Brisbane’s Energex House Tipped to Top $360m

Core office asset Energex House is being offered to the market for the first time and is tipped to sell for more than double its original value.

Cromwell Property Group developed the 30,563sq m campus-style development in 2010 as the sole asset for its Riverpark Trust. In 2016 shareholders voted to retain the asset, but the fixed-term syndicate is reaching maturity and shareholders have voted to sell in the hot market for a return of capital.

At the time of completion in 2010 the building was valued at $173 million—if it sells for more than $360 million it will have doubled in value in just over a decade.

The asset at 26 Reddacliff Street at Newstead was Queensland’s first 6-Star Green Star office building and is 92 per cent leased to power distributor Energex with a long-term lease through to August, 2030.

▲ Energex House was Queensland’s first 6-Star Green Star office building and has some of the biggest floorplates in Brisbane’s office market. 

CBRE’s senior managing director for Queensland Bruce Baker is one of the marketing agents for the international expressions of interest campaign alongside Peter Chapple and Tom Phipps, and JLL’s Paul Noonan and Seb Turnbull.

Baker said the strong ESG values of the office building would attract solid interest from prospective buyers.

“There has been a clear uptick in investor appetite for quality Australian office assets with robust ESG credentials,” Baker said.

“In the case of Energex House, the building offers exceptional sustainability ratings and an anchor tenant that delivers essential community and social infrastructure and has made a significant investment into delivering high quality ESG outcomes to its customers and stakeholders.

“This includes a commitment to source 50 per cent of energy from renewables by 2030.”

The campus-style office building offers some of the biggest floorplates in Brisbane—about 4600sq m. It was one of the first commercial developments in the Newstead Riverpark area, an section of Brisbane tipped for continued growth and development ahead of the 2032 Olympic Games.

Cromwell Property Group has been buying up in Brisbane, acquiring 545 Queen Street for $117.5 million last year to add to its stable of office assets in the river city.

 

Article Source: www.theurbandeveloper.com

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Apartment Growth Propels Record Approvals

Strong apartment growth has driven a record number of domestic building permits and a $4 billion-plus surge in the value of works across Victoria during the past year.

It is the first time the state’s domestic building permits have topped 100,000 in a calendar year.

The latest data from the Victorian Building Authority shows a total of 127,792 building permits worth $44.6 billion were issued in 2021, an increase of more than 14,000 (12.66 per cent) from the previous year.

Domestic building permits issued jumped from 96,376 in 2020 to 109,367 in 2021, resulting in the value of works soaring by $4.3 billion.

The biggest rise in the number of permits issued was in the outer suburbs of Melbourne, followed by the North Central region and Gippsland.

VBA chief operations officer Jocelyn Crawford said another year of strong growth was a positive sign for the building industry.

“Victorians have experienced a challenging two years, but as a community we have remained resilient and the industry has continued to grow, proving it to be the backbone of the state’s economic future,” she said.

“These figures are promising and in an environment of development and economic progress, demonstrate the importance that standards are upheld.”

ANZ senior economist Adelaide Timbrell said residential building approvals jumped across Australia in November after hitting a 14-month low in October.

“A jump in units of 9.7 per cent month-on-month in November was behind the positive monthly result, mostly driven by strong unit growth in Victoria (+28.8 per cent), Queensland (+47.4 per cent) and South Australia (+65.7 per cent),” she said.

“By contrast, New South Wales unit approvals dropped 48.7 per cent month-on-month to its lowest level since February 2012.”

The total number of dwellings approved across Australia rose 3.6 per cent in seasonally adjusted terms, following a 13.6 per cent fall in October.

“The rise in the total number of dwellings approved in November was driven by an increase in approvals for private sector dwellings excluding houses, which rose 9.7 per cent,” ABS director of construction statistics Daniel Rossi said.

Coinciding with the surge in apartment approvals, house construction costs hit all-time highs in the December quarter, according to the latest Federal Government monthly budget statement.

“Input prices to house construction lifted 3.8 per cent in the quarter and were 12 per cent higher over the year to December,” Commsec senior economist Ryan Felsman said.

“Melbourne saw the biggest annual lift in input prices to house construction in December, up by a massive 13.5 per cent.”

 

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Construction commences on the final stage of The Peninsula Hope Island master-planned community

Developer ASF Group has already sold around 80 percent of the apartments and all of the terrace homes on offer.

Construction has begun at Peninsula Collection and Peninsula Terraces, the final release of apartments and terrace homes in the gated community development, The Peninsula Hope Island.

The Brisbane-based builder, Constructions Group, cleared the land for development over Christmas, with earthworks and piling expected later this month. The previous two stages of the exclusive master plan are already completed.

The rest of the in demand mini-masterplan is already completed. Developer ASF Group has already sold around 80 percent of the apartments and all of the terrace homes on offer.

ASF Group Marketing Director Daniel Fang said there was an even split of buyers, with around half local owner-occupiers looking to downsize, and the other half interstate migrants and investors,

“We saw a lot of demand from buyers in Victoria and New South Wales, in particular from the dense inner-city postcodes of Sydney and Melbourne” Fang said.

“They were drawn to the recreational lifestyle of the northern Gold Coast, with their choice to move hastened by lockdowns in the southern states. Other interstate buyers were also attracted by the strong potential for capital gains due to the 2032 Summer Olympics, set to be hosted in Brisbane.”

On the interest from locals, Fang said the majority sought to downsize to Peninsula Collection and Peninsula Terraces which feature greater accessibility and internal buttons linked to gated community security.

“Buyers are cashing in on the Gold Coast property boom whilst placing a greater emphasis on lifestyle and recreation in their search for a new home.”

ASF has already sold out Peninsula Homes, a collection of 17 townhouses, Peninsula Residences, comprising 40 apartments, and Peninsula Terraces, just 22 terraces, which sit along side the Peninsula Collection.

Peninsula Collection is a rare opportunity for buyers to secure a home in the Hope Island Resort gated community

 

Article Source: www.urban.com.au

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Mosaic Property Group set for new Coolangatta apartment development

There will be 31 two and three-bedroom apartments across the tower, which architecture firm Gatehouse Architects designed to connect the occupants to the local environment

Mosaic Property Group are continuing to set their stall out for a solid 2022.

The burgeoning South East Queensland apartment developer, who is looking to launch seven new projects across Brisbane, the Gold Coast, and Sunshine Coast this year, are readying a boutique project in the sought-after Kirra Beach locale in Coolangatta.

Their second time developing in Coolangatta after having success with Elan, Mosaic has lodged plans with the Gold Coast City Council for a nine-level building at 7 Douglas Street, just off Musgrave Street and less than 200 metres from the popular beach and surf spot.

There will be 31 two and three-bedroom apartments across the tower, which architecture firm Gatehouse Architects designed to connect the occupants to the local environment.

“It is an understanding and reflection of the curving natural landscape of the Kirra Beach and Coolangatta Creek,” Gatehouse noted in their design statement submitted to the local council.

They designed the building to capture the northerly aspect towards the coast line.

“Occupants are able to embrace the inside / outside relation synonymous with a modern Queensland lifestyle.”

Balconies and living spaces have been positioned to capture ocean views while maintaining privacy between dwellings and neighbour properties.

Native landscaping has been included throughout the building, invoking a connection to the ground floor.

The resident communal area is located on the first level and includes a resort-style pool with day beds, a seating and dining area next to an outdoor kitchen, and a sauna.

The town planner, DTS, said that high quality architectural form built on the principles of sub-tropical design and carefully selected materials and façade treatments reflective of the Gold Coast vernacular.

