Wednesday 31 March 2021

Brisbane suburbs with the biggest property price rises and falls

A surge of Australians looking to buy a property has seen prices soar in Brisbane suburbs over the past two years.

Property prices have hit record highs this year and, despite the effects of Covid19 recent Domain Research shows median prices rose annually  5.6% in Brisbane houses.

Of course such broad city wide generalisations are not very helpful has while some areas are booming, others are being left behind in the dust.

The Domain research found that by mapping price movements at a suburb level, the priciest suburbs tend to lead the property cycle.

For a closer look, let’s break the data down by each of Australia’s three major cities.

But note that only house data is included in Domain’s research. This means some inner-city suburbs are not featured in the maps because their housing stock is dominated by units.


Suburb with the biggest price increase: Thorneside (28.5%)

Suburb with the steepest price fall: Burpengary East (8.4%)

Changes in Brisbane property prices over the past two years

Brisbane: Mapping the market over COVID



Source: Domain • Annual change in median house price in each suburb. Calculations are based on transactions over a 12-month period. Only suburbs with a minimum sales volume of 30 are included. Any median price with extreme swings in annual price change is excluded from analysis. Q1= March quarter, Q2 = June quarter, Q3 = September quarter, Q4 = December quarter. Hover over or click on a suburb to highlight.

During the height of Covid-19, Brisbane’s housing market defied the odds, shone through, and even came out relatively unscathed.

By the end of 2020, Greater Brisbane’s property price median hit a new record high of $616,387, which is $28,000 above the previous record set in early 2020.

House prices have risen modestly over each quarter of the 2020 calendar year, rising a further 0.8% over the December quarter to end the year 5.6% higher than the last.

Dr Nicola Powell, Senior Research Analyst at Domain explained:

“First-home buyers became active utilising incentives and low mortgage rates became the norm.

Upsizing buyers were enticed by cheaper credit and altered their wish-lists to think more about property characteristics such as space and lifestyle, rather than commute time and distance to the CBD.

The rising interest from interstate buyers and the movement of residents from regional Queensland into Greater Brisbane will continue to support demand. Outer suburban and lifestyle areas will be the main beneficiaries.”

By December 2020, 85% of Brisbane’s suburbs recorded annual growth.

Double-digit percentage price rises were even noted across 17% of suburbs.

In Brisbane’s north, 88% of suburbs increased in price, 86% in Brisbane’s west, and 85% in Bayside South.

In Bayside North and Brisbane East growth was seen in around 80% of the suburbs in the area.

Brisbane’s suburb of Thorneside recorded the strongest growth across all the suburbs with a 28.5% increase in house prices over the two-year period.

Virginia, Highgate Hill, Carina Heights, and Yeronga also saw house prices surge more than 20%.

Despite most Brisbane suburbs enjoying property price growth, 15% of suburbs recorded a fall in median house prices by December 2020.

The steepest price falls were seen in Ormiston (8%) and Burpengary East (8.4%).


Article Source:

from Queensland Property Investor

Tribune, LKM Secure Anchor Tenant in Brisbane’s Fringe

The Brisbane office market is holding steady despite lockdowns with Queensland Urban Utilities secured as the anchor tenant for a new $375-million tower in Fortitude Valley.

The water authority will occupy 6015sq m over three levels for its headquarters, in the Chinatown Mall office development at 31 Duncan Street.

Office occupancy in Brisbane have oscillated between 61 and 63 per cent since the end of 2020, according to the latest Property Council of Australia data.

This compares to Sydney at 50 per cent, Melbourne at 35 per cent and Canberra at 65 per cent for the week of March 22-29.

The developers of the commercial tower above Chinatown Mall, Tribune Properties and LKM Holding’s Tim Mahony and Andrew King, hope the development will “supercharge” the valley’s daytime economy.

Hutchinson Builders are expected to begin building the 17-storey development designed by Nettleton Tribe Architects in the coming months for a late 2022 completion.

The development comprises more than 25,000sq m of commercial space, 464 car parks, a landscaped roof terrace, running track and gym, end-of-trip facilities and Covid-safe touchless accessories.

Tribune Properties and LKM Holding acquired the site in 2017 for $64 million, bettering more than 200 interested parties after an international expressions of interest campaign by CBRE.

This is not the first time they have redeveloped a carpark in Brisbane: Their 53 Albert Street property recently sold for $250 million.

The nightlife precinct of Fortitude Valley is attracting plenty of interest for office developments, including Cornerstone’s 28-storey tower next to the McWhirters building, Empirica Developments’ residential-turned-office development and Zagame’s nine-storey office building on James Street.

Silverstone Developments also recently secured approval for a 12-storey commercial tower at the Fortitude Valley PCYC.


Article Source:

from Queensland Property Investor

Queensland A ‘Strong Bet’ For Investors?

Queensland is likely to be the top destination for investors this year, as Sunshine Coast and Gold Coast record solid demand, according to the Real Estate Institute of Queensland (REIQ).

Antonia Mercorella, CEO of the REIQ, said Queensland’s property market was able to remain “extremely stable” over the past year. In fact, prices in the state have increased by 6.1% over the final three months of 2020.

“Between record-low interest rates, low stock availability for sale, improvements in consumer sentiment and Queensland’s unbeatable lifestyle, it’s no surprise we’ve also seen broader increases in values month on month in 2021,” she said. “Queensland is shaping up to be a strong bet for investors, with properties from the Gold Coast to the Sunshine Coast selling fast and on a solid foundation for capital growth in 2021.”

Brisbane reached a new record median house price of $725,000 last year, reflecting a 5.8% annual growth. House prices in the state capital increased further by 0.9% and 1.5% on a monthly basis in January and February, respectively.  The latter represents the steepest rise since November 2007, when the monthly growth rate was 1.72%.

While conditions strengthen in Brisbane, regional markets continue to outperform the state capital. The Sunshine Coast remained the top market in the state — both houses and units in the region posted stellar growth over the last months of 2020, reporting gains of 7.7% and 8%, respectively.

Mercorella said regional markets benefit from the strong interstate migration, which continue to push prices up.

“Sunshine Coast, along with the Gold Coast, have been top destinations for internal migration for years now. And with minimal international migration at present, that internal movement is really benefiting our markets relative to other parts of the country,” she said.

The strength of regional markets is also evident in the gains reported by individual Local Government Area (LGA). In fact, of the 56 LGAs, 52 posted annual gains, with Cloncurry (36.2%), Murweih (30.4%), and Isaac (25.0%), rising as top performers.

“When you consider Queensland’s unique attributes and market characteristics combined with historically-low interest rates, surging consumer confidence, and billions of dollars in infrastructure investment, and the scene is set for some of the strongest property growth we’ve seen in a very long time,” Mercorella said.


Article Source:

from Queensland Property Investor

Brisbane Start-Up Leads Property Virtual Tours Boom

Brisbane is fast becoming Australia’s proptech epicentre with government-backed investment and strategic partnerships galvanising a new wave of local start-ups looking to match digital services with property.

