Bide is just a short distance away from Route 25 as well as the Teneriffe Ferry wharf and bus stations for those who choose public transit. As such it is right by the Brisbane river
Newstead has developed over the years to become one of Brisbane’s hottest apartment markets.
The now up-market residential suburb began life as a hotspot for timber yards, asbestos works, wharves and woolstores, dominating much of the predominantly commercial suburb.
Its proximity to the river saw it as a prime development spot.
The suburb takes its name from Newstead House, built and named in 1846 by pioneer grazier Patrick Leslie, which in turn takes its name from Newstead Abbey in Nottinghamshire in England. It remains the only heritage-listed building in Newstead.
The suburb was served by first horse drawn trams from 1885. By 1897, electric trams ran along Commercial Road.
The suburb’s most sought-after addresses are as close to the water as possible. Newstead Terrace and Skyring Terrace, which runs down toward Teneriffe, home some of the most expensive apartments and houses in the area.
Just off Skyring Terrace is Longland Street, which is set for a new residential development. Pitched at the owner-occupier is Bide, the 89 apartment tower by Dibcorp.
Bide 21 Longland Street, Newstead QLD 4006
Designed in collaboration with architects from Twohill & James, Lat27 and Wiltshire Stevens Architecture, Bide offers just 89 three-bedroom apartments, designed as an urban getaway just three kilometres north-east of the Brisbane CBD.
The dynamic suburb offers residents every desired amenity, with lifestyle, commercial and entertainment hubs within walking distance.
On the doorstep of Bide is Gasworks Plaza, home to a Woolworths as well as a number of specialty stores. It is home to a number of restaurants, cafes and coffee shops like Ping Pong, Yolk and Campos Coffee.
Other Longland Street dining establishments include Smoky Moo, The Defiant Duck, Drum Dining and the Milky Lane Newstead.
Cutting across Longland are a number of side streets like Stratton and Wyandra, home to a number of retailers and boutiques for residents to explore like a Think 24hr fitness, Smile Studio, and Brisbane Skin.
Newstead borders Fortitude Valley, with The Calile Hotel just a 800 metres away from Bide. There’s the busy James Street with their markets, as well as the Judith Wrights Art Centre and Holey Moley Golf Club.
Bide is just a short distance away from Route 25 as well as the Teneriffe Ferry wharf and bus stations for those who choose public transit. As such it is right by the Brisbane river.
The proximity to schooling, as well the large three-bedroom apartments on offer, make Bide attractive for families. The nearby educational institutions include:
– Torrens University Australia – Satellite campus – 1.4km away
– University of Queensland – Satellite campus – 1.9km away
– Queensland University of Technology – Main campus – 3.3km away
– New Farm State School – Public School – 1 km away
– Music Industry College – Private School – 1.1km away
– Angelorum College – Private School – 1.1km away
Dibcorp has offered residents the opportunity to work hand in hand to tailor the layout, configuration and finishes of their apartment.
Apartments inside feature open-plan living and dining, a balcony space and a study nook in some apartments for working from home.
Inside, residents can enjoy 600 sqm of amenity across two levels, including barbeque facilities, private cabanas, landscaped areas and seated space throughout.
There is seven times the amount of capital waiting to get into Australia’s booming industrial sector than required, despite a record level of building in the past quarter.
Speaking at The Urban Developer’s Industrial and Logistics vSummit, Centuria Industrial REIT fund manager Jesse Curtis said there had historically been an under-representation of institutional investors in the industrial sector, which had fundamentally shifted in the past 12 months.
“There’s $45 billion of capital waiting to get into the market … that’s six or seven times what is required right now,” Curtis said.
“That’s going to put pressure on prices in terms of demand and supply.”
According to an ANREV survey of 84 industrial investors, with $US846 billion in funds under management globally, the Sydney industrial market was the number one area for investment in the Asia-Pacific region.
More than 70 per cent of respondents said they were looking to increase their allocation of funds into the industrial sector.
There was an average of 9.3 per cent of funds allocated to the sector, but most were aiming for a 10 per cent weighting, which JLL head of industrial and logistics research Annabel McFarlane said indicated capital inflow to the sector.
While the appetite for investment is there, the supply of development and investment opportunities is constrained with limited brownfield development sites putting upward pressure on land prices.
“We have a strong desire for urban industrial sites and we have a real problem finding the land,” McFarlane said.
“Pre-lease rents will have to go up … otherwise the numbers won’t stack up.”
Transaction volumes by sale type
Source: JLL Research
National director of Colliers David Hall said the price of industrial land had increased significantly while land supply dwindled.
Hall said in 2014 land prices were about $315 per sq m, which had increased to more than $1000 per sq m this year for properties greater than 5000 square metres.
“Fundamentally industrial as an asset class the value is underpinned by the land … we’ve got land supply issues for industrial development,” Hall said.
“In Sydney there’s no more land once we get through the land near the airport … this will always be an issue for investors.
“Australia still lags behind what [capitalisation] rates and yields are around the world.”
JLL’s Annabel McFarlane said global figures indicated there was still “room for further yield compression” as the trend of e-commerce continues its accelerated growth, driving demand for increased industrial space.
McFarlane said the second quarter of 2021 had delivered a record amount of commencement rates on new industrial developments with 808,000 sq m across 33 projects.
“About 50 per cent is already pre-committed which goes to the incredibly strong demand we have,” she said.
“We think that by and large that most of this stock will be absorbed by the practical completion … which poses a risk to secondary assets with that flight to quality.”
On average about 83 per cent of speculative industrial development is tenanted at practical completion and McFarlane said she anticipated that this would continue despite the large volume of space that would come online.
“Industrial is the only sector to benefit from the pandemic,” she said.
“The transaction volumes that we’ve seen across markets has been huge.”
The Queensland government has unlocked nearly 50,000 lots between the Gold Coast and Sunshine Coast as population growth pushes up demand.
Land supply was part of the state’s Covid economic recovery plan to provide jobs as property prices continue to surge across the region.
Funding was also allocated for infrastructure including roads, sewage works and schools for the new lots near Redland, Moreton Bay, Logan and out to Ripley Valley.
Minister for state development Steven Miles said the team were focusing on Brisbane, Redland, Sunshine Coast and the Gold Coast for other future sites.
