Apartment prices hitting fresh records: CoreLogic

Nearly two-thirds of the 560 record-breaking unit markets are in the capital cities

Most apartment markets around Australia have seen fresh highs, according to Eliza Owen, CoreLogic Australia head of research.

The report noted while some apartment markets in the inner cities struggle, demand was strong in suburbs offering desirable lifestyles.

Some 56 per cent of the 994 unit markets analysed are sitting at record highs.

There was an average growth of 16 per cent or $108,00 in value since the start of stage two restrictions in March last year.

The CoreLogic analysis shows nearly two-thirds of the 560 record-breaking unit markets are in the capital cities, seeing a $595,000 boost in value during the period.

Eliza Owen, CoreLogic Australia head of research, said that while some apartment markets in the inner cities continued to struggle, demand was strong in areas that were offering desirable lifestyles.

Owen expects to see continued increases in values in some of these markets through the rest of the year.

It comes as there are more signs of capital growth slowing in houses so Owen expects a little more acceleration pivoting to the unit segment.

Regional apartment value rises reflected the ongoing desire to “chase a more affordable lifestyle relative to capital cities.”

The analysis noted many inner-city suburbs continued to lag.

A total of 434 unit markets are still below their pre-pandemic levels, with 10 of the suburbs posting the largest decline in Greater Melbourne given the demand shock from closed international borders.

 

Article Source: www.urban.com.au

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How Newstead’s newest apartment development Bide is targeting the downsizer

The resident amenity is also focused around lifestyle and wellbeing. There’s a 600 sqm lush garden, known as Bide Gardens, which will feature private cabanas and barbecue facilities

The trend across the whole of Australia at the moment is for big apartments, as property buyers accept the future of a more work-from-home focused lifestyle.

And Dibcorp’s latest Newstead apartment development, Bide, is making sure it gives as much to its residents as it can without them leaving the Longland Street building.

Bide, a verb meaning to dwell or reside, comprises 89 apartments across the building, with demand high for the three-bedroom apartment, priced from $950,000. Not bad given the 121 sqm floorplate, the location – just three kilometres from the Brisbane CBD, dress circle address, and the overall designs and landscaping by Twohill & James, Wiltshire Stevens Architecture and Lat27.

The trio have made the building as liveable as possible, with buyers having the ability to customise the apartments, which are slated for completion in early 2023. There’s plenty of other upgrade options, from floor and curtains to kitchen fittings and appliances.

Bide 21 Longland Street, Newstead QLD 4006

They will bring the outside in, with floor-to-ceiling glazing opening to balconies with lush landscaping.

The resident amenity is also focused around lifestyle and wellbeing. There’s a 600 sqm lush garden, known as Bide Gardens, which will feature private cabanas and barbecue facilities.

“Bide embodies the belief that the spaces we inhabit are essential to a balanced life. It centres around the wellness of the occupier and how the space can compliment their lives,” Dibcorp suggest.

“Recent times have seen the world adapt to a new way of life. The effects of this new normality have transcended into our personal lives, our work, and the economy at large.

“One market that has greatly benefited from this change is the Brisbane property market. As investors from around the nation turn their eyes up north, Brisbane is now being recognised for what it is; a seemingly undervalued, and historically overlooked market.”

 

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Victoria & Albert Broadbeach set to launch in October

The Victoria & Albert Broadbeach apartment project marketing campaign will commence in October through Colliers.

The $800 million mixed-use development will feature more the 330 apartments across two residential towers rising 30 and 40 levels.

The East tower known as The Albert will comprise 114 two, three and four-bedroom apartments over 30 levels.

The west tower, known as The Victoria, will rise over 40 levels and deliver 219 apartments of one, two and three bedrooms.

Construction is expected to begin mid next year and take two years to complete, the first of many Gold Coast projects envisaged by Iris Capital, Sydney developer, Sam Arnaout.

The $800 million high-rise development on Broadbeach will transform Broadbeach’s Niecon Plaza which was purchased for $58 million earlier this year.

The development will also include 5458 square metres of retail, dining and office space over two levels.

It will be the biggest project on Broadbeach since The Oracle apartments by the Nikiforides family more than a decade ago.

It was the same family which built the Niecon Plaza.