One of the city’s bright newcomers, Little Hinges, is now an industry disruptor—supported by a newly-established initiative being overseen by the Brisbane Economic Development Agency.

Under the Brisbane EDA PropTech Initiative, emerging local businesses are able to incubate, network and scale, while being provided with exciting pathways towards national and international expansion.

Little Hinges, spearheaded by former REIQ chief operating officer Josh Callaghan and co-founder Kindred Group managing director Joshua Kindred, has rapidly evolved through its development cycle as part of the program’s maiden cohort.

The year-old proptech start-up is now championing the nation’s virtual reality (VR) space, digitising properties and providing its customers with software to help manage easy and convenient property inspections and experiences.

“From little hinges swing big doors,” Little Hinges chief executive Josh Callaghan said.

“While we are small in our footprint as a company, we are fast-becoming the industry’s enabler, transforming the way in which property and spaces are interacted with.”

“We saw a problem, a friction, in the way consumers could readily access and experience available properties on their terms.”

“We thought about the amount of time, and often difficulty, required to attend physical inspections and have now virtualised the experience to an unbelievable level of intricacy and detail.”

While VR tours and 360 degree plug-ins have been available to realtors for some time, Little Hinges platform and use of technology goes further, amplifying user-ability and utility to unlock and drive additional revenue streams for its clients.

Users are able to interact with embedded call to actions and digital touch points—opening warranty cards for appliances, how-to manuals for in-home technologies, and additional information for third-party products.

The company’s patented and highly immersive software is powered by industry leading 3D camera specialist Matterport, a US-based hardware company currently valued at US$2.9 billion (A$3.8 billion).

“Our key differentiator is the quality to which we scan and our partnership with Matterport has enabled that,” Callaghan said.

“Our platform provides millimetre accurate scans in a rapid turnaround, with post-production averaging between four to six hours and delivery often same day.”

“In the current digital era, timeliness is everything, and we have seen a huge uptake in our platform due to the time in which we undertake post-production and delivery.”

The software, accessible through desktop, mobile and VR headsets, is overseen by a team of virtual tour technicians and support staff, who were on-boarded to the company from the beleaguered hospitality industry at the onset of the Covid pandemic.

The company now boasts a diverse client base, including national real estate agencies LJ Hooker, Ray White and Place, and the country’s largest diversified developer Stockland.

“Stockland is a highly progressive company and they quickly understood the power of our platform—and its innovative uses of VR, in order to engage and service its customers,” Callaghan said.

“Developers are understanding the untapped potential and the next-tier of engagement that can be provided throughout all phases of the construction lifecycle.”

“Our fluid walkthroughs, on average hold people for upwards of four to five minutes, which is on average and often a longer time frame than with many listing portal’s landing pages—and that type of engagement in this fast-moving digital age is priceless.”

Little Hinges is also planning to roll out new functionality to store property measurements in order for users to size up fast-tracked trade fit outs and quotes, furniture selection tools, and renovation mock-ups.

Callahan said the business had been able to expand its operational footprint and shift gears from start-up to industry specialist, thanks in part to its partnership with Brisbane EDA.

“What Brisbane EDA have done for Little Hinges is immeasurable, but the most important factor is their ability to act as the connector.”

“Whenever there has been something relevant to our business, they have provided us with that connection and forged the pathways to those partnerships.”

“Without the department’s proptech initiative, the network we currently have access to would have taken months, if not years, to build by ourselves.”


Article Source:

from Queensland Property Investor

Look before you plunge into the housing market

The fear of missing out as housing market rocket is tempting some buyers to take a plunge into the property market with only a small deposit in a bid to take advantage of record-low interest rates.

However, this could leave them with little spare financial capacity to meet mortgage repayments if rates rise again, they lose their jobs, or have their hours markedly reduced.

Mortgage lenders have been keen to increase their share of the market following its temporary cooling off last year.

More than three-quarters of lenders listed on the Canstar database now have mortgages that allow lending to those with deposits of just 5 per cent.

However, snapping up a mortgage with a high Loan to Valuation Ratio (LVR) can have a serious adverse impact on your finances in the long run.

Canstar estimates someone buying a $800,000 a property with a 5 per cent deposit would pay almost $70,000 more in interest over 30 years, compared to the same person putting down a more regular deposit of 20 per cent.

Then there is the extra expense of required lenders’ mortgage insurance, which protects lenders but is paid by any borrower with a deposit of less than 20 per cent. This insurance can run into tens of thousands of dollars.

For a purchase of $800,000 by an owner-occupier who is not a first-time buyer with 5 per cent deposit, Genworth’s lenders’ mortgage insurance calculator estimates it would cost almost $35,500.

With a 15 per cent deposit, the lenders’ mortgage insurance is estimated to be $9,600. The lender usually adds this cost to the loan, resulting in even more interest payable.

Steve Mickenbecker, Canstar’s group executive financial services, says the “ongoing burden and strain on household budgets of borrowing with a very low deposit can be extreme and may be felt for the next 30 years”.

Figures from RateCity also show a doubling in the number of lenders offering “cashbacks” to buyers looking to refinance their mortgages who have sizeable equity in their properties, compared to a year ago.

Sally Tindall, research director at RateCity, says a combination of record-low interest rates and escalating property prices are pushing people to take on more debt.

Property researcher CoreLogic’s figures show that capital city house prices are continuing to march higher. Sydney prices are up 6.4 per cent since the start of the year and Melbourne prices by 4.8 per cent.

The researcher says preliminary auction clearance rates for Sydney last weekend were an astounding 89 per cent, compared with just 40 per cent for the same weekend last year. Melbourne’s clearance rate was almost 84 per cent, up from 38 per cent.

However, the federal government is offering some relief to first-home buyers that are struggling to get a foot on the property ladder.

Under its First Home Buyer Deposit Scheme, first timers can put down a deposit of just 5 per cent and avoid having to pay the added impost of lenders’ mortgage insurance.

Since the start of the scheme a little more than a year ago, 20,000 places will have been offered by the middle of this year for the purchase of new and existing homes. A further 10,000 places are to be added from July 1.

Some financial experts, including Shane Oliver, chief economist at AMP Capital, are expecting the Reserve Bank of Australia to use “macro-prudential controls” to restrict mortgage lending if standards become too lax. He says measures could be introduced later this year that include a return of the imposition on lenders to limit growth in loans to property investors, as well as restrictions on high LVRs and debt-to-income ratios.

Andrew Wilson, consultant economist at Archistar, expects capital city house price growth to remain strong, but could moderate through the second half of the year as affordability declines.


Article Source:

from Queensland Property Investor

Builder named for $140m project in Brisbane’s Ferny Grove

A Perth-based builder has been selected by the developers of a $140 million project in Brisbane’s Ferny Grove, paving the way for construction to begin in May this year.

Broad Construction, a subsidiary of CPB Contractors and part of ASX-listed CIMIC Group (ASX: CIM), will construct the Ferny Grove Central project – a suburban Transit Oriented Development (TOD) offering a range of residential, convenience and entertainment amenities.

