CoreLogic: Home values continue to rise but the pace of growth loses steam in April

Australian housing values lifted by 1.8% in April according to CoreLogic’s national home value index, with the monthly pace of capital gains easing from a 32-year high in March (2.8%).  Although growth conditions have slowed, housing values are still rising at a rapid pace, up 6.8% over the past three months to be 10.2% higher than the COVID low in September last year.

CoreLogic’s research director, Tim Lawless, says the pace of capital gains could slow further over the coming months as inventory levels rise and affordability constraints dampen housing demand.

“The slowdown in housing value appreciation is unsurprising given the rapid rate of growth seen over the past six months, especially in the context of subdued wages growth.  With housing prices rising faster than incomes, it’s likely price sensitive sectors of the market, such as first home buyers and lower income households, are finding it harder to save for a deposit and transactional costs.”

 

There is already some evidence of fewer first time buyers in the market, with the Australian Bureau of Statistics reporting a -4.0% fall in the value of first home buyer home loans through February, the first drop since May last year.

Despite the slowdown, positive housing market conditions remain geographically broad-based with every capital city and ‘rest-of-state’ region continuing to record a lift in dwelling values over the month.   Darwin (2.7%) and Sydney (2.4%) recorded the largest month-on-month rise in dwelling values, while Perth values recorded the lowest rate of growth amongst the capital cities at 0.8%.

The four smallest capital cities recorded double digit annual growth (Adelaide 10.3%, Hobart 13.8%, Darwin 15.3% and Canberra 14.2%), reflecting a smaller COVID-related disruption and an earlier start to the growth phase last year.  Melbourne is recording the lowest level of annual growth (2.2%) due to a larger downturn, attributable to the extended lockdown period last year.

The broad trend of houses outperforming the unit sector continued through April as higher density styles of housing experienced less demand amidst elevated supply across some inner city precincts.  At the combined capital city level house values (8.6%) have risen at double the pace of unit values (4.3%) over the first four months of the year.

“A preference shift away from higher density housing during a global pandemic is understandable, however a rise in flexible working arrangements also seems to be supporting greater demand for houses around the outer-fringes of capital cities.  Relatively weak investor activity, compounded by a supply overhang in some high-rise precincts, is also dampening price growth in unit markets,” Mr Lawless said.

 

 

Article Source: www.corelogic.com.au

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Green Light for Coolangatta Hill Development

S&S Projects is riding the recent wave of popularity in coastal real estate markets with its next development, a 12-level apartment project in Coolangatta, approved and ready to commence construction.

Momentum on the Gold Coast has accelerated post-Christmas with developers, including S&S Projects, reporting that many recently launched luxury projects are almost sold out despite premium pricing.

The Brisbane-based developer put plans for the site forward in December after purchasing the current property for $8 million earlier in the year.

S&S Projects, led by managing director Paul Gedoun, is currently building a $74-million apartment project on a neighbouring Rainbow Bay site.

The development, known as Flow Residences, sold out late last year, with all 22 premium apartments sold off-the-plan within four months.

Both projects are near the famous surf breaks of Duranbah, Snapper Rocks, Rainbow Bay, Greenmount, Coolangatta and Kirra.

Local residents include surfing stars Joel Parkinson, Mick Fanning and Stephanie Gilmore.

▲ Flow is currently under construction with a 2022 scheduled completion date. 

Gedoun said the success of its Flow Residences development had allowed him to acquire the Coolangatta site with confidence and fast-track development plans.

“Our last development was well oversubscribed with buyers and no doubt a lot of those people who missed out will be looking to secure a place in [our forthcoming project,” Gedoun said.

“We were keen to launch Awaken Residences to the market as soon as possible to tap into the existing momentum from local and interstate owner-occupiers seeking a laid-back and luxurious coastal lifestyle.

“We’re looking to bring some of the same elements that attracted so many buyers to Flow Residences into this new project.”

The approved Cottee Parker-designed development will feature eight full-floor apartments and one double-floor penthouse apartment with prices expected to start from $2.95 million.

The site is currently home to the popular D-Bar cafe—Gedoun said discussions were under way with its operators to continue their tenancy at the location once the project was complete.