Residential lots unlocked since November 2020
Location
Lots
Additional funding
Greater Flagstone
27,000 lots
$31 million from Catalyst Infrastructure Fund for critical road infrastructure
Ripley Valley
5,600 lots
$5.91 million from Catalyst Infrastructure Fund for critical road infrastructure
Southern Redland Bay
5,000 lots
$15 million from Building Acceleration Fund for a new wastewater management plant
Caloundra South
3,091 lots
–
Caboolture West
3,000 lots
$10.5 million from Building Acceleration Fund for water supply and sewage infrastructure
Yarrabilba
2,000 lots
$15 million from Building Acceleration Fund for infrastructure for primary school site and roads
Bahr’s Scrub
1,700 lots
$15 million from Building Acceleration Fund to improve access and transport efficiency
^Source: Queensland Government
“Our strong health response to the Covid-19 pandemic has created a spike in interstate migration which has put pressure on land supply across the state,” Miles said.
“Greater Flagstone and Ripley Valley are both expected to be home to around 120,000 people so it’s important we have the right infrastructure in place to support that growth. ”
The Growth Areas Team announced a pilot site for land supply in March, identifying Caboolture West as Queensland’s newest suburb.
The 2032 Olympics and Paralympic Games in Brisbane is expected to further stimulate population growth and property demand.
Pacific International Development Corporation director Stephen Harrison said they were working on the Flinders Lakes development at Greater Flagstone.
“It will also result in the acceleration of significant investment by the private sector to complement the road construction works,” Harrison said.
“We’re keen to continue to work with the Queensland Government and Logan City Council to deliver world-class master-planned communities that will promote Queensland’s lifestyle nationally and internationally.”
The development includes 21,450 homes in the foothills of Flinders Peak along with schools, colleges and university campuses.
Mirvac has snapped up the site of a rejected mixed-use development from JWLand with plans to expand its residential pipeline in inner Melbourne.
The 6496sq m site overlooking Princes Park includes an old hotel and several dilapidated buildings at 699 Park Street, Brunswick with frontages on Sydney and Brunswick roads.
The ASX-listed property group has yet to disclose the purchase price, and would not confirm reports they had paid about $40 million for the site.
JWLand acquired the site for $30 million and planned to commence construction on the site in late 2017.
But those plans were rejected by the Victorian Civil and Administrative Tribunal, including the demolition of a heritage building to construct 255 apartments, retail space and a child care centre.
▲ The plans for JWLand were rejected by VCAT included multiple buildings along Park Road, Brunswick.
Mirvac already has plans to build around 200 apartments on the site.
Mirvac head of residential Stuart Penklis said the development would enhance and celebrate the location, as well as being sensitive to the surrounding properties and amenity.
“The current plans see the building at various heights stepping back from Park Street to minimise any impact on Princes Park and maximising the spectacular vistas for residents, but we are still in the process of finalising the scheme,” Penklis said.
“Mirvac is in the early visioning stage for Park Street, with the current scheme looking to yield approximately 200 apartment residences in a range of configurations to appeal to a broad selection of purchasers.
“We have recently seen a trend towards oversized apartments and amalgamations which could see this number change.”
Mirvac plans to launch Park Street in mid-2022, with construction anticipated to commence in late 2022.
Park Street joins Mirvac’s $1.4-billion Victorian apartment portfolio that includes Phoenix, Folia, and Forme in Doncaster; The Eastbourne in East Melbourne; and Yarra’s Edge in Melbourne citywhere planning for tower nine is under way.
Throughout the first half of this year, much of the talk of this property boom has been focused on owner-occupiers and especially first home buyers.
Record-low interest rates, a suite of government incentives and a burst of consumer confidence after last year’s dire economic forecasts were proved wrong helped usher in one of the biggest years of growth the Australian housing market has ever seen.
Over the past few months, though, affordability pressures have put the squeeze on those new market entrants, and it’s made way for a fresh wave of investor activity.
Will that shift continue to propel the market to greater gains, or is the heat set to die down? We spoke with Michael Yardney, one of the country’s leading property experts, to get the state of play.
What are the signs that investor activity is on the rise—and why now?
The latest data from the Australian Bureau of Statistics, which tracks new loan commitments for housing, shows a substantial uptick in lending to investors in recent months.
May especially saw a substantial jump in loans to investors of +13.3 per cent, or $9.13 billion for the month. That’s +116 per cent more than the same period last year.
New borrower-accepted loan commitments (seasonally adjusted) show a big uptick in investor activity. Source: Australian Bureau of Statistics
Mr Yardney, a best-selling author, founder and director of Metropole Property Strategists and the name behind one of the world’s leading real estate blogs, Property Update, says lending indicators are all pointing to a resurgence in investor activity.
“In my close to 50 years in the property market, I’ve never seen all the markets coordinate and grow as strongly,” Mr Yardney explains.
“Throughout Australia, investors are reading in the media that properties are going up in value, they’re seeing the value of their home going up, and so they’re also getting confidence to take on a commitment and get into the market.”
“In fact, more are experiencing FOMO, because they think ‘Hey, I’m reading that overall the markets have increased +13.5 per cent this year according to CoreLogic in the last financial year, and most of that’s occurred in the last half of that year.'”
In Mr Yardney’s view, the smartest investors would have already jumped on the rising market in the months prior, but with his forecast of a further +10 per cent growth nationally for the year, there are still big upsides to making a move now, even while rents are still recovering.
“Informed investors have always invested for capital gains rather than cash flow. They recognise that while cash flow keeps them in the game, it’s their capital growth that will get them out of the rat race.”
Many investors are also choosing to sell while the market’s hot. Is that wise?
While plenty of investors are making a fresh leap into the buoyant property market, others are choosing to list their assets and cash in on this year’s staggering growth.
“Yes it’s a trend, and it’s a silly trend,” Mr Yardney says.
“We’re seeing that because they’re seeing the market’s going up and saying ‘I’m making a profit, I’m going to sell.’ But most investors are in it, or should be in it, for the long term.”
As he sees it, acting on emotion rather than being patient and reaping the rewards over the decades is a more sound approach to investing.
“Property investment is the vehicle they’re using to get financial independence and choices in life in the future. For most of the investors we deal with at Metropole, they don’t ever sell. They’re wanting to create intergenerational wealth.”
The conditions now, however, present a good opportunity to capitalise on a hot market and offload any investment properties that aren’t A-grade.
“If they’ve got a secondary property, a dud property, one that’s not very good, this is a good time to sell and buy something better to see you through because you don’t want to be left with a dud property when the cycle finishes,” he says.
How will increased investor activity affect the market?
Investors swooping into an already booming market will no doubt have an impact on other buyers and sellers.
The first half of 2021 saw an influx of first home buyers breaking into the market, and the surging rates of growth have stimulated a lot of conversation around the topic of housing affordability.
Mr Yardney feels this concern is overblown to a degree, though, and it’s more an issue of desired location.