Ferny Grove Central, which has been in the planning phase by Honeycombes Property Group in collaboration with the Queensland Government for the past seven years, is a mixed-use development adjoining the Ferny Grove Railway Station.

The project will comprise a 12,000sqm retail centre with a new multi-level parking facility for retail customers and commuters.

It will also become a residential hub through construction of The Fernery, an apartment block comprising 82 luxury apartments and a recreational deck for residents. The integrated precinct will include improved pedestrian and cyclist connections throughout.

CPB Contractors managing director Jason Spears said he was pleased to be working with the Honeycombes Property Group on the urban redevelopment project.

“The experience of our team means that we have the capability to provide safe and certain delivery to our clients,” Spears said.

“Broad’s inclusive procurement strategies will also provide opportunities for local workers and businesses.”

The Ferny Grove Central build adds to Broad’s growing portfolio of new projects in the Queensland market, including the multi-level expansion of Brisbane State High School, the Kingaroy Hospital redevelopment, and retail and commercial developments at 155 and 170 Queen Street Mall in Brisbane.

Honeycombes Property Group’s managing director Peter Honeycombe has welcomed Broad Construction as a key partner in the Ferny Grove Central development.

“Broad Construction is the perfect partner for us to deliver Ferny Grove Central, with a depth of experience and a commitment to quality that is second to none,” Honeycombe said.

“As a landmark project for Brisbane’s North West that will define the urban landscape for decades to come, we’re pleased to bring this vital urban renewal project to fruition in collaboration that has a proven record of project success over the past 30 years.”

Construction of Ferny Grove Central is expected to take 28 months with completion set for late-2023.


Article Source:

from Queensland Property Investor

Tuesday 30 March 2021

Queensland property market shines in new report

The latest Queensland Market Monitor from the Real Estate Institute of Queensland revealed that almost every region saw property prices rise by more than 6 per cent over the December 2020 quarter.

According to REIQ CEO Antonia Mercorella, the increase in values across the state, which has continued into 2021, comes off the back of record-low interest rates, low stock availability for sale, improvements in consumer sentiment and “Queensland’s unbeatable lifestyle”.

“As a result of the COVID-19 pandemic, we’ve seen Queensland’s property market perform in ways that go against every economic prediction made over the last 12 months,” Ms Mercorella commented.

Unlike other major capital cities, Brisbane thrived throughout the pandemic, even recording the highest level of sales across the state over the quarter, at 13,085. This was followed by Gold Coast with 7,617 and Moreton Bay with 6,565.

The state capital also reached a new record median house price of $725,000 in 2020, finalising annual growth for 2020 of 5.8 per cent.

In 2021, prices have already seen increases of 0.9 per cent and 1.5 per cent across January and February, respectively, with the latter being the steepest monthly rise since November 2007 when the monthly growth rate was recorded at 1.72 per cent.

It means Greater Brisbane’s houses are valued at a median of $544,900, while units have a median of $391,800 – the highest on record for both categories, the report noted.

By the end of 2020, Brisbane had six new million-dollar suburbs, including Bardon with a median price of $1,062,000 and an annual growth rate of 17.2 per cent, Graceville with $1,012,500 and 12.8 per cent, Grange with $1,017,500 and 6 per cent, Rocherdale with $1,033,750 and 6 per cent, West End with $1,115,500 and 14 per cent and Yeronga with $1,085,000 and 28 per cent.

Regional winners

While the Brisbane property market held its own during the COVID period, Queensland’s regional markets still outperformed the capital city as demand continues to strengthen and prices soar in most areas, according to Ms Mercorella.

Over the year, Sunshine Coast remained one of the strongest performers in the Queensland property market, achieving a 7.7 per cent price growth for houses and 8 per cent for units.

Meanwhile, Noosa retained its title as the most expensive market in Queensland, with house prices rising by 15.4 per cent to a median of $900,000 and unit prices rising by 14.3 per cent to a median of $710,000.

Gold Coast was third most expensive, behind Noosa and Brisbane, with a median house price of $658,250.

In terms of annual house price growth for 2020, Currumbin Valley emerged as the winner with a 42.7 per cent rise.

For units, Toowoomba stood behind Noosa and the Sunshine Coast with an annual unit price growth of 9.6 per cent to a median of $299,000. East Towoomba recorded the highest annual unit growth for 2020 at a remarkable 79.1 per cent.

Ms Mercorella said that the rise in prices across Queensland’s regional markets is primarily driven by strong interstate migration.

“The Sunshine Coast, along with the Gold Coast, have been top destinations for internal migration for years now.

“And with minimal international migration at present, that internal movement is really benefiting our markets relative to other parts of the country,” the CEO explained.

The increasing “rush to the outer regions” and “exodus to more affordable lifestyles” as a result of COVID-19 have further fueled growth across regional Queensland.

In fact, the report found that 52 out of 56 regional LGAs – or 93 per cent of the state’s regional market – showed positive annual growth

Among the top performers in 2020 were Cloncurry (36.2 per cent), Murweih (30.4 per cent) and Isaac (25.0 per cent).

“With positive economic results ushering in a New Year, Queensland is shaping up to be a strong bet for investors, with properties from the Gold Coast to the Sunshine Coast selling fast and on a solid foundation for capital growth in 2021.

“When you consider Queensland’s unique attributes and market characteristics combined with historically low interest rates, surging consumer confidence, and billions of dollars in infrastructure investment, and the scene is set for some of the strongest property growth we’ve seen in a very long time,” Ms Mercorella concluded.


Article Source:

from Queensland Property Investor

Monday 29 March 2021

Hammer time: Brisbane falls for auctions in $17 million weekend

Brisbane new-found romance with auctions is fast becoming a serious love affair after a record-setting median sale price was clocked across the city on Saturday.

From the reported 39 properties sold under the hammer, according to the latest Domain data, almost $17 million in real estate was transacted with the average home selling for $1,247,500 – which is the highest recorded median price in the past six months of weekend auctions.

It’s a staggering figure that property punters say has cemented the widespread shift from private treaties, in line with Melbourne and Sydney.

“Across Australia, we had 5.1 registered bidders on Saturday and across Brisbane we had an average of 8.1 registered bidders at every auction,” Ray White Queensland chief auctioneer Mitch Peereboom said.

“We also had an 87 per cent clearance rate, which is double what we were seeing just before COVID,” said Mr Peereboom.


74 Gordon Street, Gordon Park. 

It paid off to go to auction, with Ray White recording prices achieved at auction were 11.7 per cent above the highest offer made during the sales campaign.

“The sale prices were extraordinary and competition between buyers is really driving those prices up. People see great results and that gives them confidence and auctions create more auctions,” Mr Peereboom said.

Across Ray White offices on Saturday one of the most exciting sales clocked was in the city’s smallest suburb of Gordon Park, where 16 registered bidders battled it out for a quaint five-bedroom Queenslander at 74 Gordon Street.