At a neighbouring site, Brisbane-based Spyre Group has plans in front of council for a similarly positioned 12-storey Bureau Proberts-designed scheme—to be known as Cala Dei Residences.

According to the latest Apartment Essentials report from planning consultancy Urbis, 375 apartments were sold on the Gold Coast between October and December—the best result since 2016.

Owner-occupiers accounted for 54 per cent of sales in the final quarter of last year, more than double the previous year’s figure of 25.1 per cent.

 

Article Source:www.theurbandeveloper.com

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Plans Revealed for Burleigh Beachside Tower

The team behind sell-out Gold Coast development Norfolk has joined forces again, this time for a 17-storey apartment tower, also at Burleigh Heads.

The yet-to-be-named tower, at 96 The Esplanade, planned for the 1012sqm site is being put forward by local developer Forme.

The development application as lodged with the Gold Coast City Council on Thursday.

Managing director David Calvisi said the success of Norfolk, currently being built on Goodwin Terrace at Burleigh, had prompted his group to reunite with Koichi Takada Architects and interior designer Mim Design.

All 15 apartments in that development, which were priced from $4 million, sold out before construction began.

The latest proposal is the fifth beach front development on the Gold Coast for the developer.

The 52.95m-high tower will offer 23 half-floor apartments of about 220sq m, three full-floor residences of 440sq m and a two-level penthouse of 790sq m including a gym, library, theatre and private rooftop pool.

“Norfolk has been a great success and it was important we carried the key elements of its success, mainly via the architecture, through to the design at 96 The Esplanade,” Calvisi said.

“The distinctive design of the building and its sculptural features are intended to position the building as a landmark … and act as a catalyst to encourage higher-quality development in the area.”

The site, which was amalgamated by Forme over six months, is currently home to a low-rise unit block. It is directly across the road from beachfront parklands.

“Open plan living areas have typically been oriented east to face the ocean, with more private spaces at the rear of the building,” he said.

“The building is positioned on the site with consideration to amenity of neighbouring properties and generous setbacks to the existing neighbouring buildings.”

Architect Koichi Takada said the proposed tower’s organic curves were designed to “maximise views to the ocean and light, capturing the beauty of the Gold Coast and the essence of coastal living”.

JLE’s Jamie Lee Edwards is the marketing agent.

 

Article Source: www.theurbandeveloper.com

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Tower reveal: Burleigh Heads set for new Koichi Takada apartment tower by FORME

The local developer Forme are set for their fifth luxury beachfront Gold Coast project.

They’ve submitted plans to the City of Gold Coast council for a 17 level tower of just 30 apartments, designed by the renowned architect Koichi Takada.

It’s the second time Forme have engaged Takada to design, after huge success with their other nearby Burleigh Heads developments Norfolk.

96 The Esplanade, Burleigh Heads QLD 4220 

“Since the scaffold dropped at Norfolk, the building has quickly become an icon” Forme managing director David Calvisi says, with the architecture flooding social media. Even the popular beach photographer Aquabumps have prints available of the iconic facade.

“Norfolk has been a great success and it was important we carried the key elements of its success, mainly via the architecture, through the design at 96 The Esplanade”, Calvisi added.

The new development will home 23 half-floor apartments of around 220 sqm, as well as three full-floor residences with around 440 sqm of space.

Crowning the tower will be a special two level penthouse. Across its 790 sqm floor plate will be a gym, library, theatre and private rooftop pool.

The layouts of all of the apartments have been designed to maximise the views and take in natural light. The open plan living areas typically have bene oriented east to face the ocean, with more private spaces located at the rear of the building.

The Melbourne-based MIM Design is handling the interiors.

The Sydney-based Takada, who is rarely seen on boutique projects, said 96 Esplanade has been the work of the same team as Norfolk on an equally amazing waterfront site.

“Nature inspired architecture and organic curves are designed to maximise views to the ocean and light, capturing the beauty of the Gold Coast and the essence of coastal living,” Takada said.

“A simple and elegant design that is all about celebrating and maximising your connection with nature.The magical experience on this site is the direct connection to the water and the sky – like air, the design features are thin and light, almost invisible.

“The balconies float above the beach, reflecting the soft ripples of the waves below. Expansive balconies celebrate an outdoor lifestyle and open style living. Composed of materials that reference nature, the design is inspired by ripples on water that dissipate over time.”