“First home buyers have always had difficulty with affordability,” he says. “I bought my first property for $18,000 in the early 1970s, and I could only go halves with my parents because I couldn’t afford it, and I took out a 30-year loan. We got $12 rent and we were excited.”
He points out that first homeowner activity has reached record levels in the past year, but many of them “want to live in the sort of property it took their parents 40 years to buy. So they’ve got to become more realistic.
“Having said that, moving forward first homeowners are going to have difficulty, and it will take a while. It’s not the level of the mortgage that’s the issue for first homeowners; they don’t bring a trade-in to the market like established home buyers do, so it’s saving the deposit that’s the biggest issue for first home buyers.”
Sellers, meanwhile, have been presented with a golden opportunity thanks to huge demand driven in part by record-low interest rates.
“Sellers are able to take advantage of the biggest property boom in a couple of decades,” he says. “This sort of property boom is a once in a generation thing where you’re going to get all the banks, all the big economists agree this cycle, property values will go up 25 to 30 per cent.”
With investors picking up where some first home buyers have left off, unable to keep up with such rapid growth, it looks like sellers will continue to benefit from a thriving property market.
Mr Yardney does caution, though, that high-density units in inner-cities are still an unattractive option.
“Investors are currently shunning CBD high-rise Legoland apartments which are proving to be poor investments and are being very cautious about buying off the plan,” he says. They seem to be more informed and not lured by unrealistic promises from developers and project marketers.”
So what comes next?
With first home buyers pulling back, investors upping their activity and a fresh coronavirus outbreak throwing the country into varying states of disarray, what could be around the corner for real estate?
“I believe in the second half of 2021, overall property values are going to go up 10 per cent,” Mr Yardney predicts.
“The investors and homebuyers have worked their way through Covid. They’re used to it now. It’s a nuisance, it’s a setback, but it’s not stopping them.”
He notes that, while the economy is likely to take a hit as a result of prolonged lockdowns, “we’ve seen what happened after Melbourne—once the gates are opened up, people are going to get going again.”
He characterises the current market as a “cycle of upgraders,” saying tenants are buying their first homes while homeowners are upgrading their properties or moving to better locations, all as a result of low interest rates.
“Why are property values going up? Because people can afford it. Despite people saying it’s unaffordable—if it wasn’t, there wouldn’t be so many people taking loans and buying properties. Because the banks are still very strict with their lending criteria.”
Ultimately, it looks like there’s plenty more action to come in this year’s property boom.
Mosaic Property boss Brook Monahan says the development will set a new benchmark of luxury living for an upmarket boutique building
The South East Queensland developer Mosaic Property Group are set for their next development on the Gold Coast.
It’s going to be their most boutique offering yet, with just nine whole floor apartments planned for the Burleigh Heads dress circle The Esplanade.
It will be located just up the road from their successful 47 apartment development Grace by Mosaic, which sold out in just a few months late last year.
The new apartments at 42 The Esplanade, dubbed The Heads in the submission to the Gold Coast City Council, will be designed by the architecture firm bureau^proberts and will replace the current brick apartment block built over five decades ago.
Mosaic Property boss Brook Monahan says the development will set a new benchmark of luxury living for an upmarket boutique building in Burleigh Heads.
“This is a genuinely world-class, one-of-a-kind address,” Monahan told Urban.
“We are pleased to have the opportunity to create another outstanding address in Burleigh Heads, following the success of our first Burleigh project, Grace by Mosaic, which sold out in a matter of months.
“Our primary goal with 42 The Esplanade is to make it the most desirable, exclusive, and in-demand place to live on the entire beachfront in Burleigh.
Monahan says the the design draws on the areas’ natural beauty.
“The composition boasts honest materiality and elegant form,” Monahan says. It is singular in its execution while remaining authentic within the local context.”
In the design statement, bureau^proberts say the architectural design has a strong focus on subtropical building form, with a lightweight and breathable façade, lush green landscaping that continues from the ground level up and around the building, and an organic floor plate that pays homage to the undulating Burleigh headland.
Source: Excerpt from Architectural Plans prepared by bureau^proberts.
Mosaic are already fielding enquiry from their VIP, pre-launch access list.
The Heads will feature a ground level pool, dining and lounge area. The apartments start on the ground level, the first complete with a large 130 sqm terrace with outdoor kitchen and landscaping.
Each apartment above will have balconies over 35 sqm.
Mosaic double-down in areas where they’ve seen great success. They had the same idea in the exclusive Mermaid Beach area, further north on the Gold Coast
After seeing success at Bela, Mosaic bought a site a few doors down on Peerless Avenue and created Dawn, which secured 95 per cent of its sales within its first two weeks of its pre-release to their database.
Development overview:
9 storey built form;
• 9 x 3-bedroom dwelling units;
• Two (2) levels of basement car parking with 29 resident spaces and 3 visitor spaces;
• Ample on-site landscaping and deep planting areas sufficient to contain large shade trees and balance the built form elements;
• Generous communal open space on the ground level and large private balconies for each apartment oriented to the beach;
• Pedestrian access directly off The Esplanade frontage; • Vehicle access to First Avenue via the adjoining development site, 4 First Avenue;
• Highly articulated building envelope with large boundary setbacks and separation to maintain residential amenity and privacy;
• Subtropical architectural design focused on enhancing the character of Burleigh Heads
Design statement
The site at 42 The Esplanade gives new opportunity to acknowledge Burleigh’s beachfront appeal. The tower’s form is sensitive to its site and neighbourhood by responding to the existing Norfolk Pine trees, key aspect views and privacy requirements from its neighbours. The 9, single floor, vertically stacked coastal homes achieve stunning beachfront and headland views by opening the living areas out to the east, with the master bedroom placed prominently to give the residents an unrivalled northern aspect. The glazed envelope is protected down each side with horizontal batten screens which rhythmically move in and out as they rise up the building.
The slab edges move and fold around the building, reaching out to connect its inhabitants with the Esplanades’ parkland, then cutting in to open up views and angle breezes through the interior spaces. The movement of the floor plate is an homage to the undulating outcrops of the nearby headland.
Landscape is employed at the ground level to interact with the street and give space to the existing Norfolk Pine which has been previous been constrained on all edges. This allowance of space is replicated up the building with the southeast corners being cut back to give the tree its breathing space. Vegetation is continued up and around the building, creeping through the screens and with time, will drape and soften the building edges and contribute to the visual and micro-climatic coolth around the tower. As response to the beachfront climate, large outdoor living areas reduce the reliance on indoor conditioning. Breezes are mapped such that openings across and through the plan allow for effective cross ventilation of the interior
Brisbane’s compelling real estate story is on the cusp of its most exciting chapter yet after house prices climbed by double digits over the past year to record heights.