Mosaic had a stellar 2021, selling out Dawn at Mermaid Beach, LOrient at Sunshine Beach, The Witton at Indooroopilly and The Kensington at Toowong.

Late last year Mosaic, led by its founder Brook Monahan, lodged plan for a luxury seven level beachfront apartment development in Bilinga, with unrivalled views and direct beach access.

With only two apartments per floor, private entry lobbies and direct physical access to the ocean front, Mosaic are making the most of the unencumbered site edges.

 

Article Source: www.urban.com.au

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6 Good Ways To Make Sure That There Are No Pests On Your Property

Pests are a huge problem for both landowners and homeowners alike. They eat into your crops, damage your home, bring disease, and wreak havoc. No matter where you live in the world, you’re bound to experience your fair share of pests. Pest problems tend to start small and can easily snowball into bigger issues if left unsupervised. 

The best way to avoid having a full-blown infestation is to practice proper pest prevention early on. There are plenty of ways to do this and keep your home or property free and safe from pests. If you, or someone you know, has a pest problem and are looking for solutions, you’ve come to the right place! Here are 6 solid ways to keep your property safe and keep the pests off it. Follow these tips and turn your pest problem into a pest problem solved!

1. Find and cut off the source

When it’s too late for prevention, and you already have a pest problem on your property, your first move is to find the source. You need to find either the food source, breeding ground, or resting place of the pests and cut them off from it. Have a good look around your home and yard and look for any signs of unwanted visitors. 

To find what you’re looking for, you first need to know what to be on the lookout for. Different pests come from different places and have specific tell-tale signs to look out for. You can find most insects like flies or cockroaches where there is food or decay, whereas you can find mosquitoes where it’s cold and damp. Once you’ve found the source of your pest problem, call a professional to investigate and handle the problem. 

2. Use pesticides

The best solution to a pest problem always comes in the form of prevention! Using pesticides on your property is a great way to keep anything from silverfish to rats at bay.  A healthy dose of pesticides on your land or in your home might be just what the doctor ordered to keep the pests off your property. Going the chemical route is usually the hardest-hitting and strongest tactic, but it’s not always the best. 

Although chemical pesticides are effective against pests, they can be bad for your health and the environment. Using natural insect pest repellent is a healthier and eco-friendlier alternative. For those looking to be more healthy and eco-conscious while dealing with a pest problem, going the natural route might be better. Whatever pesticides you choose to go with, don’t forget to do the proper research or consult a professional first!

3. Keep your home clean 

Another great way to make sure your home stays pest-free is to keep it as clean as possible. Many pests like to hang out in damp, dusty, and dirty places. Having a clean home both discourages pests and helps you spot and stop them easier. To prevent infestation, make sure to always throw away your garbage, remove dust, cobwebs, and crumbs, and always wipe away spills. Keeping your home clean also helps you keep a better eye on potential pest outbreaks, as you can see what’s going on more clearly. 

4. Tend to your greenery

Well-attended greenery not only makes your home look better and more appealing but can also keep the pests away. Many pests can use unkempt greenery as a shelter, which, if left alone, can grow into full-blown pest problems. If you’re looking to keep your home pest-free, keeping your grass, shrubs, and houseplants under wraps is essential. 

Keep your lawn short and tidy to keep the insects and rodents out, and be on the lookout for molehills. Tend to your hedges often and keep them tidy. Don’t forget to turn your attention to greenery inside the house when dealing with pest control. Keep an eye on your houseplants for signs of disease or decay. Don’t overwater and be sure to get rid of any plants that are dead or unwell to stop the spread of pests or disease.

5. Check your water sources

Water sources can often be the root cause of some of your pest problems. Many pests, like mosquitoes, like to hang around wet or damp areas to lay eggs and breed. These wet areas can turn into pest breeding grounds fast, if not attended to. To keep your pond or pool from turning into a pest hotspot, make sure to check them thoroughly. Keep any standing water containers sealed tight when not in use, or keep them upside down. This stops pests from getting in and causing problems in the first place.

6. Do regular inspections

Keeping your home pest-free is all about putting the work in and doing your regular inspections. Be diligent when inspecting your home and leave no stone unturned. Do your research, know the signs, and be on the lookout for any critters and crawlers! Aside from inspecting your greenery and water sources, make sure to check other areas of your property to be sure you don’t miss anything. 

Check your home from top to bottom and do it often so that you can notice any changes sooner and more efficiently. Regular check-ups make sure that your home stays free of all pests from ants to snakes. The trick to keeping your home pest-free is consistency!

So there you have it! With these 6 tips under your belt, you’re ready to tackle and prevent any potential pest problems like a pro! Making your property pest-free starts with identifying the source of the problem and eliminating it. If you already have a pest problem, find the source and contact a professional to deal with the situation. Using pesticides is always a good preventative measure, just make sure you know what you’re doing! To keep the pests out, make sure to keep your home clean and sanitized. 

When it comes to keeping your property pest-free, don’t forget to turn your attention to your greenery. Keep your grass, hedges, and houseplants in order, to avoid having pests. Check your water sources for signs of pests and remember to always do regular inspections. Having a home free from pests starts with doing the work and being diligent. Prevention is the best form of defense against pests, so make sure to start on time!

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Keep Your Rental Properties Up And Running With These Tips

Maintaining a rental property can be a lot of work, but it’s worth it in the end. By following these tips, you can keep your property running smoothly and avoid any major problems. Regular maintenance and repairs are key, as is developing a good relationship with your tenants. If you’re prepared for anything, you’ll be able to handle any situation that comes up. 

1 – AB 1482 Exemptions

AB 1482 is a rental control law. It puts a cap on annual rental cash flow that you can incur. It impacts two important measures of a real estate investment’s success: cash-on-cash return and cap rate. 

To calculate:

Cash-on-cash return: (net operating income + depreciation) / cash invested.

Cap rate: net operating income / property value.

In 2017, the state of California’s standard business tax deduction is $4,236 for a full-time property manager. On a $1,000,000 house ($750 per unit) that generates an NOI of $50,000/year, this would mean a tax deduction of $2,118/year. So what do these two deductions have to do with AB 1482? The standard business tax deduction is taken against total income, which includes no longer taxed depreciation. And under AB 1482, this deprecation has now been capped to $1,000 per year.

This means that in the above example, your cap rate calculation will be distorted because you’re still being taxed on the $49,000 of NOI generated by the house, which doesn’t include the full impact of your expenses. AB 1482 has effectively made it more difficult to achieve the 8-10% cap rate returns that are currently achievable in California.

However, there is a silver lining. The state of California provides exemptions to AB 1482 for individuals managing four or fewer properties that are not their primary residence or any property owned by a Section 1031 like-kind exchange. This means that the rental houses you manage for yourself, your friends, or your family members don’t count toward the four property cap.

2 – Landscaping

When it comes to maintaining your rental property, landscaping matters. A well-maintained lawn will make your rental look good, which in turn will make it easier to rent out. It can also help you maintain a good relationship with your tenants, who will be more likely to come to you if there’s a problem with the landscaping. If there’s ever the chance that your tenants could see your garden or yard from their windows, then you want to make sure to keep it looking nice. You should also make sure that no part of your property is a safety hazard. This could include anything from a pile of old firewood to overgrown trees.

3 – Maintenance Tips

The lack of maintenance and repairs is the main reason why properties go into disrepair. Routine inspections can help to catch problems before they become big issues. Make sure to give your tenants plenty of notice when you’re planning to come by for an inspection since they might be in the middle of something you can’t see.

