Run-down Brisbane workers’ cottages sell for almost $1 million at auction

Two shabby old workers’ cottages in two of Brisbane’s hottest locations have sold for close to $1 million each at auction, following fierce bidding battles worthy of a glamorous riverfront mansion.

The dated houses in East Brisbane and Mount Gravatt East attracted hordes of hungry buyers, with the first selling for $856,000 under the hammer, and the latter securing a jaw-dropping $945,000 and 40 registered bidders, topping off a thrilling weekend of auctions across Brisbane.

The pint-sized 62 Stafford Street, East Brisbane, secured 15 registered bidders on the day, with a far-north Queensland couple scoring the winning bid.

With its pink-and-green facade and Hills Hoist clothes line out the back, Ray White Brisbane City principal and auctioneer Dean Yesberg said he didn’t expect the home to get such a result, but put it down to a firing market, alongside the cottage’s prestigious location.

“It was the smallest house in the best street (of East Brisbane) and it’s a cute cottage. Also, the house next door is a magnificent heritage-listed old colonial and that added hugely to the appeal. It gives you confidence as a buyer,” Mr Yesberg said.

“The couple who got it had only seen the property on Friday, and they were coming down from Mission Beach. They wanted to buy something in the city and they’re planning to renovate it.”

Proving size is no guarantee of selling power, the two-bedroom cottage at 45 Gatton Street, Mount Gravatt East, enjoyed a rock-star reception from home hunters and developers alike, before selling for an incredible $95,000 above the reserve price to a developer.

Selling agent James Austin, of Ray White Mount Gravatt, said the block itself and the sheer development potential sparked soaring buyer interest.

“There’s nothing like it around this area, it has a dual street frontage and the potential to be split into two blocks of land. Most of the buyers there today were developers with that in mind,” Mr Austin said.

 

“The buyer was an experienced developer who has done a lot of projects in Queensland. He hadn’t seen it prior to that auction that we know of, he just turned up on the day and bid aggressively.”

It was the two humble homes that stole the auction limelight on Saturday, but agents from across Brisbane clocked top sales from mini-mansions through to acreage hideaways off the back of soaring local activity.

Place Bulimba agent Joanna Gianniotis sold 14 Grant Street, Camp Hill, under the hammer for $2.2 million, following what she said was a fast-growing upgrader trend.

“We identified the buyer early on in the piece and it was a family who had come through four or five times. They were moving in from outer Brisbane into the city so their older daughters would be closer to universities and they were looking for just over a year,” Ms Gianniotis said.

“And, they were so excited (to finally get their dream home).

“We’re certainly seeing a strong taste with buyers seeking that large family home where they can house adults. Children are staying home for a longer period and, because of covid, people are working from home, so it changes what you need.

“But, the market in general has been just crazy and there’s just not enough out there, and what there is the locals have been snapping them up.

“In fact, this weekend has been big, with sales to locals who are trying to finalise buying a property before next weekend (when the borders open).”

Although locals dominated the buying pool on Saturday, a sprawling mini-mansion at 170 Camelot Place, Bridgeman Downs, attracted bidders from across the country and around the world, passing in at $4 million.

Selling agent Sonya Treloar, of Ray White Bridgeman Downs agent said five registered bidders fought it out for the seven-bedroom abode, which she was expecting to sell quickly in post-auction negotiations.

“We also sold 34 Peppermint Drive in Cashmere and it was a fantastic result. We had six registered bidders and it was fierce up to $1.3 million, before being sold for $1.305 million to a gorgeous couple with two little boys and they are making it their family home,” Ms Treloar said.

“It would also have to be one of the highest prices achieved in Cashmere.

“Right now, we have multiple offers on every property and we were so busy last weekend, we signed six contracts. There are lots of buyers and sellers are achieving really good results.”

Across the prestige end Peter Florentzos, of LJ Hooker Sunnybank Hills, sold 7 Hibiscus Court, Stretton, for $1.626 million, with a local buyer securing the winning bid for the seven-bedroom, four-bathroom mansion.

7 Hibiscus Court, Stretton.

“The market is very strong and, in my opinion, it will only get stronger next year. Confidence is back massively and interest rates are ridiculous, so it all falls into place,” Mr Florentzos said.

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Southport mansion sells for $4.6 million

A trophy home in Queensland’s Gold Coast has sold for $4.6 million on the first inspection.

Located at 2 Charlton Street, the Southport home was located at on a 1,250 sqm block set against a parklike setting.

The seven-bedroom, eight-bathroom property offers two fireplaces, outdoor entertaining terraces and water views.

Other features of the residence is the home cinema, two studies and multiple formal living and dining areas.

The prestigious TSS Southport precinct property was marketed by Ray White’s Sam Guo and Julia Kuo.

A pool, cabana, sauna and external shower compliment the Hamptons-style feel of the home.

The vendor was Fiona Jackson who acquired the property in 2013, a mother and businesswoman who has worked for a royal family in the Middle East.

It has been on and off the market since 2015, according to CoreLogic.

The home is only a short distance from Gold Coast beaches, the Southport Marina and Brickworks Village.

 

Article Source: propertyobserver.com.au

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Slow return to normal for office values, with WA the best performer: NAB

There will be no huge spike in office market values in the post-COVID world.

That’s the view of NAB’s Q3 Commercial Property survey, which is forecasting declines to 2022.

There’s only good news for Western Australia in the near term, whose values are forecast to decline -2.4 per cent in the next 12 months.

Then they expect the market to be flat to Q3 22.

Nationally, NAB expect capital growth in the office market to contract -3 per cent in the next 12 months, driven by VIC (-3.6 per cent), QLD (-3.4 per cent) and NSW (-2.9 per cent).

The SA and NT office market are forecast to fair slightly better over the next year, with declines of -3.2 per cent forecast.

“Property professionals see Office markets remaining “somewhat” over-supplied over the next 1-5 years in all states bar NSW (“neutral” in 5 years),” the reported read.

“The 12-month confidence measure was weakest for Retail (-71) property, followed by Office (-63), with confidence levels in both sectors little changed from the record low levels reported in Q2.”

“The 2-year measure was also broadly unchanged at near record lows in both sectors (Retail -47; Office -40).”