74 Gordon Street, Gordon Park QLD 4031

74 Gordon Street, Gordon Park QLD 4031 

In the end, a young family forked out $1.41 million for the winning bid, a whopping $200,000 above the reserve.

“The market is moving and changing every week and, whilst we have a shortage of stock, we are starting to see more sellers come onto the market. The results speak for themselves,” said selling agent Douglas May, of Ray White Sherwood.

In Cannon Hill Meagan Muir, of Place Estate Agents Bulimba, sold a stunning premium family home at 89 Erica Street for a reserve-busting $1.325 million after a Sydney buyer beat seven other registered bidders.

89 Erica Street Cannon Hill QLD 4170

89 Erica Street Cannon Hill QLD 4170

“It ended up coming down to $1000 dollar bids and it took just seven minutes,” Ms Muir said.

“The buyers were so excited and they said they couldn’t wait to call Queensland home. It was an all-round fantastic auction.

“In fact, this weekend really cemented Brisbane as an auction-friendly place. Buyers are finding great transparency and they can openly see what people are prepared to pay.”

Ray White Ascot principal Dwight Ferguson put away one of the highest recorded transactions for the day after selling 34 Isedale Street, Wooloowin, for $1.9 million.


34 Isedale Street, Wooloowin. 

While nine registered buyers came out to bat, he said the bidding war ended up between a Sydney home hunter and a local, with the southern buyer walking away with the grand property prize.

“In the suburbs there were strong really prices on average and I suppose sellers see auctions as a benefit,” Mr Ferguson said.


34 Isedale Street, Wooloowin QLD 4030 

In Murarrie, Tammy Dale, of Place Estate Agents Bulimba, sold the charming and almost century old cottage at 51 Woodanga Street for $930,000 in an auction she said wasn’t just emotional, but a happy-ever-after story for both the buyer and the seller.

“The buyer missed out on this home the last time it went up for auction [about a year ago] so you could tell she really wanted it. She ended up bidding higher than she originally talked about and, in the end, it was such a great outcome,” Ms Dale said.


51 Woodanga Street Murarrie QLD 4172 

“The sellers bought this house for $750,000 a year ago and while they spent a bit of money it was a great result.”

In Grange, Ray White Wilston principal Alistair Macmillan sold 78 Carberry Street  for a record-smashing $1.5 million after a battle between 12 registered bidders with a local family securing the prize.

“The highest sale price for an original Queenslander on a block over 800 square metres in Grange was $1.35 million, so we are absolutely delighted to have smashed that record,” Mr Macmillan said.

“The buzz around this auction was fantastic. There were close to 200 people in the backyard watching.”


78 Carberry Street Grange QLD 4051 

Other top results included a spectacular five-bedroom home at 20 Seventh Avenue, Windsor, which sold under the hammer for $1.74 million through Garry Jones Homes, and a sophisticated unit at 95/2 Goodwin Street, Kangaroo Point, which clocked $1.52 million through Hugo Alexander Property Group.


Article Source:

from Queensland Property Investor

House prices were expected to fall, now they’re tipped for a record rise. What’s going on?

Property prices are going to fall. Home values are going to rise. Apartments will be sold on the cheap but houses will be in high demand. Regional areas will outpace capital cities.

All of the above predictions has been made by reputable forecasters at some point during the last 12 months as housing market researchers frantically grabbed at disparate data-points in an attempt to make sense of the pandemic’s effects on the economy and, ultimately, the psyche of home buyers and sellers.

The consensus at the height of the coronavirus outbreaks was that there would be a deep and painful fall in home values in the most prized Sydney and Melbourne real estate markets, which would’ve shaved hundreds of thousands of dollars off the value of a median house. This type of fall could force some home owners into negative equity, where their debt is larger than the value of their asset, and weigh heavily on household spending with a worrying knock-on effect to other parts of the economy.

As it turns out, this expectation could not have been more wrong.

Prices reached record highs in most capital cities at the beginning of this year, data from housing research company CoreLogic shows. The possibilities facing the country during the early days of the pandemic where endless, so it is not shocking that predictions made at the height of the pandemic wound up being totally off the mark.

Now, ANZ (which also forecast major price falls last year) predicts home prices in Sydney and Melbourne will experience their strongest year since the 1980s and rise 19 per cent and 16 per cent respectively.

By comparison The Sydney Morning Herald/The Age Scope Survey on average predicts Sydney property prices to grow 5.9 per cent in 2021 and 4.5 per cent in 2022, with Melbourne prices to rise 4.5 per cent in 2021 and 5 per cent in 2022.

While asking the public to spare a thought for property price forecasters might be a stretch after a year of life-threatening global crises, it’s hard not to feel sympathy during such a tumultuous period for anyone trying to point accurately in the right direction.

So, given the track record of property price forecasts over the past year and the difficulties in determining the future during an uncertain time – how cautious should we be when believing these various claims? The answer: very cautious.


Article Source:

from Queensland Property Investor

Historic Brisbane bayside home back on demolition path after court ruling

A Brisbane home with bayside views and built more than 70 years ago, looks likely to disappear after a Queensland court overturned Brisbane City Council’s rejection of a demolition application.

The house at 478 Flinders Parade in Brighton, Brisbane’s northernmost suburb, has the waters of Moreton Bay just metres from its doorstep and was built pre-1947.

Property owner Aaron Hawke submitted his demolition application on May 8, 2020, but it was rejected on July 9 because it conflicted with Brisbane’s identity, according to Council.

“[The demolition application] does not maintain the traditional building character … [and] does not protect residential buildings constructed in 1946 or earlier,” Brisbane City Council wrote.

“The house has not been demonstrated to be structurally unsound.

“The existing pre-1946 dwelling house has a relationship to the precinct and continues to maintain and represent a traditional building character streetscape in building form and scale.”

Between late 2006 and early 2007 and between late 2009 and early 2010, two pre-1947 houses were demolished in the area close to the subject property.

The first at 466 Flinders Parade was knocked down because it had been substantially altered and had therefore become structurally unsound.

The second at 484 Flinders Parade disappeared because it was not considered to be a good example of traditional timber and tin design and construction.

“Since 1964, the character of this section of Flinders Parade has changed dramatically,” court documents said.

“The large vacant block on the corner of Flinders Parade and Fourteenth Avenue was subdivided and two new large modern houses were constructed thereon.

Brisbane bayside home

The proximity of the home to the waters of Moreton Bay.CREDIT: GOOGLE MAPS 

“An existing vacant parcel of land was developed with a more modern form of design and construction. Another larger lot was subdivided and developed with a large and modern house.

“The net result of all of this was that this section of Flinders Parade now comprises of 13 dwellings of which only four have been definitively identified as pre-1947 houses.”

Two Brisbane heritage architects, Malcolm Elliot and Michael Kennedy, gave evidence to Queensland’s Planning & Environment Court.

“The house is an isolated, lower quality example of pre-1947 residential construction within a section of the subject streetscape otherwise predominated by prestige bayside residences of contemporary design, materiality and detailing,” Mr Elliot testified.

