, 12 Sunnybank Private Hospital 25 St Catherine Primary School
SHOPPING & DINING 13 Australia TradeCoast 26 Warringal Road State School
01 Westfield Garden City
EDUCATION RECREATION &
02 Rochedale Town Centre GREENSPACE
14 Griffith University Nathan Campus
(under construction)
15 Griffith University Mount 27 Queensland Sports & Athletics
03 Rochedale Markets Centre
Gravatt Campus
04 Sunnybank Plaza Shopping Centre 28 Tooheys Forest
16 Rochedale State School
05 Sunnybank Market Square 29 Mount Gravatt Outlook Reserve
17 Redeemer Lutheran College
06 Sunny Park Shopping Centre 30 Underwood Park
18 Rochedale State High School
07 Rochedale Shopping Village
19 Rochedale South State School
Train station
INFRASTRUCTURE & 20 St Peters Catholic Primary School
EMPLOYMENT Bus station
21 Eight Mile Plains State School
08 Brisbane Technology Park
22 Mackenzie State Primary School
09 Rochedale Motorway Estate
23 Wishart State School
10 Garden City Office Park
24 Springwood Road State School
11 QEII Jubilee Hospital
Prepared exclusively for R & F Properties Australia 3
POPULATION
& EDUCATION
POPULATION WHO LIVES IN ROCHEDALE?
The suburb of Rochedale is characterised by a significant Rochedale Brisbane LGA
proportion of high income family households, who are living
within large detached houses. Average Household Income $127,891 $105,757
Family households represent 88 per cent of households in the Average Age of Residents 34 36
catchment, this is 19 per cent higher than the Brisbane LGA
average. The dominance of family households, combined with Average Household Size 3.2 2.6
the high proportion of detached dwellings (96 per cent) and
four-bedroom plus dwellings (82 per cent), is indicative of the Family Households 88% 69%
high demand for house and land product within Rochedale. In
addition, the area has appealed to overseas born residents, with Detached Houses 96% 68%
40 per cent of the population born overseas. Of the overseas
born residents, approximately 20 per cent were born in China. Four-Bedroom+ 82% 35%
Over the 10-year period to 2016, the Rochedale Primary
Catchment1 grew by 7,029 residents, with 35 per cent of
Born Overseas 40% 33%
this growth within the Rochedale-Burbank SA2. Based on
Queensland Government projections, the population growth in
Employed in White Collar Jobs 82% 78%
Rochedale Catchment is projected to continue with over 10,500
new residents by 2036, increasing by 1 per cent per annum. Owners 87% 63%
Within the catchment, the Rochedale-Burbank SA2 is expected Prepared by Urbis; Source: ABS
to accommodate the majority of growth and grow at the fastest
rate at 4.3 per cent per annum. This projected population
growth is expected to be faster than the Rochedale Secondary POPULATION – HISTORIC AND PROJECTED
Catchment2, which is only projected to grow at 1.3 per cent per Rochedale Primary and Secondary Catchment
annum. 20-Year
Growth
Going forward, the Rochedale Primary Catchment is expected 2006 2016 2036 p.a.
to see further growth in the family demographic, with children
15,578 4.3%
(aged 0-19 years) expected to increase by 3,120 residents Rochedale-Burbank
SA2 4,184 6,653 p.a.
over the next 20 years to 2036, an increase of 1.1 per cent per
annum. Second home owners (aged 45-64 years) will also
42,785 49,814 60,438 1.0%
Remaining Rochedale
increase 2,340 residents over the next 20 years. Given the Primary Catchment p.a.
high level of overseas born residents currently residing within
34,818 40,543 48,804 1.3%
Rochedale Secondary
Rochedale and the wider catchment, it is likely that there will be Catchment p.a.
continued growth in overseas born residents moving to the area
to be close to family and friends. Prepared by Urbis; Source: Queensland Government Statistician’s Office, 2015
1. Rochedale Primary Catchment includes the SA2s of Rochdale-Burbank,
Rochedale South – Priestdale, Wishart and Eight Mile Plains.
