The number of suburbs classed as rising markets has hit a record low in Greater Brisbane, with only 12 on the increase at a time when others are plateauing or falling.
The Price Predictor Index Winter 2023 report by Hotspotting found the past two years worth of quarterly sales surveys saw rising suburbs plunge from 163, to 168, 159, 130, 97, 74, 41 and now just 12.
At the same time, the number of declining suburbs – which held steady at zero for five quarters – then began to rise to nine, then 24 and now 71.
“This indicates that the Brisbane market peaked in the September 2021 quarter and has been trending steadily downwards since then,” the report said. “And that means the decline in the Brisbane market was not caused by rising interest rates – it started six months before the Reserve Bank started to lift interest rates.”
The Hotspotting report found “anaemic sales activity” evident right across Greater Brisbane, including the inner, middle and outer ring areas.
“Previously buoyant affordable locations like Logan City and Ipswich City now have few suburbs with positive rankings. There is only one rising suburb among the 32 Logan suburbs in our analysis, but 26 classified as plateau or declining,” the report said.
“The upper end of the Greater Brisbane market is equally weak: of the 23 Brisbane-inner suburbs, 19 are plateau or declining markets.”
[TAG0]The report saw “anaemic sales activity” right across the inner, middle and outer ring areas of Brisbane. Picture: Jodie Richter
Among suburbs where house sales activity is on the decline are Auchenflower, Albany Creek, Everton Park, Balmoral, Birkdale, Browns Plains, Redbank Plains and Caboolture.
“But many suburbs have managed to deliver strong prices despite the downward trend in sales,” the report found, including Forest Lake, Deception Bay, New Farm, Hawthorne and Hillcrest.
The 12 Greater Brisbane suburbs that are defying the downward trend in sales activity – and are classed as rising markets – include Bray Park (with quarterly sales of 51, 60, 67), Kedron (57, 60, 67), Milton units (29, 33, 46, 36, 47), Margate (50, 53, 64, 61) and Wellington Point (53, 64, 67, 70).
Rising sales levels are said to be a precursor to a rise in prices, according to the PPI.
BRISBANE’S 12 SUBURBS THAT ARE RISING:
Acacia Ridge (Houses)
Located in Brisbane-south: Median house price $645,000.
Aspley (Houses & Units)
Located in Brisbane-north: Median house price $950,000; Median unit price $575,000.
Bray Park (Houses)
Located in Moreton Bay: Median house price $670,000.
Chapel Hill (Houses)
Located in Brisbane-west: Median house price $1.31m.
Kedron (Houses & Units)
Located in Brisbane-north, the median house price is $1.095m and units at $460,000 with sales rising for both.
Lutwyche (Houses & Units)
Located in Inner Brisbane: Median house price $1.065m; Median unit price $495,000.
Margate (Houses)
Located in Moreton Bay: Median house price $735,000.
Milton (Units)
Located in Inner Brisbane: Median unit price $480,000.
Rochedale (Houses)
Located in Brisbane south: Median house price $1.545m.
Shailer Park (Houses)
Located in Logan: Median house price $845,000.
Sherwood (Houses & Units)
Located in Brisbane west: Median house price $1.405m; Median unit price $495,000.
The sprawling luxury acreage at 49 Twin Peaks Road in Bli Bli sold for $2.15 million on June 22, as stated on the Domain listing, after a campaign with $2.5 million price hopes.
A unique sky bridge connects the main living area to an outdoor entertaining gazebo, offering impressive vistas over the Maroochy River Valley to Mount Ninderry, Cooroy Mountain and beyond.
Sky bridges are covered walkways usually found in exceptional locations, like between two high-rise buildings or through tropical rainforest with wildlife.
The five-bedroom, four-bathroom property is on the books of Scott Radmall of Home Sunshine Coast.
[TAG0]A standout feature of the Sunshine Coast hinterland property is its very own sky bridge. (Domain)
The buyer will enter via electric front gates down the drive to the split-level home with multiple entertaining areas, including a swish conservatory room with teppanyaki grill.
Other features of the gorgeous property include a separate guest quarter, full-size tennis court, saltwater swimming pool with entertaining gazebo and fire pit area.
The land is ideal for horses with stables on site, as well as a feed room/tack room that has water, lighting and power connected.
Situated in a peaceful cul-de-sac on the edge of town, the property is only a 10-minute drive to the beach.
It seems it is a case of go big or go home in Brisbane’s 2032 Olympics precinct.
Developer Aria Property Group is the latest to make its move to run with the game-changing pack and seize the opportunity of an emerging new vision for the inner-city hub.
It has filed upscaled plans for its Canopy House apartment tower already under construction on a 1500sq m site at the corner of Leopard and Vulture streets, Kangaroo Point.
Under the revised proposal, Aria is seeking to increase the building height from its approved 22 storeys to 30 storeys and residential density from 105 to 136 apartments.
The extra 31 apartments would be spread across an additional seven floors.
As well, more carparking spaces would be provided—up from 194 to 22—necessitating an additional podium level.
Communal recreational amenity also would be expanded to span two levels.
Below the rooftop—with an infinity pool, daybeds, residents dining room and lounge, picnic lawn and barbecue terraces— a health and wellness centre would feature a gym, treatment room, sauna, steam room, hot and cold plunge pools as well as work-from-home offices, boardroom and private cinema.
According to the change application, the upsized tower scheme was designed “to reflect recent significant changes in the future planning of the locality and the importance of the site as a key gateway to the 2032 Olympic and Paralympic Games precinct”.
The site at 58-62 Leopard Street is within the mapped expansion of the Woolloongabba Priority Development Area announced in February and expected to be formally declared later this year.
A planning assessment report supporting Aria’s revised proposal said under Brisbane’s inner city strategy and the Woolloongabba PDA draft precinct, Leopard Street was earmarked as “the key future iconic boulevard connecting the city to the Games precinct”.
“As a result, the site will be a critical corner site that will be passed by masses of people and feature highly in media during both the Olympic and Paralympic Games and regular sporting events,” it said.
[TAG0]▲ Renders of Aria’s original approved tower (left) and the revised upsized proposal for the Kangaroo Point site.
“It is important that development on the site respects government investment into the Games and leaves an exceptional legacy for the area and its residents.
“For these reasons, the subject site provides not only a significant opportunity to create a landmark development to propel the next generation of revitalisation in the neighbourhood plan area but a responsibility to do so.”
The report cited several concept designs—including multi-tower mixed-use proposals up to 40 storeys such as Station Square and Trilogy—that have recently been unveiled reflecting the significant Olympics-induced private sector development proposed for the area, all of which exceed the current building heights limits.
“The intentions for the area have dramatically changed,” it said.
It deemed the strategic planning framework under the Kangaroo Point South Neighbourhood Plan was outdated and had been “overtaken by significant recent events”.
Current circumstances—including housing supply and affordability issues, new inner-city housing strategies, sustainable growth precincts, priority development areas and investment in projects and infrastructure for the Olympics—had “significantly altered” what the state and council want to see for the area and meant “the community’s expectations about the form and scale of development in the locality are no longer linked to the provisions of the Kangaroo Point South Neighbourhood Plan”.
“Big changes are coming to inner city Brisbane,” the report said. “These circumstances are changing the planning intent for our city as well as the community’s expectations of what the city will look like in the next decade.
“Rather than full adherence to planning documents that were prepared prior to the current set of circumstances and have been overtaken by events, we need to seize the opportunity before us and provide development outcomes that support the future vision of the city.”
As had occurred in the Kurilpa precinct—one of five areas identified for sustainable growth in Brisbane’s inner city and recently approved for significant building height increases—the “aspirations for development and the implementation of new planning strategies will soon see the current framework superseded”, the report said.
“Brisbane City Council has recently announced that it will be assisting the state government with the Woolloongabba Sustainable Growth Precinct planning, which is expected to similarly replace the Kangaroo Point South Neighbourhood Plan, with a plan that looks to support additional building heights, density, walkability and liveability.”
Crowning the 21st floor of Brisbane’s luxe Emporium Hotel, the opulent penthouse has become the talk of the market thanks to its eye-popping views, rare amenities and staggering $30m price tag.
The 4-bedroom, 3-bathroom home at N2101/35 Tribune Street is one of the country’s largest penthouses, encompassing 891sqm of luxury, and is on sale for the first time since its completion five years ago.
It boasts a 15-metre infinity pool, six-car garage, 5000-plus bottle wine cellar and stunning north-east views of Brisbane CBD and river, Queen’s Wharf, South Bank parklands and beyond.
Though what makes the property truly unique is its access to the Emporium Hotel’s five-star services, which includes a 24-hour concierge, room-service, valet parking and housekeeping.
Phillip Rand, Project Director at YPM Group Teneriffe, described the home as an “incredibly rare” opportunity within the Brisbane property landscape.
“There’s genuinely nothing comparable that has the same level of service, amenity, and location as the Emporium Penthouse,” Mr Rand said.