“The retention of an isolated representation of traditional building character within an otherwise predominantly modern part of the streetscape is not considered to represent a concerning, meaningful or significant loss of any traditional building character.”

However, Mr Kennedy held a different view.

“[The subject house] makes an important contribution to the traditional building character in this section of Flinders Parade. It is prominent in the street and displays obvious traditional building character. It is one of four pre-1947 houses that together with a large house at 472-474 collectively impart traditional character to this section of Flinders Parade,” he said in his evidence.

However, Judge Richard Jones decided “the street no longer has a sufficient level of traditional character” and allowed Mr Hawke’s appeal against the original Brisbane City Council rejection.


Article Source:

from Queensland Property Investor

Chinese Investors Tipped to Return This Year

Chinese investors will re-enter the Australian real estate market in the second half of this year according to Asian proptech company Juwai.

Australian real estate attracts more than six times the Chinese GDP-adjusted investment than that of the United States, but it has dropped significantly due to travel bans during the Covid-19 pandemic.

Chinese investment enquiries in Australian real estate fell almost 20 per cent last year during the pandemic. But Asian proptech firm Juwai is forecasting a turnaround in the second half of 2021.

“Chinese real estate enquiry levels in Australia should begin to recover in 2021 as the pandemic recedes and Asian economic wealth-creation machines continue to bounce back from their early 2020 doldrums,” a Juwai spokesman said.

“Because of the pandemic-related economic uncertainty and closed borders, aggregate Asian cross-border residential investment fell significantly in 2020.”

Australia: Chinese real estate buying index

Chinese Investors

^Source: Juwai Q1 2021 Report – Residential Real Estate 

A Juwai spokesman said post-pandemic Australia would continue to appeal to Chinese migrants, second-home buyers, tourists and students.

“Two factors have supported overseas demand for Australian real estate throughout the pandemic, especially in new properties,” he said.

“The first factor has been consumer sentiment, which has been positively affected by the Chinese economic revival

“The second is the real estate industry’s rapid response to the travel bans.

“The industry successfully deployed technology that enabled buyers to research, inspect, negotiate for, purchase, and manage overseas properties, entirely online.

“It took just six months for the industry to make 10 years’ technological progress.”

Juwai is forecasting foreign buying, including acquisitions made by permanent residents, should reach pre-pandemic levels by the end of 2022.


Article Source:

from Queensland Property Investor

Friday 26 March 2021

CBD $210m Tower Deal Tipped to Refuel Office Market

Commercial property fund manager AsheMorgan has splashed $210 million on 310 Ann Street in Brisbane’s biggest deal for more than a year.

Cornerstone Properties bought the property for $63 million in 2012 in a joint venture with FA Pidgeon and Son and spent about $60m refurbishing the 18,360sq m of office space across the 20-storey tower.

CBRE’s Bruce Baker, Flint Davidson and Peter Chapple with JLL’s Seb Turnbull and Paul Noonan negotiated the sale of the refurbished building.

Baker said the sale price reflected an initial yield of about 5.5 per cent and indicated an ongoing investor interest in tenanted commercial assets in the city’s CBD.

“This prime-grade transaction offers a significant guidance on market pricing and will provide further impetus for Brisbane’s commercial investment market,” Baker said.

“Brisbane is increasingly on the radar for high-net-worth club and retail syndicate groups seeking investments with a stable return profile, above what can be achieved in other capital city markets.”

The building was stripped back to its skeleton in 2017 and Hutchinson Builders engaged to expand floor plates, create new ceiling heights, install a new floor-to-ceiling glass facade, streetscape and awnings. The building now has a 5.5-star NABERS energy rating.

JLL’s Seb Turnbull said the tower offered a 7.6-year weighted average lease expiry and was 94 per cent leased to blue-chip tenants including Allianz and the Queensland State Government.

“The deal is the largest institutional sale in the Brisbane CBD market since Quarter 1 of 2020, and is reflective of the demand we are witnessing for core real estate investments.”


Article Source:

from Queensland Property Investor

Top 10 Regional Growth Areas Revealed

The value of development in eight of Australia’s top 10 regional growth areas will exceed the billion-dollar-plus mark this year as buyers look to more affordable options.

The PRD Stand Out Regions report ranked locations around the country according to median price affordability along with indicators for property investment, local employment growth and sustainable economic futures.

Sea-change locations the Whitsundays (Qld) and Port Stephens (Vic) along with the historic charm of Greater Bendigo (Vic) were named in the report as among the best places for residential opportunity.

These locations also had a rental vacancy of 0.4-1.5 per cent at the end of 2020 compared to 1.8-4.7 per cent in city areas according to the report.

Top 10 affordable regional areas

Rank Location Development Value 2021 Residential Projects Commencing 2021
1 Whitsunday, Qld $1.49bn 514 lots, 216 dwellings
2 Mackay, Qld $1.11bn 914 lots, 6 dwellings
3 Toowoomba $1.36bn 381 lots, 230 dwellings
4 Port Stephens, NSW $1.36bn 61 lots 43 dwellings
5 Greater Hume Region, NSW $578m 32 lots, 0 dwellings
6 Federation, NSW $1.12bn 0 lots, 0 dwellings
7 Greater Bendigo City, Vic $1.21bn 1,858 lots, 89 dwellings
8 Greater Geelong, Vic $7.52bn 2,519 lots, 5,490 dwellings
9 Warrnambool, Vic $591m 0 lots, 68 dwellings
10 Circular Head, Tas $1.43bn 0 lots, 0 dwellings

^Source: PRD Stand Out Regions report

Despite the residential potential in these regions, a large portion of the development growth was due to commercial, infrastructure and industrial projects set to start in 2021.

This included solar farms, new commercial hubs and transport links which will further improve liveability in the regions.

“Regional areas have become the most attractive option throughout 2020, with evidence of buyers capitalising on lower median property prices,” the PRD Stand Out Regions report said.

“In the December quarter of 2020, all capital cities saw a surge in price growth annually, with the weighted average Australian median house price increasing by 6 per cent to $825,205.

“The national median family weekly income grew by 1.8 per cent over the same period, but was not on-par with median house price growth, resulting in the home affordability index decreasing by -1.8 per cent.”

Along with topping the regional affordability charts, Queensland is experiencing huge demand with unit rent going above Melbourne prices in Brisbane this year and the broader market on the cusp of a boom.

Meanwhile, the state’s government and councils are seeking new greenfield development sites.


Article Source:

from Queensland Property Investor

Housing pressure escalates in south-east Queensland as Moreton Bay region to exceed Tasmanian population by 2032

South-east Queensland’s population is predicted to surge by more than 2 million people within the next two decades and residents living between Brisbane and the Sunshine Coast are already feeling the escalating housing pressures.

The Moreton Bay region is one of the fastest growing in south-east Queensland, according to a Queensland government research paper.

It is home to 470,000 residents, making it the third largest council in Australia.

The trend has no sign of slowing with the ShapingSEQ report forecasting an additional 240,000 residents will call the Moreton Bay region home by 2036.

The research found Moreton Bay would need to build another 88,000 homes to accommodate the population surge.