Maintenance tips to consider when trying to maintain your rental property include: making repairs before they become major, using technology for items such as water usage and energy costs, communicating with tenants about repairs, preventative maintenance, and having a maintenance plan in place.

Preventative maintenance is one of the easiest ways to save money when it comes to maintaining your rental property. A good way to prevent problems with plumbing is by using low flush toilets; they use less water but are still highly effective. Replacing old, inefficient lightbulbs with newer ones that use less energy is another way to save money.

4 – Tenant Relations

It’s important to have a good relationship with your tenants, so if they bring up any problems, you want them to feel comfortable doing so. If you’re aware of a problem before your tenant tells you about it, then there’s a much better chance that you can find a solution quickly. Tenants often take it personally when their problems aren’t addressed, so make sure to be prompt about it. When it comes to communicating with your tenants, the main thing is consistency. If there’s some sort of process or procedure in place for repairs or other issues, then you should always follow that process. When possible, communicate in writing; it’s more effective than verbal communication. Make sure to keep records of every interaction with your tenants. 

Source https://unsplash.com/photos/PGRlGx_6Ehk 

Maintaining a rental property can be a lot of work, but it’s worth it in the end. By following these tips, you can keep your property running smoothly and avoid any major problems. Regular maintenance and repairs are key, as is developing a good relationship with your tenants. If you’re prepared for anything, you’ll be able to handle any situation that comes up. 

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Developers Eye New Locations as Home-Buying Fever Subsides

The federal election, international borders reopening and affordability will have the biggest impact on house prices as developers look to new locations for construction.

The future of house and apartment price growth is heavily reliant on a number of factors but the “time to buy a dwelling” has already slowed.

Housing demand fever started in November 2020 and has now fallen 34 per cent from its peak, according to the Westpac-Melbourne Institute’s latest institute of consumer sentiment.

Corelogic data showed dwelling prices built momentum in 2020, up only 3 per cent, before the urge to buy sent prices soaring up 22.1 per cent last year.

However, the exceptional growth will not last forever, according to Corelogic’s Eliza Owen who will speak at The Urban Developer’s upcoming Property and Economic Outlook vSummit.

“That might see us going from a 22 per cent growth rate [for houses] over the year to a growth rate that looks more like 6.5 per cent,” Owen said.

“The apartment market might see a bit more demand off the back of affordability constraints in the house segment.

“But, looking at house and unit cycles historically, units have never really outperformed detached houses on a long-term basis.”

▲ Urban sprawl in cities such as Brisbane is relatively small compared to places with multiple CBDs, leading to new opportunities for developers. 

Factors inducing a downturn

The Corelogic head of Australian research said any factors influencing a downturn in the housing market would impact apartments as well.

“So anything that constrains the flow of credit, tied to lending conditions, higher mortgage rates, more stocks coming online in terms of listings and new builds being completed,” Owen said.

“It seems increasingly likely economic performance is feeding the RBA forecast of inflation and unemployment.

“If the economy is recovering more quickly than expected, it seems logical that increasing the cash rate would be expected as well.”

However, with a federal election looming, a rate rise would likely happen later in 2022 with politicians expected to address housing as part of their campaigns.

“We could see a lot of focus on housing affordability as well which could continue to create policies around incentives for first home buyers which could create an additional boost to market conditions,” Owen said.

Opportunities on the periphery

The status of international borders would have the biggest impact on Sydney and Melbourne however there were still opportunities abound in smaller cities.

Owen said developers were already taking advantage of lifestyle markets and the change in dwelling demand but the availability of new homes in these areas was still sparse.

“From an interstate affordability perspective, areas like Adelaide, Brisbane and Hobart present really good opportunities,” Owen said.

“There’s various opportunities for the periphery of the metropolitan region, where people coming from Sydney or Melbourne might see the opportunity in a detached house 30km from the Brisbane CBD instead of 50km from Sydney.”

 

Article Source: www.theurbandeveloper.com

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Unexpected Queensland Rental Hotspots Revealed

Queensland has the tightest rental markets in the country with just 0.1 per cent availability in some areas, but it is not the beaches or relatively affordable city locations locking in tenants.

The hottest places to rent in Queensland were between the Sunshine Coast and Bundaberg, according to the REIQ’s Residential Vacancy Report.

Vacancy rates hovered just above zero in Maryborough last year with neighbouring Gympie hitting 0.3 per cent and Bundaberg at 0.4 per cent.

This compared to Brisbane’s inner city at 2.3 per cent, middle at 1.3 per cent and outer area at 0.8 per cent.

Queensland coastal tourism centres faired better than the capital, including Sunshine Coast (0.5pc), Caloundra Coast (0.6pc), Gold Coast (0.6pc), Fraser Coast (0.6pc), and Noosa (0.8pc).

Tightest residential vacancy in Queensland

Rank	Location	Dec 2021	Dec 2020	Dec 2019
1	Maryborough	0.1%	0.2%	1.4%
2	Southern Downs	0.2%	0.4%	2.5%
2	Tablelands	0.2%	0.5%	7.0%
4	South Burnett	0.3%	0.7%	N/A
4	Gympie	0.3%	0.3%	0.8%
4	Goondiwindi	0.3%	0.6%	N/A
7	Mareeba	0.4%	1.0%	N/A
7	Cook	0.4%	0.7%	1.8%
7	Toowoomba	0.4%	0.7%	2.4%
7	Rockhampton	0.4%	0.2%	1.6%
7	Bundaberg	0.4%	0.4%	1.5%
7	Noosa Hinterland	0.4%	0.2%	2.3%
7	Maroochy Coast	0.4%	0.2%	1.1%

^Source: REIQ Dec 2021 quarter

REIQ chief executive Antonia Mercorella said their expectation was 2022 would bring the need for more housing as the population continued to rise and international borders opened, keeping competition for rental stock high.

“Regional areas growing due to new employment prospects but these areas need to find housing solutions to take advantage of the economic boost a rising population could deliver,” Mercorella said.

“For example, Maryborough’s train manufacturing contract is set to support up to 800 jobs over the next decade, but with vacancy sitting at 0.1 per cent, where these workers will live is puzzling.

“Queensland needs additional housing supply to ease these tight conditions and accommodate the masses relocating to the state, and this supply simply can’t come soon enough.”

Mercorella said she could not remember a time when tight vacancy rates were so consistently and drastically low across Queensland, saying the pandemic was responsible for the unusual circumstances.

“We’re experiencing the perfect storm of low housing supply levels, incredibly high interstate and intrastate migration particularly to our regions, longer length tenancies as tenants choose to stay put for greater security and certainty, and less shared tenancies as people want more space now they’re working from home,” she said.

“A rental market as extraordinarily tight as this presents challenges to local economies and to the communities.

“We acknowledge that while current market conditions are favourable from an investor’s perspective, no one wants to see people struggling to find a place to live, forced into unsuitable housing or living unsustainably outside of their means.”

 

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Interstate buyers push Brisbane house prices to steepest rise in 18 years

Brisbane house prices have hit a record median high of $792,065, following one of the biggest quarterly price hikes in two decades.

Figures from Domain’s latest House Price Report, released today, reveal house prices in the Sunshine State capital jumped 10.7 per cent over the three months to December – the steepest hike clocked across the city in almost 18 years.

It was also the second largest price leap across the country for the quarter, with only Canberra surpassing Brisbane with an 11.3 per cent house price rise that lead to a record-breaking median of $1,178,364.

The report also showed Brisbane house prices jumped by 25.7 per cent, or $162,181, over the year to December, a figure that equates to just over $444 per day.

Unit prices also inched north to a record median of $416,033 after a two per cent quarterly rise, and 3.5 per cent annually, for the first time since mid-2016.