“With land supply in A-grade locations becoming a real issue, to have a home of this size, calibre and frontage – not to mention its association with the hotel – I think it’s something that will be incredibly hard to replicate in the future,” he added.
The incredible home has been host to high-profile guests, A-list Hollywood celebrities, and is being sold by industry moguls Tony and Francine John, who built, own and operate the Emporium Hotel.
[TAG0]The sky home is proving popular with buyers both locally and internationally. Picture: realestate.com.au/buy
Meticulously crafted throughout, its architectural highlights include handcrafted American Oak double entry doors, multiple living zones, and floor-to-ceiling windows flowing to a massive sun-soaked terrace.
A custom chef’s kitchen comes with Calacatta Borghini polished marble island with waterfall edges, Gaggenau appliances, and Sub-Zero and Vintec wine fridges.
[TAG1]Making the property truly unique is its access to five-star hotel services, including a 24-hour concierge, room-service, valet parking and housekeeping. Picture: realestate.com.au/buy
The north-east facing master suite boasts city skyline views, an oversized walk-in dressing room and deluxe ensuite adorned with polished Italian marble and free-standing bathtub.
The residence also enjoys three additional bedrooms, all with 100% pure wool carpet.
Exceptional additional features include an executive office, billiards room, six car lock-up garage and 5,000 bottle commercial-grade walk in wine storage.
Mr Rand remarked he has received significant interest both locally and internationally, fielding calls from potential buyers hailing from Singapore, Hong Kong and the US.
“We anticipate an aspirational buyer to purchase this home,” he said. “Somebody with a family who is looking for both a generational residence and also something that no one else can secure.”
“This property genuinely needs to be seen to be truly understood.”
On average, first-home buyers spend over five years saving up that elusive 20 per cent deposit in order to buy their first home. But many are now taking the option of purchasing with a smaller sum of money.
It is certainly possible to buy with just 10 per cent or even, occasionally, 5 per cent, but it’s critically important to understand both the risks and rewards of such an approach.
“Before taking that step, it’s very important to get some good advice on whether it will work for you,” says Domain Home Loans chief executive Kareene Koh. “It definitely comes with a risk that it could prove much more expensive in the long run.
“In other circumstances, it could be a smart thing to do, but it depends on individuals’ circumstances, the state of the market and what, exactly, is on offer.”
So what are the principal things anyone considering such an approach should consider?
What is the market doing?
If the market is going up, and prices are increasing, buying sooner with a smaller deposit could be a wise step. If you spend a lot of time out of the market saving up 20 per cent of the price of the kind of property you want to buy, prices could continue their upward trend and leave you high and dry.
“It’s always about the opportunity cost,” said Peter Kaleski, co-founder of SmartMoney Wealth Management. “It can be quite advantageous to get into the market sooner when it’s rising – and quite the opposite when the market is falling.
“But when prices are going up, you could be standing on the sidelines, with the 20 per cent of the deposit also going up and up and you’re left chasing your tail and missing out on the general lift in property values.”
Jumping in early also means that you might be able to buy a higher-priced home – something that would take you a much longer time, normally, to save up the 20 per cent deposit on.
By the same token, when the market is falling, getting in early with less equity means you’ll run the risk of losing money as values slump and possibly ending up with negative equity.
What will the cost be?
Offering a smaller deposit means you’ll be taking out a bigger loan which entails higher repayments for a start. Secondly, the bank might choose to charge you a higher rate of interest on your loan. And, even more expensively, you might end up having to pay lenders’ mortgage insurance (LMI).
“It’s the penalty you’ll have to pay for increasing your risk profile with the likelihood you might not be able to pay the loan back,” Koh said. “So any saving you might be making on getting into the market earlier with prices going up could well be spent on much higher costs like that LMI.
“It’s not an insignificant sum and can run into the thousands, or even tens of thousands, of dollars. You have to decide whether you are desperate enough to get into the market to justify paying those extras.”
LMI is insurance for the lender in case you default on their loan, said Paul Feeney, founder and chief executive of online financial advice platform Otivo. “And if you’re buying in a city like Sydney, that can add up to a massive sum.
“Since you’re borrowing a higher proportion, you will also be more susceptible to any future interest rate rises.”
Comparison website Finder estimated that paying a 5 per cent deposit on a $500,000 home might cost $15,888 in LMI premiums upfront, and $398 more a month in repayments than on a loan where a 20 per cent deposit had been raised. Over the life of the loan, the low-deposit home loan worked out to be $159,184 more expensive.
Are there any grants that can help?
Feeney says buyers may qualify for a number of grants, depending on where they live and how much they’re paying. The First Home Guarantee is one such grant, through which first-home buyers can buy a property with a 5 per cent deposit and avoid LMI.
There’s also the Family Home Guarantee that enables single parents to buy homes with just a 2 per cent deposit and skip LMI, and the Regional First Home Buyer Guarantee for those buying or building a new home in country areas with a 5 per cent deposit and no LMI.
[TAG0]Do your research on any grants you may be eligible for and what’s on offer from lenders. Photo: iStock
How about talking to the bank?
Koh says that different banks may offer more favourable terms for buyers with smaller deposits. If you can raise 15 per cent, for instance, some might waive the remaining 5 per cent.
For those paying less than the usual 20 per cent, others might agree that you don’t have to pay a higher rate of interest, either. “It’s always important to talk to a broker who can advise you what’s on offer from all the lenders,” Koh said.
There will always be some vendors, though, who will be unwilling to accept a lower deposit.
Any other risks?
Your loan-to-value ratio (LVR) will be higher when you pay a smaller deposit, so your ability to refinance later on may well be impaired, Feeney said, adding: “That makes it a lot harder to get a better deal.”
Also, the economy might be slowing down, which could mean someone becomes unemployed, has their working hours cut or doesn’t receive that long-promised pay rise. “That can cause huge problems when you have a bigger-than-usual home loan,” Koh said.
“And then, if interest rates are suddenly hiked up, people can find themselves in real trouble.”
At the same time, however, if the market is rising, then their LVR will improve.
How much do you really want to buy a property?
If you think you can afford the higher costs, the market is rising and you’d be able to cope with more interest rate hikes, then Feeney has some advice: “Go crazy!” he urged. “Owning your own home is something many people really want.
“That’s especially if they’re having to cope with the rental market and all the uncertainty that involves. That’s a huge motivation for so many Australians today.”
Brisbane has been ranked the weakest property market in the country, but home prices continue to defy pressure to fall, holding up stubbornly thanks to one key factor.
Hotspotting’s Winter 2023 Price Predictor Index ranked Brisbane as the weakest sales market in Australia with only 12 suburbs named as rising, and a whopping four out of five now in negative territory.
Index head researcher and Hotspotting head, Terry Ryder, said “Brisbane is one of the weakest markets in the nation and the worst Brisbane market we have recorded in the eight years of our quarterly surveys of sales activity”.
But the Queensland capital was defying the odds that lower sales numbers mean prices will also fall – thanks to real estate listings continuing to fall way short of demand, keeping prices buoyant.
“The most remarkable thing about this is that Brisbane prices are not falling,” he said in the report. “Individual suburbs have experienced price decline recently but overall the median house price (according to several research sources) is holding up.”
“This confirms a factor evident elsewhere in Australia: that the low level of sales activity is partly explained by the low number of listings of properties for sale. It’s as much about reluctant vendors as it is about reticent buyers.”
Hotspotting Price Predictor Index has often demonstrated that rising sales activity leads to price growth, “as it depicts rising demand – and areas where sales are falling tend to see prices falter or fall,” Mr Ryder said.
[TAG0]Brisbane was ranked as one of the most affordable capitals to buy in during the pandemic but has since seen major surges in price. Picture: Brendan Radke
Hotspotting General Manager Tim Graham added that “currently, there are areas across Australia where sales activity is weak but prices remain strong – because there is a shortage of listings of properties for sale”.
“This is the most common complaint from property professionals and investors throughout the nation – there is demand from buyers but a serious shortage of stock for sale. Examples include Brisbane and Regional Queensland, where sales activity is weak but prices are holding up stubbornly.”
Some of regional Queensland’s previously buoyant centres were seeing sales subsiding, with locations with negative rankings outnumbering positive ones by two to one now.
“Prices are stubborn however,” Mr Ryder said, “reflecting – again, similar to Brisbane – the shortage of stock on the market”.
Mr Ryder said across the busiest markets in the country – Perth and Adelaide – the strongest
activity was coming out of cheaper areas with affordability a key attraction for both homebuyers and investors.
“In Melbourne and Sydney, we’re seeing very different trends. In the biggest cities, the strongest markets tend to be the more expensive areas where interest rate levels are less impactful because there are many cash buyers, while the cheaper outer-ring precincts are struggling,” he said.
More home resales within just two years of ownership has pushed the profitability of Australian homes down futher.
