Bernadette Condren | JUN 15, 2017
The Brisbane suburb of Ascot is one of the city’s most elite addresses and its tree-lined streets have created a village feel with trendy bars, swish boutiques, top-notch cafes and buzzing restaurants.
Location, location: this is prime property territory with an eclectic mix of huge, historic Queenslanders with deep, shaded verandahs and city views as well as more modern properties with an architectural empathy that fits with ease into the overall ambience of sophistication.
For Brisbane and Queensland this is top-notch. Domain economist Dr Andrew Wilson describes it as blue-chip territory, ranked alongside the historically established suburbs of New Farm, St Lucia and Highgate Hill, and the large-block mansions of Fig Tree Pocket and Pullenvale.
Median price for Ascot houses in the past six months is $1.54 million and for units $438,500. While these prices may seem ridiculous in a Sydney and Melbourne context (think the equivalent in Sydney, say Vaucluse, or in Melbourne, Toorak) and you start to get an idea of value versus outlay in a Queensland context.
Wilson says that building approvals for Ascot remain relatively moderate as expected given the high-priced, low-rise nature of the suburb.
“There was an exception in the last quarter of 2016 when a significant development was approved,” he says.
As such, Ascot attracts the well-heeled day and night to iconic Racecourse Road, but never more so than on racing weekends when the Eagle Farm and nearby Doomben Racecourses come alive with punters and movers and shakers from throughout South-East Queensland.
It’s a heady mix – property and punting – but one that works for developer Mirvac and the Brisbane Racing Club have joined forces on the Ascot Green residential precinct.
Mirvac general manager of residential in Queensland Warwick Bible says Ascot Green was an Australian first, the first residential development to be built alongside a racecourse.
“Despite being surrounded by open space and greenery afforded by the Eagle Farm Racecourse, Ascot Green is unique in that it is just a few kilometers away from Brisbane city and very well connected to main transport routes and surrounded by established lifestyle amenity of Racecourse Road,” Bible says.
“Eagle Farm Racecourse is steeped in history, having been the centre of Ascot for the past 150 years.
“To have this parcel of land become available is a truly unique opportunity as Ascot is renowned as one of Brisbane’s premier blue-chip suburbs and some of Brisbane’s best homes can be found in the 4007 post code. Ascot Green is an extension to this fantastic suburb.”
The Ascot Green apartments are set amongst landscaped gardens and parks, walking and bike tracks, and residents will enjoy living in a quiet, suburban oasis that comes alive with the excitement and action of each racing carnival.
Bible says this has been one of the advantages of partnering with the Brisbane Racing Club on the $950 million dollar development offering one, two, three and four bedroom apartments.
“The club is very forward thinking and progressive at looking at different revenue opportunities to fund racing in Queensland. Unlocking the value of their land is one key component of this strategy. Mirvac is delighted to be working with the Club.”
Pamela Cameron has lived in Ascot for more than 20 years and raised her family there.
“I like the proximity to the CBD, which is a big appeal, but mostly I like being close to the race track and the attractions along Racecourse Road, including the shopping, the banks, the restaurants and easy access to public transport,” Cameron says.
“It feels like we’re in a spot that’s a happening place – it’s exciting and interesting without losing its traditional values and heritage environment.
“There’s a real community feel as well, with intergenerational living – parents, grandparents and children. I wouldn’t live anywhere else.”
Not only is Cameron a resident but she’s also a business owner. As a milliner for the past 12 years, she has taken full advantage of her close proximity to the Eagle Farm Racecourse to establish her business Ascot Hats.
“It wasn’t something I planned for – it just kind of happened and because I live across from the racecourse, it couldn’t be a better location.”
Ascot isn’t just a place to live. It’s a suburb that embodies a lifestyle.