The new numbers follow months of speculation that Brisbane’s red-hot market could outperform every other capital city in the country, with experts putting the rapid-fire price rises down to low interest rates, low COVID case numbers and the comparative affordability of Brisbane homes.

Such a scenario sparked thousands of Sydney and Melbourne migrants to call the sun-drenched city home over 2021, with Domain’s head of research and economics, Dr Nicola Powell, revealing 26 per cent of property inquiries in Brisbane over the last quarter came from southern home hunters.

“This is the growth cycle that we have all been talking about, the one that Brisbane was going to have. And here it is – it’s the steepest in almost 18 years,” Dr Powell said.

“We will see Brisbane hit the $800,000 median mark next quarter and this is where we will see it outperform (the other capital cities).

“Brisbane still has momentum. The total number of homes for sale are at a multi-year low, so escalating demand just isn’t matching that supply.

“And buyers are still being supported by low interest rates, higher household savings and reduced discretionary spending. We are [also] not travelling more, and these are some of the other reasons [for such strong growth].

“And when you do that direct comparison to Sydney, you can understand why if someone sold in Sydney – for the median price of $1.6 million – they would move to Brisbane where it’s half that.

“A lot of investment cash is also being injected into south east Queensland … and Brisbane is going to be the stand-out performer this year.”

While Dr Powell expects growing affordability concerns to propel the still-sluggish unit sector, she said young families seeking a house with a backyard were the main cohort of interstate migrants flocking to Queensland.

“House prices have risen seven times faster than units over the past year, the largest divergence on record, pushing the price gap between property types to an all-time high,” Dr Powell said.

PRD Real Estate chief economist Dr Diaswati Mardiasmo said the pandemic was continuing to play a major role in pushing Brisbane property prices north.

“Over December, Brisbane had one of the highest growth rates of all the capitals, and it comes back to where the prices started from,” Dr Mardiasmo said.

“We were undervalued, and Brisbane has been growing into this metropolitan city that’s almost rivalling Sydney and Melbourne, and that means there’s a lot more money in Brisbane now. So we’re becoming a world-class city but our median prices are half that of Sydney.

“We’ve also had the largest interstate migration in Brisbane, well throughout Queensland, and our virus case numbers are still much lower.”

Despite a slight wobble in consumer confidence amid the Omicron wave, Dr Mardiasmo said faith from locals, interstate buyers and international home-hunters remained strong in Brisbane, with more property price growth likely to follow.

McGrath Estate Agents Paddington senior agent Alex Jordan said while property punters across the city had anticipated a strong finish to 2021, the incredible price hike outstripped expectations.

“The last quarter of each calendar year is typically the strongest for Brisbane in terms of buyer engagements, but I think a lot of it [last quarter’s growth] has to do with migration. They have been losing people in Sydney and Melbourne and Brisbane has been the beneficiary,” Mr Jordan said.

Infrastructure investment for the Brisbane Olympics is tipped to boost property prices. Photo: Albert Perez/Getty Images

“That’s the main driver, and then there’s the lifestyle benefits. I think Brisbane will outperform all the other capitals, especially given the Olympic Games and the amount the Queensland government is spending with infrastructure. We’ve got all these factors driving more growth.”

In particular, Mr Jordan said inner-city suburbs surrounding good school catchments would be the ones to gain the largest price growth.

According to the Domain House Price Report, the Brisbane north region reaped the largest quarterly price change, with house prices rising 13.7 per cent from $775,000 to $881,000.

For units, the top-performing region was Moreton Bay South, with units climbing 7.6 per cent over the quarter to $366,000.

Place Estate Agents New Farm lead agent Aaron Woolard said the ongoing property price growth across the city indicated an almost textbook ‘sea change’ fuelled by lockdown fatigue and FOMO, with tight stock levels only stoking the fire.

“People are spending more time at home. I literally just had a client who called me who said he’s been in his house self-isolating for two years and he can’t see himself working in that house for another month,” Mr Woolard said.

“So people are making moves and they are going coastal, but there’s still not a lot of stock coming through.”

 

Article Source: www.domain.com.au

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Singaporean sovereign wealth fund invests in Sekisui House’s West Village

West Village will provide 1250 residences across eight ­residential buildings

The retail and office components of Sekisui House’s $1.1billion masterplanned urban renewal development, West Village, in Brisbane has been sold.

The Singaporean sovereign wealth fund GIC has partnered with fund manager Centuria Capital in spending $202m for five buildings within the mixed-use precinct, 1km south of the Brisbane CBD.

It includes existing properties as well as buildings to be constructed on the former Peter’s Ice Cream site.

Altura West Village 111 Mollison Street, West End QLD 4101 

It includes a retail mall anchored by a Woolworths store, and Brisbane’s first Harris Farm Markets.

Centuria head of retail Bruce McCully said the West End area was experiencing “a renaissance” that would further benefit from improved connectivity once the proposed new green bridges were completed, linking the area with Toowong to the west and St Lucia to the south.

West Village was a flagship project for the Japanese company which on completion will provide 1250 residences across eight ­residential buildings, 1900 carparks and 6500 sqm of public open space.

Half the site will be open parkland and green laneways, which Sekisui House Australia managing director Hide Seguchi said accords with its “satoyama design principles, which places enormous importance on generous green spaces around each development.”

The first stage, Park & Lexington apartment buildings were launched in 2017, with Arcadia the next residential release.

Sales are proceeding at Altura, a 22-storey apartment tower where more than 70 of the initial 147 apartments on offer sold on the first day on the market last year.

It’s been marketed as having a 99/100 walk score.

 

Article Source: www.urban.com.au

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Pradella announce The Lanes, the final piece in West End’s Montague Markets precinct

The Lanes at West End follows the sell-out success of Montague Markets and Enclave. Part of The Lanes will be Wave Residences, which will feature 138 apartments.

The development of The Montague Markets precinct in Brisbane’s West End kicked off some 15 years ago.

Now, the awarded Queensland property developer Pradella, has announced the final development in the masterplan that has breathed new life in to the West End area.

The Lanes at West End, which follows the sell-out success of Montague Markets and Enclave, is set to be the crown jewel in the $1.3 billion masterplan. Part of The Lanes will be Wave Residences, which will feature 138 apartments.

There will be a mix of one, two and three-bedroom apartments plus media rooms on offer, as well as an exclusive Penthouse Collection.

Future residents of The Lanes will have the added convenience of the rest of the masterplan being complete, with the already thriving Montague Markets retail precinct on their doorstep. The retail precinct features an array of dining options, services and stores including a full-line Woolworths.

The Lanes will feature resort-style amenities including an expansive 200 sqm lagoon pool with beach entry and an infinity edge overlooking the city, an impressive Rooftop Retreat spanning almost 2,000 sqm including a bar with sweeping views of Brisbane’s skyline, a contemporary dining pavilion, and an opulent wellness retreat complete with mineral pool and steam room.

Having delivered over 17 projects in West End since the year 2000, Pradella has partnered with bureau^proberts, LAT27 and Position Property to create The Lanes, which is focused to exceed the expectation of the rightsizer demographic, or those looking to invest.

Pradella Sales and Marketing Director, Lee-Anne Kielar, said that the announcement of The Lanes comes following the fast uptake of boutique residences at Montague Markets and Enclave, and that this may be the last chance for buyers to secure a luxurious contemporary apartment within the vibrant West End precinct.

“There has been an unprecedented level of buyer demand for luxury apartments over the last couple of years and we anticipate The Lanes will follow suit in terms of popularity,” Kielar said.