CoreLogic’s latest Pain & Gain Report shows the portion of homes that made a nominal gain from resale declined for the third consecutive quarter to 92.3 per cent from a recent high of 94.2 per cent in the three months to May, 2022.
However, CoreLogic head of research and report author Eliza Owen said the gains from residential resales in Australia remained substantial overall and that the rate of loss-making sales were also relatively contained at a national level.
She said the decline in profit-making sales had broadly coincided with the national housing market downturn, which likely moved through a trough in February, 2023.
The March quarter report analysed approximately 76,000 resales, with the number of loss-making sales increasing 4.6 per cent over the period. The number of resales declined 6.5 per cent compared to the December quarter.
Owen said that in the past few months, the level of profitability has deteriorated at a faster pace than in the previous quarter, despite the rate of decline in home values easing.
“As you would expect, changes in the portion of profit-making sales tends to move together with the capital growth trend,” she said.
“So, it’s unusual to see a sharper deterioration in profits through the March quarter, when prices were starting to stabilise. This could be linked to more short-term selling.”
Owen said looking at hold periods, an increasing number of March quarter resales had been owned for less than two years.
Those that sold for a nominal gain increased to 8.4 per cent from 6.6 per cent in the first quarter of 2022, while the portion of loss-making resales with a hold period of less than two years jumped from 3.4 per cent in March 2022 to 12.4 per cent for the same quarter this year.
“Such short selling times that involve sellers incurring a loss may be considered unusual, because hold periods typically increase during housing value downturns, as sellers try to avoid making a loss,” Owen said.
“The implication may be that some sellers are choosing to incur a loss from resale in order to avoid particularly high mortgage repayments in the current rate-hiking environment.”
Despite a drop in the rate of profit-making sales, results were mixed across the capitals, with buyers cashing in on gains in smaller capital cities.
Of the capital city markets, the rate of profit-making sales was highest in Hobart, where 99.0 per cent of resales made a nominal gain, followed by a rate of 98.1 per cent across Canberra and Adelaide.
The Brisbane housing market had a slight increase in the rate of profit-making sales, to 95.7 per cent in the quarter.
At the other end of the spectrum, Darwin, Perth, Sydney and Melbourne had increases in the rate of loss-making sales to relatively high levels.
[TAG0]▲ Hobart topped the profit-making resales in the state capitals.
In Sydney, the incidence of loss-making sales reached 10.7 per cent in the March quarter, its highest level since the three months to August, 2009.
For houses, the rate of loss-making sales nationally increased slightly to 3.8 per cent in the quarter, but the share of loss-making unit resales jumped to 15.4 per cent from 13.8 per cent in the last quarter of 2022.
Owen said the past year had a more rapid deterioration in profitability across the unit sector relative to houses, and that this had contributed to a record gap in the share of profit-making sales across houses and units as of March 2023.
“Given there is generally a higher concentration of investment ownership in the unit sector, the increase in servicing investment mortgages may be a factor contributing to the greater concentration of loss in unit resales,” she said.
Owen said there was uncertainty around the outlook for profitability in residential real estate despite the portion of sellers making a nominal gain remained high, and home values nationally increased in the three months to May.
“There may be some motivated selling reflected in the next few quarters where property owners willingly sell at a loss to avoid rising mortgage interest rates,” she said.
“The combined factors of a recent sharp downturn in home values, and rising mortgage rates, may be inducing a higher incidence of loss across some parts of the country. Resource based markets, and large investment markets across Sydney and Melbourne, seem to be the main locations of this increased portion of loss-making sales.”
Brisbane City continues to dominate Greater Brisbane with the highest number of properties sold in the past 12 months, according to latest PropTrack data.
A total 768 units have been sold in the Brisbane CBD in the past year, almost 300 more sales than in any other suburb has seen across the capital region.
The CBD’s median unit price of $540,000 marks a 4.9 per cent increase over the year, however prices have risen by 67.4 per cent in the last three months alone.
[TAG0]Brisbane CBD dominates Greater Brisbane for highest number of property sales in the past year.
Redbank Plains took second place across Greater Brisbane, with the greatest number of sales of any Ipswich suburb. It saw 456 houses sold at a median price of $518,500, with prices rising 15.2 per cent over the past 12 months.
Close behind was Caboolture in the north of Moreton Bay, where 450 houses have sold at a median price of $573,000.
In South Brisbane, 442 units were sold at a median price of $541,000, a figure which has decreased by only 0.1 per cent in the past year.
Fortitude Valley continued the inner city’s dominant run with exactly 400 units sold at a median price of $401,500, a figure which has dropped by a significant 14.5 per cent over the 12 month period.
North Lakes in the south of Moreton Bay was next with 374 houses sold and a median price of $717,500.
Seventh overall was West End, another inner city suburb with 369 unit sales and a median price of $610,000.
Morayfield and Narangba, both in the north of Moreton Bay, had 368 house sales each, with median prices of $581,000 and $732,000 respectively.
Springfield Lakes in Ipswich rounded out the top 10 highest number of properties sold in the past year in Greater Brisbane, with 346 house sales and a median price of $641,500.
One of the Sunshine Coast “most significant” development-approved mixed use sites in Caloundra is being offered for sale by Colliers.
The 5289sq m site at 1-9 Bulcock Street and 45-47 Bombala Terrace is being marketed via an expressions-of -nterest campaign by Colliers agents James Matley, Brendan Hogan, Baydn Dodds and Nick Dowling.
The site represents the opportunity to deliver an apartment and hotel-lead mixed-use development within one of the most supply-constrained and in-demand localities in the nation.
The approval offers 104 premium residential units and 125 hotel rooms with a significant commercial and retail component.
“Amid limited supply and surging demand for high-end residential properties and hotel offerings, potential buyers are presented with an extraordinary chance to seize the full potential of this remarkable site,” Matley said.
“Boasting an unparalleled location and an awe-inspiring scale, recreating such a captivating opportunity on the Sunshine Coast would be nearly impossible”
Hogan said the site is “strategically positioned on the main street of Caloundra and boasts immediate access to a diverse selection of dining, retail, and entertainment options”
“The project itself will also bring a scale of retail and commercial that the area is in dire need off”.
Dodds said that the “beachside nature of the property coupled with its development approval and the underlying strengths of the Sunshine Coast market provide all the ingredients development groups are actively pursuing”.
The site is set to draw significant interest from the market place and for further information reach out to the sales agents.
Expressions of interest close on Thursday July 20 at 4pm.
With 44 apartments spread across 14 levels, Sun 402 offers a variety of living options to suit different preferences.
Mode Architects were engaged to design the building, with every balcony designed to face east, allowing all residents to enjoy vistas of Broadwater from the comfort of their home. The higher floors offer glimpses of the ocean, while also filling the living spaces with abundance of natural light.
The thoughtful selection of colour palettes and fixtures by Mode Design ensures a coastal sophistication that stands the test of time.
The kitchens are adorned with premium finishes and equipped with Bosch appliances, while most apartments also offer two car spaces and storage options.
Crowning Sun 402 is a rooftop pool and entertainment zones, providing residents with an array of breakout zones to take in the panoramic views.
Elevated over 40 metres above the ground, the rooftop space also includes barbecue facilities in the bookable kitchen area, along with a custom-built fireplace.
The remaining two-bedroom apartments are priced from $850,000, while the three-bedders start from $1.2 million. The expansive 200 sqm, four-bedroom apartments, start from $2.35 million.
The urban renewal of one of Brisbane’s smallest suburbs is emerging as one of the biggest development-driven legacies in the lead-up to the city’s 2032 Olympic Games.
Already a string of development application have been filed for Stones Corner on the edge of the Olympic precinct at inner-city Woolloongabba.
But the latest proposal lodged with the Brisbane City Council is seeking to lead the revival of the once-southside village hub.
Developer Stockwell has submitted redevelopment plans for its Stones Corner Village supermarket-anchored retail centre spanning a 5709sq m site at 405 Logan Road.
Under the plans, it would undertake a dual-tower residential-led mixed-use development.
Comprising two towers of 14 and 16 storeys, it would accommodate 209 apartments set above a common podium with retail and dining tenancies providing an activated frontage behind an arched facade.
The MK Architecture-designed scheme includes a mix of one, two, three and four-bedroom apartments—110 in one tower and 99 in the other—as well as 506 carparking spaces across the podium and basement levels.
Communal open space spanning a total of 1686sq m would be provided on the fourth storey of the podium as well as both tower rooftops—including swimming pools, sun beds and decks, seating nooks, garden beds, courtyards and walking paths.
If approved, it would be developed in three stages.
According to a submitted planning report, its mix of uses was aimed at becoming “a catalyst to generating activity in and strengthen the ‘main street’ role of Logan Road”.
“This key site in the heart of Stones Corner represents an opportunity to set a benchmark for the rejuvenation of Stones Corner,” it said.
The proposed towers exceed the site’s 12-storey height limit.
[TAG0]▲ Render of Stockwell’s proposed dual tower redevelopment plans for its Stones Corner Village site.