2. Rochedale Secondary Catchment includes the SA2s of Upper Mount Gravatt,
Macgregor, Sunnybank and Runcorn.
EDUCATION EDUCATIONAL INSTITUTIONS
A diverse mix of primary, secondary and tertiary education
is also available to residents, including Rochedale State
High School, Rochedale State Primary School, Redeemer Public Primary and Private Primary and Tertiary
Lutheran College and Griffith University Nathan and Mount Secondary Schools Secondary Schools Facilities
Gravatt campuses.
Having a wealth of educational institutions in close proximity
8 3 2
Number of Number of Number of
to Rochedale offers residents an abundance of choice and schools schools tertiary facilities
access to high quality education.
5,590 2,054 16,100
Total number Total number Total number
of students of students of students
Prepared by Urbis; Source: Australian Schools Guide;
Private Schools Guide; Griffith University
4 Market Outlook Rochedale
INFRASTRUCTURE
& AMENITY
Rochedale and the surrounding area will benefit from over $1 billion of infrastructure investment over the
next decade. This will improve the amenity and connectivity of the suburb as well as create more employment
opportunities for residents.
Rochedale has the appeal of a neighbourhood area, with access to the high quality lifestyle amenities and services of an inner
ring suburb. Rochedale is less than a 15-minute drive to Westfield Garden City, Australia’s 7th largest shopping centre with over
440 specialty stores including Myer, David Jones, Zara and H&M, and a 10-minute drive to the supermarket offering and civic
amenities in Rochedale South. Rochedale’s access to employment is similarly appealing; Brisbane Technology Park is less than
a 10-minute drive from Rochedale and hosts some of Queensland’s most innovative companies.
ROCHEDALE MOTORWAY
ESTATE $100 MILLION
(Stage 1 Complete)
Rochedale Motorway Estate is a
75-hectare industrial precinct on
the Gateway Motorway, providing unrivalled access to the
Port of Brisbane and the Logan and Pacific Motorways.
Stage one of the development has recently been
completed, comprising 26-hectares of warehouse and
office facilities. ROCHEDALE TOWN CENTRE (UNDER CONSTRUCTION)
$50 MILLION (Over 3 stages)
BRISBANE TECHNOLOGY PARK
10,000 EMPLOYEES (Complete) Located on the corner of Gardner Road and Miles Platting
Approximately 2.5km from Road, the Rochedale Town Centre is planned to have
two supermarkets, cinemas, major retail, dining and
Rochedale, Brisbane Technology entertainment facilities. The town centre will act as the
Park is the largest and most civic and social heart of the Rochedale area. The northwest
prestigious business park in Queensland. It is home to corner of the site is dedicated in plans as a public and private
over 190 leading local and national companies including town square that includes public open space, a grassed
the Woolworths head office. There is a further 45,000 amphitheatre for outdoor concerts and events, a potential
square metres of prime and research office space and future community hall on the site of the existing church
building. The project will be developed by Coles and Stage 1
a hospitality offering to be delivered within Brisbane
is slated for completion in late 2019.
Technology Park over the next ten years.
STAGE 1
WESTFIELD GARDEN CITY Coles Supermarket - 4,140 sq.m
(Complete) Specialty Shops – 1,673 sq.m
Westfield Garden City is a major
STAGE 2
regional shopping centre, located
Food and beverage outlets / Service Station - 1,080 sq.m
in the suburb of Upper Mount Town Square development
Gravatt. In 2014, the centre underwent a $300 million
redevelopment and is a 142,800 sq.m centre with 420 STAGE 3
retailers and attracts approximately 16.8 million visitors Supermarket 2 – 1,606 sq.m
annually. Retail/Food and Beverage - 203 sq.m
BRISBANE METRO The town centre will provide the cornerstone for future
$944 MILLION commercial, retail and higher density development and is set
(Detailed Planning Phase) to be a major driver for the surrounding residential market.