The site was bought from the family of late seafood king George Raptis.

The holding came with council approval for towers of 28 and 35 storeys, with a retail hub running from Broadbeach Mall to Albert Ave.

“The opportunity to purchase the Broadbeach site was not taken lightly and is in line with what we have been looking for – a multi-faceted, mixed-use project with ground-floor activation that complements the vertical village we are proposing,” Arnaout said.

“In my opinion, this is the best site in Broadbeach to deliver a landmark transformative precinct that will be well received by the end-user market and become an important legacy project for the Gold Coast.”

“Broadbeach is on the move and a new destination precinct is long overdue to complement the growth the region is experiencing,” Arnaout added.

“Our plans have been carefully crafted to ensure this will be a destination for everybody to enjoy. With every project we undertake, we like to dive into the DNA of an area and deliver for the end user. V&A Broadbeach will meet those objectives and transform what is already one of the most dynamic and most recognised areas of the Gold Coast.”

 

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Iris Capital Unveils $800m Gold Coast Debut

Sydney-based Iris Capital is diving in deep to the booming Gold Coast development market with an $800-million, two-tower project at Broadbeach.

It has unveiled plans for the massive mixed-use redevelopment of the landmark Niecon Plaza site, which it acquired from the family of the late seafood king George Raptis for $58 million earlier this year.

The transformation of the large holding, with frontages to Victoria and Albert avenues, in the heart of Broadbeach is the biggest development in the suburb since the Nikiforides family—the original developers of Niecon Plaza—completed The Oracle more than a decade ago.

Iris Capital purchased the site spanning five titles with an existing development approval in place that was granted to the previous owner in 2015. It recently successfully applied for a four-year extension of the approval.

To be known as Victoria & Albert Broadbeach, the project will comprise a total of 333 apartments across its 30-level and 40-level towers, both topped with two sub-penthouses and a penthouse.

A fourth-level recreational podium will include a 25m lap pool, outdoor dining and barbecue area, a spa and steam room, Zen garden, yoga deck, resident’s lounge and kid’s club playground.

The DBI-designed project will also feature 5458sq m of office, retail and dining space across two levels.

▲ No brainer: Iris Capital identified Broadbeach on the Gold Coast as the prime site for its first project outside NSW. 

Iris Capital has interests in hotels, wineries, land subdivisions and major urban renewal projects.

Chief executive Sam Arnaout, who founded Iris, said the company had targeted Broadbeach for its Gold Coast development debut after identifying it as the city’s dominant beachside living suburb and premier retail, dining, entertainment and leisure precinct.

“The opportunity to purchase the Broadbeach site was not taken lightly and is in line with what we have been looking for—a multi-faceted, mixed-use project with ground-floor activation that complements the vertical village we are proposing,” he said.

“In my opinion, this is the best site in Broadbeach to deliver a landmark transformative precinct that will be well received by the end-user market and become an important legacy project for the Gold Coast.”

Arnaout said Iris Capital had been looking to expand its operations outside NSW for some time, initially exploring a move into Victoria.

“However, the way the market is heading and how buyers have responded to south-east Queensland has definitely driven our decision to expand further north as opposed to Victoria,” he said.

“The onslaught of investment and migration into south-east Queensland, the prospect of the Olympics in 2032 and regional growth over the next decade have certainly changed our strategic focus. For us, it’s a no brainer.”

 

Article Source: www.theurbandeveloper.com

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Wagner Files Plans for Mooloolaba Hotel

Toowoomba’s Wagner family is behind plans to build a new hotel in Mooloolaba next to an eight-storey car park.

Plans for the development have been lodged with the Sunshine Coast Regional Council.

Kenneth Wagner is planning a 182-room hotel, with a three-level podium with ground level commercial tenancies, and two levels of car and bicycle parking spaces.

Mode Design created the plans for an 13-storey tower on the corner block at 10-16 Brisbane Road and 7-9 First Avenue, Mooloolaba.

Wagner purchased the 2998sq m property in mid 2020, two years after the council decided to split the car park into two lots and create more paid parking in the area at a cost of $23.5 million. The site was valued at $8.4 million in 2018 and revalued prior to sale.

Minor Hotel Group are expected to operate the building and have a long-standing relationship with the developer, who also created the Oaks Toowoomba.