However, the planning report deemed the height was “an appropriate outcome” citing the site was “one of the largest landholdings in the area” and more than twice the 2500sq m minimum lot size that required to enable building height of 12 storeys.
An analysis by Archipelago entitled Stones Corner Precinct Suburban Renewal Opportunity was used to inform the concept planning for Stockwell’s proposal.
“Stones Corner was once a busy retail strip … however since early 2000, a chain of events have led to a large number of vacancies along the once bustling strip,” it said.
It also noted that a number of consolidated landholdings—many of them spanning the width of blocks—presented “opportunities for catalyst development in the precinct”.
“The unique position of the precinct within the urban framework of Brisbane supports a future built form with an increased density of residents, visitors and workers,” it said.
Among the other recently lodged DAs for Stones Corner is another two-tower project earmarked for a 3846sq m site spanning six properties at 73-85 Cleveland Street.
The proposal comprises 226 apartments ranging from one to four bedrooms across two 12-storey towers and has been filed by an entity linked to Idec Group’s Peter Gartshore and family members. It includes recreational rooftops linked by a skybridge.
Huon Property Group has lodged plans for a 15-storey mixed-use tower for seven lots spanning a 2618sq m site fronting Logan Road and Cleveland Street. It would comprise 144 two and three-bedroom apartments and 181sq m of ground floor retail-commercial space.
Plans have been filed for a townhouse development bordering a conservation zone and the future path of “the second M1” known as the Coomera Connector on the Gold Coast.
The proposal comprises 41 two-storey, three-bedroom homes on a medium-density residential zoned site spanning 9365sq m at 436 Foxwell Road.
It has been lodged with the Gold Coast City Council by an entity linked to developer Adam Webb’s Kasa Group.
Adjoining land to the east designated for the state-controlled road, the development would be delivered in two stages of 23 and 18 townhouses, respectively.
A planning assessment report said the proposal would “contribute to the supply of housing stock and diversity in an area dominated by detached housing stock, thereby advancing opportunities for increased housing supply and affordability in the city”.
“The proposed development represents an efficient use of the site, being in a high growth area that has been earmarked for a significant portion of the city’s low-to-medium density residential development growth,” it said.
However, the proposal’s residential density of one home per 228sq m would exceed the site’s maximum designation of one per 400 square metres.
But the report said the development would provide an overall outcome that was “consistent with the envisaged character of the area, being low-to-medium density, low-rise residential development”.
It also noted “the proposed density at least partially offsets the loss of planned housing supply in the area that has occurred through non-residential developments materialising on land principally zoned for residential development … [and] from more detached dwelling stock being built [at the expense of semi-detached or attached stock] than was intended to be the case”.
[TAG0]▲ Render of the proposed townhouse development at 436 Foxwell Road, Coomera.
According to the report, the Coomera Connector does not feature in any of the benchmarks against which assessment of the proposed development must be carried out.
“Notwithstanding, it is relevant to consider this major transport infrastructure as part of the proposed development,” it said, citing a minimum 9m buffer had been implemented along the boundary where the development would interface with the future road corridor.
The report also noted the Coomera Connector project represented “a significant change to the extent of ecological values in the immediate surrounds to the site”.
“The Coomera Connector has approval for 100 per cent clearing of the mapped and existing vegetation, assessable or otherwise, within the gazetted corridor; subject to an environmental offset and appropriate management during construction and works,” it said.
“This will significantly diminish the relevance of the mapped ecological values on and surrounding the subject site (and the relevance of the ‘conservation zone’ that affects the site), given the extensive clearing that will be necessary to construct the road.”
A rare double block on Main River has sold for $6.15m before even hitting the market, as affluent buyers line up to snare a dwindling supply of property for sale along one of the Gold Coast’s most prestigious waterfront strips.
The 1,408sq m parcel at 151-153 Monaco St, Broadbeach Waters owned by Benowa orthodontists, Patricia and William Medland, was sold in an off-market deal handled by Kollosche agents, Eddie Wardale and Jay Helprin.
[TAG0]The property sold for $6.15m in an off-market deal
An original 1960-built five-bedroom, four-bathroom house on the site was, “ready to be knocked down to make way for an architectural masterpiece”, according to the sale listing, with the property’s value in its status as one of just 16 north-facing riverfront allotments on Monaco St larger than 1,000sq m in size.
Property records show the Medlands paid $900,000 for the block in 1999.
It was the richest sale among just six properties which have changed hands on the street so far this year, with vendors raking in a total of $21.28m from those transactions.
[TAG1]An original five-bedroom house is on the block.
The next-highest sale was a 1,591sq m lot at 285-287 Monaco St which had been held since 1991. It changed hands for $5.15m in January.
“Both these properties sold off-market and were considered land value sales,” Mr Helprin said.
“The scarcity of available properties creates a sense of exclusivity and heightened competition. Opportunities are few and far between.
“We have a list of genuine, ready-to-transact buyers looking for the right opportunity,” he said.
Regarded as Gold Coast real estate royalty, Monaco St has been home to several CEOs and entrepreneurs, including nightclub boss Billy Cross and wife Jackie, and SEEK job search site boss Andrew Bassett.
The highest sale on record in Monaco St was $14.5m for a Beverly Hills-inspired mansion designed by Jared Poole and built in 2019 on a 2,390sq m parcel with 115.1m of Main River frontage.
Mr Helprin said riverfront real estate had become increasingly tightly held, with vendors reluctant to sell up due to limited options to buy elsewhere.
“Each year the number of transactions and supply levels are decreasing,” he said.
For those who do secure land, the $5m sale of a contemporary mansion on a 792sq m waterfront block in March shows the impressive potential return on their investment.
Vendors Zarah and Logan Pihl paid $1.26m for the site at 104 Monaco St in 2020, engaging Studio Workshop Architects to design a glamorous five-bedroom home over two levels.
The high-end new build by Gold Class Homes was completed in December 2022, with no expense spared on sourcing showstopping finishes from around the world, including a striking chandelier defining 6m-high ceilings in the living area, and a marble island bench in the sleek kitchen.
Meanwhile, an unfinished mansion which sat untouched for 20 years attracted 18 bidders when it sold under the hammer for $1.705m in March.
HOME values in sought-after suburbs across the Gold Coast have doubled in as little as four years, with strong demand and limited stock in the top-performing markets acting as a buffer to price falls on the back of rising interest rates since last year.
Exclusive PropTrack data showed house prices accelerated about twice as fast as unit values as buyers prioritised lifestyle and space, with beachside and Hinterland markets leading the gains.
Tallebudgera Valley was the top-performing local house market, with prices in the southern acreage suburb up 100 per cent in 50 months to March this year.
[TAG0]8 Yarra Ct, Tallebudgera Valley goes under the hammer on July 1.
A typical house in the exclusive area known for its sprawling lots and rainforest setting just a short drive from Burleigh Beach now costs $2.02m.
House prices doubled in 6 years in each of the other top suburbs on the list: Burleigh Waters (median $1.5m), Mount Nathan ($1.55m), Palm Beach ($1.5m), Worongary ($1.275m), Miami ($1.38m), Bilinga ($1.3m), Mermaid Waters ($1.65m), and Wongawallan ($1.39m).
For units, Palm Beach was top-ranked, with prices there up 102 per cent over 7 years, to a median of $840,000.
The once-sleepy southern stretch is now synonymous with cranes in the sky as original shacks and brown-brick unit blocks have made way for luxury new apartment developments with buy-ins of many times more than the suburb median.
[TAG1]Artist renders of Kloud at Palm Beach by Graya
Neighbouring Tugun (median $770,000) was close behind, while unit prices doubled in 8 years in Miami (median $810,000), Highland Park ($520,000) and Mudgeeraba ($672,500).
Main Beach and Parkwood hit the growth milestone in 9 years, while in Upper Coomera, Coomera and Ashmore units are now twice the price they were 10 years ago.
PropTrack director of economic research Cameron Kusher said nationally, prices had increased by about 32 per cent since the beginning of the pandemic, but some areas had notched up significantly greater gains including in the desirable southeast Queensland corner.
Buyers taking advantage of cheap finance through the pandemic kicked off swift price growth in regional markets before the Reserve Bank of Australia (RBA) moved to reign in inflation mid-2022.
Mr Kusher said the top-performing areas represented a mix of established and exclusive enclaves, as well as emerging suburbs and hubs of new development.
“They are more lifestyle markets away from the water and areas where new housing has been built which is generally better quality than existing stock, thus lifting median prices,” Mr Kusher said.
“The areas on the coastline that have doubled relatively quicker are typically further south and less high-profile areas.
“For units, it has generally been cheaper areas with a mix between coastal and non-coastal suburbs that have seen prices double.”
[TAG2]This former prize home in Tallebudgera Valley sold at auction for $4.35m.
McGrath Palm Beach partner Josh Willatt said a new era of luxury builds in the leading house and unit markets of Tallebudgera Valley and Palm Beach had fuelled growth over recent years.