The national office vacancy rate lifted to a two and a half year high of nine per cent in Q3, up from 8.5 per cent in Q2, primarily driven by an increase in QLD (11.8%).

Overall vacancy is expected to climb further to around 10% in the next 1-2 years, with increases in VIC (around 8.7%), NSW (around 8%) and QLD (around 131⁄2%).

Unsurprisingly, with many commercial tenants still struggling in a challenging economic environment, the rental outlook remains weak for office property.

Over the next 12 months, rents are expected to fall -3% in office.

Rental growth is expected to continue falling in over the next 1-2 years, and in all states, with VIC (next 12 months at -4.9%) and QLD and SA/NT (in 2 years at -3.5%) under most pressure in office markets.

Article Source: propertyobserver.com.au

 

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Gold Coast property market tipped to ‘increase dramatically’ in first home buyer frenzy

A surge in first home buyers is set to fuel house price hikes, with the Real Estate Institute of Queensland (REIQ) tipping property values will “increase dramatically” in 2021.

Key points:

• Real Estate Institute Queensland expects Gold Coast property prices to “increase dramatically” in 2021
• Gold Coast suburb of Clear Island Waters, values have jumped 11.3 per cent year-on-year
• Home loans for first home buyers across Queensland skyrocketed 41 per cent in September

It follows a 40 per cent surge in first home buyers entering the Queensland property market in September and predictions of a nationwide property boom.

REIQ corporate affairs manager Olivier Bleylock said suggestions of a 25 per cent increase in interstate migration to Queensland next year would put further upward pressure on the cost of housing.

“The Gold Coast has seen an annual growth of 3.2 per cent year on year for housing,” Mr Bleylock said.

“We actually expect that growth will continue but will also increase quite dramatically in the next 12 months.

“For units, it’s been a little bit more mild at 1.8 per cent but we’re still seeing some steady growth.”

First home buyers ‘out in force’

Some Gold Coast suburbs have recorded bigger price hikes with values in Arundel increasing 5 per cent and Broadbeach Waters 7.2 per cent.

The average price for a home on the Gold Coast is now $640,000 and for a unit it is $420,000.(ABC Gold Coast Dominic Cansdale)

“Clear Island Waters — that reached the highest at 11.3 per cent which is quite significant,” Mr Bleylock said.

“We’re also expecting prices to continue to rise probably a lot more than what they are at the moment.”

The REIQ said the appetite for Queensland property had ramped up in recent months with a frenzy of activity from first home buyers across the state.

“A 41 per cent boost just in September alone and that equates to 3,100 loan applications that were taken out.

“What we’re seeing is first home buyers are really coming out in force.

“We’re also seeing with interstate migration is there’s been an 18 per cent increase from February through to August this year and that’s primarily coming from NSW and Victoria.”

The Gold Coast is becoming a very popular destination in the ‘work from home’ COVID-19 era(ABC News: Sarah Motherwell)

Property analyst Terry Ryder said first home buyers were the most active they had been in a decade.

“I think first home buyers are the most active cohort in the property market across Australia and it’s no surprise,” he said.

“I would argue there’s never been a better time to be a first home buyer in Australia, provided you have secure employment.

“Interest rates have never been lower and the level of government assistance for first home buyers has never been higher.

“In years gone by first home buyers were often competing with investors for the same property but that’s not so much the case.

“Despite all the buoyancy in the market, investors are largely sitting on the fence.”

Nationwide property boom

Mr Ryder believed Australia was heading into a nationwide property boom with strong markets across the nation but especially in regional areas.

“In various parts of the country that boom is already underway, it’s already a reality.

“I think also the trend of expats wanting to get the hell out of wherever they are in Europe, where the virus is just out of control and come back to Australia.

“Expats are coming back in large numbers, hundreds of thousands of them have already returned.”

Broadbeach real estate agent Troy Fitzgerald believed a lack of stock was also driving prices higher.

“It’s actually quite nuts at the moment,” Mr Fitzgerald said.

“I haven’t seen it this good since before the GFC.

“Especially in the southern market, like anywhere between Mermaid down to Tugun and Bilinga — so all the way along the coastline.”

Exceptionally tight vacancy rates

The REIQ predicts the relaxation of border restrictions will make it even harder to find a rental property on the Gold Coast.

The current vacancy rate was 1.6 per cent but it was even lower in southern suburbs.

Mr Bleylock said Palm Beach tenants were facing a serious rental property shortage with a vacancy rate of 0.2 per cent and in Miami it’s 0.4 per cent.

“Vacancy rates will remain as tight as they are,” he said.

 

Article Source: abc.net.au

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Why Didn’t the Australian Housing Market Crash?

It has been a devastating year for many households and small businesses as Australia moves through its first recession in more than 28 years.

ABS payroll data suggests wages are down 4.3 per cent between Australia’s 100th case of Covid on 14 March 14, and 31 October and payroll jobs decreased 3.0 per cent.

At the onset of the pandemic, consensus seemed to be building that the national decline in property values could reach 10 per cent, with worst-case scenarios suggesting prices could fall by as much as a third.

But between March and October, Australian home values have fallen just 1.7 per cent and October marked a 0.4 per cent increase in values, with the trend over November suggesting a further acceleration in growth.

Although housing values are once again rising, it’s important to highlight that Melbourne housing values remain around 5.4 per cent below their recent high.

Sydney housing values are still 4.8 per cent below their 2017 peak and values in Perth and Darwin are more than 20 per cent below their 2014 peaks, while the remaining capital cities have seen housing values move to new record highs through the Covid period.

As Australia enters the start of a gradual recovery from the largest economic downturn since the 1930’s, how can this be reconciled with such a mild downturn in property values?

A few factors that may explain the relative stability in housing, at a high level, are put forward below.

Low-cost debt

The cost of borrowing money is probably one of the most important factors influencing property values.

Over 2020, the RBA have reduced the official cash rate target (which influences lending rates) by 65 basis points, to 0.1 per cent.

In a bid to stimulate economic activity, the reduced cash rate has lowered bank funding costs, leading to record low mortgage rates.

