Brisbane Officially Top Choice for 2032 Olympic Games

Queensland officials are finalising plans for the $4.5 billion Brisbane 2032 Olympic Games as the hunt for stadiums, venues and infrastructure funding continues.

The International Olympic Committee selected Queensland’s capital as the targeted host for the games bringing “stability” as the committee moves towards a cost neutral event.

The site of the opening ceremony is yet to be finalised with the top picks Metricon Stadium on the Gold Coast, Suncorp Stadium in Brisbane or a completely new venue on the cards.

During bidding, a masterplan was developed with two athlete villages, an 80,000 seat stadium and a second M1 Motorway with final locations to be determined.

The majority of the sports will be held in existing venues with the exception of rowing which requires a new base.

Instead, funding for Brisbane 2032 Olympics will be focused on bringing infrastructure projects forward, which will have a knock-on effect for the property market.

Premier Annastacia Palaszczuk said they already have 85 per cent of the venues for the event.

“It’s a new norm, which means it is a game changer, we don’t have to build huge stadiums that are not going to be used in the future,” Palaczszuk said.

“There is an option of one new big venue in terms of the opening ceremony but we may use Carrara as well, we’ve got to go down to the fine print and make sure we’ve got all the funding lined up.

“We want to include the regions as well, so of course with the football we’ve been looking at the soccer matches up around the different regions and of course all of the state will share in an Olympic glory.”

Lord mayor Adrian Schrinner said this is the best opportunity the state has had in generations.

“Now we need to actually go through and make sure we lock in the plans for improved infrastructure,” Schrinner said.

Queensland is already on the cusp of an economic boom with domestic migration reaching double digits and house prices hitting a record high in January.

▲ The blueprint for Brisbane 2032 Olympic Games under new rules that would allow a region, rather than a city to host the event. Images: Urbis

Developers back Brisbane 2032 Olympics

Brisbane’s bid for the games dates back to 2015 and some of the state’s biggest property developers have pledged their support.

Consolidated Properties Group chief executive Don O’Rorke said the latest announcement will further build confidence in the property market for both Australians and people overseas.

“There’s going to be an intangible excitement that builds over the next decade,” O’Rorke said.

“Covid has shown Australia is a great place relative to the rest of the world.

“When it comes to the more tangible aspects, there will be construction jobs created doing the build [of Olympics-related assets] and that will be over five to six years.

“The spotlight will be put on Queensland, and you only have to look at Sydney to know what that does.

“We need to ensure the responsible deployment of capital so that stadiums [and other assets] can be used afterwards…and southeast Queensland will become known worldwide as a destination.”

Property Council of Australia executive director Chris Mountford said done right, the Olympics will turbocharge investment in the region.

“Along with facilitating investment in catalytic infrastructure, hosting the Olympics will showcase our region to the world, and inspire confidence in the private sector to invest alongside government,” Mountford said.

“Queensland is already well-placed to capitalize on its success in its handling of the pandemic, and the Olympic spotlight will only accelerate the growth trajectory of the region.”

Brisbane Airport Corporation chief executive Gert-Jan de Graff, Aria Property Group founder Tim Forrester, Hutchinson Builders chairman Scott Hutchinson as well as sporting figures Darren Lockyer, Ian Healy and Duncan Armstrong are behind the push for a Brisbane Olympic games.

Olympic funding strategy shifts

Australian Olympic Committee president John Coates said the IOC do not want countries to go out and spend big money so the three levels of government need to focus elsewhere.

“They’ve got to get in one [mindset] in terms of the funding not for the games but the funding, that this region requires to host the games…the future infrastructure, transport, in particular rail and road,” Coates said.

“The IOC is on a budget of circa $4.5 billion, the IOC puts in $2.5 billion give or take the exchange rate…then you get $1 billion from national sponsorship and $1 billion from ticketing.

“They don’t want to have big costly losses for many cities, you know go back to Melbourne and Sydney, we spent $30 million on those.”

IOC president Thomas Bach said the decision to pick Brisbane aligns with their new agenda for 2020 onwards, as a result of the pandemic.

“It proposes sustainable games in line with the region’s long-term strategy and using primarily existing and temporary venues,” Bach said.

“The commitment of Australia and Oceania to Olympic sports has grown remarkably since the fantastic Olympic Games Sydney 2000.”

Although the city is the only candidate now being considered for the 2032 games there are still a few minor hurdles to jump through before it is set in stone

 

Article Source: theurbandeveloper.com

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Why downsizers and owner-occupiers have descended on Aniko Group’s No.1 Grant Avenue on Hope Island

Aniko Group, led by managing director George Mastrocostas, have fast-tracked construction for stage two of their $140 million No.1 Grant Avenue project, having secured more than 70 per cent of sales

The Broadbeach-based development firm Aniko Group has unveiled further plans for its grand Hope Island community on the Gold Coast.

Aniko Group, led by managing director George Mastrocostas, have fast-tracked construction for stage two of their $140 million No.1 Grant Avenue project, having secured more than 70 per cent of sales across the project.

Stage two of the development will feature 105 two, two plus study and three-bedroom apartments with a range of bridge free marina berths available along the Hope Island canal. Aniko also responded to the COVID-19 pandemic by creating a “post-pandemic” office precinct for those wanting to work remotely.

Fitness guru Michelle Bridges is designing the health club as part of the second stage, where they will also be a children’s play centre, theatre, residents lounge and outdoor cooking and dining facilities.

Mastrocostas said that the rapid sell-out of stage one gave them the confidence to fast-track the launch of stage two.

“To have achieved such exceptional sales and demand for our projects during a year that was filled with a lot of uncertainty is a testament to the quality offering we have brought to market,” said Mr Mastrocostas.

“The market has remained exceptionally strong during Covid and buyers who missed out on securing an apartment in stage one have already purchased within stage two.”

Part of the precinct will be No.35 Grant Avenue, with its apartments inspired by designs from New York.

The downsizer and owner-occupier market have been particularly interested in the development which allows them to downsize while still remaining in the area.

“There’s no doubt that the Gold Coast is one of the hotspots for residential property and with great lending conditions we are certainly seeing buyers transitioning into their next investment journey whether it is as an owner occupier or investor.”

“With the recent border re-openings, we expect to see an increasing number of southern buyers purchasing in the project and we look forward to meeting the buyers who purchased in stage one, sight unseen, who haven’t been able to see their apartments until now.”

 

Article Source: www.urban.com.au

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Eight reasons Palm Beach apartment development Cabana should be on your shortlist

Ignite Projects are behind Cabana at 1 Nineteenth Avenue. They had Plus Architecture design the luxury tower.

Cabana, the new luxury development at Palm Beach, has seen soaring levels of interest since its launch just a few months ago.

And the sale of 23 of its 34 apartments, secured within two weeks of the project hitting the market, has seen construction of the six level absolute beachfront block fast-tracked. Construction will now begin in June, with a late 2022 completion date.

Ignite Projects are behind Cabana at 1 Nineteenth Avenue. They had Plus Architecture design the luxury tower.

Urban has taken a look at the eight reasons why Cabana should be on your short list.