“Residences have sold out so quickly that stage releases and construction were fast-tracked across both Montague Markets and Enclave to keep up with demand.

“We are thrilled to be able to deliver Pradella’s final West End residential development, The Lanes, which will conclude Pradella’s $1.3 billion investment into this thriving inner-city locale. Not only is this a great achievement in terms of Pradella’s construction milestones, but these masterplanned projects also showcase a level of upmarket living not seen before in this area.”

Fast facts:

– Pradella’s newest masterplanned community, The Lanes at Montague Markets, West End

– Superb selection of premier residences including one, two and three-bedroom apartments with media rooms, plus the stunning Penthouse Collection

– Resident-only amenities include architecturally landscaped gardens, picturesque pocket parks, a stunning Rooftop Retreat spanning almost 2,000sqm with private dining pavilion and bar, wellness retreat complete with mineral pool and steam room, and an expansive lagoon pool with infinity edge and sweeping views to the city.

– The final component of the Riverside West End masterplan, ultimately comprising three residential towers with city and suburban views

 

Article Source: www.urban.com.au

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Busy Broadbeach set for another owner-occupier apartment tower

A company linked with local estate agent, Ali Mian, has submitted plans to the Gold Coast City Council for a 21 level tower with just 27 three and four-bedroom apartments

The busy Broadbeach market is expecting a new residential apartment tower targeted at the high end owner-occupier.

A company linked with local estate agent, Ali Mian, has submitted plans to the Gold Coast City Council for a 21 level tower with just 27 three and four-bedroom apartments.

Raunik Design handled the architecture of the tower at 38 Australia Avenue.

There will be 20 three-bedroom apartments, from levels two to 12, and then a recreation level which will feature a swimming pool, day beds, a barbecue area, dining and seating spaces, as well as a kids play room, a board room and a gym.

Above the recreation level to the top of the building is where the four bedroom apartments will live, topping out with a two level penthouse at level 21.

The penthouse covers 267 sqm, with the two living areas and three bedrooms on the lower level. Upstairs, the master suite includes a walk in wardrobe and ensuite, as well as a second kitchen, living and dining area. Stepping onto the balcony, the 116 sqm space comes with a private pool, an outdoor kitchen, as well as a barbecue and pizza oven.

The developer joins a host of interstate property groups currently sweeping up sites on Broadbeach as they look to take advantage of rising demand for new apartments and a looming under-supply of stock.

Developers have also been buoyed by state government forecasts that suggest the Gold Coast could now attract up to 15,000 people per annum.

 

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Gap between house and unit profitability narrowing: CoreLogic

Around 99,000 dwelling resales were analysed for the September quarter Pain & Gain report

The longtime gap between house and unit profitability is narrowing, according to analysis of around 99,000 dwelling resales in the September 2021 quarter.

House resales continued to have a higher chance of nominal gain (95%) than units (86.5%), however the CoreLogic advised the gap had narrowed.

The trend was occuring “as affordability constraints limit growth in the detached house market and gradually deflect demand towards higher density housing options,” Ms Eliza Owen, the research head at CoreLogic advised.

“Profitability of residential real estate continued to be buoyed by low interest rates, and a fall in advertised stock through the period,” she said.

Amid the 99,000 resales, some 92.4% recorded a nominal profit-making gain from the previous purchase price, up from 87.5% in the September 2020 quarter.

Hobart was the strongest performing unit market with some 99.5% of resales at a profit, better than the 97.5% for houses.

There was very little difference between the rate of profitability in regional NSW for houses and units, which was 97.7% and 97.1% respectively.

Victoria’s regional unit sales saw a 97.4% profit success rate, compared to across Melbourne where sellers secured a profit amid 89.1% of their sales. The report noted this marked a larger increase from the previous quarter of 130 basis points for Melbourne.

Sydney sellers of units saw profits 92.9% of their sales in the September quarter.

Owen also advised the gap between profitability in the regions and capital cities widened through the September quarter.

The portion of profit-making sales across the capital cities increased 10 basis points to 91.9% in the three months to September, while the rate of profit- making sales in regional Australia increased 90 basis points in the quarter, to 93.1%.

The median nominal gain made on resales nationally was $270,000, while median losses were at $37,000 in CoreLogic’s quartery Pain & Gain report.

At the national level, the portion of profit-making sales increased across both houses and units.

Units accounted for 26.9% of total resales through the period, but represented 59.2% of loss making resales.

“However, the rate of profitability increased more rapidly in the unit segment,” Owen said.

Units had a larger typical decline on loss-making resales at $40,000, compared to $32,000 across houses.

The lowest incidence of profit-making unit sales was across Darwin, where over half of unit resales made a nominal loss (55.8%).

Perth, Brisbane and the ACT also saw a relatively large divide between profitability in houses and units.

Owen noted some of the key factors that have weighed on unit profitability relative to houses over the past few years included high levels of unit stock being developed relative to detached houses, and negative demand shocks to the investor market, where demand for units tends to be more concentrated.

“However, in the past year some of these dynamics have shifted slightly.

“ABS data shows unit construction activity has remained subdued through 2021 when compared with the house segment.

“Between 2016 and 2020, Australia saw around 1.2 house completions for every unit completion nationally, which increased to 1.4 houses for each unit over the first two quarters of 2021.

“The boom in house construction activity, which has been in part a response to owner- occupied incentives such as HomeBuilder, may ease the growth and profitability of houses in the next few years as they are completed,” she said.

Owen suggested future quarters could see further narrowing between house and unit profitability.

The combined value of profit from resales in the September quarter totalled $27.3 billion, while resale losses totalled $368 million in the same period.

 

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Variable home loan rates still being cut for big deposit buyers

Urban has decided to take a look at ten soon-to-be-completed developments offered in Australia.

ANZ has cut rates on its basic variable home loan by 0.20 per cent.

The rate cuts are for new customers with deposits of over 20 per cent.

The biggest discount going to borrowers with deposits of 30 per cent or more.

The move comes after continued pressure on lenders to cut their lowest variable loans, as competition in the market drives these rates down, despite rising fixed rates.

The RateCity.com.au database shows that in the last three months, 65 lenders have cut at least one variable rate.

Most cuts have been to lenders’ ‘no frills’ variable loans and for new customers only, it noted.

The exception is Athena, which this week cut its lowest variable rates for new and existing customers.

“There are now significantly more variable rates under 2 per cent than fixed, with 72 variable rates under 2 per cent and just 42 fixed,” RateCity.com.au research director, Sally Tindall, said.

“ANZ was trying to chase down its big four bank competitor Westpac.

“Fixed rates might be on the rise, but competition in the variable rate market is still alive and kicking,” she said.

“For months Westpac has had the lowest variable rate out of the big four.

“ANZ has now thrown down the gauntlet in a bid to win new customers, matching Westpac’s lowest variable rate of 2.19 per cent.

“Variable rates are following a very different trajectory to fixed rates, at least for now.

“There are 72 variable rates under 2 per cent, however, for most borrowers there’s a catch. The vast majority of these variable rate cuts are reserved for new customers, so anyone looking for a rock bottom rate will have to consider switching lenders, or at least haggle with their current bank.

“The one notable exception is low-cost lender Athena, which cut its variable rates this week, not just for new customers but for existing ones as well. That’s a rare act in the mortgage market, particularly when there’s been no move to the cash rate for over a year.

“We expect variable rates will continue to fall over the next couple of months, however, as we get closer to the next cash rate hike, some lenders could move ahead of the RBA, particularly if the cost of funding continues to soar,” she said.