Critical infrastructure such as roads, schools and hospitals, along with the natural environment, have already felt the strain of population growth, with community groups reporting much of it is already at capacity.

The surge has sparked growing anxiety among the region’s long term residents, who fear proposed nearby, high-density developments could threaten their lifestyle and place further pressure on already overwhelmed infrastructure.

Planning experts said part of the solution might lie in ensuring developers’ infrastructure contributions were better targeted.

‘Horrendous’ traffic a sign of growing pains

The Presley family live at The Hideaway — a quiet, semi-rural housing estate in Burpengary East — where blocks average about 2,000 square metres in size.

Rebecca Presley said for the past 15 years the family had enjoyed the freedom of a semi-rural lifestyle, while still living close to amenities.

“We love the bush,” she said.

“We love the trees, and that we have a bit of space to live in rather than just a tiny block of land.”

Her two sons attend the local primary school less than 4 kilometres away.

It is a drive that should take five minutes, but it can sometimes take 15.

She and other local residents fear the nightmare could be about to get worse, with two small lot developments planned across the road.

south-east Queensland

The proposed subdivision of the area for the development.(Supplied) 

The proposed estate will have 326 homes, with block sizes ranging from 400 to 600sqm.

“Where are these people going to shop, where are these people going to go to school?” Ms Presley said.

“There’s been no discussion on how they’re going to fix all the traffic bottlenecks in the area.”

Leah Campbell also lives at The Hideaway estate and has spearheaded a local action group opposing the development, arguing it was inappropriate for the area.

“To go from half an acre to 400sqm is just ridiculous,” Ms Campbell said.

“We’re obviously concerned about the increased density, potential for increased crime, the impact it’s going to have on our schools, the impact on the roads.”

Concerns for vulnerable wildlife

Ms Campbell said she also had grave concerns for the local wildlife.

While the developments have been approved by the Moreton Bay Regional Council, the area is a known koala habitat and still requires the Queensland government’s tick of approval.

south-east Queensland

The area is a known koala habitat.(ABC News: Dea Clark) 

The Powerful Owl — listed as vulnerable by Birdlife Australia — also nests in nearby trees and has increasingly been recorded in suburban areas.

Ms Campbell fears tree clearing to make way for new developments will force the birds out of their habitat.

“They feed on the possums and all those types of animals and if they’re pushed out of the area, there’ll be less of a food source for the Powerful Owl,” Ms Campbell said.

But the area’s proximity to public transport, schools and shops means it is ripe for future urban development.

Moreton Bay Regional Council Mayor, Councillor Peter Flannery, said the area has been “on the path” to urbanisation for some time.

“It’s just the process of addressing the concerns of residents who have lived there for many years,” he said.

“[We’re] trying to work on those buffers where their existing properties back on to this and how that interaction occurs.

“We’re working through council officers with the developer and I think we’ve had some good wins with vegetation to remain on the front of those streets … and property access is also going to change.”

Cr Flannery said the council had begun work on a strategic plan “so residents can see what the big picture will look like at the end”.

“There’ll be improvements to the amenities and protection of green corridors and koala habitat that may not be seen in that particular application,” he said.

88,000 homes needed in population surge

There has been growing disquiet among residents right across the region about planning decisions.

Ms Campbell said since she started campaigning against developments in the region a year ago, she had been inundated with complaints from residents in other areas.

“On our Facebook site we have so many people who have joined from other areas of Burpengary, Narangba and Caboolture who say the same thing is happening to them,” she said.

south-east Queensland

The local action group has been inundated with complaints from other growth areas like Caboolture West.(Supplied)

While local councils are largely responsible for development applications, the Queensland government’s ShapingSEQ plan has provided the framework for managing growth and keeping urban sprawl in check.

The plan revealed the Moreton Bay region would need another 88,000 homes to accommodate the population surge, which could be built on a 6,600 hectare area, west of Caboolture.

That would deliver homes for 70,000 people, which Cr Flannery said was “three times the size of [the Moreton Bay suburb of] North Lakes”.

“We’re getting to the stage now where people are putting applications in and developers have sewn up a lot of that land,” he said.

But it will take both levels of government to ensure the infrastructure that is needed is delivered.

“It’s no good having 20,000 people out there in the first stage without public transport, so these connections back to Caboolture are very important,” Cr Flannery said.

south-east Queensland

It will take both levels of government to ensure infrastructure that is needed is delivered.(ABC News: Dea Clark) 

Involving community in planning

Urban planning expert Dr Mark Limb said directing developer infrastructure contributions into affected communities could help.

“Unfortunately, there isn’t a connection between the payment of those monies and the location from which it is paid,” he said.

“So that those monies can be spent anywhere with the local government area.”

Dr Limb said timing the delivery of infrastructure was complex.

“The idea of providing a full highway long before there’s real demand for that affects the balance sheet,” he said.

“If it’s to be fully resolved, it requires governments to step up and pay for the excess, and maybe deliver things ahead of what might normally be demanded.”

Dr Limb also said a greater focus on community involvement in the planning stages would help alleviate residents concerns.

“For many members of the community, they have had little to do with the planning system until it directly affects them,” he said.

“I think governments could put more effort into ensuring the process is widely understood by the community.”

Finding the balance will be a challenge, but getting it right will be important for generations to come.


Article Source:

from Queensland Property Investor

Regional Queensland leads the affordability and growth race

Queensland Whitsunday, Mackay and Toowoomba local government areas lead the country in a top-10 ranking of regional areas that offer affordable homes and have an economy and investment pipeline that mean prices will rise in years to come.

The major regions in the Sunshine State’s coastal north and south-east stood out as regional markets that at the end of 2020 had a median price within reach of buyers with the average state loan and a 20 per cent deposit, agency PRD’s Stand Out Regions analysis shows.


Article Source:

from Queensland Property Investor

Huge sprawling mansion chock full of unusual features hits the market for at least 6.8MILLION – but it could prove to be an unlikely bargain

A Gold Coast mega-mansion so extravagant that it could be the set for a glitzy reality television ratings blockbuster is for sale – and it could prove an unlikely bargain.

The nine bedroom, seven bathroom Tallai home – on a nearly 9000 square metre LED-lit block – has its own nightclub, a 16-seater cinema, $200,000 tiled bathroom, huge master bedroom with retractable skylight and multiple dining rooms.

Built and formerly owned by Gold Coast developer, Graeme Ingles, the indulgent home once carried a price-tag of $15million, the Gold Coast Bulletin reported.


Pegasus, male wrestling and Greek chariots are the backdrop for the sparse but classy dining room 

The current asking price is over $6.8million.

Located at 1556 Tallai Road, Tallai, it last sold for $5.8million in 2011 and has been on the market for a month. Domain estimates it could sell for between $6.94million and $8.76million.

The most unusual feature is probably the nightclub, which could easily accommodate 40 patrons at the bar, dance floor and the adjacent outdoor seating area.