1. The onsite beach club

It would be remiss not to start with the unique onsite beach club Cabana is planning on its lower level.

The resort-style beach club facing the beach was a key feature in the design of Cabana. There will be a number of day beds on and off the water, and cabana’s on the private lawn.

2. The location

Cabana is located directly in front of the recently completed Artificial Reef, a surfers dream. Cabana has also catered for the surfers in its amenities, with a number of surfers racks and storage for residents.

It sits between Tallebudgera and Currumbin Creeks and is a stone’s throw from Burleigh. There’s a number of trendy bars, beachfront cafes and eateries nearby, as well as boutique shopping venues and entertainment precincts.

3. There are just 34 apartments

The six level block is home to just 34 premium apartments, which is likely to see a push to owner-occupiers rather than investors seeking holiday rental returns.

The smaller units creates a stronger sense of a neighbourhood community, and quieter communal areas.

4. All apartments have at least three bedrooms

Cabana is targeting the downsizer market, where there’s a lack of supply across the Gold Coast.

Agents in the neighbouring Burleigh Heads are saying the supply lines for three bedroom apartments are at a critical stage, with a number of buyers seeking a less demanding lifestyle by the beach.

Each of Cabana’s apartments span at least 200 sqm and have three bedrooms, two bathrooms and two parking spaces.

5. The design

Plus Architecture have ensured Cabana blends organically into its pristine coastal environment.

Fluted concrete, floor-to-ceiling glazing and detailed screening lend a classical tranquility to the building, while maintaining an absolute connection with the spectacular ocean views.

With a definitive nod to a tropical Palm Springs beach house, Cabana’s design merges seaside relaxation with elevated luxury.

The elevated tower form creates a rhythmic, organic shape that’s sturdy but delicate, reminiscent of the sweeping and rocky formations along the headlands that define the Gold Coast.

6. An entertainer haven

The kitchen has been planned to be the social focal point of the apartment with an extra-wise island bench and first class fittings.

Designed not to follow trends, but to set them, the kitchen is an opulent combination of modern and classic elements.

Each kitchen features VZUG appliances, Phoenix tapware, panelled doors, and natural stone benchtops and splashback.

7. The master bedroom view

The master bedroom has been designed to take in the views just as much as the open plan living spaces. The floor-to-ceiling glass doors capture the natural light and cooling sea breezes, and open to a private balcony with glass balustrading.

8. The master bedroom ensuite

Each master suite has its own walk-in-robe and ensuite which feature large-format white wall tiles and a feature wall of Japanese mosaic tiles. An aqua-coloured natural stone bench top, limestone-look flooring and Phoenix tapware complete the ensuite.

Each will also have a freestanding stone bath, floating vanities and a large open shower.

 

Article Source: www.urban.com.au

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Two green bridges underway, Brisbane City Council seeks feedback on two more

Construction on two green bridges linking Brisbane’s inner-city suburbs is slated to begin this year, but the location of three other planned bridges remains unclear.

Key points:

• Brisbane City Council pledged $550 million for five green bridges in 2019
• Two bridges begin construction this year and two others are out for consultation
• A planned bridge at Bellbowrie has been scrapped

In 2019, Lord Mayor Adrian Schrinner made a $550 million pledge to build five new green bridges, catering for pedestrians and cyclists, to reduce vehicle traffic and improve the city’s connectivity.

At Tuesday’s public and active transport committee meeting, Brisbane City councillors were given an update on the progress of the green bridges program.

Public and active transport committee chairman Ryan Murphy told the committee the council wanted state or federal funding support alongside the $550 million already committed.

“I think everyone can agree this program has come a long way from when it was announced in March [2019],” Cr Murphy said.

The $190 million Kangaroo Point green bridge will be 470 metres long and 6.8 metres wide, with separated cycling and pedestrian lanes, linking the inner-city suburb with the City Botanic Gardens.

Construction on the Kangaroo Point and Breakfast Creek bridges will begin this year, with the council now out to tender for both.

Consultation for two West End bridges

Community consultation on the bridges from West End to St Lucia and West End to Toowong was extended following concerns the December-January consultation was too short.

For the West End bridges, suggested locations put forward by Brisbane City Council would either place the landing pads on public parks, such as Orleigh Park in West End and Guyatt Park in St Lucia, or on private property.

A concept image for the St Lucia to West End green bridge(Supplied: Brisbane City Council)

Greens councillor Jonathan Sri, in whose ward both West End bridges would sit, said it appeared the third option for the St Lucia bridge — between Keith Street in St Lucia and Boundary Street in West End — was most supported.

“I’ve heard from several residents who’ve said they think the Option C location for the St Lucia bridge is preferable from a transport perspective, but they have concerns about the scale and design of the exact alignment proposed by council, and the associated home resumptions,” Cr Sri said.

“The vast majority of residents seem to prefer alignment Option A for the Toowong Bridge, and it seems like the Toowong bridge in general has a lot more support.”

A concept image for the Toowong to West End landing pad for a green bridge(Supplied: Brisbane City Council)

Option A for the Toowong bridge would see the bridge land at 600 Coronation Drive — the former ABC Towoong site now owned by developers Sunland, but put up for sale late last year.

Last year, Cr Schrinner ruled out purchasing the 600 Coronation Drive site saying the cost would be prohibitive, but said the council would consider resuming a portion of the land for a green bridge if needed.

LNP councillor James Mackay, in whose ward of Walter-Taylor the two bridges would land, recently spoke at a rally for a group opposed to a possible Guyatt Park alignment for the St Lucia to West End Bridge.

Cr Mackay referred queries about his community’s opinions to the lord mayor’s office.

Fifth green bridge site unknown

In mid-2020 a fifth proposed bridge, from Belbowrie to Wacol, was scrapped after several rounds of community consultation found little support.

The council is preparing options for a fifth bridge location, the committee heard.

A concept image of the Breakfast Creek green bridge linking Kingsford Smith Drive and Newstead House(Supplied: Brisbane City Council)

Deputy Labor leader Kara Cook in a statement said she had lodged a petition with more than a thousand signatures calling for a bridge on the eastern side of the river.

“It was short-sighted at best and incompetent at worst when these five bridges were announced that the Eastern suburbs were completely ignored,” she said.

Cr Cook said a bridge in her area — around Bulimba and Hawthorne connecting across to New Farm or Teneriffe — had been mooted since at least 1925.

Technical challenges are greater for the eastern section of the river as any new bridge must be of a height to allow ships through and would span a wider section of water.

 

Article Source: www.abc.net.au

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Commercial Market Update – Brisbane Fringe Cityscope February 2021

The latest research from Brisbane Fringe Cityscope shows in the last three months property sale numbers have increased but sales figures have had a slight increase. The last three months to the beginning of February 2021 recorded 22 sales for a total of $114.2 million, with $23.7 million for commercial, $4.4 million for commercial strata, $4.2 million for retail, $4.3 million for retail strata and $77.5 million for other.

In comparison, the last three months to the beginning of November 2020 recorded 14 sales for a total of $98.9 million, with $86.2 million for commercial, $1.5 million for commercial strata, $800,000 for retail strata and $10.5 million for other.

