Brisbane’s property market continues to thrive, with Wavell Heights emerging as a standout suburb for those seeking a blend of lifestyle and investment potential. But for prospective buyers, a crucial decision looms: invest in a turnkey new home or purchase a knock-down property to build your dream residence?
Wavell Heights, known for its prime location just 10 kilometres from Brisbane’s CBD, is a suburb offering both modern, high-spec homes and older properties ripe for redevelopment. A close analysis of recent property sales and construction costs provides valuable insights for buyers evaluating their next steps.
The Allure of New Homes
Turnkey new homes in Wavell Heights offer immediate appeal with modern designs, luxurious finishes, and no construction delays. However, these benefits come with a premium price tag, with the average cost of a new home in the area sitting at approximately $2.57 million.
Recent sales data for new homes in Wavell Heights highlights the current market trends:
| Address | Bedrooms | Bathroom | Car | Land | Sale Price | Sold Date |
| 22A Bayview Terrace | 5 | 3 | 3 | 622m2 | $2,750,000 | 23-Apr-2024 |
| 29 Zeehan Street | 5 | 3 | 3 | 663m2 | $2,350,000 | 12-Mar-2024 |
| 19 Tabulam Street | 5 | 2 | 2 | 607m2 | $2,600,000 | 30-Jan-2024 |
| 20 Frankit Street | 5 | 3 | 2 | 607m2 | $2,620,000 | 4-Sep-2023 |
| 11 Gurley Street | 5 | 3 | 2 | 607m2 | $2,650,000 | 11-Jul-2023 |
These properties highlight the appeal of contemporary homes, particularly for buyers who prioritise convenience and are ready to pay a premium for a finished product.
Building from Scratch: The Knock-Down Approach
For buyers seeking a personalised living space, knock-down properties offer the opportunity to create a bespoke home. Recent sales of entry-level properties in Wavell Heights reveal an average purchase price of $1.2 million, with the total estimated cost for land acquisition, demolition, and construction sitting at approximately $2.075 million—a potential saving of up to $500,000 compared to buying new.
Here’s the latest sales data for knock-down homes:
| Address | Bedrooms | Bathrooms | Car | Land | Sale Price | Sold Date |
| 25 Palomar Parade | 3 | 1 | 1 | 622m2 | $1,372,150 | 23-May-2024 |
| 45 Fordham Street | 3 | 1 | 3 | 417m2 | $1,085,000 | 22-May-2024 |
| 24 Esdale Street | 3 | 1 | 2 | 627m2 | $1,300,000 | 30-Apr-2024 |
| 3 Macedon Street | 3 | 1 | 2 | 627m2 | $1,200,000 | 13-Apr-24 |
| 6 Albar Street | 3 | 1 | 4 | 862m2 | $1,260,000 | 2-Apr-24 |
While the financial advantages of building are clear, buyers must also consider factors such as construction timelines, interim accommodation costs, and site-specific complexities.
The Cost of Building: Expert Insights
David Farrer, Director of Sales and Business Development at McCarthy Homes, provides valuable insights into current construction costs:
“Currently, construction costs on a (turnkey) build with a typical size of 380m² would be approximately $2,700 per m². Such a price would encompass premium finishes and is based on a relatively flat site.”
For a 380m² home, this equates to an estimated build cost of $1.026 million along with an additional average cost of $70,000 to accommodate landscaping and pool inclusion, making building a viable option for buyers prioritising customisation and long-term value.
Key Considerations Beyond the Numbers
Beyond costs, prospective buyers should also evaluate:
● Timing: Building a home often takes 12–18 months, compared to the immediate availability of new properties.
● Flexibility: Building allows for full customisation to meet specific needs and preferences.
● Future Value: Well-designed knock-down rebuilds can yield significant resale value, especially in high-demand suburbs like Wavell Heights.
● Future Value: Well-designed knock-down rebuilds can yield significant resale value, especially in high-demand suburbs like Wavell Heights.
Partner with the Experts
Navigating the complexities of the Wavell Heights property market can be challenging. That’s where Brisbane Buyers’ Agency steps in. Led by Paul Palella, our team offers unparalleled local knowledge and a tailored approach to help buyers make informed decisions.
“Our goal is to empower buyers with the insights they need to make the best possible choice for their situation,” says Palella. “Whether you’re buying a finished home or building from the ground up, we’re here to guide you every step of the way.”
Book Your Free Property Insight Session
To simplify the decision-making process, Brisbane Buyers’ Agency offers a Free Insight Session, including:
● A tailored Buying Brief aligned with your goals and budget.
● Exclusive insights into Wavell Heights’ property market opportunities.
● Expert strategies to maximise your investment.
● Expert strategies to maximise your investment.
The Verdict: Build or Buy?
Both pathways—buying new or building—offer distinct advantages depending on your priorities. New homes provide convenience and immediate enjoyment, while knock-down rebuilds deliver customisation and potential cost savings.