The latest Domain House Price Report, released on Thursday, revealed median prices jumped by 13 per cent over the 12 months until June – the largest rise in 13 years.
Over the past 12 months, the median house price has gone up by almost $78,000, which is around the average Queensland annual salary. Property experts claim this moment in Brisbane property history is just the beginning, with the city’s successful success Olympics bid tipped to fuel further growth.
According to the report, house prices rose by 5 per cent over the June quarter alone, pushing the median to $678,236. Unit prices remained almost flat in the city’s ongoing tale of two markets, with prices rising 2.1 per cent over the past year to $394,287.
Brisbane median house price reached a record $678,236 in the June quarter.
For anyone who has been trying to buy a house in Brisbane’s frenzied market over the past year, the figures will come as no surprise. In Brisbane’s inner-city ring, house prices have jumped a massive 30 per cent, while prices in Brisbane’s north are up 19.8 per cent. They’re up 18.9 per cent in the western suburbs and 17.5 per cent in the south.
The rises come amid record house price growth across the nation: Sydney’s median is now at $1.41 million, while Melbourne and Canberra’s medians have both cracked $1 million.
Capital city median house prices, June quarter
Jun-21
Mar-21
Jun-20
QoQ
YoY
Sydney
$1,410,133
$1,303,185
$1,137,246
8.2%
24.0%
Melbourne
$1,022,927
$982,382
$880,620
4.1%
16.2%
Brisbane
$678,236
$645,718
$600,258
5.0%
13.0%
Adelaide
$629,728
$597,187
$541,591
5.4%
16.3%
Canberra
$1,015,833
$919,900
$786,517
10.4%
29.2%
Perth
$595,823
$589,687
$530,702
1.0%
12.3%
Hobart
$646,301
$606,275
$503,392
6.6%
28.4%
Darwin
$608,519
$559,022
$497,543
8.9%
22.3%
National
$955,927
$903,471
$804,380
5.8%
18.8%
Data provided by
Domain chief of research and economics Nicola Powell said the Queensland capital was perfectly poised for a property coming of age with close to record-high interstate and expat migration largely feeding the latest growth.
“What’s interesting around hosting the Olympics is that the impact on housing values isn’t going to be during the Olympics of 2032; it’s going to be far more stretched than that because in the lead up it’s such a significant event for Australia and Brisbane so we’ll see significant investment,” Dr Powell said.
“It will grow the infrastructure and the associated job creation, and with that, it will bring economic prosperity … and what we could see is a bit of a turnaround in unit growth as well.
“I think this is something that sets Brisbane apart from our other capital cities because, until 2032, there’s a long period of time, which means there’s lots of time for purchases on big-ticket items in terms of infrastructure.”
Dr Powell added that the capital’s continued affordability compared to Sydney and Melbourne was throwing more fuel into the price cycle.
Ray White New Farm principal Haesley Cush said Brisbane’s gripping property tale was only just unfolding.
Brisbane house price rises by region
SA4
Jun-21
Mar-21
Jun-20
QoQ
YoY
Brisbane – East
$655,000
$615,000
$601,600
6.5%
8.9%
Brisbane – North
$725,000
$685,000
$605,000
5.8%
19.8%
Brisbane – South
$833,500
$785,000
$709,500
6.2%
17.5%
Brisbane – West
$868,000
$820,000
$730,000
5.9%
18.9%
Brisbane Inner City
$1,240,000
$1,200,000
$952,500
3.3%
30.2%
Data provided by
“The market is extraordinarily unique. In March 2020, Brisbane was finally waking up after 10 years of a relatively flat period, and that’s quite a long time for a capital city to not have real capital growth,” Mr Cush said.
“So, we were due for an upward swing, but to (further) drive that up was COVID and the [planned] infrastructure.
“COVID had this unpredicted benefit to property prices, and there’s no sign of [price growth] slowing. And then on top of that, you have the Olympics, and so that, by definition, adds more capital growth, and the final thing people look for is some comfort that prices won’t go down and we’re still 10 years away from the Olympics.
“So, you can see that we have this insurance policy of the Olympics counteracting any downward trend, and Brisbane is going to be on the map, and people are going to notice the city more than ever before.
“Then looking at the infrastructure coming, it’s an unbelievable story for Brisbane … in 10 years’ time, Brisbane is actually going to be improved quite dramatically.”
Brisbane is on the cusp of further change and expansion, given the successful 2032 Olympics bid which will only further accelerate house prices. Photo: SPACE Property South Brisbane
The sunny outlook comes hot on the heels of record price growth in the city, with Mr Cush citing the first quarter of the year as their greatest three months of sales in history.
“This quarter was probably continuing on par, but some of our markets have continued to roar … it’s probably the most exciting market I’ve worked in,” Mr Cush said.
Joint managing director and lead agent at Place Estate Agents Bulimba, Sarah Hackett, said while the greater city had undergone strong growth as a whole, that million-dollar price point had skyrocketed by 30 per cent in some cases.
“We’ve never seen this before in Brisbane. The numbers through the opens [are incredible]. We’ve got about 20 per cent more going through than in 2019, and we’ll always have someone from Hong Kong and the UK,” Ms Hackett said.
“Buyers aren’t mucking around … and on average, we have seven registered bidders per auction, and it’s all cash buyers.
“Over the last quarter Place Bulimba was up 62 per cent from 2019, and that was working out to be one of our best years.
“I can honestly say this is all I’ve ever done for 24 years; it’s the best market I’ve ever seen.”
Capital city median unit prices, June quarter
Jun-21
Mar-21
Jun-20
QoQ
YoY
Sydney
$786,175
$761,993
$731,789
3.2%
7.4%
Melbourne
$572,793
$568,475
$544,290
0.8%
5.2%
Brisbane
$394,287
$396,039
$386,136
-0.4%
2.1%
Adelaide
$337,932
$337,932
$330,190
0.0%
2.3%
Canberra
$504,217
$486,512
$481,599
3.6%
4.7%
Perth
$370,571
$377,073
$325,778
-1.7%
13.7%
Hobart
**
$429,287
$433,435
**
**
Darwin
**
$298,624
$275,664
**
**
National
$601,482
$588,957
$563,907
2.1%
6.7%
Data provided by
While Ms Hackett agreed that homes in the city’s blue-chip inner fringe were going nothing short of gangbusters, she said opportunities still abounded in the prestige sector where prices hadn’t surged with the same ferocity.
“It’s an incredibly good time to upgrade because the houses worth $1.2 million have gone up substantially.”