The 12 months leading up to early February 2021 recorded 60 sales for a total of $323.5 million, more than $212.6 million less than the same time last year.

The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:

Brisbane Fringe Sales Grid

Significant sales recorded this quarter total nearly $80 million, these sales include:

After a failed sale to iProsperity, interests associated with Amora Hotels & Resorts have purchased the 296-room Novotel Brisbane Hotel for just over $67.8 million; the hotel will be rebranded following Novotel’s lease expiring in late April this year. JLL Hotels & Hospitality Group negotiated the sale. The hotel last traded for $63.5 million in 2010.

A three-storey child care centre at 20-22 Marie Street, Milton has been sold for $8.435 million; it was purchased through The Trust Company (Australia) Limited. The property, formerly an office building, was extended and refurbished in 2018 for use by the a 120-space child care centre. It previously traded for $6.15 million in 2017.

Developer, builder and property managers, Pellicano, have purchased 68 Brunswick Street, Fortitude Valley for $8 million from Metro Property Group. The property was originally going to house stage 4 of the adjoining Central Village development. The 5,374 sqm site was sold through JLL Brisbane and has Council approval to demolish the existing buildings on site.

Brisbane Fringe Sales Chart

Properties for sale include:

• Lanmor House, 124 Brunswick Street and 52 Amelia Street – a two-storey office building and a two-storey warehouse/office building, with a combined area of 960 sqm and associated car parking. For sale by expressions of interest, closing February 24, 2021; agent, Colliers International (Hunter Higgins and Nick Wedge).
• 29 Amelia Street, Fortitude Valley – two-strata units (the whole building) with a combined 828 sqm of office space over two levels, plus ground floor car parking for 20 vehicles. For sale by expressions of interest, closing February 18, 2021; agent, C Property Qld (Sam Callanan and Joe Kennedy).
• 196 Wickham Street, Fortitude Valley – a two-storey retail/entertainment building with lower ground level to the rear. For sale by offers to purchase; agent, Commercial Brisbane (Glenn Corrigan and Tom Chan).

Properties under contract (conditional or unconditional) include:

• 38 Warry Street and adjoining car parking at 41 Kennigo Street – 2,955 sqm of office space (the former Keatings Bread Factory site) and an adjoining carparking for 20 vehicles. Under contract; agent, Cushman & Wakefield Brisbane (Peter Court and Mike Walsh) and CBRE Brisbane (Jack Morrison and Peter Chapple).
• 72 Costin Street, Fortitude Valley – a single-storey plus mezzanine, brick office building with car parking for 15 vehicles. Net lettable area, 507 sqm. Under contract unconditionally with a long, one-year settlement period expected; agent, Colliers International Brisbane (Hunter Higgins and Nick Wedge). The property was advertised with a potential leaseback agreement from 9-months to three-years.

 

Article Source: www.corelogic.com.au

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Brisbane, Gold Coast, Perth outstrip Sydney and Melbourne prestige property markets

The hunt for a house that’s not just a home, but a COVID-free castle, has pushed up prestige property prices in Perth, the Gold Coast and Brisbane, with a new report revealing the three cities outstripped the nation’s two biggest capitals during 2020.

The Knight Frank Wealth Report 2021, released today, also revealed the trio made a global splash in the Prime International Residential Index (PIRI 100), which tracks the movement of luxury home prices across the world’s 100 best residential markets.

Off the back of surging buyer demand, low interest rates and a greater emphasis on lifestyle, the three cities, with Perth in the lead, were ranked in the top 44 of prestige markets, after they each clocked up annual price growth of more than 2.5 per cent.

Sydney was ranked 56 – after prestige home prices grew just 1.1% – while Melbourne came in at 63 after prices rose 0.9 per cent.

A roaring resources sector and a push towards relaxed lifestyle locations saw Perth not just top the national list and rank 34th globally, but dramatically leap from last place among Australian capital cities in 2019 after prestige property prices soared by 3.6 per cent last year.

Luxury home prices in the Western Australian capital had remained almost stagnant the year before, rising by just 0.9 per cent.

The Gold Coast achieved a global ranking of 36 after prices grew by 3.2 per cent – compared to 1.8 per cent growth the year before.

 

Article Source: www.domain.com.au

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Kooralbyn Valley Resort Back on the Market

The owner of the 132-room Kooralbyn Valley integrated resort is offloading the masterplanned community in the Gold Coast hinterland as border openings and regional growth boost investor interest in the area.

Owner of the site Peter Huang said he closed the initial listing in mid 2020 after local cash buyers failed to meet expectations.

This amalgamated iconic resort sits on a massive 327-hectare—808 acre—site with 27 existing lots and 30 existing buildings.

The resort has a potential end value of between $500 million to $2 billion depending on the masterplan.

The original Packer Lodge was built by Peter Ables and Arthur Georges and the 102-room main resort was built by Japanese owner Towa Group in 1980 for about $45 million including land. The resort was used as a hideaway for billionaire Kerry Packer in the ’80s.

All properties are being offered for sale in one line or individually and agents are welcome, said the resort owner Peter Huang of Yong Group.

Like the Hunter Valley, the Kooralbyn Valley is an easy drive for the 3 million local residents from south-east Queensland and the large golf community, and remains a popular international tourist destination.

Huang said the stage 1 subdivision surrounding the golf course and resort was approved but he allowed it to lapse due to the new plan for the large scale over 50s retirement development.

The resort includes a 230-seat restaurant, 240-seat convention centres, three outdoor wedding venues plus The Pavilion Tavern and a private airport and international school buildings.

“It’s truly the one and only corporate asset in Australia ideal for potential public listing or as an addition to a successful investor or fund manager’s existing portfolio,” Huang said.

▲ The championship Kooralbyn golf course

The selling price of the whole portfolio could be much less than the recent sales of the much smaller 25-room Beach Hotel Resort at Byron Bay on 4,585sq m of land at $104 million, the 145-room Vibe Darling Harbour at $108 million and the 172 rooms Primus at $130 million.

The Kooralbyn Valley project has so much more potential with everything you need and dream for with far better income upside from the multiple businesses of the resort, golf course, tavern, international school and other assets.

“[The resort] has far more development profit and potential ongoing income from the massive over-50s retirement masterplan with a lot of upside for capital gains as well.”

“The eventual workforce from the nearby largest inland port of Australia—the Bromelton Estate could reach 35,000 jobs, according to the state government,” Huang said.

 

Article Source: theurbandeveloper.com

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Brisbane Housing Market Insights: February 2021

Brisbane housing market insights for February reveals increased demand for houses has been underpinned by increasing consumer sentiment and a surge in interstate migration.

This resource, to be updated monthly, will collate and examine the economic levers pushing and pulling Brisbane’s housing market.

Combining market research, rolling indices and expert market opinion, this evolving hub will act as a pulse check for those wanting to take a closer look at the movements across the market.

So, what were the highlights across Brisbane’s property market throughout January 2021?