“Tallebudgera has always been a sought-after and popular suburb, however buyers have gained more confidence to invest in an amazing renovation or new build, which has then resulted in a better calibre of property attracting those higher sale prices,” Mr Willatt said.
Prize home charities such as Yourtown and the Mater Foundation have also boosted the profile of the area, snapping up sprawling parcels and upgrading them to dream home-status to be raffled off.
[TAG3]A double-storey unit in this luxury Palm Beach development sold of market for $6.52m in February.
At least three former prize home estates were among this year’s top sale in Tallebudgera Valley, including one which sold under the hammer for $4.35m this month.
Former Sydney Swans and Adelaide Crows player Kurt Tippett was the underbidder for the spectacular acreage property at 50-56 Gibsonville St, which had been the major prize of the Yourtown charity’s Christmas 2022 draw.
At Palm Beach, a double-storey ‘beach house’ within the 2019-built Pacific building was the suburb’s most expensive unit sale this year, changing hands for $6.525m in February.
“People used to buy in Palm Beach because it was the cheapest coastal town, not because of what is offered, but gentrification has changed that,” Mr Willett said.
The area now hosts a thriving cafe, nightlife and retail hub, attracting young families and professional couples, while older residents are cashing in on eye-watering capital gains to downsize to luxury new digs.
“Palm Beach has so much old money. People who have owned their property for 20 or 30 years want to downsize but not leave the area, and developers have realised the cookie cutter unit stock isn’t popular anymore,” Mr Willatt said.
“Full-floor and half-floor apartments have become such an alluring product. They are predominantly selling to local buyers, and it is bringing an element of luxury and raising the calibre of real estate across the entire suburb.”
Celebrity builder-developers Graya are among those investing in the area, securing oceanfront sites for two new luxury tower projects, Kloud and Ripple.
South-east Queensland developer Keylin Group has filed plans for a 478-apartment build-to-rent development at Indooroopilly, which would be a first for the suburb.
The Jackson Teece-designed project slated for a 6331sq m site at Station Road would be a catalyst for urban renewal in the inner-west suburb with four towers up to 20 storeys across the site near to Indooroopilly Shopping Centre.
Keylin managing director Louis Cheung said the site would be transformed into a “suburban rainforest” with a mixed-use community and greenery covering 45 per cent of the site.
Buildings 1 and 2 would front Station Road and rise to 20 storeys, while buildings 3 and 4 will be 15-storey towers. The project would comprise a mix of 388 build-to-rent apartments, of which 39 are affordable housing, 44 short-term accommodation apartments, and a further 46 as build-to-sell.
“It is one of the most significant development opportunities in Brisbane’s inner city and Keylin is excited to be able to present such a diverse project to Indooroopilly,’’ Cheung said.
“The project’s strategic location is perfect for delivering a reimagined ‘high street’ in this historic and established suburb.
[TAG0]▲ The Suburban Rainforest will rise to between 15 and 20 storeys and comprise build-to-rent, affordable housing, short-stay and also build-to-sell apartments at Indooroopilly.
“The broad range of accommodation will result in a highly diverse community and provide much needed housing supply so close to the city, shopping centre and university with multiple modes of public transport on the doorstop.
“We are particularly proud that the proposed development achieves significant objectives under the Brisbane Sustainable Growth Strategy for renewal planning that encourages higher density in areas with access to public transport and services.”
The build-to-rent development would include a health and wellness precinct, which would include a commercial grade gym, spa and 20m recreation and lap pool with city views, while a ground floor ‘Cycle Club’ will offer bike service facilities.
Other flexible spaces for residents include rooftop gardens, entertaining areas, a creative arts and media hub with recording and podcast studios, and co-working open areas, meeting rooms and private office pods.
Apartments range from studio, one, two and three-bedrooms across three buildings with 46 premium apartments offered for private ownership in the fourth building.
The affordable housing apartments, with the support of the Housing Investment Fund, will target lower rents, while the 44 short-term rental apartments support visitation and deliver an offering not currently available in the area.
Jackson Teece, creators of the iconic transit-oriented Southpoint masterplan at South Brisbane and Scott Street apartments at Kangaroo Point, were engaged to design the Indooroopilly build-to-rent project.
The firm has incorporated innovative design features into the development including a series of arches that draws inspiration from the nearby heritage-listed Walter Taylor Bridge and an extensive ‘veranda’ facing Station Road, reflecting the character of the suburb’s many classic Queenslander-style homes.
It’s clear property prices in Australia will continue to rise, for now.
That’s a conclusion based on logic and mathematics, and common sense.
The bottom line is this: we are not building enough homes to meet the growing demand for housing. That will put upward pressure on property prices this year – despite soaring inflation and rising interest rates.
Nothing, however, is indestructible. There will be a point at which interest rates become too high to sustain a rising property market.
Much depends on how long inflation stays uncomfortably high for the Reserve Bank.
What’s driving demand?
There are two key sources of increased demand for housing or property: a growing population, and rising incomes.
The main factor in Australia’s recent population surge is a sudden and surprise increase in migration, which at least accounts for the rise in population.
The Reserve Bank, for example, stated publicly it was surprised by the immigration announcement made earlier this year, for net migration to increase by hundreds of thousands of people in 2023.
As one leading economist said this week, increased migration boosts demand more broadly in the economy.
“The subsequent effect of the re-opened border and strong inward migration has driven a further increase in aggregate demand but also boosts labour supply,” HSBC chief economist Paul Bloxham said.
But it also, clearly, boosts housing demand – people who arrive need a roof over their head.
“A clear impact is on the housing market,” Bloxham said.
“Australia’s re-opened border and strong inward migration have driven a housing shortage, with rents rising sharply, adding to inflation.”
Many of the new migrants are students, but property analyst and SQM Research managing director Louis Christopher says he believes a significant number of migrants could be competitive bidders at property auctions.
“The data on wealth of skilled migrant demand is sketchy” – it comes from the Foreign Investment Review Board – “and not very clear on net wealth of such migrants,” Christopher told The Drum.
“Consensus is most skilled up migrants are also cashed up and I do believe the surge in overseas long-term arrivals has contributed to the rise in dwelling prices for the first half of this year.”
Australia needs more housing
Another force pushing up property prices is the lack of supply.
The federal government’s Housing Australia Future Fund was designed to provide an investment vehicle that would finance the construction of 30,000 new social and affordable dwellings over the next five years.
This week, the housing bill was stalled in the Senate and is now unable to be re-introduced into parliament until October.
Instead, the government will give all the states and territories combined a total of $2 billion to build more homes.
Exactly how many properties will be built as a result is unclear, but academics at the University of New South Wales describe the number as “tiny”.
“The $2 billion investment should probably generate somewhere between 4,000 and 5,000 new homes,” says UNSW’s City Futures Research Centre associate director, Hal Pawson.
“The number will be larger if state/territory governments choose to invest via community housing providers, since the latter can (a) benefit from GST concessions, meaning they can stretch the funding further, and (b) also stretch the public funding by supplementing with private debt to be repaid over time.”
Either way, though, Pawson says “the scale of this is pretty tiny when set against the 437,000 households currently experiencing unmet need for social housing” – that is, homeless people plus private tenants in rental stress.
60,000 missing dwellings
Meanwhile, JPMorgan research has uncovered tens of thousands of so-called “missing homes”.
These are homes that were approved by authorities to commence construction, and should have been completed by now, but have not.
The number of ‘missing’ dwellings now totals between 50,000-60,000, a non-trivial shortage given tightness in the residential rental market,” analyst Tom Kennedy wrote.
The delay may be related to labour shortages, materials shortages, inclement weather or building firms going bust.
In simple terms, JPMorgan can look at how many homes were approved to begin construction, and how many have now been completed.
That “completed” number is behind where it should be, suggesting a sizeable backlog of houses yet to finish on time.
“Our expectation had been for this backlog to gradually decline from [the second half of 2022] as demand moderates and sector-specific disruptions become less intense.
“That hasn’t yet occurred, with residential investment contracting in the March quarter and business surveys indicating construction firms continue to push up against capacity constraints.”
Stepping back a bit, Louis Christopher says Australia is well behind where it needs to be in terms of total housing construction, having completed about 180,000 dwellings last year.
“This year SQM predicts that number will fall to about 165,000,” Christopher says. “The fall is due to the increase in cancellations for which we are in agreement with JP [Morgan].”
At one point, he adds, 240,000 dwellings were in the pipeline for this year.
Based on a population expansion of approximately 500,000 people for 2023, Christopher says Australia needs at least 190,000-200,000 dwellings completed.
If you’re getting lost in the big numbers, take heart: this is the key point with regard to housing supply.
At present, the pace of housing construction is not keeping up with increase in the population, due to a surge of migration.
But add to this a backlog of work already in the construction pipeline, and you have a housing crisis in which ever-rising property and rental prices are a feature.
What does all this mean for the property market?