‘Host events with a full club-like experience including full sized wet bar, karaoke stage and dance floor as well as a purpose built 16 seat cinema; custom designed with state of the art sound system,’ reads LJ Hooker Gold Coast’s listing.

It also has a pink ‘1500 bottle temperature-controlled wine cellar and tasting room’.

To add to the club vibe, the property has billiards and steam rooms and is equipped with a multicoloured LED feature lighting system, to highlight its many outdoor features in a spectrum of pinks, blues and greens.

These include a massive tiled pool and pool deck, an ostentatious fountain containing a bronze sculpture, glass elevator, and ‘zen garden with waterfall’.

It also has underground parking for six cars and a huge guest house at the top of the property.


The extravagant Gold Coast home goes all-out to provide a full nightclub vibe, centred on a full-size bar and adjacent dance floor and outdoor area 


The four-storey Tallai Road home has a 16-seat cinema in the main house 

Back indoors, the extravagance is perhaps best illustrated by a colossal master bedroom, which has three walk-in robes, a kitchenette, ‘a vast six-star ensuite with floor to ceiling mosaics and massive spa’ and a retractable skylight.

Then there’s the unusual but luxurious dining room surrounded by walls featuring faux Grecian murals showing what look to be a military chariot with Pegasus and Greek wrestling.


Article Source:

from Queensland Property Investor

Thursday 25 March 2021

New low as Homestar Finance cuts its two-year fixed owner-occupier rate to 1.74%

Homestar is equal lowest with Reduce Home Loans for the lowest variable rate at 1.79%.

Homestar Finance is offering the lowest two-year fixed rate in the home loan market.

Homestar Finance has cut its two-year fixed owner-occupier rate by 14 basis points to 1.74%.

The rate cut move knocks Westpac from the top spot after it offered the lowest rate.

The increased rate competition was dubbed a “raging rate war” by the Mortgage Professional Australia website.

“This loan is the lowest two-year fixed rate on the market and also the lowest overall home loan rate available nationally,” RateCity research director Sally Tindall told The Australian.

“It also has one of the most competitive revert rates at 2.24%.”

Some 450 fixed mortgage rates have been cut over the last two months.

Homestar is also equal lowest with Reduce Home Loans for the lowest variable rate at 1.79%.

Greater Bank has the lowest fixed rate in the market, with its one-year fixed rate sitting at 1.69%, with the rate only available to customers in New South Wales, Queensland and the Australian Capital Territory.


Article Source:

from Queensland Property Investor

Tower reveal: Architect Joe Adsett officially lodges plans for Rainbow Bay tower Rockpool

Adsett’s plans are for a 20 unit development across 13 storeys on the southern side of Marine Parade.

The well-known architect turned developer Joe Adsett has officially lodged plans for his new Coolangatta tower, Rockpool at Rainbow Bay.

Adsett secured the site at 154-156 Marine Parade late last year from Sunland, who had demolished the two smaller apartment developments on the 1,194 sqm block.

Rainbow Bay tower Rockpool

They were planning on constructing four separate towers on the site, which also included the adjoining Greenmount Resort site which Sunland owned. The plans were for 247 apartments across four buildings ranging in height from 15 to 17 storeys.

The proposed building height exceeded the 38 metre Code Assessable building height limit, so the Gold Coast City Council requested more information, which triggered Sunland to pull the application.

Adsett’s plans are for a 20 unit development across 13 storeys on the southern side of Marine Parade. The development is oriented to the north and will benefit from views from Snapper Rocks to Surfers Paradise.

Rainbow Bay tower Rockpool

The ground level will comprise a single three bedroom unit, a secondary lobby and resident storage.

The grand lobby will be located on level one, with another three bedroom unit, as well as the communal recreation where there’s a pool, deck area, gym, sauna, a business room and a meeting room.

Levels two to nine will be made up of two three bedroom units per level. Level 10 will contain a single level five bedroom penthouse and Level 11 will home a double storey, four bedroom penthouse.

Rainbow Bay tower Rockpool

The development will contain three car parking levels and access to be obtained via Eden Avenue through the adjacent site to the west.


Article Source:

from Queensland Property Investor

Sales pace doubles as Aniko achieve near sell-out of Hope Island apartment development No.1 Grant Avenue

Aniko’s stage one sell out came in less than 12 months, with both stages racking up a total of over $135 million in sales

There’s no doubt about it, the Gold Coast apartment market is at its hottest in years, and there’s no slowing down.

The pace of sales at Aniko Property’s $140 million No.1 Grant Avenue project at Hope Island has doubled, with its stage two nearly selling out in five months.

Aniko’s stage one sell out came in less than 12 months, with both stages racking up a total of over $135 million in sales.

Only a handful of apartments in stage two remain, with the project’s final stage, a collection of five three bedroom apartments, not expected to last long on the market.


1 Grant Avenue, Hope Island QLD 4212 

Stage two will feature 105 two, two-plus-study and three-bedroom apartments, as well as a range of bridge-free marina berths available along the Hope Island canal.

Remaining apartments, designed by Archidom Design, will range in size from 122sq m to 155sq m and are priced from $649,000 to $695,000.

Sstage two will feature a ‘post pandemic’ office precinct for residents, as well as a recreation area which will include a health club designed by celebrity fitness guru Michelle Bridges, a children’s play centre, theatre, resident’s lounge and outdoor cooking and dining facilities.

Aniko Group, led by developer George Mastrocostas, accounted for 15 per cent of the overall apartment sales on the Gold Coast throughout the December quarter and more than 80 per cent in Hope Island, according to the planning and consulting firm Urbis.


“The strength of the buyer demand has been exceptional…and it’s getting stronger,” Mastrocostas said.

“It’s almost unprecedented. I have not a project perform this well in the market for quite some time in south east Queensland.

“But the remarkable run of sales and sustained demand for the product in No.1 Grant Avenue is also testament to the quality residential offering we have brought to the market.”

Aniko’s sales have more recently been driven by buyers from the lockdown-fatigued southern states looking for a healthier and safer lifestyle. Downsizers, owner-occupiers and investors

The boom in sales will see Aniko fast-track to the launch of its next project at 6-8 Sickle Avenue, located adjacent to No. 1 Grant Avenue.


Article Source:

from Queensland Property Investor

City Council Backs Brisbane Olympic Bid

He was the sole voice of opposition to Brisbane City Council’s bid to host the Olympics but Greens councillor Jonathan Sri is adamant the negative impacts outweigh the positive.

The council’s confidential meeting this week included briefings from president of the Australian Olympic Committee (AOC) John Coates and the president of the Paralympics Committee Jock O’Callaghan.

The vote to formalise Brisbane’s commitment to the Games has paved the way for a formal bid to host the 2032 Olympic Games. It received bipartisan support with Sri the only dissenter.

Media and the public were barred from the meeting, to protect the locations of potential developments and any impacts it would have on property prices, the council said.

“While hosting undoubtedly offers some positive opportunities, after considering all the available information, I was concerned that the negative impacts upon our city will outweigh the benefits,” Sri said.