Brisbane median house and unit price values

Type	Month	Quarter	Annual	Median
All	0.9%▼	2.5%▲	4.0%▲	$527,826▶
Houses	1.0%▼	2.9%▲	4.9%▲	$583,902▲
Units	0.4%▶	1.0%▼	-0.4%▲	$393,177▲

^Source: Corelogic Hedonic Home Value Index – January

Brisbane housing market affordability

City	Household income to meet mortgage repayments September 2019	Household income to meet mortgage repayments September 2020
Brisbane	21.0%	18.7%

^Source: Moody’s Investor Services – October

Brisbane prestige property ranking

City	Global ranking	3-month change	12-month change
Brisbane	23rd	-1.4%▼	1.1%▲

^Source: Knight Frank Prestige Property Index – November

 

Article Source: theurbandeveloper.com

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Dawn Edition terraces launched as part of Helensvale’s $500 million The Surrounds community

The three and four bedroom terraces will each have two bathrooms, two car spaces and their own private courtyards.

A collection of 54 terrace homes, dubbed the Dawn Edition, have hit the market.

The $30 million development, a collaboration between Villawood Properties and Azure Development, is part of the wider $500 million community The Surrounds.

The three and four bedroom terraces will each have two bathrooms, two car spaces and their own private courtyards.

The terraces start from $499,900. There are four floorplans on offer, ranging in size from 171 to 301 sqm.

Residents of the gated community will have access to 23 hectares of open spaces and parks designed for outdoor play, sports, and time with the family.

The terraces are located right near the $4 million leisure centre which has a heated lap pool, a fully equipped gym, private multi-purpose room, change facilities and a cafe.

Azure Development director Trent Keirnan said they have designed each terrace to be built for life, from their minimalistic exteriors to stylish entryways and spacious interiors.

Villawood Properties state development manager Michael Williams said the convenient location, appealing designs and affordable pricing of the terrace homes would appeal to a range of buyers looking to get their foot on the Gold Coast property ladder.

“Every one of these homes has been designed from the ground up with the modern buyer in mind,” Mr Williams said.

“They are high-quality and low maintenance, which makes them ideal for a range of buyers including busy families, young couples and retirees.

“The terraces further compliment the unique offering we have here at The Surrounds and are an ideal solution for buyers either looking to upsize from an apartment or downsize from a big home.”

The project is located within five minutes’ walk to the Westfield Helensvale and Helensvale Train Station with easy access to the Northern Gold Coast beaches via the pacific Motorway.

 

Article Source: www.urban.com.au

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What’s different about this property boom?

If not for the backdrop of a global pandemic, you could be forgiven for feeling a sense of déjà vu as the property market shows all the signs of launching into yet another boom.

Auction clearance rates are at near-record highs, bankers are rubbing their hands together as lending takes off and many economists are predicting double-digit percentage gains in house prices over the next two years.

Latest quarterly figures from CoreLogic, when annualised, imply the national property market is growing at 11.2 per cent a year.

However, there are some big differences between the latest price upswing and previous booms in Australian bricks and mortar.

A glaring distinction is the market is overwhelmingly being driven by owner-occupier homebuyers, rather than investors, who turbo-charged the property surge of the past decade.

CoreLogic’s Tim Lawless says at the peak in 2015, property investors made up about 46 per cent of all new mortgage lending. Today, investors account for just 23 per cent.

Lawless says possible reasons could be banks’ tighter credit polices around interest-only lending, and softer conditions in the apartment market that many investors favour.

“Weaker rental demand, especially in the investment enclaves of Melbourne and Sydney’s inner-city unit markets, is likely a significant disincentive for investors,” Lawless says.

Peter King, chief executive of Westpac, has also described the investor market as “relatively quiet.”

“I wouldn’t say we’ve seen [investors] come back into the market yet, but conditions are looking like that’s a possibility, I think,” King said.

Another unusual feature of the latest property boom is that it is occurring amidst the slowest population growth since the First World War – something that you might expect to detract from housing demand.

Owner-occupier mortgages hit record levels

 

Source: ABS

What’s more, Mortgage Choice chief executive Susan Mitchell points out that the uncertainty of COVID-19 is likely to continue to hang over the market for months, as emergency financial assistance from banks and the federal government is withdrawn.

The mortgage broker’s half-year result also underlined another peculiarity of these times: while new loan growth is strong, there are also many customers repaying outstanding debt at a cracking pace.

So, if the property market is not being fuelled by investors or population growth, and coronavirus uncertainty lingers, what is driving prices higher?

All the evidence points to an owner-occupier bonanza. Australian Bureau of Statistics figures show new loan approvals to owner-occupiers surged 39 per cent in the year to December, while loan approvals for first-home buyers leapt by 61 per cent, boosted by government grants.

The surge is also a response to rock-bottom mortgage interest rates; when combined with a low supply of homes for sale, the result is strong price growth.

There is also a self-fulfilling dynamic at play in which people tend to jump into the market when they see prices going up, thereby drawing in more buyers. The phenomenon, known as “fear of missing out,” or FOMO, could further exacerbate price growth.

Experts say the unusual conditions suggest there is a divergent ongoing outlook for property – as opposed to yet another long-running boom.

Lawless is tipping national house price gains of 7-10 per cent but expects Sydney and Melbourne prices would be tempered to a degree by limits of affordability and their greater exposure to overseas immigration.

“I don’t think the market is fragile or is going to go backwards, but it’s hard to see housing values rising as quickly into next year,” Lawless says.

AMP Capital chief economist Shane Oliver also expects growth of 5-10 per cent, but says inner-city Sydney and Melbourne price hikes would likely be more constrained.

If FOMO catches fire and the boom starts to accelerate, the Reserve Bank of Australia (RBA) has made it clear that regulators would likely step in dampen the market. But for now, this looks unlikely.

RBA governor Philip Lowe this month said his main concern was “risky” lending from banks, not changes in house prices, but so far there had been few signs of a deterioration in lending standards.

 

 

Article Source: www.brisbanetimes.com.au

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Westpac Forecasts 20pc House Price Gains

Westpac Forecasts 20 per cent gains in the housing market over the next two years.

In a report released Monday, the banking institution’s chief economist Bill Evans said he was expecting dwelling prices to rise 10 per cent nationally in 2021, and said the pace would continue into 2022, off the back of strong economic growth.

“The upturn is being supported by record low interest rates; the confident expectation among borrowers that these rates will remain low for years to come; ample credit supply; and an improving economic backdrop, as the roll-out of vaccines promises to bring the pandemic to an end and drives a sustained lift in confidence,” Evans said.

“The bottom line is that Australia’s housing upturn now has strong momentum that looks to be lifting further and will remain well supported by monetary conditions and an improving economic backdrop.”

Dwelling approvals surged 22 per cent in the final quarter of 2020, and new lending for dwellings lifted by 16 per cent in the December quarter, which Evans says demonstrates a robust and confident housing market.

“Most tellingly, buyer demand has run well ahead of ‘on market’ supply, with sales outstripping new listings by 34 per cent over the last six months and ‘stock on market’ down to just 2.5 months of sales—[where] the long run average is 3.8,” he said.