 

Article Source: www.urban.com.au

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May 2021: How did Brisbane apartment values perform in April?

Brisbane’s median apartment value reached a 2020 high of $390,000. Now it’s $406,000.

Brisbane apartment values are continuing their surge, according to property data firm CoreLogic.

Values rose one per cent, the same as Melbourne.

It puts Brisbane’s rolling quarterly apartment gain at three per cent, following jumps of 1.7 per cent in March and one per cent across February.

Brisbane’s median apartment value reached a 2020 high of $390,000. Now it’s $406,000, up from just over $400,000 last month.

Apartments in Brisbane around the new median

Breeze, West End
Price – One bedroom apartments from $409,000

Breeze West End 43 Ferry Road, West End QLD 4101

Forming part of Pradella’s $1 billion masterplanned Riverside West End community, Breeze 110 apartments in Brisbane’s south.

It features a number of resort-style amenities as well as abundant green open spaces and retail offerings.

A rooftop skygarden terrace complete with a 20-metre lap pool and landscaped entertainment area crowns the 11-storey complex.

The Coterie, Fortitude Valley

Price – One bedroom apartments from $383,300

The Coterie 365 St Pauls Terrace, Fortitude Valley QLD 4006 

The completed Fortitude Valley development The Coterie by Vicland Property Group, Rothelowman and Bruce Henderson Architects has views across Brisbane from its St Pauls Terrace location, just 1.5 kilometres from the CBD.

The site’s original heritage bakery facade and feature interior elements of St Pauls have been carefully integrated into the development to preserve the history of the Valley with a convenient cafe offering a welcoming, local face to the modern community.

The 249 apartment development features a private rooftop retreat atop each tower, landscaped gardens, sun decks, a swimming pool and alfresco entertaining zone.

Renovaré, Yeronga

Renovaré Yeronga 174 Venner Road, Yeronga QLD 4104 

Price – One bedroom apartments from $389,000

The Gardner Vaughan Group Yeronga project Renovaré is offering its one bedroom apartment from $389,000. They’ve recently released their third stage, Vensuto, made up of 33 one, two, three and four bedroom apartments.

The project has achieved a five-leaf rating of sustainability from The Urban Development Institute of Australia (UDIA) which highlights the features and positive impact on the environment and community.

 

Article Source: www.urban.com.au

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Commercial Market Update – Gold Coast Cityscope April 2021

The latest research from Gold Coast Cityscope shows property sale figures have significantly decreased over the past three months. Sales recorded in the three months to March 2021 recorded 25 sales for a total of $64.3 million. Of this, $4.6 million was for commercial, $1.9 million was for commercial strata, $40.8 million was for retail, $5.1 million was for retail strata and $11.8 million was for other.

In comparison, the three months to December 2020 recorded 53 sales for a total of $106.8 million. Of this, $54.3 million was for commercial, $15.8 million was for commercial strata, $11.9 million was for retail, $15 million was for retail strata and $9.7 million was for other.

The latest data raises the 12-month total to over $371.7 million, only $7.4 million less than the previous 12-month period.

The table below shows sales recorded for the past eight updates of Gold Coast Cityscope:

The most significant sales recorded this quarter together totalled over $41.1 million.

Bunnings Robina has been sold for $28.05 million to David Feldman Developments Pty Ltd. Jacob Swan, Sam Hatcher and Nick Willis of JLL negotiated the sale, which represented an initial yield of 5.49% on a passing income of $1,540,531 (n). The 12,803 sqm warehouse was purpose built for Masters in March 2014 (Masters closed in late 2016) and converted for use by Bunnings 2018 (opened December 2018). The property includes car parking for 321 vehicles. Original development cost, $15.75 million.

Primewest Property Income Fund, an open-ended unlisted fund, has purchased Bluebird Early Education Centre in Robina for $7.25 million through Perpetual Corporate Trust Limited. The sale represented an initial yield of 5.86% on a passing income of $425,000 (n). The single-storey child care centre was purpose built in 2004 for Smarter Kids Kindergarten and was recently refurbished.