This relationship has held up historically, with RBA research previously suggesting that a 100 basis point reduction in the cash rate can lead to an 8 per cent increase in property values over the following two years.

RBA cash rate v monthly change in national dwelling values

Source: RBA, Corelogic

In fact, it is not uncommon for housing markets to increase in value during negative economic shocks, or periods of rising unemployment.

This is because the monetary response to rising unemployment and falling consumption, is often to lower the price of debt.

Those that still have a secure income during these shocks may be more inclined to borrow and buy as a result.

Mortgage repayment deferrals

The Australian household debt to income ratio is an eye-watering 185 per cent.

This high level of debt is a vulnerability amid severe economic contractions, because sudden job loss reduces the ability of households to service this debt.

In the April Financial Stability Review, the RBA highlighted that each 100 basis point increase in the unemployment rate could lead to an 80 basis point increase in the portion of mortgages in arrears.

In the case of large-scale mortgage debt, ongoing arrears can lead to forced sales, which in turn fuel risks associated with higher supply in the housing market, lowers values, and higher rates of negative equity, where the borrower sells their property for less than what they owe the bank.

Mortgage repayment deferrals have acted as a temporary stopper on this vicious cycle.

Those that did not want to sell amid economic uncertainty due to an inability to repay their mortgage, did not have to.

This may have contributed to very low levels of stock throughout 2020, which only reduced further amid stage 2 restrictions from March.

The low level of stock on market likely helped to insulate dwelling values during this time.

Number of total listings

^Source: Corelogic

The April Financial Stability Review also noted that over half of owner-occupiers with a mortgage had at least three months of pre- payments on their mortgage.

Indebted households are further supported by the record-low cash rate, which is lowering the cost of servicing debt as incomes have fallen.

APRA data on loan deferrals show borrowers are becoming less dependent on these policies.

As jobs and incomes slowly recover across the economy, the portion of housing loans deferred has come down from a peak of 11 per cent in May, to 7 per cent in September.

More recent updates from lenders indicate the number of mortgages on deferral arrangements fell sharply through October and November.

Continued leniency for mortgage repayment deferral, particularly for owner-occupiers, is in the interest of the banking sector, and extends the “bridge to recovery” as the economy gradually recovers.

It is worth noting indebted households do ultimately pay for mortgage repayment “holidays”.

With unpaid interest capitalising on their loans, these households will be further indebted down the line, which may constrain their future consumption, particularly in the event of another shock to the economy.

For now, however, it is a policy which has helped to stave off further deterioration in housing markets.

This economic downturn was different

A third, important factor that may have insulated parts of the housing market is the specific nature of the economic downturn.

Severe job loss across hospitality, tourism and the arts resulted from the purposeful slowdown of “social consumption”.

Change in payroll jobs

^Source: ABS, 14 March to 31 October

 

Those working in food and accommodation and arts and recreation, have seen devastating job loss through the pandemic.

However, those working in this industry are less likely to have mortgage debt.

The decline of employment in these sectors likely contributed to severe pockets of rental income decline, but the investor servicing debt may be able to hold on to the asset while it is temporarily vacant.

It is worth noting that prolonged declines in rental markets do ultimately pose risk to values.

An example is Inner-city Melbourne, which has high exposure to rental demand from overseas migrants.

Median asking rent values across the Melbourne SA2 market have fallen 24.2 per cent between March and October.

This highlights re-opening international travel and migration as a key part of bolstering rental income from property.

Housing markets did not hold up everywhere

These aforementioned factors may have contributed to stability in the housing market at an aggregate level in the face of Covid.

The many markets that make up the Australian property market still add complexity in evaluating its performance.

There have in fact been significant corrections in property values since March, such as in the inner-east of Melbourne, which fell -9.6 per cent in value over the period.

Covid has affected property markets, but severe loss in housing values has so far been contained.

Looking forward, despite further reductions in fiscal support, dwelling values are likely to continue rising off the back of the November cash rate reduction, converging with a recovery in consumer sentiment and economic conditions.

A strong institutional response and the manufactured nature of the current downturn has moderated the impact of Covid on the housing market, and would be further buoyed by the ongoing containment of the virus.

 

Article Source: theurbandeveloper.com

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Elanor Nabs 1.5ha Brisbane Site for $80m

Listed real estate fund manager Elanor Investors Group has purchased a Brisbane office and healthcare property for $80.2 million for its unlisted healthcare property fund.

The 1.5 hectare Woolloongabba site comprises two buildings, which stand two and three levels in height, occupied by the Catholic Education Office and Queensland Health.

The site’s zoning allows for heights up to 12 levels.

The Burke Street property was purchased in a new single asset unlisted real estate fund, which the fund says attracted strong demand from institutional and private capital partners.

▲ A 1.5 hectare Woolloongabba site at 2 Burke Street has sold for $80.2 million

Elanor’s co-head of Real Estate David Burgess said the property provides value-add opportunities given its location and “favourable” zoning.

“Our focus on acquiring strong income generating properties that also possess options for value-add strategies is a particularly attractive prospect for our wholesale investors in a post-Covid environment,” Burgess said in a statement.

The purchase follows Elanor’s sale of Auburn Central in western Sydney for $129.5 million this month.

In October, the fund manager purchased a nearby Brisbane community health centre for $37 million.

The Woolloongabba Community Health Centre sits within a health precinct close to Brisbane’s Princess Alexandra Hospital.

Elanor’s latest $80 million office and healthcare acquisition is fully leased to the Queensland government’s Metro South Health department.

Burgess said Woolloongabba is one of Brisbane’s fastest-growing suburbs with a population projected to grow at more than 4 per cent annually.

The Queensland state government’s Metro South Health occupies 2 Burke Street with a lease expiring in 2025.

Catholic Education, which occupies the building fronting Ipswich Road, recently entered into a new 10-year lease.

 

Article Source: theurbandeveloper.com

 

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Gold Coast’s Kirra Beach sees $25 million MAYA development completion

Spyre Group has announced the completion of its $25 million MAYA project in the Gold Coast’s Kirra Beach. 

The development at 1 Coyne Street offers a combination of 16 two and three bedroom residences across its nine levels.

“The southern Gold Coast is undergoing an amazing transformation”, Spyre Group director Andrew Malouf said.