“A lift in new listings will no doubt be forthcoming but for now this is clearly a seller’s market.”

House prices forecast: Westpac

^ (as % change). Source: Westpac bulletin

Unsurprisingly it was the smaller capital cities and regional towns that were most likely to capitalise on these forecast dwelling price increases.

There was still concerns about lingering areas of weakness, specifically the Sydney and Melbourne high rise markets, but according to the Westpac Housing Pulse report they look to be a minor drag on the broader market surge.

Evans said it was the regions that had been largely unaffected by virus disruptions and benefitted from related shifts in internal migration flows that would see the biggest boost in property prices.

Evans said they were also predicting good news for the labour market.

“Australia is expected to see growth well above trend this year and next. The unemployment rate is forecast to decline steadily to 6 per cent by end of 2021, and 5.3 per cent by end of 2022.

“We now expect the upswing to generate stronger, double-digit, price growth near term while our expectation, back in September last year, remains that a policy response can be expected later in 2022 which will settle markets into 2023.”

 

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DVB Lodges Three-Level Penthouse Plans for Broadbeach Tower

A luxury three-level penthouse will sit atop a proposed DVB Projects’ 26-storey apartment tower in Broadbeach, according to freshly lodged development plans.

The Sydney-based developer lodged an application for the 99-metre residential tower at 2 First Ave and 88 Old Burleigh Road, for an amalgamated 1186sq m site.

Part of the site, which spans 531sq m, was formerly owned by property veteran Kevin Seymour.

DVB Projects, led by managing director Dean Brown, is now at the helm of the luxury project—a Rothelowman-designed tower—with plans lodged to Gold Coast council last week.

The tower will comprise 35 high-end apartments, and includes a five-bedroom penthouse spanning levels 24, 25 and 26, planning documents show.

Brisbane property veteran Kevin Seymour had originally purchased the 2 First Avenue site for $6 million in 2018 with plans for a $32 million Bureau Proberts-designed boutique apartment project.

Seymour’s vision included full-floor apartments that started at $3.35 million. But instead, he offloaded the beachfront property—a two-storey mansion—in May last year for $7.1 million.

DVB then began demolition work in July 2020 on the project, previously flagging plans for a nine-storey development.

Council overlay mapping shows the area does not have a building height limit.

Brown said that the recent project lodgement represents a “significant improvement” on the existing DA due to the acquisition of the adjoining 88 Burleigh Road site, spanning 655sq m, for $6.8 million.

“As DVB Project’s first Gold Coast development, it was critical we sought to establish a building that delivered on the unique expectations of a discerning downsizer market,” Brown said.

DVB is also behind an 11-apartment waterfront development in Brisbane’s inner-city suburb of Bulimba.

▲ Plans for a 26-storey beachfront apartment tower have been lodged for 1 Second Avenue, and 88 The Esplanade, Broadbeach. Image: Rothelowman.

While the Gold Coast’s southern end has been a hive of development activity, nearby construction work officially started on The Star Entertainment Group’s Tower two plans, a 63-storey tower also located in Broadbeach.

Developer Sunland received council approval this week for its $82 million retail project, located within the 42-hectare Lanes Residences development at Mermaid Waters.

Gold Coast developer Azzura Investments is looking to fast-track its construction program in the first stage of its $2.3 billion Imperial Square development in Southport.

Azzura, headed by Gold Coast developer Robert Badalotti, says it has recorded $22.5 million in sales for the first stage of its Imperial Square project, located on 1.34 hectares at 59-73 Meron Street.

The sales comprise 53 apartments in the $155 million first stage, known as Regal Residences, which spans 145 apartments and 200 hotel suites over 18 levels.

Further south, Todd Mould and Aaron Peel’s Allure Property this month lodged plans for a 17-level tower overlooking the beach at Burleigh Heads.

The development is proposed for an 809sq m site, located at 1 Second Avenue, and 88 The Esplanade.

 

Article Source: theurbandeveloper.com

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Queensland on Cusp of Property Boom

Queensland is booming according to Westpac’s Housing Pulse Report.

Senior economist Matthew Hassan said the state’s markets were now very tight with “sales running well ahead of listings and extremely tight rental vacancy rates in most areas” tipping the market into a boom.

“Market turnover has continued to hold well above pre–pandemic levels and prices are pushing new historic highs,” Hassan said.

“While there are some soft patches—Brisbane’s inner city and tourism exposed areas—the state’s wider fundamentals remain very constructive.”

Domestic migration to the Sunshine Coast, Gold Coast and Cairns has bolstered a double digit price growth in the past six months. Westpac reported sales were running “well ahead of listings” down to just 3.4 months of sales in Brisbane, where the long run average was five months.

“The Queensland Consumer Housing Sentiment index points to more turnover gains ahead suggesting the market will become tighter still as 2021 unfolds,” Hassan said.

Brisbane house prices

^Source: Westpac Housing Pulse – February 21 

Nationally Hassan said price expectations had continued to soar. The Westpac-MI Consumer House Price Expectations Index has increased 17.8 per cent since November, to a seven-year high of 154.7.

In light of a strong housing upswing Westpac economists are now tipping a return of prudential policy measures in the second half of 2022, to cause a flattening in 2023.

The meteoric rise of property prices over the next two years is not unique on the world stage according to Oxford Economics.

Over the past six months new house approvals and prices have also lifted in the United States, Canada and New Zealand, despite vastly different impacts from Covid-19.

In each instance very low interest rates, elevated household savings and shifts in preferences were fuelling the resurgence in housing investment, Oxford Economics reports.

NEW SOUTH WALES

Sydney dwelling prices were picking up, lifting 1.1 per cent over December and January, and February figures were showing a 1.6 per cent gain.

Hassan said units were still under-performing and restraining price gains in broader measures. Geography is still having a bearing on market performances, inner-city suburbs including Parramatta and Ryde were “sluggish” while regional areas including the Central Coast and Northern Beaches were rebounding strongly, as was regional NSW.

“Demand has run well ahead of listings in recent months, especially for houses [and] rental vacancy rates are showing tentative signs of levelling out,” Hassan said.

Sydney house prices

^Source: Westpac Housing Pulse – February 21 

VICTORIA

Prices have started to recover in Victoria with a 1.5 per cent gain in the fourth quarter last year and a similar gain expected in this quarter. Hassan warned, however, while other states were nudging into boom territory, Victoria was just ticking into “robust gains”.

“By regions, Melbourne’s inner and inner East are still considerably weaker than the rest. In contrast, the Mornington Peninsula and regional areas are powering ahead,” Hassan said.

“While sales have run ahead of listings, the pace has been slower for units where unsold inventory is still running above long run averages. Rental vacancy rates are also blowing out with a worrying surge to what are very high levels by historical standards, pushing 6 per cent.”

Melbourne house prices

^Source: Westpac Housing Pulse – February 21 

WESTERN AUSTRALIA

Perth dwelling prices have risen at a robust double–digit annual pace over the past three months across all property segments. Gains have also been similar across all parts of Perth with strong rises in regional areas too.