A Gold Coast investor has purchased 86 Bundall Road, prior to auction, for $5.8 million. The property includes a two-storey 2,017 sqm showroom/office building fronting Bundall Road and a single-storey, 90 sqm warehouse to the rear. Steven King and Marlon Crawford of Colliers International Gold Coast negotiated the sale.

Properties currently listed for sale include:

• 8-10 Windmill Street, Southport – a large warehouse to the rear with a ground floor showroom and first floor office space to the front. The property includes undercover car parking for 25 vehicles. Total building area around 1,645 sqm. For sale with an asking price of $4.25 million; agent, Corwells (Cody Hart).
• 3 Beach Road, Surfers Paradise – a 769 sqm vacant block of land. For sale with an asking price of $3.95 million; agent, Cushman & Wakefield Gold Coast (Richard McCouaig and Ed Howard).
• 46 Scottsdale Drive, Robina – a 4,719 sqm vacant block of land; agent, CBRE Gold Coast (Tania Moore and Mark Witheriff).
• 25 Griffith Street, Coolangatta – a two-storey building with a ground floor retail shop and a three-bedroom, two-bathroom residence upstairs. Building area, 348 sqm. The property includes a swimming pool and two-car garage to the rear. For sale with an asking price of $2.9 million; agent, Tsimos Commercial Real Estate (John Black).

Properties currently under contract (conditionally or unconditionally) include:

• 287 Scottsdale Drive, Robina – a 6,985 sqm vacant block of land, part of the M1 Business Precinct. Under contract; agent, CBRE Gold Coast (Mark Witheriff and David Corke).
• 9 Energy Circuit, Robina – a 4,781 sqm vacant block of land, part of the M1 Business Precinct. Under contract; agent, CBRE Gold Coast (Mark Witheriff and David Corke).
• 82 Griffith Street, Coolangatta – a 266 sqm, two-storey office building. Under conditional contract; agent, DJS Stringer Commercial (David Stringer).
• Home & Life Centre Robina – a 14,782 sqm home and retail precinct. Under contract; agents, JLL Brisbane and Savills Brisbane.

 

Article Source: www.corelogic.com.au

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Grant Hackett’s luxury beach front pad on Gold Coast’s ‘Millionaires’ Row’ hits the market

Former Olympian Grant Hackett has listed his luxury beachfront pad on “Millionaires’ Row” on the Gold Coast in the hopes of upsizing in Melbourne.

The three-bedroom villa at 1/100 Hedges Avenue, Mermaid Beach is located on the most prestigious beachfront strip in Queensland, mere steps away from beaches and cafes.

Hackett grew up in the adjacent suburb of Mermaid Waters. He said the opportunity to buy the home six years ago was too good to resist.

“I decided to move back to the Gold Coast in 2014. Who doesn’t want to move to the Gold Coast and live on the beach?” Mr Hackett told Domain.

“It’s a perfect spot. Steps away from the beach and I absolutely fell in love with it straight away.”

In the last four years, the gold medallist known as one of Australia’s best long-distance swimmers has relocated to Melbourne with his family.

Hackett snapped up the property for $1.5 million in 2014. Photo: Supplied

They have used the Gold Coast property as a holiday home since then and have decided it is time to sell.

“There’s no news yet but our family is growing down here in Melbourne,” Mr Hackett said. “We want to get a bigger property down here in Melbourne.

“When we do go up [to the Gold Coast] we are spending all our time with our family. It doesn’t make sense to hold such a beautiful property any longer.

“From our perspective, we’re sad to see it go but I’m sure someone else will get some pleasure out of it.”

The home also has two powder rooms. Photo: Supplied

The home, which has a total space of 331 square metres, spans four levels and has a double lock-up garage in the basement plus visitor parking.

The property has open-plan living and dining rooms that showcase the beach views.

It also has a private internal lift to take residents up to the fourth-floor rooftop terrace with panoramic views of the Coolangatta coastline back to the mountains.

The beachfront villa has panoramic views Photo: Supplied

Selling agent Troy Dowker of Kollosche said he anticipated the luxury modern villa would be in high demand.

“A luxury style villa is few and far between,” he said. “You get rockstar views from the rooftop terrace. It is a pretty amazing space.”

The property last sold for $1.5 million in 2014, records show.

It is scheduled to go to auction on May 30 at 9am.

 

Article Source: www.domain.com.au

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