“Our discerning buyers have recognised this and bought into a luxury project right in the heart of this transformation.” 

Just last month, Brisbane-based KTQ Group unveiled plans to launch a $380 million redevelopment of the Kirra Beach Hotel.

MAYA’s features include ocean views, coastal-inspired architecture and outdoor amenities, including a pool, leisure area and outdoor beach showers. 

Most apartments also include a full-size multi-purpose room which can accommodate an additional living area, study or library. 

Prices for a three-bedroom, two-bathroom residence in the Kirra Beach development start at $1.65 million. 

“With construction completed we expect the limited remaining apartments will sell before the end of the year,” Malouf said.

MAYA is the third project on the Gold Coast to be developed by the Spyre Group. 

The developers are also behind the Natura at Burleigh Heads project and the $79 million Elysian at Broadbeach.

Article Source: propertyobserver.com.au

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Renters in Sunshine Coast struggling as demand soars for properties leaving vulnerable tenants out

A Sunshine Coast property management firm says people looking for rentals in the region are getting desperate, with up to 70 people registering their interest when a new property comes onto the market.

The rental vacancy rate on the Sunshine Coast is currently 0.5 per cent, in Noosa, it’s 0.6 per cent, while Gympie is even tighter at 0.4 per cent, according to data from the Real Estate Institute of Queensland.

Key points:

• The Sunshine Coast’s rental market is seeing huge demand mainly due to shortage of stock
• Property agents say tenants need to make sure they have all the required documentation
• Tenants Queensland is encouraging people to reach out for help if they are experiencing difficulty finding a new rental property

Image Property director Joel Davis said he had never experienced rental demand like it in his career.

“It’s just gone to another level, it’s nothing like I’ve ever seen before,” he said.

“I’m getting private messages from people that are asking to stretch a friendship in order to try to get a friend’s application processed or even looked at.”

Mr Davis, whose company manages hundreds of rental properties on the Sunshine Coast, said the problem was largely based on a shortage of stock, with less investors buying homes locally.

“I think that’s probably one of the biggest contributing factors,” he said.

“The owner-occupiers and first home buyers are taking a lot of stock which traditionally would have gone to investors from the likes of Sydney or Melbourne.”

He said the region’s location and employment opportunities were more desirable than ever.

“And therefore that traditional migration of people that you get going down to Brisbane for work is not there anymore,” Mr Davis said.

“You’re actually seeing a lot more people be able to find employment on the Sunshine Coast.”

Standing out from the crowd

Property agents are processing upwards of 20 applications per property in the region, and Mr Davis said there were a few things prospective tenants should do to stand out.

“The number one thing that people need to do is not give the agency any reason not to prioritize their application,” he said.

“We’re getting applications where there’s three people who have applied, but only two of them have provided their information.

“It’s not even being considered because there is no reason to when you’ve got applications which have been presented in full and are able to be turned around very quickly.”

Mr Davis said tenants needed to be incredibly organised before they lodged an application.

“So making sure they have supplied absolutely every single thing that there is on the application, getting a copy of the rental references etc,” he said.

“That definitely makes it easier to shortlist those applications in times like this, where you do have such heavy competition.”

“And make sure you take shoes off without having to be asked when you view a property, that’s always something people take note of.”

But he admitted even well-organised, quality applicants were missing out on properties with a pool of strong competition.

“There’s an abundance of choice for homeowners at the moment and that does make it hard for certain demographics,” he said.

“Where you’ve got people that have got a couple of dogs or a couple of pets, it’s not always his first choice to take applications with pets.

“Personally, you know, I’d probably take a dog over a two-year-old child myself, that’s not always the way that people see it.”

Tenants Queensland CEO Penny Carr says people facing homelessness should call the Homeless Hotline.(ABC News: Tim Swanston)

Where to go if things are getting desperate

Tenants Queensland chief executive Penny Carr said people shouldn’t wait until their situation had reached crisis point before seeking help.

“We’re getting reports with people saying they’re going for property, but there’s already 30 applications on it before they get to do the inspection,” she said.

“So if people are struggling to find a new property, getting good tenancy advice from us is important.

“The earlier you can do that the better the situation is likely to be.”

She said if people were facing homelessness, then they should call the Homeless Hotline, which was a free service.

Ms Carr said Tenants Queensland had seen an increase in calls for help from people who were being forced out of a rental property or they had a dispute about a rent reduction due to COVID-19

“They’re struggling to find properties, and we’re seeing that in northern suburbs of Brisbane, Sunshine Coast, and also regional towns up the coast,” she said.

“So we think it’s probably a consequence of a couple of things, one is liveability, so you’ve got people who are moving out of the city, city vacancy rates are relatively high.

“Either they don’t work in a city that has a job anymore, or they don’t have to go to work every day. So taking the cheaper option somewhere in the suburbs or other places.

“Then there are people who are deciding to make an interstate move as well.”

Ms Carr said there was no magic solution to the problem, but she was encouraging people not to give up.

“I would say to them, try to put their best foot forward. So if they’ve got a great rent record … if they’ve got some references, get them out. Keep in touch with the agent of the owner, show that you are genuinely trying,” she said.

“It’s very difficult for people. There’s no magic solution to it, because people don’t just need a property ideally, they want a property that suits their needs and their family situation.

“And it’s very difficult when you’re under this pressure, especially for kids that have school locally.”

Article Source: abc.net.au

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Public consultation open on two West End green bridges

Brisbane City Council has released several options for the locations of two new pedestrian bridges linking West End to Toowong and St Lucia for public consultation.

Both bridges, which would be accessible to people on foot or on bicycles or scooters, have three options available for input, with varied impacts on private property, public space and access to transport.

Consultation on the options, proposed under the council’s Green Bridges Program, is open until the end of January.

Public and active transport committee chairman Ryan Murphy said designs for the Kangaroo Point and Breakfast Creek green bridges were also being finalised and construction was expected to begin in late 2021.

“We can confirm the Kangaroo Point bridge is being progressed with a navigational clearance height of 12.7 metres, which is no lower than the Captain Cook Bridge,” Cr Murphy said.