Supply–demand fundamentals remain supportive with listings below their long run average in terms of months of sales and rental vacancy rates around 1 per cent.

Perth house prices

^Source: Westpac Housing Pulse report – Feb 21 

SOUTH AUSTRALIA

While the property market in South Australia has largely been unaffected by Covid-19, Westpac reported a sustained lift in dwelling prices.

Hassan said momentum was now about 10 per cent per annum across all property segments in both Adelaide and regional areas.

Adelaide house prices

^Source: Westpac Housing Pulse report – Feb 21 

TASMANIA

Tasmania has had a lacklustre response according to the Westpac Housing Pulse report, signalling affordability was a constraint.

Prior to Covid-19 dwelling prices in Hobart had surged 40 per cent over four years, outperforming all other cities. The latest recovery is seeing prices tracking toward 10 per cent gains, with a subdued momentum in the middle and top-tier properties.

Regionally the gains are also outstripping the capital city, but Westpac senior economist Matthew Hassan said they were forecasting a sustained positive momentum for prices.

Hobart house prices

^Source: Westpac Housing Pulse report – Feb 21 

 

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Office Build Bucking the Trend in Brisbane’s Fringe

In the face of ongoing office vacancy pressures, Consolidated Properties is bucking the trend to speculatively build a 15-storey office building in Brisbane.

It’s a case of “build it and they will come” for Consolidated Properties chief executive Don O’Rorke and a vote of confidence in the longer-term Brisbane market.

The $260 million office tower at 895 Ann Street will provide 24,000sq m of office space, a rooftop bar, and two basement levels of car parking.

“We are expecting in the short, medium and long term for migration to pick up, particularly for Brisbane. Brisbane is a really good place to be now and into the future because of our competency in managing Covid,” O’Rorke said.

“Research indicates that going forward people are likely to do two days working from home, and three days at their workplace. Covid has changed the way we work, and the spaces we occupy.

“The time of putting more people into less space is done. There’s going to be more space per person required (in an office setting), more meeting spaces for Zoom calls, and more access to fresh air, instead of recycled air.”

O’Rorke said key learnings from Covid had been embedded in the design with a heightened focus on outdoor breakout spaces and cleaning stations.

“The reason we are keen to be at the forefront of this [post-pandemic] is it is easier to incorporate these factors in a new build, rather than retrofit,” O’Rorke said.

“There has been an increase in productivity with people working from home in an individual sense. But corporate productivity has decreased, which is not surprising because collaboration gives rise to new ideas and new ideas is how businesses go forward.

“In the current environment it’s all about making workplaces an attractive place for people to collaborate, with spaces like our rooftop bar and the numerous cafes and restaurants along James Street providing a welcome environment for informal networking.”

▲A rooftop bar, and outdoor breakout spaces have been incorporated in the design of 895 Ann St. Image: Consolidated Properties Group

Ground was broken this week on site to mark the start of construction. The dual frontage glass-facade building has been designed by John Wardle Architects with a focus on environmental credentials.

DWS head of Real Estate for Australia James Bartlett said DWS was excited to partner in the project with Consolidated Properties.

“The prominent location, striking design and first-class ESG credentials will set a new bench-mark for the modern day office,” Barlett said.

895 Ann St is expected to create about 300 construction jobs, according to Hutchinson Builders, and is earmarked for completion in April 2023.

 

Article Source: theurbandeveloper.com

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Offshore Interest Accelerates Build-to-Rent

Australia’s booming build-to-rent development industry grew almost 70 per cent in the past 12 months off the back of substantial offshore investment.

CBRE’s build-to-rent development pipeline report estimates the market is worth about $10 billion with 40 projects and almost 15,000 apartments in the pipeline.

Offshore institutional investment currently accounts for 57 per cent of the funding of build-to-rent developments. But with recent changes to tax concessions in New South Wales and Victoria it is expected more Australian banks and investors will funnel money into the asset class.

“We expect the momentum to be maintained with more projects announced as developers work through a pipeline of several thousand units currently under due diligence and taking advantage of recent tax reforms enacted in NSW and Victoria,” CBRE associate director Puian Mollaian said.

“Offshore institutional capital has been critical to support the launch of the first generation of projects in Australia. Almost two-thirds of projects announced have secured equity capital from global investors, mainly those based in North America and Europe.”

▲ Build to rent investor profile. Image: CBRE

Mollaian said Covid-19 had stimulated further interest in build-to-rent from developers and investors in addition to planning incentives and tax reforms in New South Wales, Victoria and Queensland.

“Locally, preliminary data from the first wave of projects’ performance during Covid-19 indicate a level of resilience as evidenced by broadly stable rents and occupancy levels,” Mollaian said.

Melbourne continues to lead the way in the build-to-rent sector, with more than 50 per cent of projects in the capital city, including Assemble’s East Village development (artist’s render pictured above) on a 4.3ha former industrial site at Bentleigh East.

Sydney accounts for about 25 per cent of the national market.

Mollaian said Victoria and Queensland offered the most opportunity for Build to Rent due to the availability of “suitable development sites and lower barriers to entry in comparison to Sydney” where prices remained high.

▲ Build to rent market share by state. Image: CBRE

CBRE Debt and Structure Finance managing director Andrew McCasker said it was encouraging to see traditional lenders and non-bank lenders allocate funds to the growth sector.

“We expect funding appetite to increase as the asset class, and knowledge of the industry, evolves and matures in Australia,” McCasker said.

The Property Council of Australia welcomed the change to New South Wales’ planning laws to help stimulate the build-to-rent sector further.

“Build-to-rent delivers much needed housing supply, is good for renters, keeps jobs in construction and is also great for our economy,” PCA executive director for NSW Jane Fitzgerald said.

Fitzgerald said the changes would provide a shot in the arm for build-to-rent in NSW by providing a planning and tax framework designed specifically with the new sector in mind.

“The planning changes not only acknowledge that build-to-rent is a different housing ‘product’ to build-to-sell but also provide clear guidance to investors, developers and consent authorities.

“The tax changes will improve certainty for investors and remove disincentives that would have held the sector back.”

 

Article Source: theurbandeveloper.com

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Broadbeach Mall Hits the Market

A 1990s mall between some of the biggest developments on the Gold Coast has hit the market in an expressions of interest campaign.

The four titles in the Niecon Portfolio make up the largest contiguous freehold site in Broadbeach at 5,463square metres.

The mixed-use Niecon Plaza features two levels of office and retail space with a large internal glass atrium and internal mall linking Victoria Avenue with Albert Avenue.

There is also the 14-storey Niecon Tower office building and two freestanding dual-level office buildings created by the Nikiforides Group led by Con Nikiforides.

The estimated fully leased portfolio net income is $2.89 million with a 46m frontage to Broadbeach Mall.

The Gold Coast property market is riding an unexpected wave of developments and sales brought on by the pandemic.

However the price expectations for the Niecon Portfolio are unclear with the Circle of Cavill sale achieving $62 million at the peak of the 2020 pandemic.