 

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Silverstone Developments Offloads Healthcare Asset for $26m

A fully-leased medical office property still under construction has been sold off-market for $26 million in Brisbane, evidence the ravenous appetite for healthcare assets has rolled into 2022.

The Silverstone Developments project at 11 Commercial Road, Newstead is the latest in a string of $260-million worth of transactions in the private developer’s books during the past 18 months, increasingly focused on healthcare developments.

More than two-thirds of the “quasi-medical” office building in Newstead has been leased to i-Med and sold to the John James Foundation.

Silverstone Developments managing director Troy Daffy said the focus on the healthcare sector had delivered tighter yields, strong demand and sticky tenants, with Dexus and Northwest REITs partnering in fund-throughs across south-east Queensland.

“As a private developer, those deals where you get in and out, they’re a good outcome,” Daffy said.

“For us it’s opportunistic, where we can acquire land, that might be near an existing healthcare asset, where you might see a large population growth and where it’s lacking in medical assets.

“We’ll secure a large parcel of land. And that’s a strategy that’s worked quite well for us … it’s a long game, but it’s worked well for us. We started doing this about five years ago, and it’s just all coming together (now).

“We’re also taking another approach where we’re trying to align ourselves with medical users. We’ve probably doubled down on both approaches.”

Daffy said some of their developments had started as traditional commercial developments but as Silverstone developed a greater understanding of the value of the medical sector it had honed its approach to developments.

▲ An artist’s impressions of Silverstone Development’s proposed tower in South Brisbane. Image: Mode Design 

Cushman & Wakefield’s Mike Walsh and Peter Court handled the end-to-end transaction after initially selling the vacant site to Silverstone Developments in 2019 for $2.9 million.

“The sale is further evidence of the well-documented theme of capital seeking a secure, quality-built asset that is well-leased with strong tenure,” Walsh said.

“Combined with the building being brand new and occupying a prime location in Brisbane’s most sought-after mixed-use precinct, John James Foundation moved quickly to secure the opportunity off-market.”

Walsh said the sale price of $12,077 per sq m had been in line with market expectations.

It’s been a busy few months for the south-east Queensland developer with the Spring Hill Day Hospital under construction and now 70 per cent leased, following the 12-year lease agreement with Queensland Fertility Group. This is being delivered on a fund-through arrangement with Dexus.

The developer also lodged plans for a 9000sq m, 12-storey landmark healthcare facility in the Mater Hill precinct on an 1800sq m parcel of land.

Silverstone has tapped a niche market flush with cashed-up institutional investors looking for exposure to higher yields and sticky tenants in the healthcare sector.

The pandemic has highlighted the importance of healthcare property assets and the growing appetite for improved healthcare outcomes for an ageing population.

International superannuation funds have been dipping their toes into the Australian healthcare property market with growing interest in the stable assets and good returns on offer.

 

Article Source: www.theurbandeveloper.com

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Property investing in 2022: How renters’ priorities have changed over the year

If the pandemic has taught us anything, it’s that life can be short so we should wring all the sweetness out of it we can.

For residential property investors, that’s rewritten buying checklists forever.

“We’ve seen a massive shift over the past year,” says mortgage broker Justin Doobov of Intelligent Finance.

“People are now looking for a lot more from their homes, for lifestyle and outdoor space and, with working from home part of the time now a permanent state, desirable locations have changed too.”

Once, he says, “little dogboxes in the city” would have commanded premium rents and high rates of price growth because people wanted to be close to the city and cut travel times to work.

Renters are increasingly looking for homes away from the CBD as working from home becomes more permanent. Photo: Vaida Savickaite 

“But, while tiny city apartments will still always rent, they’re no longer the ideal things to buy.”

Now investors should be looking instead at homes that offer tenants a desirable lifestyle, with a backyard for a house and a balcony for an apartment, and in a location accessible to the coast, waterways, national parks or parklands.

“Proximity to the CBD used to be very important,” says property valuer and investment advisor Anna Porter of Suburbanite.

“But priorities have now changed with so many people only going to work two or three days a week.

“Investors should be looking for properties with not necessarily one small study or space to work, but his and her studies, or flexible floor spaces that can be adapted, or space in a backyard to put in an office pod, like a small shipping container that can be fully fitted out as an office. That could add an extra $50 to $100 a week to the rent.”

Apartments with facilities are now also better prospects than before.

Buildings that have barbecue spaces, pools and gyms are much more popular with tenants who are choosing to use amenities onsite rather than having to go outside for public services.

It’s critically important for investors to set budgets realistically, however.

Many people are now swimming in cash, having spent little on travel or dining out in the last two years.

“But investors should do a non-COVID budget because, once travel and restaurants are back, they’ll have less money to spend,” Porter says.

“And they should always consider the fundamentals of good investment and not get too caught up by regional markets and holiday markets and Airbnb.”

In Sydney, locations like the northern beaches, near beaches in the east, and the well-to-do areas of the central coast are now extremely desirable, according to national buyer’s agent Ben Plohl of BFP Property Buyers.

In Melbourne, it’s the Mornington Peninsula and inner suburbs with lots of cafes and shops, such as Fitzroy and Collingwood.

In Brisbane, investors should choose bayside suburbs or the inner suburbs on the north side.

“Tenants are now looking for places that are close to lifestyle amenities but also accessible to the coast,” Plohl says.

“They want somewhere that offers them cafes and things to do, but still with fresh air and the outdoors.”

 

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New dwelling price inflation boosts CPI concerns

The main measure of inflation in Australia – the Consumer Price Index (CPI) – rose by 1.3 per cent in the December quarter.

It was higher than the industry wide economists’ consensus of 1 per cent.

The annual rate of the CPI rose from 3.0 per cent to 3.5 per cent.

The most significant price rises were for new dwelling purchase by owner-occupiers up, 4.2 per cent.

The new dwelling purchase component of the CPI captures the cost of adding to the housing stock – newly built dwellings and major renovations. It is measured as the price of a new dwelling, excluding the value of the land.

The CPI rise is against the backdrop during 2021 of construction being hit by a shortage of materials with global supply chain disruptions, combined with rising freight costs, along with rising labour costs at a time of high levels of building spurred by government incentives.

“Shortages of building supplies and labour, combined with continued strong demand for new dwellings, contributed to price increases for newly built houses, townhouses and apartments,” says the ABS’s head of prices statistics Michelle Marquardt.

Automotive fuel was up 6.6 per cent, along with furnishings/household equipment (up 3.6%) and health (up 3.3%).

The capital city weighted increase in rents was 0.1 per cent up for the quarter and 0.4 per cent for the year.

Rents fell again in Sydney and Melbourne, the fourth consecutive quarterly fall for Sydney, and the third consecutive quarterly fall for Melbourne.

The REIA noted rents across the other capital cities, in line with population trends, continued to rise.

The ‘underlying’ CPI or trimmed mean rose by 1 per cent in the quarter (consensus: +0.7 per cent) with the annual growth rate lifting from 2.1 per cent to a 7½-year high of 2.6 per cent.

It sits in the middle of the Reserve Bank’s 2-3 per cent target range, Craig James the Commsec cheif economist noted.

“Before the release of today’s December quarter figures, the Reserve Bank had expected annual underlying inflation to be now sitting at 2.25 per cent.

“The RBA also “forecast (underlying inflation) to be around 2¼ per cent for much of the forecast period, increasing to around 2½ per cent by the end of 2023.”

“The latest data showed underlying inflation at 2.6 per cent in the December quarter – above RBA forecasts.

“Inflation has exceeded Reserve Bank expectations for the past two quarters.

“And that means there will be greater discussion about when the Reserve Bank may start lifting interest rates.