But with thousands of expats projected to fly home in the coming year and storm the market, it’s a window she felt could start to close.
“There’s still plenty of opportunity for growth, and there’s going to be a lot more migration.”
A masterplan development opportunity on the Gold Coast has become available through a joint marketing campaign with Colliers and CBRE.
The Seaview Avenue, Mermaid Beach property represents a 1.13ha development opportunity.
Colliers residential director Brendan Hogan said the site was “an unmatched opportunity to create a staged, mixed-use lifestyle precinct—with concept plans for 735 apartments across four towers”.
“Sites of this scale with wide-ranging potential are increasingly rare and we expect it will be highly sought after by residential and commercial developers alike,” he said.
With the serious lack of high-quality development opportunities south of Broadbeach, Seaview Avenue represented a fantastic opportunity for a developer to lock in their forward pipeline in one of the Gold Coasts most desirable suburbs, the agents said.
“This property represents a fantastic opportunity for a developer to deliver a staged lifestyle precinct commensurate with James Street and Gasworks in Brisbane supported by heightened demand from people to live, eat work and play within their own neighbourhood,” CBRE Gold Coast managing director Mark Witheriff said.
“The block sits prominently at the entrance to the Pacific Fair Shopping Centre, features three street frontages and provides flexible planning provisions.
“The scarcity of the land available in Mermaid Beach presents developers with a remarkable opportunity to create a destination precinct in one of the Gold Coast’s premium suburbs.
“The property is within a 1km radius of the five major lifestyle and transport facilities in Broadbeach—The Star Casino, Pacific Fair Shopping Centre, The Oasis Shopping Centre, Gold Coast Convention Centre, and Broadbeach South G-Link Station.”
Colliers and CBRE will market the site via expressions of interest campaign that closes on September 1, 2021.
Brisbane will run out of available land to build new homes in less than three years – and Noosa has just one year – as a housing crisis grips the state.
The startling projection was revealed via documents released as part of Queensland budget estimates hearings, but Deputy Premier Steven Miles argued that almost 50,000 residential lots were in the process of being unlocked in south-east Queensland following the October 2020 state election.
Under state government rules, all local government areas should have four years’ worth of approved lots – land that is ready to go to market.
But Brisbane has just 2.9 years of approved lot supply, Noosa has 1.1 years, the Gold and Sunshine coasts 1.9 years each, Redland 2.9 years, and Moreton Bay 3.2 years.
But Mr Miles said almost 50,000 residential lots were in the process of being unlocked following the 2020 state election.
“Our strong health response to the COVID-19 pandemic has created a spike in interstate migration which has put pressure on land supply across the state,” he said.
“While COVID has certainly spurred an increase in interstate migration, we would expect to see further increases over the coming years in the lead-up to the 2032 Olympic and Paralympic Games.”
Mr Miles said the majority of the state’s councils had up to 30 years of lot supplies.
In other areas, Bundaberg has 14.9 years, Cairns eight, Gympie 9.6, Ipswich 7.3, Rockhampton 16.2, and Toowoomba 6.1.
Some areas have extremely high rates, with Banana reporting 354 years of supply, Gladstone almost 249 years, and Isaac 363.
Mr Miles said in response to population growth linked to people moving to Queensland from interstate – a boom in new residents not experienced in almost two decades – he established the Growth Areas Team in March 2021.
“The GAT focuses on land supply in south-east Queensland to ensure we can keep up with expected population growth, and the demand for housing and infrastructure development that comes with it,” he said.
Mr Miles said the government had identified Caboolture West as a pilot site for a future growth area program providing 3000 extra homes, while it had also provided $15 million for a wastewater treatment plant to pave the way for up to 5000 extra homes in Southern Redland Bay.
The years of supply are calculated based on uncompleted lot approval and lot certification data prepared by the Queensland Government Statistician’s Office using information provided by councils.
The latest figures come as there are 47,036 people on the state’s social housing register – a 70 per cent increase in just three years – and as rental vacancy rates hit 10-year lows and property prices soar.
According to a report released last year, south-east Queensland needs an extra 31,979 dwellings each year to keep up with demand.
LNP housing spokesman Tim Mander said more land needed to be made available.
“And we need to build the roads, water and sewerage to support it,” he said.
“We must build the infrastructure that protects the lifestyle of the people who live here and that gives opportunities for our kids to get into the market.”
Brisbane lord mayor Adrian Schrinner confirmed a new precinct was being planned on a major 7ha site on Montague Road in South Brisbane, bordering West End.
The site will be purchased for the Games to house the International Broadcast Centre for the event. After the games the centre will be converted to parkland.
The venue—where the world’s media will converge during the Games—is expected to be about 60,000sq m and would be within walking distance of the Brisbane Convention and Exhibition Centre.
Schrinner said the project, the first of many developments to be rolled out in time for the games, aligned with the intent of the draft Kurilpa Riverfront Renewal MasterPlan which the council had been working on with the state for several years.
▲ An aerial image of the proposed site for the planned media venue. Image: Nearmap
“For a decade and more, people have talked about South Bank being extended along this part of our river and I am so pleased we’re now moving forward to make those dreams become a reality,” Schrinner said.
“World Expo ‘88 was the catalyst for the creation of South Bank and now Brisbane 2032 will facilitate the next phase of this evolution.”
The industrial land at South Brisbane, occupied by the Parmalat milk factory, was earmarked in Brisbane City Council planning in 2014 for future urban and cultural development.
The council confirmed that negotiations with the owner of the industrial business on the site was under way.
A similar proposal was mooted by the state government in 2012 and involved a mix of public and commercial use along the riverbank, including an entertainment, retail and dining precinct and parkland.
The IOC Future Host Commission report says the state government will provide the funding to remediate the industrial land.
Brisbane is already undergoing rapid changes with $20-billion worth of major development planned or under construction as part of a committed $49.5-billion transport infrastructure pipeline.
Major development projects include the $5.4-billion Cross River Rail, $3.6-billion Queen’s Wharf casino and residences and the $1-billion Brisbane Airport third terminal.
The proposed $1-billion overhaul of the Gabba stadium, home to Queensland sport including cricket and AFL for 126 years, is also earmarked to be the epicentre of Brisbane’s Olympic activity. The upgrade would increase capacity to around 50,000 people.
It would also include a new pedestrian plaza, making the Games more accessible to people with disabilities and the elderly, linking the redesigned stadium to the Cross River Rail station, which is currently under construction.
As well, the Hamilton Northshore priority development area is being touted as the preferred location for the Brisbane Olympic Village.