Another Broadbeach listing for “Main Place” a 3,275sq m site with an approved 50-storey development was listed for about $65 million in 2014, but was taken off the market.

▲ The ’90s Niecon Plaza and office towers make up one the largest freehold sites in Broadbeach.

Colliers Gold Coast director-in-charge Steven King said there hasn’t really been anything comparable on the market.

“The Niecon Plaza portfolio represents a unique long-term repositioning and redevelopment opportunity, with national brand, corporate and boutique operators providing a diversified income stream,” King said.

“The Gold Coast has traditionally been one of Australia’s largest tourism markets averaging 12 million visitors to the region annually over the last 3 years, totalling circa $15.5 billion in expenditure over the period.

“Broadbeach is a key lifestyle and commercial destination underpinned by several landmark pedestrian drivers including The Star Casino, The Gold Coast Convention Centre, the Oasis Shopping Centre, Pacific Fair and the Broadbeach Beach and Victoria Mall.”

Nearby on Broadeach Island, The Star Entertainment Group is also making ground on its $2 billion skyscraper development.

 

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The Star’s 63-Storey Skyscraper Gets Under Way

The Star Entertainment Group has broken ground on the second tower at its $2 billion masterplanned site at Broadbeach on the Gold Coast.

The new 63-storey tower will sit on the south east corner of Broadbeach Island, with negotiations under way for management of the hotel.

Queensland Premier Annastacia Palaszczuk said confidence was high in the Queensland construction economy.

The Star Entertainment Group chief executive Matt Bekier said the company had big plans for Queensland, and this project would create 1800 construction jobs.

“We aim to be Australia’s leading integrated resort company and we’re developing properties on the Gold Coast and Brisbane that will be compelling must-see destinations for locals, interstate and international visitors,” Bekier said.

Premier Annastacia Palaszczuk said construction projects were vital to the economic growth and labour market of Queensland.

“To have construction starting on multi-million-dollar developments like this just proves that business confidence on the Coast is strong.

“This is only possible thanks to the way Queenslanders have responded to the coronavirus pandemic,” Palaszczuk said.

This confidence in the Queensland economy is supported by NAB’s consumer anxiety report for the 2020 fourth quarter which showed Queenslanders were the least stressed about the state of the economy. Australians were notably less anxious about the domestic economy in most states, led by Queensland at 59 points out of 100.

Anxiety was highest in New South Wales and the Australian Capital Territory at 57.9, in part likely reflecting the Sydney Covid outbreak in December, and lowest in Queensland at 52.9.

At the end of January the consumer sentiment index had a rise of 1.9 per cent, close to its 10-year-high, according to Westpac economist Bill Evans.

“It’s really important that we have that recovery in consumer sentiment because a big challenge for the Australian economy will come in the March quarter when the JobKeeper package withdrawal by the government,” Evans said.

But Evans said the consumer sentiment index indicated the economy was in good shape to manage the drag of the loss of JobKeeper.

Environment Minister and Member for Gaven Meaghan Scanlon said the project was a shot in the arm for the construction industry and tourism on the booming Gold Coast.

“Our tourism and construction industries are cornerstones of the local economy here on the Coast,” Scanlon said.

 

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Development Upside for Former Entertainment Hub

A prime development opportunity for two adjoining freehold sites along a busy arterial road has hit the market.

Ray White Commercial Northern Corridor Group are marketing the former food and entertainment hub, 403-407 Elizabeth Avenue, Kippa-Ring for sale.

Located 18 minutes from the fast-growing North Lakes, the 13,093sq m site comprises three buildings including two drive-thru buildings and a once-bustling bowling alley, creating a total building area of 2,472 square metres.

The suburban neighbourhood-zoned site boasts a large car park area providing 86 car parks and a highly-exposed 140m wide street frontage to Elizabeth Avenue. This exposure includes three driveways for access.

Ray White Commercial Northern Corridor Group commercial director and principal Chris Massie said the site is among one of the stronger sites for potential development.

“The two-existing drive-through sites will be an obvious drawcard for value-add developers to generate immediate income while they reposition the main building,” Massie said.

“Due to this site’s proximity to Kippa-Ring Station and Kippa-Ring State School, the development has the opportunity to service a daily transport patronage of 2,000 people travelling inbound and outbound, as well as capture the attention of more than 30,000 daily vehicle movements.”

▲ A prime development opportunity for two adjoining freehold sites along a busy arterial road has hit the market.

In its 2019-20 budget, the Moreton Bay Council confirmed it will provide more than $227 million for capital works with a focus on community infrastructure and healthy and active lifestyle opportunities.

This includes $112 million on road and transport networks to improve connectivity, travel time and transport options, increasing vehicle movement through the area.

While the addition of the $1 billion Redcliffe Peninsula Rail Line is set to service 618,000 residents by 2036 and 39 new residential developments.

“Strong infrastructure investment and growth projections for the Northern Corridor mean this confidence is likely well placed.” Ray White Commercial Northern Corridor Group associate director Aaron Canavan said.

“We are seeing more confidence from traditionally passive investment groups, who are now willing to look at value add properties like this.”

The site is located within walking distance of the Peninsular Fair Shopping Centre, Kippa-Ring Station and Kippa-Ring State School and within 10 minutes of the Redcliffe Hospital, Clontarf industrial estate and the stunning Redcliffe waterfront.

Expressions of interest close 4pm, Thursday 18 March 2021 if not sold prior.

 

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Sunland’s Mermaid Waters Retail Village Gets Green Light

Construction of The Lanes Retail Village is expected to start after Gold Coast City Council this week approved the development application to transform four hectares of land into a “leisure-lifestyle” retail precinct.

While Gold Coast-based developer Sunland says it is yet to formally appoint a construction group on the retail village, council’s approval comes months after Sunland amended the project’s design as a result of the Covid pandemic hit on the retail sector.

Council has given the nod of approval for the 7,500sq m retail village that would sit within the developer’s sprawling 42-hectare master-planned project in Mermaid Waters.

The $82 million retail project will sit within the Lanes Residences development, which spans a 42-hectare former dairy farm and is expected to house more than 3000 people when complete.

▲ Construction will soon start on Sunland Group’s 7,500 sq m retail village at Mermaid Waters following Coast council’s approval.

Designed by Queensland-based Blight Rayner and Sunland’s in-house design team, the retail village will comprise laneways, a fresh food market hall with seven-metre high timber ceiling, cafés, restaurants, a health and wellbeing precinct, along with office space.

Sunland Group managing director Sahba Abedian said the group would now look to work with potential retailers.

“Along with 750-plus future residents of the adjoining apartments at The Lanes Residences, about 200,000 people will live within a 10-minute drive of The Lanes Retail Village.”

Sunland acquired the 42-hectare site from the Scheinberg family for a record $61 million in 2014, and first unveiled the Mermaid Waters project in 2018.

▲ Sunland Group’s The Lanes Residences’ under contruction. Image: Sunland.

Two mid-rise residential buildings of the project are scheduled for completion mid-next year.

When complete, Sunland’s masterplan will include four residential towers, the retail village, parklands and a community green space.