For now, it means there’s likely to be ongoing upwards pressure on prices.
There is a “risk”, says ANZ senior economist Adelaide Timbrell, that prices are above the December 2022 level in December 2023.
“Our forecasts expect them to be broadly the same, and more rate hikes are likely to put downward pressure on housing prices but strong population growth and recent trends in demand for housing pose upside risks to these forecasts,” Timbrell says.
The CBA’s head of Australian economics, Gareth Aird, is more confident about property prices rising in 2023 and into 2024.
Aird sees national property prices (annual change) lifting 3 per cent in 2023, and 5 per cent in 2024.
But SQM’s Louis Christopher sees this upwards momentum as a short-term trend, or what he calls a “false dawn”.
His view is that property prices will increase between 0 per cent and 4 per cent this year, then decline.
SQM has no “formal” forecast for the RBA’s cash rate, but Christopher predicts that if it were to hit 5 per cent, the probability of a “hard landing” in the housing market would rise well above 70 per cent.
It all comes back to inflation. If it remains elevated, Reserve Bank interest rate increases will eventually pull property prices lower.
Right now, based on the evidence, it seems a chronic lack of supply and increased demand for housing are supporting property prices and could lead to a further lift in the market.
Logically, you can see a scenario emerging where the forces that would traditionally pull down a housing market in this economic climate – rising unemployment – are overcome by a severe lack of housing, and a growing population.
In terms of easing the housing crisis, it’s definitely a dilemma.
While once seen as Noosa’s smaller, quieter sister, this coastal suburb is booming thanks to its beachside position, great eateries and amenities, relaxing lifestyle, and enviable weather.
Peregian Beach is quickly becoming one of the most sought-after locations on the Sunshine Coast, and for good reason.
While Sunshine Beach remains the area’s most expensive suburb, prospective buyers are flocking to surrounding coastal towns which offer just as much in terms of lifestyle as some of the bigger suburbs.
“Peregian Beach has the perfect mix of chilled coastal living and sophistication. It has a very relaxed beach village vibe, while still offering outstanding dining and shopping options,” says Deborah Pescott, General Manager of Lotteries Commercial and Investments at RSL Art Union, who are currently giving away a multi-million dollar property in the area.
So, from its great weather to the fantastic shops, delectable eateries, proximity to Noosa, and of course, that beach, here are six reasons why Peregian Beach is fast becoming the boom suburb of Queensland.
1. Property prices continue to grow
In just a 10-year period, the small coastal town in Australia’s sunshine state had a population increase of 31%, driving up interest and values of rentals and properties across the area.
Investors had a 17.4% increase across their rental properties in the last year alone, while overall house prices have continued to rise roughly 10% year-on-year, making it an attractive destination for an investment property.
2. Strong demand for rental properties
Located within the sunshine pocket of Australia, Angus Moore, economist at realestate.com.au notes it’s no surprise Peregian Beach is the new boom suburb up north.
“The Sunshine Coast has always been a very popular area with strong migration from elsewhere in Australia,” he says.
The wider region remains a popular hotspot with Australians looking for a lifestyle change.
Peregian Beach is no exception to this trend, with strong demand for properties in the area expected to continue, while the rental markets remain “extremely competitive” in much of Southeast Queensland and the Sunshine Coast.
“People, particularly from Sydney and Melbourne, moved up to Southeast Queensland for a variety of reasons,” Angus says.
“Part of the story was just being closer to places like beaches, national parks, and larger dwellings that you can find in some of the more affordable areas in Southeast Queensland relative to Sydney or Melbourne.”
This demand for properties could work in the RSL Art Union property prize winner’s favour, because if they choose to rent out the property, they can do so for an estimated $109,200 per annum – that’s $2,100 straight income a week in rent.
The winner could also choose to sell it all and become an instant millionaire.
3. Great weather
“The Sunshine Coast has always been somewhere that people have moved. It has been very popular for the better part of a decade,” Angus says, noting it’s not hard to see why people flock to the coast with the most.
Indeed, the weather is a large attraction, with winters only getting down to an average of 19°C and summers around January averaging around 27°C with an average of 239 dry days a year – perfect for those days lounging by the beach or pool.
“Obviously the amenities the Sunshine Coast offers in terms of beaches, weather, and lifestyle are attractive to many people,” he adds.
“That’s part of why we see such strong demand to move there.”
[TAG0]The incredible weather is a drawcard for many buyers.
4. No hustle and bustle
The area is also known for its laidback vibes, surrounded with idyllic beaches, natural parks, artisan shops and markets and thriving music scene.
For those looking to make a permanent move, the area offers the beachy lifestyle with local amenities like grocery stores, public transport, education providers, sports clubs, and nearby medical practitioners all located within the Peregian Beach area.
Pescott says Peregian Beach has always been a favourite beachside destination, with its combination of great weather and peaceful lifestyle.
“It has everything you could ever want for a fantastic coastal lifestyle – a great beach, the fabulous shops and eateries of Peregian Square, and all the restaurants and cafes of Noosa are only 15 minutes’ drive away,” she says.
5. Proximity to Noosa
For those who want to enjoy the best of quiet coastal living with the option of a larger and more established hub close by, Noosa is just a stone’s throw away.
One of Australia’s most sought-after holiday destinations, property values in Noosa went up by 60% between 2020 – 2022, and with Peregian Beach just a 12-minute drive away, it could be an indication of what’s to come for the burgeoning coastal region.
Offering a range of attractions and amenities including Noosa’s National Park and Farmer’s Markets, a range of eateries along Hastings Street and Noosa Junction, and prime areas for boating across the Noosa River, it’s the perfect way to enjoy the touristy location from a relaxing base.
And thanks to RSL Art Union’s property prize where the lucky winner will win a Tesla Model 3 electric car valued at $79,510, you’ll be driving up to Noosa in style, while keeping it charged up with the charger unit already installed at the property.
Pescott is a fan, saying: “It’s such a quiet drive on the road, quite zippy and super stylish.”
6. Million-dollar views
Perhaps one of the most exciting things about Peregian Beach is the amazing beach house and a Tesla Model 3 valued at over $4.5 million that is currently up for grabs in RSL Art Union’s Draw 407.
Set over two levels, this stunning property is the quintessential modern coastal home, with the styling taking inspiration from the architecture and surrounding environment.
There’s an abundance of natural light and a sense of spaciousness throughout the home, while the furnishings make it an entertainer’s haven – not to mention the wellness studio, equipped with Reformer pilates gear to help keep your body and mind in shape.
[TAG1]The incredible views are included in this stunning home.
But it doesn’t stop there – you’ll enjoy 180° ocean views through the floor-to-ceiling glass doors and windows at the rear of the home, while downstairs, you’ll find a custom-made pool table, the wellness studio, a saltwater in-ground pool, fire pit, elevated deck and built-in barbecue.
It’s an amazing prize and it could be yours for just a $5 ticket. And it’s not just the winner’s life that will be changed forever – Every ticket purchased supports veterans and their families.
Hospitality developers Morris Group have revealed images of the first luxury hotel in Queensland’s tropical north city of Townsville.
The $88-million Ardo is under construction on Townsville’s foreshore. The resort development includes “world-class dining”, a day spa and a rooftop pool deck with uninterrupted views to Magnetic Island and the Coral Sea.
Morris Group founder Chris Morris said Ardo would put Townsville on the map as a luxury destination in North Queensland’s tourism industry.
“We know that North Queensland has so much to offer as a destination, so there is huge demand for domestic and international visitors to travel here,” Morris said.
“But what we’ve discovered is there is still a gap in the market for luxury accommodation, so what we’re doing with Ardo is building on what we already do so well, providing another opportunity for high-end experiences in this very special part of the world.”
Townsville is home to about 200,000 people and the gateway to the Great Barrier Reef.
Morris said the rooftop restaurant, Marmor, would capitalise on the region’s top-quality meat and seafood with a contemporary Australian cuisine, while a Japanese restaurant was mooted for the ground floor.
The 132-key hotel would be nestled alongside Morris Group’s other Townsville resort, The Ville, which Ardo guests would also be able to access– including the iconic oceanside swimming pool and swim-up bar, gym and casino.
“While The Ville provides relaxed, tropical surroundings and casual sophistication, Ardo will offer a luxury accommodation experience for travellers seeking a more high-end stay,” Morris said.
“With Ardo joining The Ville, and the Townsville Entertainment and Convention Centre on the Breakwater, what we’ve created will enhance the precinct, and become the region’s leisure and entertainment hub.”
Morris Group’s collection of boutique accommodation offerings also includes Orpheus Island Lodge, Mt Mulligan Lodge and Beechmont Estate, as well as a fleet of superyachts.
Bookings will open for Ardo later this year, and the hotel is due to open at the end of 2023.
A boutique project that sold 70 per cent of its residences prior to officially hitting the market is inching closer to becoming a sell-out.
Ninety-two per cent of apartments in Cube Developments’ high-end Oasis at Bokarina are now sold, with four out of 56 apartments remaining on the market.