The village will host more than 10,000 athletes and team officials for the Olympic Games and more than 5000 for the Paralympics.
▲ The proposed Gabba upgrade would increase capacity from 42,000 to 50,000 in time for the Games.
State development minister Steven Miles said the Games would “do for Northshore Hamilton what Expo ‘88 did for South Bank”.
“Village construction will crystalise the area’s long-term plan and rejuvenate the existing industrial land,” Miles said.
“It will boost an already popular precinct—home to landmarks such as Portside, Eat Street Markets, and Alcyone Hotel, and some of Brisbane’s best waterfront living.”
After the Games, the village will be converted to a diverse residential offering, including aged care, retirement living, social and affordable housing, key worker, hotel, build-to-rent and market accommodation.
Northshore is also set to be the home of a proposed biomedical facility for Vaxxas to manufacture its world-leading, needle-free vaccines, which could be used for Covid-19.
Mortgage brokers say that lockdowns are far more detrimental to prospective homeowners looking to take out home loans than any potential fixed-rate hikes.
Some banks have already begun raising their fixed interest rates despite the Reserve Bank of Australia holding the cash rate at 0.1 per cent at its July board meeting, saying its central scenario was to keep it there until 2024.
But that rate increase will make no difference to buyers’ borrowing power if their pre-approval has since expired or they are looking to take out a home loan now, experts say.
Instead, the lockdowns have had far more wide-reaching impacts on affected buyers shopping around for a home loan, with some delaying plans for months and others shelving their plans altogether as more than half of the country’s population faces some restrictions across three states.
In NSW, Sydney entered its fifth week of stay-at-home orders, which has shut down a range of industries, including construction and retail, and has placed five entire local government areas into stricter conditions, banning residents from leaving for any work unless they are in essential services.
This has stopped many hopeful home owners from taking out a loan, said Rob Lees, Mortgage Choice Blaxland, Penrith and Glenmore Park principal.
“There is no doubt that for people in affected industries, they will not be able to get a loan. There is no way a bank will give a loan to a tradie if they’re not working during a lockdown,” Mr Lees said.
While banks have not changed policies, as they did last year, Mr Lees said, they do still ask for more information than usual, including whether applicants have been impacted by COVID-19.
Since the latest outbreak, he has placed several applications on hold until trades – from plumbers to beauticians – return to normal.
Fixed-rate increases were almost a “non-issue” as banks were assessing buyers’ borrowing power against the variable rate plus an extra 2.5 per cent as the serviceability buffer, he said.
Victoria’s snap lockdown – the fifth one for the state – is adding to the pent up demand for many house hunters who have put their plans on ice for months now due to the ongoing uncertainty.
Foster Ramsay Finance principal and mortgage broker Chris Foster-Ramsay said applicants need an uninterrupted six-week run of earning income to be able to apply for a home loan.
“There’s a whole lot of people who have sat on their hands in Melbourne for up to six months, if not more. Their plans are on hold, and that is very common down here,” said Mr Foster-Ramsay, adding that it was a responsible lending requirement since the Royal Commission into the financial sector.
“It’s not hard to find those [hopeful home owners] in affected industries – travel, hospitality, live performance – where they are doing whatever they can do to survive.”
But some banks are more understanding when it comes to some industries compared with others, according to Melbourne-based mortgage broker and Pearse Financial director Tom Pearse.
White-collar workers in accounting or legal industries were better placed to have a home loan application approved if employers were willing to write a letter outlining the length of reduced hours due to COVID-19, he said.
Meanwhile, in Queensland, the state has been barely affected by lockdowns, leaving most buyers with the same borrowing power even if fixed rates have increased since they began their house hunting months ago.
“The reason it doesn’t impact borrowing capacity as much is that the banks assess it on the ongoing variable rate, most of the time. It’s not assessed on the fixed-rate itself,” said Caroline Jean-Baptiste, Mortgage Choice Fortitude Valley mortgage broker.
She said the bigger impact for Brisbanites was that some banks were changing their assessment on expenditure around health insurance and private school fees.
“That had more of an impact than a rate change. Somebody, who a month ago could have borrowed $650,000 can now borrow $550,000 if they’re sending their children to a private school or have private health costs,” she said, adding that it was postcode-related.
“So, some lenders use a postcode to determine the benchmark living expenses that they will apply to a certain application.”
Construction has commenced on 160 Macquarie Street, St Lucia’s first riverfront residential development in more than a decade.
Developer QM Properties has appointed construction firm McNab to build the luxury development at 160 Macquarie Street on the Brisbane River.
The Rothelowman-designed development of 33 three-bedroom apartments is already 80 per cent sold, with 27 apartments raking in $58 million, an average sale price of $2.28 million.
Prices start from $1,375,000 for the three-bedroom apartments spanning 139 sqm of living space.
Andrew Roubicek, Director of Residential at Colliers International, said 160 Macquarie Street has been one of the best performing residential projects in Brisbane.
“160 Macquarie Street is a remarkable project as evidenced by the strong sales achieved prior to construction,” Roubicek said.
“Since April 2020 the median sale price for apartments in St Lucia has increased by 9.1 per cent revealing the suburb to be one of the most in-demand areas in Brisbane.”
160 Macquarie Street, St Lucia QLD 4067
The project will feature a sky garden on its rooftop, with mature trees as part of an expansive recreation terrace which will also offer a private dining room with city skyline views from the 15th level.
QM development manager Glenn Rix said there were no other riverfront projects in the pipeline at St Lucia, making 160 Macquarie ‘one of a kind’.
“Neighbouring areas like West End, Toowong and South Bank have a number of riverfront projects in train, but St Lucia has remained a tightly-held pocket and sites like the one we have for 160 Macquarie are extremely rare,” he said.
“We’ve taken a unique site and have worked with award-winning architects Rothelowman to create a building to match, with statement features like the sky garden, which connects the rooftop with the riverfront.
“We’ve brought the outside in throughout the whole building, with a natural interior palette led by finishes such as oak timber floors and natural dolomite stone benchtops, in oversize apartments offering up to 246 sqm of living space.
Recently, you wrote that if a property was a principal place of residence for some of the time of ownership, one is eligible to contribute up to $300,000 as a downsizer contribution to superannuation after its sale. At the end of 2019, my super fund told me that I was ineligible to contribute some of the money to super from my proposed house sale because it was not my current principal place of residence. There was no discussion about it having been my principal residence from 2004-2012. It was a “Yes/No” scenario. Is it possible that the rules have changed since then and I am following incorrect advice? I sold the property in 2020 and am preparing to pay Capital Gains Tax on the sale this financial year. However, the money is sitting in my bank account when it seems that I might be able to put it into super. Could you please clarify?