▲ Landscape designs on hotel development on Brisbane Road, Mooloolaba were designed by Project Urban. 

The plans are likely to receive approval with the council stating construction was expected to start in mid 2022 and be open in late 2023.

The design of the building is focused on the corner closest to the esplanade creating a “line edge curve” according to the architects.

“As a landmark corner site, the overarching design philosophy is to create a unique and memorable addition to the built environment of Mooloolaba,” the application said.

“The north-east corner of the site can be seen from the Mooloolaba Esplanade and demands a strong design response to entice people down from the foreshore.”

The region has undergone massive redevelopment with the Sunshine Coast approving $1.9 billion in developments in the 2021 financial year with 18,500 applications lodged.

Nearby at 1 The Esplanade, Aria Property Group have 2019 approved plans for another Mooloolaba hotel development which was recently redesigned.

▲ The carpark was split into two sites, one for the eight-storey carpark and the other for the proposed hotel development. 

The Wagner Corporation owns Wellcamp Airport in Toowoomba and recently Kenneth’s uncle and corporation chairman John Wagner unveiled three sets of plans for the area.

The first was a $230-million motorsport and arts centre in October 2020 and last month the corporation was working with the state government to build a regional quarantine facility.

This week it was announced a deal with US-based aviation giant Boeing for a facility to be built on surrounding land.

 

Article Source: www.theurbandeveloper.com

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History points to how much the Olympics is set to impact Brisbane’s apartment market values

Brisbane’s median apartment value reached a 2020 high of $390,000. Now it’s $425,777.

There’s been a significant uptick in apartments in Brisbane, as agents brace themselves for a wave of investment when the borders open.

According to property data firm CoreLogic, values rose 1.4 per cent over August, nearly triple the growth of apartments in Melbourne (0.5%). The rolling quarterly gain of apartments in Brisbane is 6.7 per cent.

Brisbane’s median apartment value reached a 2020 high of $390,000. Now it’s $425,777.

The growth trend is expected to continue, backed in large part by billions of dollars in investment from both private and public sectors as part of the pipeline for the 2032 Olympics.

A similar growth pattern was seen in the long lead up to Expo 88, the biggest Bicentennial celebrations of the arrival of the First Fleet in Sydney Harbour. In the 11 year build up, the Brisbane LGA median house price grew by 278.8 per cent, with prices in South Bank and its surrounding suburbs seeing 335.3 per cent gains.

The $625 million fair attracted more than 15.7 million visitors to Brisbane, and put South East Queensland on the map as a world recognised tourist destination.

A similar trend unfolded when the city hosted the 2014 G20 Brisbane Summit with property prices surging 112 per cent in Brisbane and 116 per cent in South Bank in the decade before the event.

With Brisbane starting to see an uptick in listings as part of Spring selling season, unlike much of Australia, Urban took a look at some of the best Brisbane apartments for sale on Urban.com.au.

1. Trellis, South Brisbane

Trellis 20 Edmondstone Street, South Brisbane QLD 4101 

Aria Property Group are a decorated Queensland developer who have continued to improve sustainability across their South East Queensland residential apartment developments with their newest tower, Trellis.

Described as both the most sustainable and livable to date, all 110 of the two and three bedroom apartments in the 12 story building have been designed by Rothelowman.

Reminiscent of an urban retreat, Trellis reflects a new style of resort living with 1,119 sqm of recreational amenity across the Temple of Wellness on the ground floor and the Residents’ Rooftop Club on level 13.

Apartments in Trellis start from $739,000 for a two-bedroom, two-bathroom apartment. Three-bedroom apartments are priced from $1,084,000 to $1,224,000.

2. Bide, Newstead

Bide 21 Longland Street, Newstead QLD 4006 

Bide is the latest Newstead residential offering by Dibcorp Properties. It has been designed in collaboration with architects from Twohill & James, Lat27 and Wiltshire Stevens Architecture.

It presents a new way of inner-city-living, with a range of special inclusions and an urban green space exclusively for residents to relax, unwind and even work from home.

Bide comprises 89 spacious one, two and three-bedroom apartments just three kilometres from the CBD.

Two-bedroom apartments start from $635,000.

