Brisbane couple selling house in Kangaroo Point set to cash in on Olympic property gold rush
DAMIAN and Lee Burke were newlyweds when they moved into a run down Queenslander in the heart of Kangaroo Point.
Over the three decades they lived there, the house grew with their family and the surrounding suburbs. And they never dreamed of being in the heart of where Brisbane will host the Olympic Games.
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Now is the right time for the Burkes, who are selling their century-old Queenslander in a neat city pocket – and just down the road from The Gabba, which will be the epicenter of the 2032 event.
The Burkes have gradually remodeled the house over the years, starting with a major makeover that saw the Queenslander rise a meter and fill up below.
By the time their children started arriving in 1993, a slice of Brisbane history was becoming the perfect family home. Around them, Kangaroo Point was also changing.
Apartment buildings were popping up, but Mr Burke said that for many years Lockerbie Street has remained true to its historical roots. “When Lee and I bought there we were the youngest on the streets and for a long time we were the only ones with kids,” Mr. Burke said. “Most of the residents were older, they were often widows and the houses were run down. “
In recent years, a new generation of residents has regularly settled in.
The street is now home to a vibrant community of young families in homes that have been restored to their former glory.
Mr Burke noted when buying his home that he could not have foreseen the rebirth of the suburb.
“I haven’t really given it too much thought,” he said. “We just lucked out on the size of our house.”
It now features five bedrooms, a spacious home office with separate entrance, and three bathrooms on a street close to town, South Bank, the river and Kangaroo Point Cliffs.
Jason Adcock of Adcock Prestige, who markets the home at 67 Lockerbie Street, believes suburbs close to where Olympic Games infrastructure will be upgraded – like Kangaroo Point – will become more popular with buyers.
“Values are already rising in this inner suburb of Brisbane because the market is so hot,” he said.
“I expect that as the start of the Olympics draws near, we will see the demand really increase in the suburbs and the values continue to grow.
“Now is a great time for buyers to try to enter these markets before things really take off.
“It is also not too early for investors to start looking at these suburbs now so that they can position themselves to own rental properties to meet demand in 2032.”