The rules have not changed but there is no simple answer.
You could lodge a complaint against the advice provided by the super fund but this may be a drawn-out process and would not guarantee that you could make the downsizer contribution now.
You could, through a tax adviser, apply to the Australian Taxation Office for an “extension of time” to make the downsizer contribution and lodge the required form, on the basis of the incorrect advice received from the super fund. Again, there is no guarantee here.
A third option may be more palatable.
If the federal government’s proposed change to remove the work test for non-concessional super contributions from July 1, 2022, is passed, then you could make a non-concessional contribution of up to $330,000 from that date – if you are aged 67 or more and under 75.
I am aged 70 and receive an account-based pension from a government pension fund. If I was to roll over this fund into another super fund with higher returns, would I have to pay tax on the untaxed portion of my funds?
It is my understanding that any untaxed component would be taxed at 15 per cent in the receiving fund on rollover.
You may also be subject to tax on any excess untaxed rollover amount – that is, any amount that exceeds the relevant cap. This is a minefield area, so proceed with caution.
You should ask both your current super fund and your destination fund to advise you what their position is if you adopt the strategy you mention. Also, beware of choosing a fund purely on last year’s returns.
Past short-term performance is no guarantee on future performance and returns should be assessed on five-year or 10-year fund performance.
We own two properties – one our main home and the other a rental. We want to move into the rental. To minimise CGT, do we sell the main house and move into the rental, or do we move to the rental and rent out the main home?
If you sell your home after you move out it should be free of CGT but, if you rent it out, you would be liable for CGT on any increase in value from the date it was rented.
When you move into the rental it will become your principal place of residence and CGT, when sold, will be apportioned on a time living there basis, so keep receipts even while you are living there.
However, there is a lot more to this discission than just minimising your tax.
You also need to think about the potential of your current home. It may be better to take a tax-free capital gain now, use the proceeds to buy a new home debt-free and then borrow to buy another investment property.
I am about to turn 72 and still working. I want to retire soon and am about to sell my mother’s unit, which should fetch about $340,000. I will use some of this money to carry out repairs and updates (kitchen and bathroom) in my own home. My question is, will I be assessed on the selling price of the unit, or what is left after repairs to my home?
Once you receive the money you will need to advise Centrelink of a change in circumstances.
However, any money spent on improving your own home is not assessable, so once you have spent the money on your property, just advise Centrelink of the reduction in your assets and the situation should be restored.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
Riverside land at South Brisbane will be bought by Brisbane City Council and the state government for the 2032 Olympic Games International Broadcasting Centre site, lord mayor Adrian Schrinner confirmed on Monday night.
After the 2032 Olympics and Paralympics, the seven hectares of land on Montague Road will be transformed into parkland, Cr Schrinner confirmed back in Brisbane after representing the 2032 Games bid and attending the Opening Ceremony at the Tokyo Games.
It is expected to lead a major redevelopment of one of the last remaining riverside portions of land in central Brisbane.
“The mayors of south-east Queensland began the journey to pursue these Games because they realised the incredible legacy this would create for Brisbane and the rest of the region,” Cr Schrinner said.
“This new area on the banks of the Brisbane River is precisely the type of legacy they envisaged; great new assets that would benefit all residents and make our wonderful city even better.”
Cr Schrinner said the new South Brisbane riverside park would be the 2032 equivalent to the South Bank Parklands contribution to World Expo ’88.
“For a decade and more, people have talked about South Bank being extended along this part of our river and I am so pleased we’re now moving forward to make those dreams become a reality,” he said.
“World Expo ’88 was the catalyst for the creation of South Bank and now Brisbane 2032 will facilitate the next phase of this evolution.”
Negotiations with the owner of the industrial business on the site have already begun.
The South Brisbane site is identified in the International Olympic Commission’s Future Host Commission report released earlier this year.
The IOC’s International Host Commission’s report shows the 2032 International Broadcasting Centre on Montague Road at South Brisbane.CREDIT:IOC HOST COMMISSION REPORT.
This largely industrial land at South Brisbane was earmarked in Brisbane City Council planning in 2014 for future urban and cultural development.
The IOC Future Host Commission report says the Queensland government would provide money to remediate the industrial land.
“It includes demolition of industrial buildings, site remediation, and construction of permanent utilities, including a new substation,” the report says.
It identifies a temporary 57,000-square-metre International Broadcasting Centre for the world’s media during the 2032 Olympics and Paralympics.
The Main Press Centre for the 2032 Olympic and Paralympic Games will be nearby at South Bank’s Brisbane Convention and Exhibition Centre.
After the Games the new International Broadcasting Centre buildings on Montague Road will be removed and the site would become parkland, Cr Schrinner confirmed.
“Obviously, the Games are some years away, but we’re eager to get on with the job of delivering this and other amazing new assets for the people of Brisbane,” he said.
“This will give us plenty of time to work with the state to secure the land and for council to masterplan this area for all Brisbane residents in the future.”
The seven-hectare parcel of land is within 25 hectares of land identified in 2014 in the council’s draft Kurilpa Master Plan, which planned the future of the riverside land at West End opposite Milton.
At that stage it was earmarked for residential and commercial properties.
The Queensland government also proposed extending to South Bank Parklands around the river in 2012.
That proposal involved a mix of public and commercial use along the riverbank, including entertainment, retail and dining precinct and parkland.
While owner-occupiers are seeking downsizing alternatives in coastal areas, investors are returning to the Gold Coast in the wake of historically low rental vacancy rates.
Ashwin Property director Tony Ashwin revealed increased yields, rising property prices and bullish forecasts have encouraged a return of investors to the Gold Coast market.
Mr Ashwin suggested a notable cohort of investors have started to purchase town houses in projects on the northern Gold Coast, encouraged by price growth, increased yields and improving infrastructure. He is currently marketing a $650 million waterfront development project in Helensvale.
“We are certainly seeing an uptick in investors inquiring, although the market is still predominantly owner-occupier,” Mr Ashwin said.
“There is a lot less stock out in the market currently and investors are certainly being encouraged into master planned communities which have great internal and surrounding infrastructure.
“The supply of four-bedroom homes has become particularly sparse on the Gold Coast, positioning this product as one of the most sought-after commodities on the property market.”
Mr Ashwin said the various local government infrastructure investments currently underway had encouraged investors back into the northern Gold Coast. This includes the Coomera Connector, which is set to reduce travel times around the Gold Coast region.
“People working in Surfers Paradise or Broadbeach may not have considered living or renting in northern Gold Coast locations like Hope Island and Helensvale because of the travel times, but now we’re talking 15-20 minutes once the Coomera Connector is complete,” he said.