“We are progressing the Breakfast Creek bridge based on a skewed alignment from the north-west corner of Newstead Park to Kingsford Smith Drive and Cameron Rocks Reserve, and a tied-arch bridge design.”

Cr Murphy said two tenderers – Connect Brisbane and the Hull SRG Joint Venture – had been shortlisted to design and construct the Kangaroo Point bridge.

Three tenders – Fulton Hogan, Georgiou Brady Joint Venture and JF Hull – are bidding to construct the Breakfast Creek bridge.

The first St Lucia-West End option connects Guyatt Park in St Lucia to Orleigh Park in West End, with high-frequency public transport options available on both sides and no resumption of private land.

However, it would consume some of the public parks on both sides of the river, and “may impact established trees and park infrastructure”, according to the council website.

That option was expected to have the highest number of trips daily, estimated to be 4000 trips by 2031 and up to 4600 by 2041.

A St Lucia-to-West End bridge proposal from Brisbane City Council.CREDIT:BRISBANE CITY COUNCIL

A second option requiring resumption of private property would link Ryan Street in West End to Munro Street in St Lucia, and is estimated to carry 1600 trips daily by 2031.

A final option, which would require a steeper bridge grade, would connect Boundary Street park in West End to Keith Street in St Lucia, resume more private properties and have about 2400 daily trips by 2031.

For the Toowong-West End green bridge, one option would see land resumed at 600 Coronation Drive, the former ABC site that has long been touted as a potential public park and bridge landing space, linking to Orleigh Park near Forbes Street in West End.

That bridge proposal would carry 3400 trips daily by 2031 and 4600 by 2041, the council said, with some partial resumption of private land.

The second Toowong-West End option would connect Archer Street in Toowong to West End’s Orleigh Park near Drury Street, and is expected to carry about 3800 trips daily by 2031 and 5100 trips by 2041.

It would also have good travel connections, but bring “impacts to character houses and local streetscape”, the council said.

The third option would also connect Archer Street, near Glen Road, to Orleigh Park near Drury Street.

It would require a steeper grade and have “significant visual and amenity impacts”, but good connectivity to public transport and Toowong centre.

The third option was projected to have 3700 trips daily by 2031 and 5000 trips daily by 2041, according to the council.

Greens councillor Jonathan Sri said he wanted to have full community consultation before providing his own input to the council.

“I still really want to see more information justifying the St Lucia footbridge, because I suspect the business case for it might not be quite as strong,” Cr Sri said.

“I’ve previously told council that while I’m very supportive of the West End to Toowong footbridge, I suspect that getting a new CityCat terminal for the western side of West End might actually be a higher priority.

“The Toowong bridge is a high priority and a new CityCat terminal is a high priority but a direct footbridge to UQ might not be as urgently needed.”

Cr Sri said he also wanted more information around the projected traffic counts cited by the council for each option as they varied significantly.

Article Source: brisbanetimes.com.au

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$180 million Greville master-planned community in Wooloowin launched

Cedar Woods Properties has unveiled plans for Greville, a new $180 million-plus community in Wooloowin.

It will feature a mix of terrace homes, apartments and heritage residences just five kilometres from the Brisbane CBD.

The urban village will be the first project of its kind for Wooloowin and ultimately feature over 250 homes and apartments, an exclusive residents’ recreation zone and pool, and a 4,000sqm community park.

Cedar Woods is taking expressions of interest for the first stage, which will comprise 12 north-facing terrace homes.

The Greville name is a nod to prominent architect Francis Drummond Greville Stanley who designed the Holy Cross Laundry, which opened in 1889.

Cedar Woods Senior Development Manager Peter Starr said Greville ticked all the boxes for buyers wanting an inner-city location, a modern Queenslander-inspired home and a design with liveability at the core.

“All our terrace homes have an optimal north-south orientation, meaning they are designed to enjoy abundant natural light and breezes, with our first release in an elevated enclave, meaning some also enjoy city skyline views.

“All the homes feature a generous landscaped courtyard, and open plan living that integrates seamlessly with either the courtyard or a balcony, creating light-filled indoor-outdoor living and entertaining.”

Mr Starr said lush landscaping would feature heavily at Greville.

Greville is just a 400 metre stroll from Wooloowin train station and 1km from the Northern Busway at Lutwyche, with the Northern Bikeway extension at the doorstep.”

The first terrace homes at Greville are priced from below $800,000.

 

Article Source: propertyobserver.com.au

 

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Gladstone prestige market activity at rock bottom: HTW

The prestige market in Gladstone has been very thinly traded over the course of 2020, according to the November report from Herron Todd White.

In 2019, we saw two sales occur above $1 million. In 2020, the highest sale to date has been a rural residential property in Wurdong Heights for $840,000. This 6.32-hectare property is located on an elevated allotment with 270-degree panoramic views (east to the Boyne River, south to Many Peak Ranges and north overlooking natural bushland).

The dwelling itself was a mid 1990s four-bedroom, two-bathroom residence with extensive outdoor areas to take advantage of the views. Other features include shed space, golf buggy with built in charging station and a concrete cyclone bunker built into the side of a cliff.

Another prestige property in the dress circle location of Parksville Estate in New Auckland that has recently gone under contract. HTW are unable to disclose the purchase price at the time of writing, however can advise that the asking price was $889,000 and the purchase price was very close to the asking price. The property comprises a large, high quality home with all expected features plus sheds, a pool and spa on a 5,422 square metre near level, extensively landscaped lot.

This location is very sought after. Two vacant allotments recently sold for around $300,000 each in this estate.Also located in the estate is 2 Parksville Drive which we mentioned in last year’s prestige issue when it sold for $1.04 million.

There are currently about a dozen properties in the region listed for sale above $1 million. Most are rural residential properties, however a couple are large, modern, inner city dwellings that take advantage of amazing harbour views.

 

Article Source: propertyobserver.com.au

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Brisbane River property with water offered

AN 83 hectare (205 acre) property positioned above the Brisbane River and less than 60 minutes from Brisbane CBD is on the market.

The property is located between Lowood and Fernvale and will be auctioned by Colliers International in Brisbane on December 17.

The property comprises of four lots and has northern views from Mount Hancock.