“Evidence from recent Olympics points to major cost overruns, significant disruption to residents, superfluous sports infrastructure that’s not as useful long-term as proponents might have suggested, and economic benefits flowing predominantly to major corporations rather than local businesses.”

Sri said taxpayers would have to foot the bill, estimated to be about $900 million, to develop new sporting venues.

An IOC feasibility study highlighted Brisbane’s need for about 20 per cent more sporting facilities.

Sri said the council and state governments were negotiating with the IOC over a new 50,000-seat stadium earmarked for Albion.

The Brisbane bid includes plans for seven new venues across the southeast corner, but that could be reduced to two with the use of existing facilities.


“While some of the infrastructure built for the Olympics can certainly leave a positive legacy and lasting public benefit, it’s almost inevitable that we’ll also spend public money building Olympics-standard sports facilities that we don’t really need and wouldn’t otherwise waste money on,” Sri said.

Brisbane was announced as a preferred candidate in February.

Lord Mayor Adrian Schrinner said the formalised commitment to the Games bid had received bipartisan support which was a “strong result”.

He said the Games presented a good value proposition for the city and he hoped they would receive the green light as early as July, when the Tokyo Games were due to begin.

“Brisbane City Council voted yes to the jobs that will be created, yes to the opportunities this will bring to our city, yes to the opportunity this will bring to our region and our state and yes to the bring forward and fast tracking of infrastructure and investment in our region that will service the needs of a growing population,” Schrinner said.

The final submission from the three levels of government and the AOC is due in April.


Article Source:

from Queensland Property Investor

Wednesday 24 March 2021

Charter Hall Puts CBD Site on Market

Charter Hall is ready to cash in its No.1 Brisbane asset after securing a development approval for the site.

The group made the announcement on behalf of No.1 Brisbane Partnership. listing the three separate CBD titles at 217 George Street, 60 Queen Street and 231 George Street in Brisbane CBD.

The properties were acquired in mid-2018 for $93.96 million with an approved application for an 81-storey residential tower providing 534 units.

Charter Hall put in a new development application which also gained approval in late 2020 for a 34 storey, commercial office and retail tower for the site.

Charter Hall

▲ The current three buildings owned by the Charter Hall partnership make up Brisbane No.1 and the proposed development and amalgamation to create 60 Queen Street. 

Charter Hall has been active in the Brisbane office market, acquiring a $31.5-million leasehold asset at 241 Adelaide Street with Abacus Property Group from Australian Unity Fund earlier this month.

The consortium simultaneously entered a conditional contract for the freehold interest with the Brisbane Club for $32 million.

In Charter Hall’s results, diversification of property assets was a key strategy for the past six months with more industrial and logistics acquisitions made than office or retail.

Charter Hall

▲ The 241 Adelaide Street of Brisbane Club Tower was sold to Charter Hall and Abacus Property Group and is located on Post Office Square. 

Charter Hall managing director David Harrison said that it was time to move on for the Queen Street Mall asset.

“After the success of securing a new commercial DA for the site, the investors in the partnership have decided to realise their investment,” Harrison said.

There are currently eight, nine and three storey buildings on the 1854sq m site with street frontages to Queen Street Mall.

It would be known as 60 Queen Street if the new owners go ahead with the application.

It was designed by architects Blight Rayner and includes 24,490sq m of office space, 2150sq m of ground floor and podium level prime retail space over four-storeys, and basement parking for 94 cars and 213 bikes.

The No.1 Brisbane sale campaign is being handled by CBRE’s Bruce Baker, Peter Chapple and Tom Phipps, and JLL’s Seb Turnbull and Paul Noonan.


Article Source:

from Queensland Property Investor

‘Slimline’ Hotel Plans Revealed for Roma St Hub

Plans for a 26-storey slimline hotel in the Brisbane CBD just outside the Roma Street priority development area have been lodged.

The 44 Roma Street application reveals a double-storey glass entrance to the tower, which has a ground floor foyer, café and lounge bar leading up to 212 hotel suites.

The design by Buchan with landscaping by Arcadia has four unequal quadrants separated by greenery, which reflect Mirvac’s 80 Ann Street development on the adjoining site.

The landowners are Peter and Irene Biedak of Contal Properties, the creators of an online travel company who have also been part of bar redevelopments around Fortitude Valley.

‘Slimline’ Hotel

▲ The 44 Roma Street development is located at the corner of Turbot Street and behind Mirvac’s massive Brisbane CBD development. 

However, it is unclear if they are also developing this property, which replaces a single-storey restaurant.

The major design challenge in this application was to overcome the Turbot Street underpass “a pedestrian pathway that is unfriendly and dominated by vehicle crossovers”.

According to the plans, the tower “actives the pedestrian experience with its ground floor design connecting the city, river and future Brisbane Live location”.

‘Slimline’ Hotel

▲ The latest renders for the Brisbane Live stadium by Cross River Rail Delivery Authority & Archipelago/Woods Bagot. 

The Brisbane Live stadium is a major part of the Cross River Rail priority development scheme, which was recently released for public comment.

The scheme shows the area between Makerston Street and King George Square could be turned into a community and entertainment precinct, including this major sport, recreation and entertainment facility.

It also outlines opportunities for other hotels to be built in the surrounding area as well as residential towers and educational facilities.


Article Source:

from Queensland Property Investor

Tuesday 23 March 2021

Double Towers Unveiled for Brisbane Fringe

Plans have been lodged to build two mixed-use towers opposite Westfield Garden City in one of Brisbane’s fastest-growing suburbs on the southside.

The application by Hastone Australia includes 10 and 15-storey towers with 112 residential apartments, 630sq m ground floor retail, six levels of office space and end-of-trip facilities at 2188-2196 Logan Road, Upper Mount Gravatt.

This is the first development application for the 4589sq m, L-shaped site, which currently has three houses on the road side and vacant land extending back more than 90m.

The plans by Mode architects show the majority of commercial space, including 6980sq m of office space, will be in the smaller southern tower with its four-storey podium.

The apartments will be at the back of the site in the taller and longer northern tower with a mix of one, two and three-bedroom units as well as a gym/functions room.

Double Towers

▲ The mixed-use development on Logan Road opposite Westfield Garden city was designed by Mode. 

“The towers are thoughtfully designed and the appearance of building bulk is reduced through variations in horizontal and vertical profile,” the development application reads.

“The walkways at each of the residential levels in the northern tower are open to the east and west and serve to break up the length of the north tower, while also providing opportunities for vertical greenery.”

Hastone, led by Yingxin Han, previously received approval for a nine-storey development with 93 units at 92-96 Hornibrook Esplanade, Clontarf in 2018, which was also designed by Mode and is yet to be built.

The Brisbane residential market has been boosted by a surge in interstate migration, however, this is yet to have a major impact on the apartment prices which have only increased 1.1 per cent during the past year compared to 5.9 per cent for houses.


Article Source:

from Queensland Property Investor

QLD island property listed for less than house in parts of Logan

This spectacular island property off Far North Queensland has two houses, a beach hut and views to rival the Maldives. But this one w...