This includes two penthouses, ranging in size from 191sqm to 242sqm and boasting rooftop terraces and private plunge pools, starting from $3.5 million.
[TAG0]The development includes 56 apartments plus luxury amenities.
Cube Developments director Scott Juniper said high demand for prestigious properties in the region was evident.
“In a market where there is high demand for prestigious coastal homes, buyers are taking quick action to avoid missing out on the limited supply,” he said.
“Our sales team had 40 appointments booked on the first day of Oasis’ soft launch, 25 of which sold that very same day.
“There’s a strong sense of urgency among potential buyers and we’ve observed a significant level of enthusiasm from people who want to secure a prime piece.
“We’re delivering an exceptional project on one of the last remaining beachfront blocks on Bokarina Beach to offer an unparalleled lifestyle, and buyers responded well to this vision.”
[TAG1]An ensuite in one of the units at Oasis in Bokarina.
Positioned with ocean views, Oasis includes a lap pool, open-air resident dining, gym, outdoor beach shower and gardens.
Set across six levels, it has two- and three-bedroom units, plus six two-level penthouses.
The project tallied close to $50 million of sales within a week of its soft launch in April last year, with Cube saying the majority of buyers were local residents and from wider South-East Queensland.
The remaining apartments start from $1.65 million.
Work is progressing on the $1b Gympie bypass, which will enable travellers to skirt the town and ease congestion within it by late next year.
Construction is well underway on the bypass, which is officially known as the Bruce Highway Upgrade – Cooroy to Curra, Section D.
The bypass should enable long-range travellers to avoid 53 intersections and 106 property accesses.
It’s also set to ease traffic in the town, with half the amount of heavy vehicles expected on local roads.
The final concrete pile was recently poured for the project’s 42 bridge structures.
With 575 piles now in place, works on all bridges on the bypass were underway or complete.
The Keefton Road underpass, Bolcaro Road overpass, Noosa Road overpass and the recently opened Flood Road interchange bridge are now all open.
The project is jointly funded on an 80:20 basis, with the Australian Government contributing $800 million and the Queensland Government $200 million. It’s expected to be completed in late 2024, weather permitting.
The Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King said the upgrade had reached a milestone.
“The construction of these bridges is crucial to the flood immunity of the project,” she said via a State Government statement.
“When completed, this new section of the National Highway will stand 27m above the regular Mary River water height in Gympie, at its lowest point.
“The new bypass is being built to a height that would have remained operational during events like the devastating floods of early 2022.”
Queensland Transport and Main Roads Minister Mark Bailey said the bridges would be a major part of the new route.
“There are 42 bridges at 23 locations throughout the 26km Gympie bypass project,” he said.
“If each of the 575 piles were placed end to end, it would span over 5km.
“This is over 15 times taller than Q1 in Surfers Paradise (Australia’s tallest building at 322.5m).
“The bridges will cross waterways, the North Coast Rail line and local roads.
“The project will also deliver a safer, more comfortable highway experience with two lanes travelling in each direction separated by a concrete median.”
Property owners are leaving the short-term accommodation market like Airbnb in favour of long-term renting as the rising cost of living dampens appetites for holidays on the Gold Coast, according to a property management firm.
Australian Bureau of Statistics census data suggests one-in-10 properties on the Gold Coast are empty, while about 10 per cent of the city’s population are either homeless or living in unaffordable housing.
There are more than 11,000 registered Airbnb properties on the Gold Coast according to council data.
The director of property management firm Manage My BnB, Linda Hildingsson, said she had noted a decline in short-term rental bookings “with each rates rise that we’ve had over the last six months”.
“Easter was nearly 40 per cent down on last year,” Ms Hildingsson said.
She said of the 140 short-term letting properties her business manages about 50 have converted to long-term renting.
“They just weren’t booking out at all,” she said.
[TAG0]Surfers Paradise has been a popular location for short-term rentals like Airbnb. (ABC Gold Coast: Dominic Cansdale)
She said prices for beachfront properties increased from $350 to $500 in 2022 but have since fallen.
“We’re just not seeing that anymore,” she said.
“Prices have declined a little bit, maybe 20 per cent from last year, but we’re seeing an upswing in bookings for the later part of this year.”
Ms Hildingsson said some landlords are switching to the long-term rental market because it provided better certainty.
“The market moves with inflation and rate rises. It takes a little while,” she said.
“My clients have been used to such high income of late, and then you go ‘look, we’ve got to lower it a little bit’.”
‘I lost my income’
Investment property owner Courtney Brown said her two bedroom unit in Kirra has been “consistently booked” over the past four years.
“I’ve made good money on it,” she said.
“I’ve probably had it at 85 per cent occupancy for the whole four years.”
While she would charge between $85 to $200 a night, depending on the season, Ms Brown said she had decided to lease it out on the long-term rental market.
“It’s been actually an emotional decision because it means I can’t go there, my kids can’t holiday there anymore,” she said.
“I’ve held out as long as I really can.”
She said since the start of the year she had noticed a significant downturn in her Airbnb bookings.
“I lost my income from my unit. It was paying my mortgage and my rates and my body corporate. Now it’s not covering anything,” she said.
“People aren’t spending, people aren’t going away as well because that’s more of a luxury.
“As it’s become really quiet I looked at my account statement [and said] ‘I don’t have the money to cover this’.”
‘High highs to low lows’
Holiday Property Services, a cleaning company for short-term accommodation on the Gold Coast, has seen occupancy rates among its clients drop by between 60 to 75 per cent.
“We were sitting at over 90 per cent from August through to February this year, and that’s I think just coming out of COVID. People needing to get out and book a holiday,” said client liaison officer Cathy Dillon.
“We’ve gone from high highs, to such low lows.
“Owners are removing their properties from the short-term rental platform and putting permanent renters in their properties to try and cover costs.”
[TAG1]Despite more short-term rentals re-entering the long-term rental market, vacancy rates are still tight. (ABC Gold Coast: Dominic Cansdale)
Ms Dillon said “people are just fearful that this may go on for the next 12 months”.
“It’s another interest rate hike, another interest rate hike, another interest rate hike — people are scared,” she said.
Ms Dillon said her business “is locking in, holding on”.
“We’re looking at ways how we market extra services, also reducing overheads, just to tighten things up a bit,” she said.
Councils consider change
It costs about $8,000 to register a short-term letting with Gold Coast City Council.
Mayor Tom Tate said that due to council concerns that owners were listing their properties without paying the registration fee and the higher annual rates, council officers will be going “door-to-door”.
“It’s almost like [parking inspectors], but we’ll monitor water consumption, car parking. We’ll have data to be able to back us up,” he said.
Cr Tate said if people were “intending to make a business out of it, pay a business rate”.
Last week, Brisbane City Council announced it will hike rates for short-term accommodation by 50 per cent.
Byron Shire Council has moved ahead with plans for a 60-day annual cap on short-term holiday letting in an effort to address the region’s housing crisis.
While rental vacancy rates on the Gold Coast remain among the tightest in the country, Cr Tate said he had not considered introducing a similar cap.
“I would rather let the market dictate,” he said.
“People have already invested to do that. I don’t want to pull the rug from under them.”
A spokesperson for Airbnb said “neither Airbnb nor our host community is opposed to short-term rentals being regulated”.
“We support the introduction of statewide regulatory frameworks. We have previously voiced our support for statewide registration for the short-term rental sector, as well as a mandatory code of conduct,” the spokesperson said.
“Airbnb provides information to our host community regarding applicable local laws and regulations. We provide information and education materials through our Responsible Hosting website.”
The Regional Movers Index’s March 2023 Quarter Report has found that the major cities are experiencing unprecedented levels of migration between major cities and regional areas. The Regional Movers Index was formed in partnership between the Commonwealth Bank of Australia (CBA) and the Regional Australia Institute (RAI) to analyse movements to and from Australia’s regions.
Regional Movers Index: Population flows from capital cities to regional Australia
Australians from major cities like Sydney and Melbourne are increasingly packing their bags for regional areas. At the same time, more people are doing the opposite, with movement from regional areas to cities at its highest point in five years.
Capital-to-regional migration increased by 7.9%, the third-highest rise in the past five years. Sydney accounts for 90% of all net capital outflows. Meanwhile, net outflows from Melbourne jumped from 44% to 51% from 12 months to March 2023. More people moved into Perth and Brisbane, which experienced net inflows of 26% and 24%, respectively.
The highest proportion of people leaving from capital cities went to regional Victoria and Queensland, responsible for 43% and 29% of net outflows, respectively, from 12 months to March 2023.
Most capital city movers went to regional Victoria and Queensland, responsible for 43% and 29% of net outflows, respectively. On the other hand, regional NSW dropped in popularity, with its net capital city outflows dropping from 41% to 23%.
More jobs, cheaper housing, lower cost of living
Paul Fowler, Commonwealth Bank Executive General Manager for Regional and Agribusiness Banking, states that the nationwide rise in movement stems from the high demand for labour in regional areas.