The investor boom in rental markets comes as many owner-occupiers around the country are looking to downsize in coastal areas, such as the Gold Coast.
Downsizing.com.au CEO Amanda Graham suggested more over-50s are seeking a new sea change lifestyle with easy access to the big smoke.
An analysis of consumer search activity during the financial year 2020-21 has revealed a clear shift towards waterside regional or outer urban areas which frame large cities.
As well as the Gold Coast, other areas that have seen more consumers looking for downsized or retirement living include Mandurah in Western Australia, Newcastle and Wollongong in New South Wales, Redcliffe and Caloundra in Queensland, and the Mornington Peninsula and Greater Geelong in Victoria.
Ms Graham said the ongoing pandemic and related residential housing boom has sparked more over-50s to consider downsizing to a lifestyle-rich area.
“This generation has already accumulated considerable equity in their home after decades of paying off a mortgage,” Ms Graham said.
“Their home has been their biggest investment over their lifetime and is now the key to their financial freedom.
“For many of these downsizers, moving to a regional area on the outskirts of a major city is very appealing. It gives them the best of both worlds – a new coastal lifestyle away from the hustle and bustle along with the ability to easily travel back into the city to see family and friends, or have them visit.
“In saying this, we are still also seeing very strong growth in search activity for capital city areas, which remain popular with downsizers seeking a vibrant urban lifestyle, along with a newer, more modern home with less maintenance.”
Mosaic Property Group is planning to build its third tower in 12 months in the inner Brisbane suburb of Toowong, lodging an application for the 101-apartment project.
The 14-storey residential tower plans also included a rooftop communal garden and two levels of basement parking for the 28 Lissner Street site.
Mosaic is currently building an eight-storey development on 36 Sylvan Road, called Kensington.
It recently settled on the four-property amalgamated Lissner Street site for $5.7 million.
The Queensland developer also recently sold out The Patterson project in the
The latest tower, near Toowong Village Shopping Centre, was designed by DKO Architecture, the firm’s first residential development in Brisbane.
“The development is inspired by the detailing and repetition of the traditional Queenslander,” the application stated.
“The veiled podium design references the nearby iconic Regatta Hotel and surrounding masonry apartment context with the inclusion of breeze blocks.”
▲ Mosaic’s proposed development will replace the aging Toowong Inn and Suites. Image: DKO Architecture
The tower would replace the three-storey Toowong Inn and Suites currently on the 2108sq m site.
Mosaic managing director Brook Monahan said they were continuing to experience strong demand for premium product in the area.
“It will be our 11th release to Brisbane’s inner-west in the past six years,” he said.
“There is a real appetite from people chasing the incredible offerings of Brisbane’s inner-west, which is why we have invested so much in this area over many years and will continue to do so.
“Everything you could want is in such close reach, including some of the most significant infrastructure projects of our generation, such as Brisbane Live, the Victoria Park redevelopment, Queensland Wharf, and Toowong’s new $450m mixed-use town centre, The Aviary.”
Monahan said they were pleased to be partner with DKO as incredible attention has gone into the scheme.
“Dynamic architecture reflects an appealing, subtropical theme, with a simple yet elegant material and colour palette and extensive deep planting and landscaping,” he said.
“There is a real emphasis on sustainable principles which is reflected throughout the design.”
Just three-bedroom apartments remain in the Wesley Street block of 36, which start from $720,000
The boutique Lutwyche apartment development Bloom on Wesley in Brisbane’s north has proved a hit with downsizer and professionals, with only 20 per cent of apartments left to sell.
Just three-bedroom apartments remain in the Wesley Street block of 36, which start from $720,000. The two-bedroom apartments sold out at the start of the year.
Ramy Raymond, the managing director of Raise Projects who are developing and building the apartment project, says the three-bedroom apartments have resonated with buyers due to their size, position, and the fact they are pet friendly.
Raymond says despite construction at a late stage, with completion expected at the start of 2022, buyers are still customizing their apartments, which he says buyers value in this day and age.
Bloom on Wesley 17 Wesley Street, Lutwyche QLD 4030
The location of the development has been a plus for buyers, set near shopping precincts, public transport, and Kedron Brook Parkland’s walking and bike paths.
“The combination of the resort-style rooftop, boutique exclusivity and being near great shopping, dining, services and transport means that Bloom on Wesley offers unrivalled value for our buyers to live without compromise, whether they are re-sizing or downsizing,” Raymond says.
“With property commentators suggesting that prices will surge for three-bedroom, two car space apartments located five to 10km of the CBD, due to the upward pressure from the housing market, Bloom on Wesley represents a great opportunity for owner-occupiers and investors right now.”
Only seven apartments remain. The three-bedroom apartments range in size from 123 sqm up to 207 sqm, and are priced from $720,000 up to $860,000.
Raise are planning a high-end apartment development at Teneriffe, dubbed Verdis on Wyandra.
Cube director Scott Juniper says they will be planning something more boutique, offering a point of difference to the other developments in the masterplan
The prominent Sunshine Coast developer Cube Developments has snapped up the last remaining beachfront site on the Sunshine Coast.
The 3,215 sqm block at Bokarina Beach, located between Calounda and Mooloolaba and adjacent to Bokarina Beach, is earmarked for a six level apartment building of up to 75 apartments.
Cube director Scott Juniper says they will be planning something more boutique, offering a point of difference to the other developments in the masterplan.
“Three of the five sites nearby are under construction and are quite large scale, large built form projects, some with over 100 units,” Juniper says, adding that those developments will have ground floor activiation.
Juniper says they are going the other way.
“The market has evolved very quickly”, Juniper said.
“We’re looking to go boutique, with larger format units, and really build to the strength of what Bokarina has become.
“We won’t be having retail at the ground floor. We are designing the area to create an exclusive compound for residents. They will feel special when they enter the building.”
On entry there will be an architectural threshold walk through with draping landscape. Private dining spaces and a gym will feature, and Juniper says they are planning something special with landscaping around the swimming pool.
They’re currently in redesign, having appointed local architect Cameron Sheedy to design the building.
“We really know what we want. The brief is very detailed and that we want it to be boutique, and we felt Cameron was the best person to create our vision.”
The Bokarina project will join Cube’s growing Sunshine Coast portfolio, which includes three other residential apartments in neighbouring suburb Birtinya.
This includes the sell-out $27 million project One Prosperity, which is under construction and slated for completion at the end of this year; Curve, a sell-out $37 million project, which is due for completion next month and the recently launched to market ‘Seasons by Cube’.