“So far, the Reserve Bank has largely ruled out rate hikes until 2024 – or 2023 at the earliest,” he noted.

“We will hear a lot more from the Reserve Bank next week.

“The February Board meeting is held on Tuesday; the Reserve Bank Governor delivers a speech on Wednesday; and the Statement on Monetary Policy is issued on Friday.”

James added the Reserve Bank won’t just look at inflation rates when deciding when to lift rates.

“It will want to see the economy at or near ‘full employment’ (a jobless rate near 4 per cent or below).”

The jobless rate currently stands at a 13-year low of 4.2 per cent.

“The RBA will want to see wage growth near 3 per cent,” he added.

The current annual growth rate of wages is 2.2 per cent, but with the job market tightening, there are more anecdotal reports that wages are starting to lift.

The Commonwealth Bank Group economists believe that the job, wage and price metrics will be in place in the December quarter of the year for the Reserve Bank to start the ‘normalisation’ process of lifting interest rates.

James says the path to normalisation may begin next week with the possibility that the RBA will end its bond buying program.

 

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Buyers amalgamating apartments in Pikos Group’s Kangaroo Point apartment development, Skye by Pikos

Director of Gap Development Sales, Grant Plummer said it was something they had never anticipated but realised the unique opportunity they had to create something special for buyers

Luxury buyers in Pikos Property Group’s Kangaroo Point apartment development, Skye by Pikos, are doubling up their purchases, amalgamating two adjoining apartments to create super apartments.

Pikos’ $200 million Skye apartments has fielded interest from three separate parties to purchase two adjacent, already sizeable, 230 sqm apartments in the luxury development and amalgamate them under one expansive, opulent sky home of almost 450 sqm.

Director of Gap Development Sales, Grant Plummer said it was something they had never anticipated but realised the unique opportunity they had to create something special for buyers.

“A common theme for each buyer was that they want the amazing position and view that Skye offers but they don’t want to compromise space when moving from the family home.”

Skye Residences 8 River Terrace, Kangaroo Point QLD 4169 

“Essentially buyers are looking for a way to downsize upkeep without downsizing their lifestyle, and that’s where we’re seeing this demand for these mega-apartments,” he said.

Each of the amalgamated Skye Residences will span 372 sqm of internal living area, a further 32 sqm of balconies, and 23 sqm of Skye gardens.

The reconfiguration of the two adjoining apartments allows for larger bedrooms, all with ensuites, a master bedroom that is larger than some two-bedroom apartments, multiple living zones, and the provision of four car spaces designed to accommodate families with adult children.

The mega-apartments sold for $6.5 million each, with the Skye penthouse priced at $10.5 million and the sub penthouse at $8.5 million.

“While these are substantial figures, it is still incredible value when compared to the likes of Sydney and Melbourne,” Plummer added.

“The interstate buyers just can’t believe how cheap we are at $13,000 per sqm compared to projects that are launching in Sydney at $45,000 a sqm.”

Data from Urbis released earlier this year revealed a price disparity of up to 35 per cent between premium projects in Brisbane and Melbourne and a staggering 258 per cent differential compared to Sydney.

Within days of its first limited pre-release of residences in the first stage of the development it had received more than 600 registrations of interest, prompting the first 23 luxury residences on offer to be snapped up in a $80 million buyer rush.

Set atop the cliffs of Kangaroo Point and taking in unobstructed views across the Brisbane River and skyline, Skye by Pikos brings to life 68 luxury apartments over three towers.

 

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Top 12 Gold Coast apartment developments to watch out for in 2022

2021 will go down as the biggest sales year the Gold Coast has seen for new apartments since the property consultancy Urbis began monitoring the sector

2021 will go down as the biggest sales year the Gold Coast has seen for new apartments since the property consultancy Urbis began monitoring the sector.

The number of apartment sales for the September quarter surged to 690, bringing the total of new apartments sold on the Gold Coast in the first nine months of this year to 1,882.

This figure has already eclipsed the previous full-year record of 1,556 sales in 2016.

There’s expected to be further figures which show the 2,000 mark was broken over the full calendar year, which has eyes looking toward 2022, and what’s in store for the Gold Coast apartment market.

There’s been a late push in to Christmas, later than any other year in living memory, to launch projects in to 2022.The Gold Coast is set to see a huge wave in early 2022 of some of the biggest apartment developments the suburb has ever seen.

We’ve had a look at some of the developments to watch out for.

La Pelago, Surfers Paradise

Developer: GurnerTM
Address: 108 Ferny Avenue, Surfers Paradise

The most anticipated development is no doubt the first foray in to the Gold Coast area by the Melbourne-based developer, GurnerTM.

Led by Tim Gurner, GurnerTM are set to launch La Pelago, the $1.25 billion, four-tower development which will bring over 1000 apartments to the Surfers Paradise dress circle Ferny Ave.

La Pelago, likely named after the small commune in Italy, centralises on a private island theme, where each building is surrounded by over 9,000 sqm of amenity, lush tropical landscaping by SWA and pool-side water retreats, creating four private islands.

Tim Gurner says La Pelago will be a new world experience for a beachside precinct that will be unlike anything ever attempted in Australia before, with an international hotel name that will be a new entrant to the Australian market.

Paradiso Place, Surfers Paradise

Developer: SPG Land and Gordon Corp
Address: 103 Ferny Avenue, Surfers Paradise

Just up the street and set to go head to head with Gurner is Paradiso Place, another mega-development site.

Paradiso Place 103 Ferny Avenue, Surfers Paradise QLD 4217

Recently launched, Paradiso Place will see 792 apartments constructed, with a $4 million sales gallery to boot. At 750 sqm, that alone is the largest display suite-style marketing touch point in the southern hemisphere.

The apartments, across three towers, will be part of an ever wider precinct, which will include almost 150,000 sqm of retail, amenities, and residential living.

SPG Land chairman David Wang says Paradiso Place will create a long-awaited destination precinct to fill the gaping void in the Surfers Paradise cityscape.

“Paradiso Place is strategically located between the Marriott Hotel, main beach and the traditional Surfers Paradise beachfront areas,” Wang says.

Yves, Mermaid Beach

Developer: Hirsch & Faigen
Address: 7-9 Mermaid Avenue, Mermaid Beach

2021 marked the entry to the Gold Coast apartment market for the Melbourne-based developer Hirsch & Faigen. They started with the 78 apartment project Hemingway at Palm Beach, which sold out in a matter of months, before heading to Kirra Beach for Emerson, something more boutique with 27 apartments starting from just shy of $3 million.

Their third project, just launched, is the three tower development Yves, in the sleepy Gold Coast village of Mermaid Beach.

Yves
7-9 Mermaid Avenue, Mermaid Beach QLD 4218

That will have 145 apartments across three towers, designed by Rothelowman, who handled the design of Hemingway and Emerson.

“We all know the Gold Coast has changed a lot in the last 60 years, and as more and more people escape the crowded ‘southern cities’, we anticipate she will change even more,” Rothelowman advised in their design statement.

“Between the sleepless Broadbeach & gentrified Burleigh, Mermaid Beach captures the diminishing modesty of the Gold Coast. It is a microcosm with cafes, craft and culture. A community of locals and tourists relishing a more humble urban lifestyle than the north & south.”

AURA, Surfers Paradise

Developer: ASF Group
Address: 59 Garfield Terrace, Surfers Paradise

In Q1 2022, the ASF Group are set to launch to the market AURA, a collection of just 26 full floor apartments, and one tri-level penthouse, across its 31 levels.