 

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Much more than just a train station: Meet Brisbane’s new ‘Grand Central

A new “Grand Central” precinct to replace the demolition site at Brisbane’s Roma St station is set to boast a world-class sports and entertainment centre, public plazas and bars, and even a retirement home.

More details have emerged of Queensland’s biggest infrastructure venture, the $5.4 billion Cross River Rail project, with the release of a proposed development scheme for the redeveloped Roma Street station complex.

The scheme answers questions on the design and operation of the new station, other uses associated with the complex and how it will incorporate the much-vaunted Brisbane Live entertainment arena.

The new complex, due to be completed around 2025, will be built around existing heritage places, new public spaces, and parkland, with the development scheme proposing some surprise elements like retirement and residential care facilities.

The Cross River Rail Authority is expecting that over the next 15 years there will be nearly 4200 new residents and more than 19,700 new workers within the 32 hectare Roma Street priority development area, bounded roughly by Wickham Terrace, North Quay and College Rd.

The scheme states that the area will act as a place of transition between the “tall towers” dominance of the CBD and “lower scale campus-style towers that interface to surrounding neighbourhoods and Roma Street Parkland”.

The project centres around a new underground station dubbed “Grand Central”, connecting passengers with existing suburban bus and rail networks and the Brisbane City Council’s Brisbane Metro, as well as regional and interstate bus and train services.

It envisages development across three precincts – a station plaza, a major sport and recreation facility (Brisbane Live) and a city centre transition precinct.

The Roma Street redevelopment focus will be on becoming the key arrival destination for the central CBD, and the western gateway to the city’s premier cultural, leisure
and entertainment venues.

It will also aim to improve the public realm and active transport connections to encourage pedestrian movement and connections and big upgrades to rail and bus interchanges, including a realignment of the Inner Northern Busway.

“Development in the Roma Street CRR PDA will better connect and unify the area with the city centre, Spring Hill, Petrie Terrace and South Brisbane neighbourhoods and associated facilities including Suncorp Stadium, Roma Street Parkland and the Queensland Cultural Centre,” the draft development scheme states.

“Active street frontages, a range of safe and inviting public spaces and permeable, accessible connections for pedestrians and cyclists will be delivered.”

The public will have until April 1 to make submissions on the proposed development scheme before the state government decides whether to approve it.

The scheme will then replace the existing interim land use plan currently governing the Roma Street PDA.

 

Article Source: inqld.com.au

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A Brisbane real estate boom, at last: Hotspotting’s Terry Ryder

For the past 3-4 years, many pundits have forecast that “this year” is the year for Brisbane and the city has not delivered

For the past 3-4 years, many pundits have forecast that “this year” is the year for Brisbane and the city has not delivered. It has chugged along steadily but there’s been little in the way of major uplift.

But now the Brisbane boom is upon us. Hotspotting research for the upcoming Autumn 2021 edition of The Price Predictor Index shows just how strong markets are across the Greater Brisbane Area.

The number of growth markets in the Greater Brisbane Area has quadrupled since mid-2020, creating the strongest market in the six years of our quarterly surveys. The uplift in sales activity in the past six months has been extraordinary.

Our new survey has identified 124 suburbs with rising sales activity, compared to 56 in the previous survey and just 28 in the mid-2020 survey. This means the number of growth suburbs doubled in six months and then doubled again within three months.

The previous best result in the six years of our quarterly surveys was 80 growth suburbs six years ago at the start of 2015.

At the same time, the number of plateau markets is the lowest ever, while the number of declining or danger markets has dropped from 37 eighteen months ago to just five now (we continue to classify some of the inner-city apartment markets as danger markets, with vacancies still high there).

The northern precincts continue to be market leaders in Brisbane. The Brisbane-north precinct and the Moreton Bay Region jointly have 51 growth suburbs, including 31 in the Moreton Bay region, which is a record to any LGA across Australia in the six years of these surveys.

This means that three-quarters of the ranked suburbs in the Moreton Bay Region have rising sales activity, a circumstance that makes strong price highly likely in 2021.

The Brisbane-north precinct, which has 20 growth suburbs, continues to impress as one of the strongest of the city’s sectors.

But the growth momentum is occurring throughout the Brisbane metropolitan area, with Ipswich City in the far south-west an exception.

Logan City in the far south has 17 growth suburbs, providing further evidence of the gathering recovery of markets in this precinct.

Brisbane-south (13), Brisbane-inner (11), Brisbane-easts (12), Brisbane-west (7) and Redland City (8) all have substantial numbers of suburbs with rising trajectories. But Ipswich City, with only five growth suburbs, has yet to feel the positive momentum being felt elsewhere in the Greater Brisbane Area.

It doesn’t surprise, therefore, that Brisbane markets have been performing well on price growth, with three-quarters of suburbs across the metropolitan area recording uplift in their median house prices in 2020.

In the most recent quarter, 76% of suburbs had some level of price growth.

With inner-city apartment markets still struggling with high vacancy rates, growth has been less prolific among the unit markets: 56% of the suburbs with unit markets have had growth in their median unit prices in the past year.

House price growth has been spread across the Brisbane metropolitan area, but the upper end of the market has been leading.

St Lucia in the popular western suburbs has lifted its median house price 36% to $1,525,000, while Yeronga in the inner southern suburbs has grown 38% to $1,045,000. The sough-after inner city suburb of New Farm has increased 20% to $1,750,000, while Highgate Hill is also up 20% to $1,200,000. And the most expensive of the eastern bayside suburbs, Manly, has increased 20% to $945,000.

The housing market in inner Brisbane, in contrast to the apartment market, is generally travelling well. In addition to New Farm and Highgate Hill, West End is up 15%, Woolloongabba 10%, Bardon 8% and Coorparoo 7%.

The western suburbs are doing well, led by St Lucia (36%), Fig Tree Pocket (up 18%), Sherwood (13%) and Toowong (12%). All have median prices above $1 million.

The northern suburbs also are out-performing. Inner northern suburbs with median prices above $1 million are growing, including Grange (14%), Ashgrove (13%), Ascot (8%) and Clayfield (9%).

Further north in the middle-ring suburbs, growth suburbs include Nundah (15%), Banyo (12%), Chermside (14%) and Sandgate (11%), while others like Chermside West, Kedron and MCDOWALL have grown 8-9%. These are places with median house prices in the $600,000 to $800,000 range.

The equivalent suburbs in the south are also displaying solid growth, headed by Holland Park (12%), Tarragindi (10%) and Upper Mount Gravatt (11%). Several others are up 8-9%.

Several outer-ring precincts are also doing well. In the Moreton Bay region in the far north, growth suburbs include Eatons Hill (13%), Caboolture South (8%), Beachmere (9%) and Bellara (7%) – mostly locations with median house prices under $500,000. Given the number of suburbs with rising sales activity, we expect price growth to accelerate in this area.

In Logan City in the far south, Underwood is up 12% to $615,000, while suburbs with medians in the $400,000s and $500,000s are showing solid uplift in the 7-8% range, including Daisy Hill, Loganholme, Shailer Park and Waterford.

 

Article Source: www.urban.com.au

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