Metro 1 (Eight Mile Plains to Roma
Street) will provide a new trunk
route from the southern suburbs
to the inner-city, servicing key destinations like Griffith
University and Garden City and providing opportunity to
transfer to other metro, bus or rail services in the CBD to
access areas like Fortitude Valley, Bowen Hills and QUT
Kelvin Grove. Services are expected to commence in 2023.
Prepared exclusively for R & F Properties Australia 5
RESIDENTIAL
MARKET REVIEW
Residential development driven by major ROCHEDALE SUBURB AND CATCHMENT
developers such as Aveo, Pask Group, Villa MEDIAN PRICING
World and Mirvac, and accompanying population June 2018
growth in Rochedale have resulted in strong
increase in property prices. Rochedale Suburb
The Rochedale Catchment has demonstrated 10.5%
consistent growth in the housing market with a 4.8 $1,040,000 12 month
price growth
per cent per annum increase in the median sale
price over the past five years to June 2018, reaching Rochedale Catchment
a median house price of $670,000 in June 2018. 3.4%
This is an increase of 3.4 per cent over the median $670,000 12 month
price growth
home price of $648,000 in June 2017. This suggests
consistent demand for housing within the local Brisbane
residential market.
1.8%
The suburb of Rochedale is the highest performing $675,000 12 month
price growth
locale within the overall catchment, recording a
median home price of $1.04 million for the June Prepared by Urbis; Source: APM PriceFinder
quarter 2018, up 10.5 per cent from the same Note: Rochedale Catchment includes the suburbs of Rochdale, Burbank, Mac-
quarter in 2017. The suburb of Rochedale has also kenzie, Priestdale, Rochedale South, Eight Mile Plains and Wishart
outpaced price growth in the wider Brisbane LGA,
which experienced median house price growth of 1.8
per cent from the June 2017 quarter. The median MEDIAN VACANT LAND PRICE
sale price difference of $370,000, demonstrates Rochedale Catchment, June 2018
the market demand for housing product
within Rochedale.
Vacant land within Rochedale has experienced an
average price increase of 5.2 per cent per annum
over the past 10 years. The median price for vacant
land in the Rochedale Catchment is $475,000,
10-Year
however an analysis of active land estates within Median Vacant 5-Year Annual Annual
the catchment, shows that asking prices for vacant Land Price Price Growth Price Growth
land is generally between mid-$400,000 to high-
$600,000s. The strong growth in land prices within $475,000 3.8% p.a 5.2% p.a
Rochedale is attributed to the increasing demand Prepared by Urbis; Source: APM PriceFinder
and limited supply of vacant land. Rochedale
benefits from status as one of the last remaining
suburbs within Brisbane that offers ready to build
allotments within new estates. CAPITAL CITY HOUSE COMPARISON
June 2018
Data collected from AMP PriceFinder for March
quarter 2018 indicated the Brisbane house market Price
Median Growth Rental
has shown that it is a more affordable option than
Sale Price 5 Year p.a Yield
and Melbourne and Sydney, registering a price gap
of $51,000 and $274,000 respectively. Median price Brisbane $675,000 5% 3.6%
growth over the last five years was strong across all
three eastern seaboard capital cities, but strongest Melbourne $726,000 8% 3.0%
in Melbourne and Sydney at 8 per cent each.
However, Brisbane’s rental yields, on the other hand, Sydney $949,000 8% 2.9%
performed strongest of any capital city at 3.6 per
cent, demonstrating strength in the investor market. Prepared by Urbis; Source: APM PriceFinder
6 Market Outlook RochedaleRENTAL
MARKET REVIEW
The large proportion of family households BOND LODGEMENT GROWTH
seeking proximity to employment, education Rochedale Postcode
and lifestyle amenities has been driving rental
demand. With the ongoing infrastructure 54% increase in
bond lodgements
investment and subsequent residential
development, houses are now demonstrating
strong indicative gross rental returns. In 120
the 12-month period ending June 2018, 78
Rochedale registered a 54 per cent increase
in bond lodgements, in comparison to the year
ending June 2013.