The main entry is a 22m frontage on Glamorgan Vale Road. The three adjoining lots have direct access to the Brisbane Valley Rail Trail, including a small parcel of land on the banks of the Brisbane River where the access to the water licence is granted.

The 83 hectare property comprises of four lots.

Marketing agent Peter Uebergang, Colliers International, said investors could choose the best location for a new home with sweeping northern views and utilise other areas for family or guest accommodation, or perhaps a ‘glamping’ tourism venture based on the Rail Trail.

“With an eye to the agri-tourism potential of the Somerset Region and the population growth that is taking place in the south east corridor this will be a solid investment,” Mr Uebergang said.

“Land of this size with a 40ML licence do not often become available.”

The story Brisbane River property offered first appeared on Queensland Country Life.

 

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Amora Group preparing to make its debut in Queensland

The Thai hospitality group has added a third property to its local portfolio and has set in place a timeline to rebrand.

Thailand-based group, Amora Hotels and Resorts, has announced the acquisition of a hotel in Brisbane which will see the group make its debut in Queensland – its third Australian city.

The company recently took possession of the building currently operating as Novotel Brisbane and has set about finalising a timeline for refurbishment to bring the property in line with its own brand hallmarks.

The new acquisition features 296 guest rooms, 10 meeting rooms, a restaurant, café and lobby bar, fitness centre, outdoor swimming pool and carpark.

Amora Hotels and Resorts arrived in Australia in 1996 when it opened the doors to Amora Hotel Riverwalk Melbourne in 1996. The group expanded in 2003 when the former Le Méridien in Sydney was purchased and rebranded as Amora Hotel Jamison Sydney, becoming the company’s flagship property in Australia. The company also operates three hotels in its home turf of Thailand, in Bangkok, Phuket and Chiang Mai.

Speaking on the new acquisition, Amora Group Australia Director/Owners spokesperson, Raja David, said: “The acquisition of Brisbane will enhance the groups’ position in Australia and Thailand as one of the most popular hotel groups for both business and leisure travel.”

“It is crucial we ensure the same superior hospitality enjoyed by our Melbourne and Sydney guests is extended to the people of Brisbane and the wider community,” he added.

Article Source: hotelmanagement.com.au

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How much it costs to buy in Brisbane’s school catchment zones: Domain report

House prices in some Brisbane school catchments have skyrocketed by almost 30 per cent over the past 12 months, proving education is not only golden but worth far more to families than a big pool and river views.

The dramatic price hike comes amid reports of fierce buyer competition and an airtight rental market in the city’s key family hotspots, as growing hordes of home hunters place primary and secondary school access at the top of their wish list.

According to the latest Domain School Zones Report, which measures median prices within school catchments over a 12-month period, prices in a majority of both primary and secondary school catchments rose significantly higher than their respective suburb, with families appearing to place more onus on secondary school placement.

Across Greater Brisbane, a whopping 72 per cent of secondary school zones experienced a price rise, compared to a slightly lower 61 per cent of primary school catchments.

Domain senior research analyst Dr Nicola Powell said prices in some secondary school catchment zones increased an incredible nine times faster than that of prices in Greater Brisbane, with the sunshine state capital further featuring heavily in the national combined cities top 10, with five primary school catchments making the list.

She said the figures also revealed just how much importance families placed on education – no matter their property budget.

Brisbane’s top 10 school zones for house price growth

SCHOOL LEVEL	SCHOOL NAME	SCHOOL SUBURB	MEDIAN SALE PRICE	ANNUAL CHANGE
Primary	Bald Hills State School	Bald Hills	$675,000	29.2%
Primary	Wynnum West State School	Wynnum West	$547,500	28.8%
Primary	Rainworth State School	Bardon	$1,150,000	27.8%
Primary	Ipswich Central State School	Ipswich	$365,000	27.0%
Primary	Cannon Hill State School	Cannon Hill	$755,000	25.8%
Primary	Tingalpa State School	Tingalpa	$675,000	25.6%
Primary	Marsden State School	Marsden	$342,000	23.9%
Secondary	Flagstone State Community College	Jimboomba	$471,000	23.9%
Primary	Morayfield State School	Morayfield	$382,250	23.9%
Primary	Aspley State School	Aspley	$776,500	23.3%

Source: Domain Group. Median sale price is based on 12 months of data to October.

Embed this table

“These catchments are a fundamental driver for property decisions because education is hugely important … And one of the things I have seen [within the data] is those positive rates of growth were dotted around the city,” Dr Powell said.

“In fact, when you look at the top 10 [school catchments], it spreads from expensive pockets to more affordable.

“Because it doesn’t matter what price point [buyers are shopping at], they place equal importance on education and that’s what this report highlights.”

While the report revealed secondary school zones outstripped their junior counterparts in overall performance, it was primary school catchments that claimed the highest property price hikes, with the highly desirable Rainworth State School catchment, in Bardon, undergoing one of the biggest spikes of the year.

Median house prices there soared by 27.8 per cent to a bank-breaking $1.15 million.

It’s a figure that comes as no surprise to mother-of-three Megan Matthew, who purchased a home there 12 years ago for the sake of her and her husband’s children, only to recently sell 49 Outlook Crescent with the ambitious plan of upgrading into the same hotspot.

Since then she admitted to spending countless hours combing websites and walking the streets in the hopes of finding the perfect family home before Christmas, with a severe lack of stock forcing them into the rental market in the interim.

“My partner and I bought here in Bardon a long time ago … and we bought our home understanding that it was in a fantastic area for schooling … particularly for Rainworth State School,” Mrs Matthew said.

“We wouldn’t have sold it if it had had a bigger footprint … but now I am finding it really tough to find the perfect place [to purchase].

“It’s a matter of low stock, competition [for the area] and prices rising … in fact I can see the prices rising in front of my eyes.

“Even getting a rental was really challenging. It’s a landlord’s market and it’s a seller’s market right now.”

Mrs Matthew said what made the Rainworth State School catchment in Bardon so special was more than just the school itself, but the fact it was located close to top secondary schools.