3. Silk Lane, Woolloongabba

Silk Lane 8-12 Trafalgar Street, Woolloongabba QLD 4102 

Silk Lane will give residents the best seats in the house when the sporting arena is back in a post-lockdown world.

The building’s architectural façade, designed by Nettleton Tribe Architects, draws inspiration from the angular shapes of metal structure incorporated in the neighbouring Brisbane cricket ground, The Gabba. The appropriately named Skystand will look over the wicket for The Ashes, and the main hub of the 2032 Brisbane Olympic track and field events.

Developed by Sarazin, Silk Lane will home 306 one, two and three-bedroom apartments.

Prices start from $449,000.

4. Rivello, Hamilton

Rivello 15 Wharf Street, Hamilton QLD 4007 

There’s only a handful of apartments left at Rivello, the luxury apartment development by Brookfield Properties in Hamilton.

The 21-level building designed by Cottee Parker Architects has netted over 80 per cent of sales of the block of 150 apartments.

Brookfield Residential Properties’ Managing Director, Lee Butterworth, said buyers had responded well to Rivello.

“There is certainly significant demand for Brisbane property in the current market and buyers recognise Rivello represents a rare opportunity to purchase a new apartment in a building on the Brisbane River,” he said.

 

Article Source: www.urban.com.au

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Broadbeach developers pivoting to owner-occupier apartments as Old Burleigh Road tower plans are lodged

Despite the unlimited heigh limit at 131 Old Burleigh Road, the local Dovrat family have opted for a more boutique tower, aimed at the owner-occupier or downsizer

Despite offering developer unlimited height restrictions, some developers in the Gold Coast suburb of Broadbeach are opting for more boutique projects, as the demand for bigger apartments at higher price points continues to heighten.

The newest plans will see a boutique block of just 10 full floor apartments built, one of which, the penthouse, which will span two levels.

Despite the unlimited heigh limit at 131 Old Burleigh Road, the local Dovrat family have opted for a more boutique tower, following in the footsteps of the likes of Little Projects Co. and Marquee Developments.

The Old Burleigh Road apartments will have 288 sqm of internal living area, with a further 58 sqm of balconies, including an east-facing 43 sqm balcony off the open plan living, kitchen and dining area. Each of the three bedrooms will have a walk-in wardrobe and an ensuite. There will also be a multipurpose room.

The whole floor apartments run to level 12, where the two-level penthouse starts. That will have a private rooftop terrace with its own wet edge swimming pool, dining area, outdoor kitchen, lounge area, and a sauna.

The plans for 131 Old Burleigh Road. Image credit: Raunik Design 

The resident amenity will be across levels one and two and will include an entry lobby, a swimming pool, a private dining space with kitchen, and a gym.

The town planning report by Planit Consulting stated the proposal by Raunik Design is of high architectural quality, expressing a luxurious and contemporary design through bold horizontal elements that complements the coastal character of the local area.

“The façade is comprised of naturally forming elements such as glass and concrete and incorporates black aluminium frames and horizontal battens. The elegant concrete façade wraps around each floor floated by tinted glass allowing for natural light in addition to shading and privacy and unobstructed views in every direction.

“The use of glass on the ground and mezzanine level activates the streetscape creating visual interest on a pedestrian scale. The built form presents low site coverage and substantial setbacks at the first two levels to create a legible entry and contribute positively to the streetscape.

Given its proximity to Surfers Paradise, traditionally Broadbeach has been a magnet for high density apartment towers, some with hundreds of apartments. But that’s left a gap in the market for the downsizer or owner-occupier, who ranks space over location.

One of the next boutique projects to launch is Aperture, just 29 full floor apartments at 20 Mary Avenue. That’s being developed by Little Projects Co, who recently sold out their $200 million Signature Broadbeach tower nearby.

They’ve had the award-winning architect Elenberg Fraser design the building.

The Brisbane-based Marquee Developments recently lodged plans for a 20-level tower of just 22 apartments at 17 Federation Avenue.

Hayes Anderson Lynch Architects have drawn up the plans for the 62 metre building which willl have six two-bedroom apartments, six three-bedroom apartments and 10-four bedders. It will also be crowned by a two-level penthouse.

 

Article Source: www.urban.com.au

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