Springfield is nestled in the heart of the Greater Springfield region, the largest master-planned residential development in the Southern Hemisphere. Launched in the early 1990s, it has now reached maturity with well-serviced infrastructure and a diverse range of services and facilities.
Location
Springfield is strategically located between Brisbane and Ipswich in South East Queensland’s Western Growth Corridor. It’s just over 30 kilometres from the Brisbane CBD—far enough to be away from the hustle and bustle, but close enough to be convenient. Neighbouring suburbs to Springfield include Springfield Lakes, Spring Mountain, Greenbank and Augustine Heights.
Springfield is at the centre of South East Queensland’s Western Growth Corridor. This region has been formally identified for fast-tracking by the Queensland government to accommodate Brisbane’s rapidly expanding and sprawling population. The population in the Western Growth Corridor is forecast to double by 2030, and there are billions of dollars’ worth of infrastructure projects either under way or planned during that time.
Springfield infrastructure and amenities
Springfield has a diverse range of modern infrastructure and amenities, including:
- Easy access to the Centenary Highway (M5) for a 30-minute drive to the Brisbane CBD.
- Springfield Fair Shopping Centre, with Coles as its anchor tenant. It also houses a diverse range of other retailers.
- Woodcrest State College, Springfield Anglican College and the Hymba Yumba Independent School. All three are co-educational schools from Prep to Year 12.
- Plenty of open and family-friendly parkland space.
- Public transport facilities via the Springfield train station and dedicated Translink bus routes.
- The Springfield Tavern.
The neighbouring suburb of Springfield Central has the major Orion Shopping Centre with over 80 retailers, major sporting complex, university campus and private hospital, with public hospital facilities due to be completed by the end of 2024.
In addition, the neighbouring suburb of Springfield Lakes has a neighbourhood convenience centre that houses a diverse range of essential services and stores.
Springfield demographics
Springfield’s current population is just over 7,000. It’s popular with a younger demographic, including singles, partners and families. It’s a multicultural area with lots of tradies. The median age of your typical Springfield resident is early 30s.
Many first home buyers see it as a stepping-stone area, and it’s also popular with rentvestors (first home buyers who invest in an affordable area and live elsewhere).
Springfield property trends
Significantly, Springfield is still a very affordable property market, unlike many South East Queensland property markets. That makes it attractive and accessible for both local and interstate investors (including rentvestors), as well as owner-occupiers.
The market is split between property investors (33%) and owner-occupiers (67%). Significantly, it has evolved over time from being primarily an owner-occupier suburb when new house and land packages were sold as it was being developed throughout the 1990s and early 2000s.
There are just under 2,500 properties in the suburb, with the vast majority being 3 and 4-bedroom houses. Both single and double-storey options are available.
Springfield is also an active property market, with just over 12% of rental properties changing tenants and about 6% of all properties selling over the past year. Selling prices obviously vary based on the features of each property, but the median price for a Springfield house is currently about $790,000, and $500,000 for an apartment or townhouse. The Springfield housing market is currently experiencing double-digit annual price growth.
Market rents also obviously vary based on the features of each property, but the current median rent for Springfield houses is $590 per week, and $545 for apartments/townhouses. The average rental yield over the past 12 months is 7.3% for houses and a staggering 16% for apartments/townhouses.
These are healthy returns, but many of our savvy Purple Cow landlord clients in Springfield are achieving both above-average rental yields and above-average capital growth.
How Purple Cow helps Springfield real estate clients
Market figures compiled by realestate.com.au verify that our Springfield property management team generates market rents that are an average of 11% higher for our landlord clients than competing agents, as well as 26% more tenant enquiries for our rental property listings. We do this via the superior services we provide to our landlord clients and tenants, including our 90-day pre-lease renewal process.
If you have an investment property in Springfield, we would love to manage it for you. Or if you are keen to buy a Springfield investment property, we can help you to find the right property and tenants to maximise your return.
We can also help you if you’re looking to buy or sell your property as an owner-occupier.
Contact us today to find out more.