“That´s why Bardon is so great … you’ve also got Brisbane Girls Grammar or St Joseph’s in Gregory Terrace as well as great secondary state schools. In fact, a good family home needs to be two-fold, it has to be in a good catchment for primary schools but also close to those secondary schools. It forms a big a part of the buying decision,” she said.

“Bardon is also only 10 minutes to the city so if you were there and if you want to go out, it ticks all the boxes.”

While Mrs Matthew’s two eldest children are now in secondary school (attending Brisbane Girls Grammar and St Joseph’s Gregory Terrace), it’s her three-year-old who is now dictating their property options, and a prime reason why her and her husband are so desperate to buy back into the Rainworth State School catchment.

Ray White Paddington agent Judi O’Dea sold the Matthew family home and said in her experience, the top property ingredient for Brisbane families was often the local primary school – with Rainworth State School catchment being an enormous drawcard for years.

“It’s always been extremely important and motivating for families to get into that catchment and they’ll do anything not to be just in that zone, but part of that community,” Ms O’Dea said.

“I call that zone the ‘happiness triangle’ and so many people try to live in it because it’s a short distance from Rainworth or St Joseph’s in Bardon … and considering families spend 15 years of their life going back and forth from their children’s school … well, it’s something you buy for.

“And because you’re often there in that catchment for 10 to 15 years, those properties are so tightly held.”

Cannon Hill State School catchment also earned a spot in the city’s top 10 zones for price rises, with houses jumping by 25.8 per cent to $755,000 over the past year.

Meagan Muir, of Place Estate Agents Bulimba, said the area was fast becoming a family hotspot thanks to the community and the zone’s central location, with prices noticeably soaring over the past five years.

“At the moment, houses in that Cannon Hill State School catchment are taking between just seven to 14 days to sell … and if a home ticks those boxes, it gets snapped up very quickly,” Ms Muir said.

Byron Freeborn, of Raine & Horne Wynnum Manly, said homes in the incredibly popular Wynnum West State school catchment (which ranked second on the School Zone list) were now so popular buyers were increasingly trying to snap them up off-market.

He said the catchment, which experienced a median price rise of 28.8 per cent to $547,500 over the past year, was now a magnet for young couples and families who had been previously renting in Bulimba and Morningside, but were unable to buy in those pricier patches.

Bald Hills State School was a top performer on the Domain report, with prices soaring by 29.2 per cent over the year to $675,000. The top performing secondary school catchment was for Rochedale State High School, where median prices rose by 20.5 per cent to $750,000.

 

Article Source: domain.com.au

 

 

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Emerald prestige market sees value strengthening: HTW

The high end of the residential market in Emerald has performed the strongest, according to the November report from Herron Todd White.

These properties are generally large, good quality homes that come with extensive ancillary improvements.

Demand has been slightly higher than supply so the past 12 months has seen a firming in value.

Leading the way at $1.15 million is a rural residential property on 11.2 hectares with a 2012 four-bedroom, two-bathroom home and living area of 282 square metres, outdoor area of 113 square metres, car parking area of 88 square metres and a 360 square metre detached shed.

The property is a clear timber home with high quality fitting and features.

Article source: propertyobserver.com.au

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Kalinga renovated Queenslander under offer

A renovated Queenslander in Kalinga, Queensland has gone under offer after hitting the market in xxx with $2.1 million hopes.

The five bedroom, three bathroom house at 148 Kent Road is surrounded by the leafy streets of Kent Road.

Last traded for $390,000 back in 2000, the 1905 built Queenslander has three main living areas, a study, large kitchen, alfresco entertainment area and swimming pool.

Nestled on a large 810sqm block, the home also features polished timber floors, pressed metal ceilings and space for four cars.

Located only 8km from the Brisbane CBD, it is close to major shopping precincts, trial station and Brisbane Airport.

Tyson Clarke of Queensland Sotheby’s International Realty Brisbane marketed the home

 

Article Source: propertyobserver.com.au

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Sunshine Coast had Queensland’s top house price growth in Spring: CoreLogic’s Q3 Regional Report

The Sunshine Coast was one of the strongest regional housing markets in Queensland over the last 12 months, the Q3 Regional Report from property data firm CoreLogic has found.

House values were up 8.1 per cent over the year to October.

They were driven by houses in the upper quartile, whose values were up 9.2 per cent compared to the lower quartile’s 7.4 per cent gains.

The number of house sales were up 8.1 per cent over the last 12 months compared to the 12 months prior. That spike was primarily driven by sales in the $200,000 to $400,000 bracket, which up 36.1 per cent.

Unit sales were slightly up for the region, just 1.4 per cent, driven by the $400,000 to $600,000 market which saw a 36.9 per cent sales spike.

Unit values saw an large increase, up 4.5 per cent.

It was the upper quartile that vastly outperformed the lower quartile for apartments, up 6.1 per cent compared to 2.5 per cent for the lower quartile.

The time on market for houses in now 47 days, compared to 53 days last year.

Units are also getting snapped up at a similar pace to 12 months ago, now at 50 days down from 61.

CoreLogic’s head of Australian research Eliza Owen said the traditional draw cards for regional dwelling markets such as lower density levels and lower purchase prices, coupled with the normalisation of working from home, have sparked increased interest among researchers.

“The results of this report support increasing levels of demand outside of cities. Regional Australia’s dwelling markets had higher rates of growth relative to capital cities through the pandemic,” Owen said.

“In the year to October, combined regional Australian dwelling markets rose 4.8 per cent, compared with a 3.9 per cent lift in the capital cities.

“Migration numbers from the ABS show net internal migration to the regions rose to a record high in the June quarter. This was because movements to regional Australia increased, while departures from the regions slowed. As a result, demand for dwellings in regional Australia will have risen at a time when the stock available for sale is relatively low.

“‘Commutable’ regional areas within a reasonable travel distance to the major metropolitan centres have seen particularly extraordinary increases in demand. House sales volumes increased by double digits across the mid north coast, Illawarra and the Hunter Valley.

“Of the 50 house and unit markets analysed, only six markets continued to show declines over the year, including markets far from metropolitans such as Riverina houses, Cairns units and units in Central Queensland.

“With record low mortgage rates and confidence returning to the Australian economy, there is likely to be a broader-based upswing across both regional and capital city markets into the first quarter of 2021,” said Ms Owen.