Year to June 13 Year to June 18
The growing population and increasing demand Prepared by Urbis; Source: Residential Tenancies Authority (RTA).
of dwellings has generated a sustained long-term Rochedale postcode 4123 includes Rochedale and Priests Gully
rental price growth. The Residential Tenancies
Authority (RTA) provides median weekly rental WEEKLY RENTAL PRICE GROWTH
data on typical rents for recently rented dwellings Rochedale Postcode, June 2018
based on bond lodgements, incorporating both
established and new product. In the five years to
12.7%
June 2018, Rochedale has recorded 4.1 per cent
rental price growth per annum for four-bedroom
4.1%
houses. However, over the past 12 months there
has been a significant rental price growth of
12.7 per cent growth for four-bedroom houses.
Four-bedroom 1-Year 5-Year Average
On-the-market rental data, which records Houses Growth Rate Annual Growth Rate
advertised new and near-new properties has
Prepared by Urbis; Source: Residential Tenancies Authority (RTA).
revealed that new and near-new product Rochedale postcode 4123 includes Rochedale and Priests Gully
throughout the catchment are achieving rental
premiums over established stock. New and
near-new four-bedroom houses in the Rochedale NEW PRODUCT PREMIUM
Catchment are achieving rents between $595 and Rochedale Catchment, June 2018
$830 per week, indicating a price premium of up
to 51 per cent over established houses, indicating New & Near-New Houses —
Weekly Rental Range
new stock is heavily desired, and tenants see value Up to
in modern dwellings. $595 - $830 51%
New Product
Rochedale is located within the Brisbane LGA Premium
which recorded a low residential vacancy rate of Total House Market
2.3 per cent as at June 2018, tightening by 0.8 per Median Weekly Rent
cent over the quarter. This is the lowest vacancy
rate recorded since September quarter 2014. $550
Comparing this against the Inner Brisbane (0-5km)
benchmark of 2.7 per cent, indicates a healthy Prepared by Urbis; Source: Residential
uptake of new housing product and continued Tenancies Authority (RTA), Realestate.com.au
rental stability within the Rochedale area.
Given the ongoing development of the area, as well
RESIDENTIAL VACANCY RATE COMPARISON
as the education offerings and increasing levels
June 2018
of amenity, the value proposition offered by new
houses are likely to appeal to both investors and
owner-occupiers and drive the demand for houses
going forward within Rochedale. 2.3% 2.7%
Brisbane LGA Inner Brisbane (0-5km)
Prepared by Urbis; Source: REIQ
Prepared exclusively for R & F Properties Australia 7This publication is prepared on the instruction of R & F Properties Australia and is not suitable for use other than by the party to whom it is addressed. As the publication involves
projections and assumptions it can be affected by a number of unforeseen variables. The forecasts and assumptions are a prediction and whilst Urbis has made every effort to ensure
that the forecasts and assumptions are based on reasonable information, they may be affected by assumptions that do not necessarily eventuate or by known, or unknown, risks and
uncertainties. It should be noted that past performance is not necessarily a reliable indication of future performance. The information in the publication does not represent financial
advice and should not be regarded as such. It has been prepared without taking into account your financial situation or investment objectives. You should consider the appropriateness
of the information in regards to your current financial situation or needs. Urbis accepts no responsibility for the accuracy or completeness of any such material. The information is
subject to change without notice and Urbis is under no obligation to update the information or correct any assumptions which may change over time. This study has been prepared for
the sole use of R & F Properties Australia and is not to be relied upon by any third party without specific approval from Urbis. This publication is subject to copyright. Except as permitted
under the Copyright Act 1968, no part of it may, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) be reproduced, stored in a retrievals system
or transmitted without prior written permission. Enquires should be addressed to the publishers.
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