The tower, on the dress circle beachfront Garfield Terrace, will also feature an elevated lobby, gym and a club, activate all four sides defining a podium-like form through a dynamic raking column.

AURA follows ASF’s recent launch of The AU, an even more exclusive block of just 12 apartments.

One of the three-level penthouses in The AU just sold for $8.8 million.

The AU Surfers Paradise
52A The Esplanade, Surfers Paradise QLD 4217 

Tapestry, Chevron Island

Developer: Siera Group
Address: 39 Darrambal Street, Surfers Paradise

Tapestry, the first Gold Coast apartment project for the Brisbane-based Siera Group, will be launching in early 2022.

Designed by BDA Architecture to pay homage to the Island’s new Home of the Arts precinct, Tapestry will have 83 apartments across its 17 levels.

Offering two and three-bedroom apartments, Tapestry will be crowned by an exclusive resident rooftop featuring a resort-style swimming pool with day beds, a spa, and a pool deck. A barbecue and alfresco area, will sit in landscaping, as will dining surrounded by an edible garden.

There’s set to be a private dining space with a terrace and fire pit, a gym with sauna and steam room, and a lounging area with a lawn.

Tapestry, Chevron Island
39 Darrambal Street, Surfers Paradise QLD 4217 

Siera’s managing director Brett Thomson said he wanted to create something that was targeted at a wider net, rather than the multi million dollar apartments that are limited to the fortunate few.

“We want the local owner occupier, who could be living in a medium-size house in the area, to be able to downsize or rightsize, or have others who just want to find a new lifestyle, and have the opportunity to do so without being priced out.”

Lagoon, Main Beach

Developer: Drew Group
Address: 11 Cronin Avenue, Main Beach

The longstanding South East Queenslander developer, Drew Group, are set to create which will be the largest Main Beach devevelopment since the 1980s, set over a huge amalgamated 4,000 sqm site.

Plus Architecture designed the 248 apartments, which will be spread across two towers, linked by a central resort-style heated swimming pool and spa area.

Drew Group, led by Jonathan Drew since 2005, have history in the area and know it well, having previously created the 16-level, 29-apartment developer Cerulean on Pacific Street.

“As a local I feel an overwhelming responsibility to deliver an outstanding result for the Main Beach community and the future residents of Lagoon and this concept will be the central focus throughout the project until future residents move in,” Drew said.

Their most recent project The Village, some 72 apartments and beach houses at Palm Beach, was one of the fastest selling project in the Gold Coast over 2019 and 2020, securing all of the apartments in just three months.

Miles Residences, Kirra Beach

Developer: KTQ
Address: Corner of Miles St and Marine Parade

The second stage of the $380 million redevelopment of the Kirra Beach Hotel is set to launch in early 2022. The first stage only last a few months before it achieved a snappy sell-out, with the 50 per cent sold status coming in just a few weeks of launch this time last year.

Miles Residences Kirra Point | Penthouse
Corner Miles Street and Marine Paradise, Kirra QLD 4225 

Residents will have access to the raised 25 metre swimming pool with gun-barrel, never to be built out views north across the beach. The Kirra Beach Hotel will be redeveloped as part of the project, with a new pavilion added.

No words as to how many apartments will be part of the next stage.

KTQ group have a very successful track record across residential and commercial projects in recent years. They have won a number of awards for Elements of Byron Bay, their exclusive and luxury northern NSW retreat. They also developed Bayshore Bungalows, also in Byron, which they also developed and own and operate.

KTQ are also set to release something special on their massive amalgamated Garfield Terrace beachfront site.

Sea, Burleigh Heads

Developer: FORME
Address: 96 The Esplanade, Burleigh Heads

The local developer FORME are again putting together something special which launched shortly before Christmas.

They’re selling Sea, their second Burleigh Heads development by the high-profile architecture firm Koichi Takada.

Sea
96 The Esplanade, Burleigh Heads QLD 4220 

The boutique apartment building of just 27 apartments follows the rhythms and designs as their sold-out Goodwin Terrace projects Norfolk and Luna.

Demand was so high for Norfolk, which recently settled as one of the Gold Coast’s most expensiave apartment developments, that Forme boss David Calvisi put together the same team for Sea, with the aim to create a similar-style project slightly further south on The Esplanade.

Also featuring interiors from the Melbourne-based Mim Design, Sea comprises half-floor apartments, each with three bedrooms and 240 sqm of living space. The full-floor apartments of around 480 sqm are configured to include three ensuited bedrooms, a multi-purpose room, media lounge, home gym, walk-in wine display bar, and a lifestyle space with a fireplace and butler’s pantry.

Residents are afforded exclusive access to an array of in-house amenities including a pool, sauna, ice baths, gymnasium and pilates studio, and an alfresco dining terrace serviced by an integrated barbecue kitchen ensconced by idyllic gardens.

Palais Coolangatta

Developer: BeckDev
Address: 31-35 McLean Street, Coolangatta

Another Q1 release will see Palais Coolangatta, the $130 million apartment development on the site of the landmark Jazzland Dance Palais that has stood on the 2,355 sqm site since the 1930s, hit the market.

Developed by the Melbourne-based BeckDev, Palais Coolangatta will have 175 one, two and three-bedroom apartments, as well as resident facilities and a street-level plaza with retail space.

BDA Architecture has designed the plans for the development.

Ben Beck, director of BeckDev and son of the industry veteran Max Beck, said Coolangatta stood out as one of the Gold Coast’s gems.

“Its riches lie in its natural amenity, world class surfing beaches and deep sense of community,” Beck said.

Eden Avenue, Coolangatta

Developer: Kingbella Group, Steer Developments, CAPDEV Partners
Address: 44 Eden Avenue, Coolangatta

A joint venture trio of Kingbella Group, Steer Developments, and CAPDEV Partners, are teaming up for a 12-level Coolangatta project.

The project, designed by Plus A rchitecture, who describe the tower as “beachside luxe living”, will home 91 apartments and three townhouses.

It will sit across four amalgamated lots totalling 1,924 sqm between 44 and 50 Eden Avenue.

The development will be crowned by a rooftop amenity level featuring an infinity edge pool, sun beds, adjoining spa, a wet deck, garden day beds and barbecue booths.

Belvue, Runaway Bay,

Developer: Polites Property Group
Address: 13-15 Bayview Street, Runaway Bay

Runaway Bay is set to see its first residential tower to be developed in the idyllic Gold Coast waterfront enclave for almost three decades.

Belvue, French word for beautiful view, is set to be developed in a joint venture between Monaco Property Group and Polites Property Group, who has just lodged a development for the project.

The luxury tower on a 3,116 sqm site at 13-15 Bayview Street, has been designed for the owner-occupier, with just whole floor apartments.

The 31 apartments, which have four bedrooms each (or three and a multi-purpose room), will each take up a level of the 31 storey building, which is reminiscent of a resort-style hotel, without the mass number of rooms.

Plus Architecture, who are handling the design, call Belvue “the sophisticated newcomer to Runaway Bay.”

Myst, Broadbeach

Developer: Orenda Projects
Address: 14 First Avenue, Broadbeach

The owner-occupier focused residential tower Myst, in the heart of Broadbeach, is set for an early 2022 launch.

Myst
14 First Avenue, Broadbeach QLD 4218 

The Plus Architecture-designed plans for 14 First Avenue will have 46 apartments across the 33-level tower, 45 of those being three-bedroom apartments, which, apart from the three whole-floor sub-penthouses, will span half of a floor.

The top two levels will be dedicated to a two-level penthouse, the only four-bedroom apartment in the building. That will have its own private terrace with a swimming pool.

 

Article Source: www.urban.com.au

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