However, while the story seems largely positive for regional Australia’s residential property market, there is a downside.

“For local first home buyers, declining affordability may become a problem. Growth may start to slow in regions that have already seen a sustained upswing, due to such affordability constraints. These include areas such as Illawarra, Newcastle and Lake Macquarie, the Gold Coast and the Sunshine Coast, where annual growth rates in houses have already exceeded 7 per cent in the year to October,” concluded Ms Owen.

 

Article Source: propertyobserver.com.au

 

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50,000 investors in mortgage stress put their tenants in precarious position

There are 50,000 households that face high housing cost burdens themselves, following the pandemic, who also own a private investment property.

There are 956,000 households living in housing affordability stress (HAS) in Australia, according to a new AHURI report that looked into the impact of COVID-19, with Commonwealth rent assistance (CRA) reducing the number to 758,000.

The situation of the 50,000 was “cause for concern given that private renters have been disproportionately affected by the downturn,” the report noted after modelling from the University of Adelaide and Curtin University.

There is considerable potential for highly leveraged households owning an investment property, who are spending a higher proportion of their incomes on their own housing costs, to run into trouble meeting those costs and/or the servicing of their investment loan commitments, it noted.

“We estimate that there are around 37,500 mortgage home owners living in HAS who also own an investment property, and approximately 12,000 private renters in a similar position.”

It is estimated that the overall number of households living with HAS would have risen to 1,336,000 (from the 758,000 baseline) without the JobKeeper and JobSeeker interventions.

The study found that the number of households living in a precarious situation is very high, and will likely remain high even after a partial recovery in 2021 and the withdrawal of much of the Australian Government’s income support measures.

Without an extension of the JobKeeper income support measures beyond March 2021, the number of households living in HAS is likely to increase significantly, the AHURI report concluded.

Households living with HAS and owning an investment property themselves are predicted to more than double.

The report noted JobKeeper and JobSeeker interventions reduced the incidence of housing affordability stress by a considerable amount: 861,000 households compared to 1.34 million without the intervention.

“As JobKeeper moves through its later phases, the predicted number of households in HAS is expected to gradually rise by a further 124,000; 73 percent of these households are private renters.”

article source: https://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/118025-50-000-investors-in-mortgage-stress-put-their-tenants-in-precarious-position.html?utm_source=Property+Observer+List&utm_campaign=0dd8fec15d-EMAIL_CAMPAIGN_2017_09_28_COPY_03&utm_medium=email&utm_term=0_a523fbfccb-0dd8fec15d-245673345

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Brisbane prestige market surge has arrived as forecast: HTW

Buyers in the prestige sector can probably choose to live in any of Australia’s major capitals, but those who select Brisbane are often pleased at the calibre received at that price point, according to the November report from valuation firm Herron Todd White.

HTW found that back toward the end of last year and heading into 2020, there were early signs the market was about to surge, particularly for detached housing in the inner-city. But the pandemic saw property markets slow from March through to July, with transaction numbers grinding to a crawl.

Owners who didn’t need to sell their homes were holding off listing and buyers, who were filled with uncertainty, were also scarce, however, this seems to have turned a corner in recent months.

David Notley, HTW’s Brisbane Director said, “Queensland’s successful suppression of the virus coupled with our functioning economy has resulted in more action across the prestige sector from August through to present. And it looks to be sustainable, with our market sources saying current activity is similar in Queensland momentum to that experienced prior to the pandemic’s grip. It also appears that prices are holding… and even increasing in some instances. Many will be surprised by this result.”

“Typically, an anxiety-inducing global event like COVID-19 would have severe impacts on the property market, and the prestige sector in particular given the discretionary nature of its buyers and sellers. Instead, Brisbane’s upper-price sector has remained resilient. There’s good demand from local owner-occupiers of course, but interest from interstate appears to be surging too. It seems the chance to relocate to our city, with its excellent lifestyle and relative freedoms (compared to Melbourne, for example) is a magnet for the moneyed up. In fact, once state borders open fully, there’s widespread expectation we’ll see an even stronger market in these upper price points with new Queenslanders looking to come on up and settle both in our capital and on the coasts.”

“Digging down a little and a comparison of prestige property performance in 2020 to the 2019 calendar year reveals very similar numbers of sales in that upper price echelon. Our analysis shows that in Brisbane there were 15 detached dwelling sales above $5 million during 2019. In 2020 to date, there have been 10 confirmed sales with another seven under contract.”

“It’s worth factoring in that 2019 wasn’t a standout year in the $5-million-plus bracket. This was the result of a number of macro financial changes instigated by Australian regulators which constrained available credit, the impact of the recent Royal Commission into the banking sector and the implementation of its findings, the unsure nature of the federal election in early 2019 and the negative media emerging from the southern states throughout this period.”

“The outcome in 2019 was longer selling and marketing periods for properties and, in some instances, a softening in asking prices. But 2020 has proved resilient – even sparkling – and there is an optimism in the air about the coming year. Let’s hope it proves out,” Mr Notley concluded.

Here are a few examples of $4 million-plus apartment sales in Brisbane this year.

350/1 Newstead Terrace, Newstead is under contract for $7.35 million. This fifth-level penthouse is in Pier South.

The property is a fourbedroom, four-bathroom, four-car apartment with a total area of 527 square metres. Apart from the usual high-end fitout and spectacular river views, the Pier South development comes with an onsite concierge service… as you do.

Another cracking sale was 3511/30 Hollins Crescent, New Farm which is under contract for $4.81 million. This is a fifth level apartment in the Mitchell building with views taking in the CBD, Story Bridge and the Brisbane River. The apartment is over 350 square metres in area and provides four-bed, threebath, four-car accommodation.

Also on the luxury apartment list is 3/81 Moray Street, New Farm which sold this year for $4.8 million. The property is on level three of the AQUILA development which has a total of ten one-per-floor residences. It has a prime location, luxe fitout and sweeping CBD views available.

The apartment provides for four-bed, three-bath, three-car accommodation all across 418 square metres of living area.

 

The post “Brisbane prestige market surge has arrived as forecast: HTW” appeared first on the propertyobserver.com.au Blog

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