Regional centres like Victoria’s Greater Geelong and Queensland’s Townsville are among the top growing regional hotspots, teeming with business and job opportunities.
“Regional centres are buzzing with business activity and investment, offering an abundance of opportunities to people who are seeking to leave the strain of cities to take advantage of the benefits of regional living,” says Fowler.
Regional Australia Institute (RAI) CEO Liz Ritchie says that more Australians are moving because jobs have become more flexible and living in capital cities has become too expensive.
“While this mobility was super-charged by COVID, we are seeing thousands make the move, not only from the cities to the regions, but within regions and more recently, there has been an uptick in the number heading back to the cities,” says Ritchie.
Ritchie believes that the popularity of regional areas is here to stay.
“Recent RAI research shows one-in-five metropolitan Australians are wanting to make the move to regional Australia with cost of living cited as the key reason as people try and source more affordable housing and a way of living.”
Liz Ritchie, RAI CEO
“Cost of living pressures are also boosting greater movement within the regions themselves, as regional movers also search out places with more available and affordable housing.”
The cost of living is one of the primary reasons fuelling inter-regional migration, causing it to rise by 9.2% in the March quarter, averaging 12.6% over pre-pandemic levels. The growing acceptance of remote work, cheaper rents, and lower home prices have seen Australians flee to the regional areas.
However, the relative affordability of the regional areas may only stay for a short time. The sudden and acute migration influx into these smaller cities and towns has caused home prices and rents to surge disproportionately compared to the capital cities, already experiencing record growth.
Brisbane City Council’s masterplan for South Brisbane’s Kurilpa precinct could change the nature of the city, according to the city’s property professionals.
The Kurilpa Sustainable Growth Precinct Plan temporary local planning instrument was passed in Brisbane City Council earlier this month and could make way for buildings as tall as 90 storeys if approved by the state government.
It will remain in for up to two years to ensure that any new applications lodged for taller residential buildings in the Kurilpa Sustainable Growth Precinct area meet green design and community benefit standards.
These changes are likely to become a permanent fixture, according to managing director of Brisbane development consultancy Bluebird Property Riye Arai-Coupe.
“Considering the significant efforts invested in creating the Kurilpa TLPI and the likely positive impact it will have on improving housing supply, the benefits will become evident and I expect that the changes will eventually become permanent,” she says.
“Needless to say, this would of course involve further evaluation, feedback from stakeholders, community consultation, and a comprehensive assessment of its effectiveness in due course.”
[TAG0]▲ Kurilpa Precinct Sustainable Growth Precinct Map as determined by the Brisbane City Council.
Kurilpa is the first precinct planning exercise delivered through Brisbane’s Inner City Strategy. It will prompt major change in the typology of buildings on the inner southside and extend what is already there, says senior lecturer in urban and environmental planning at Griffith University Tony Matthews.
“The whole point is to extract as much floor space as possible out of the existing urban land area.
“Buildings might be comparable to the Meriton tower across the river, and we should expect much taller and narrower buildings and this will be quite a visual change,” he says, as calls for more slender towers in Brisbane increase.
Chief executive of developer Goldfields Lachlan Thompson says that the plans for urban renewal would enhance the livability of existing projects such as its 33 Manning apartment project in Milton.
“The best place for high-density development is at the intersection of public transport, employment, and open space. The council’s Kurilpa rezoning strategy nails that trifecta by helping transition the old industrial footprint of South Brisbane into a modern residential, commercial, and retail hub,” he says.
“Goldfields hopes these reforms will help attract more private and public investment into Central Brisbane and accelerate planning application assessments and approvals.
“It is an exciting time for Central Brisbane and we await the release of additional precinct plans for Albion, Woolloongabba, and other important transport hubs.”
[TAG1]▲ A render of Goldfields’ 33 Manning in Milton.
Bluebird’s Riye Arai-Coupe says that these precincts provide a major opportunity for developers.
“While there are still a significant number of challenges to effectively unlock new developments in the current climate, the increasing of potential density, together with planning certainty, will assist in improving the viability of new developments,” she says.
“This is particularly welcomed at a time where developers are otherwise struggling to balance design and planning parameters with ongoing construction cost escalation.”
Wolter Consulting Group executive director Natalie Rayment, who spoke at The Urban Developer Brisbane Residential Summit earlier this month, said it was part of the council’s aims to develop workable and livable precincts.
“The council drafted a local planning instrument, Walkable Brisbane Strategy, which aims to create the 15 minute city concept and pump lifestyle amenities into each key neighbourhood,” Rayment said.
“There’s about eight significant precincts that have been identified to roll out.”
Green credentials
Under the plan, residential building above existing heights will be required to meet the Green Building Council of Australia’s five-star Green Star rating and include more greenery, as a result of the introduction of a higher green plot ratio.
“What they are doing is saying they want better environmental credentials, in part, to offset to concerns about the extra height,” says Griffith University’s Tony Matthews.
“They want people to know that ‘we’re going to build tall but high quality’.”
It has also been suggested that the remaining industrial areas of the Kurilpa precinct, focused around Montague Road, will be phased out as part of plans to turn the area into a ‘world class cultural district’.
[TAG2]▲ Kurlipa remains home to industrial businesses including dairy company Lactalis and recycling business Visy Glass.
Hope Street will be a destination for dining, entertainment and retail in combination with public space under the rail viaduct, linking Melbourne Street to the redevelopment on the key development site between Montague Road and the river.
This move away from industrial marks the end of an era, according to Matthews.
“It was heavily industrial before the Parklands were built. Everything that has happened there since has been posti-ndustrial urban development and the area around Montague is the last of the industrial development there.
“It’s just not suitably located anymore in terms of transport to have that level of industrial development.
“In a sense you can look at it as the final piece of urban renewal tapestry.”
Goldfields’ Thompson says that the changes in sustainability requirements will help Brisbane compete with Melbourne and Sydney, and will also mean higher taxes and valuations, inevitably changing the makeup of the suburb.
“Linking sustainability requirements with height limits is an innovative reform, which will help Brisbane catch up with the Green Star market credentials of Australia’s southern capital cities. The reform will also allow local property offerings to better compete on national and international markets.”
“The rezoning of local land and height limits will trigger significant property revaluations resulting in higher values and land tax bills for landholders. This will likely accelerate the departure of industrial and other low-density landholders.”
Anti-sprawl approach
The changes were first announced earlier this year as part of the council’s Sustainable Growth Strategy, which Lord Mayor Adrian Schrinner called its “anti-sprawl approach to housing”.
One of the major issues Schrinner raised this year was that “going up in height levels in Kurilpa is an alternative to all the greenfield development” as it aims to deliver 10,000 homes in the area.
“Most councils are meeting their housing outcomes and targets set by the state government through greenfield development, most councils around us are doing that. We’re taking a different approach,” he said at a council meeting this month.
[TAG3]▲ Brisbane City Council precinct plans focus on areas with major venues for the Brisbane 2032 Games and that are rich in infrastructure.
These are lofty ambitions, but potentially do not engage with the complexity of the issue, says Griffith University’s Tony Matthews.
“This is seen as a classic binary planning choice: we can go up or out, or, if you don’t want urban sprawl then you want urban density, and that means you have to have height–but it’s much more complicated.
“What’s missing is the preference of the people who live in the space.
“The reality is that there’s a lot more to be taken into account of, including things like buyer preference and where they are willing to live. Not everyone wants to live in the inner city, often there’s a lot of reluctance for families to live in apartments as well.”
Goldfields chief executive Lacklan Thompson says that while the rezoning of Kurilpa will continue to transition Central Brisbane into a residential, employment and social hub, it would take years before it reaches its full potential.
“The Docklands in Melbourne was rezoned last century and it is still a work in progress,” he says.
When it comes to developers, there’s also the question of appetite for a major project such as this, when they are already facing interest rate and construction industry-related pressures.
“The most significant challenge for the delivery of larger residential towers in South Brisbane will be the availability of appropriate builders and subcontractors for these larger projects,” says Arai-Coupe.
“But we are facing this challenge across the entire industry.
“To support the delivery of housing, which is now a well-discussed issue across the State, we need to look to broader planning and tax reforms, to beyond our borders to increase our construction labour force, and to proactive and collaborative industry innovation.”
[TAG4]▲ Kurilpa is one of the precincts the council is focusing on, followed by the City Centre, Albion and Newstead. Image: Urbis
But the fact is, that Brisbane City Council is running out of land rapidly, said Griffith’s Tony Matthews, a symptom of its move away from a country town, and the Council are attempting to alleviate this pressure.
“The council know more people want to live in Brisbane and are keen to accommodate them, but so much development has already happened at scale and density, so they have to tap into what they have.
“Brisbane hasn’t been a sleepy country town in 10 years. It’s an active metropolis and one of the fastest growing in population terms, and it will never go back to that.”
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