Bordered largely by the Brisbane River, Brisbane City is the heart of retail and business activity in the Brisbane Shire. Popular with professionals looking to live as close to work as possible, the City's property market has experienced strong demand in recent years.
The western side of Petrie Terrace was one of the first residential areas developed after Brisbane was settled. Approximately 300 houses, typically built on small lots, are located in this area. These properties have undergone significant renovation and the value of property in the Petrie Terrace precinct has growth substantially over the last few years.
To ensure this neighbourhood loses none of its historic character, the Brisbane City Council has a special control plan to ensure future developments are in accordance with existing residential and historic built environments.
While the older style housing is still attracting some buyers, it is the refurbishment of older buildings into apartments that has been attracting the most attention.
Inner city residential high-rise complexes were first developed during the late 1970s in the area bounded by Alice and Margaret Streets and included Club Lodge and The Gardens complex.
Lately there has been concern about an oversupply of unit complexes in the inner city, which have been sold largely off the plan to investors before construction has commenced. With the cancellation of the Devine project, The Georgian, many analysts believe the market will now be dominated by quality projects on premium sites.
The catalyst for Brisbane City's residential surge was the conversion of two previous commercial buildings into residential apartments during the mid 1990s. Newspaper House was transformed into the Manor Apartments and Perry House into the Royal Albert Apartments. Several other former commercial buildings have since been converted to residential use with most conversions taking place along Ann and Edwards Streets.
The demand for inner-city living has been reflected in the update, introduction and redesign of the Queen Street Mall, new supermarket facilities in the Myer Centre, and the opening of the new Roma Street Parklands.
Living in Brisbane City means residents are in walking distance to major retailers, business offices, churches, parklands and gardens, the Queensland University of Technology and all forms of public transport. Roma Street Rail Station also acts as a hub for intrastate and interstate coach and rail services.
Residents also have easy access to the Riverside Expressway leading onto the Southeast Motorway and the Gold Coast, the Victoria Bridge and Goodwill Pedestrian Bridge leading into South Brisbane and the Story Bridge leading into Kangaroo Point.
According to the 2001 Census there were 7,351 people living in the suburb with an average age of 37. Of all occupied private dwellings an average of 29% were either fully owned or being purchased; on average 55% were being rented.