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Brisbane CBD development approved for George St to house 534 units and retail



BRISBANE’S skyline will be dominated by a building to rival the city’s tallest, after council green lit a prime-site development.

Overlooking the top end of the Queen Street Mall, No 1 Brisbane marks the fifth 274m building to be approved by council as the constrained business district grows skyward.

The curved residential tower on George St would house 534 units near the Queen’s Wharf development.

Retail and hospitality spaces dominate lower levels.

City planning chairman Julian Simmonds said the development’s construction would create about 600 jobs. Another 180 retail and hospitality jobs were expected when the project was completed.

“The building’s ground floor, first three levels and podium balcony, including a bar, will be dedicated to retail and entertainment and open to the public, adding to the wide variety of shops and entertainment options on offer in the Queen Street Mall,” Cr Simmonds said.

“The development will also enhance the Burnett Lane precinct, adding to the dining and entertainment opportunities already available in the vibrant laneway, and will also deliver a brand new pedestrian laneway between Burnett Lane and Queen St.”

Brisbane CBD height limits are capped at 274m through Airservices Australia, Civil Aviation Safety Authority and the Brisbane Airport Corporation under international law to ensure flight path safety. However, Brisbane Lord Mayor Graham Quirk has called for the limits to be reviewed to encourage more growth in the city centre.

No 1 Brisbane’s artist impressions show striking glass frontages on George St and podium levels dripping in greenery that border Burnett Lane.

Developer 151 Property Core Plus, backed by property giant Blackstone, declined to return requests for comment.

Cr Simmonds said the development was an “appropriate fit for this prime inner-city site” that would help the city “accommodate our growing population while enhancing our new world city status”.

“By delivering a strong plan now, with a vision that looks to the future, council is improving quality of life for residents while ensuring our city has the services and infrastructure to meet the needs of future generations,” Cr Simmonds said.

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Queensland Construction Companies at ‘High Risk’ of Insolvency



Queensland Construction Companies at ‘High Risk’ of Insolvency
After a difficult 12 months for Queensland-based construction companies, insolvency experts have cautioned that there are tough times ahead.

Despite a steady period of growth and surging infrastructure activity, insolvency group SV Partners’ warned that more than 430 Queensland construction businesses are at high to severe risk of insolvency.

Smaller businesses related to the construction industry are being warned to keep an eye on their capital as activity faces a possible downturn.

The latest data from SV Partners’ Commercial Risk Outlook report said that while the construction industry has experienced steady growth so far in 2018 the benefits may not be shared among smaller construction service businesses.


Construction workers2

Plumbers, electricians, carpenters and residential builders are most at risk of financial collapse in the next 12 months.

SV Partners managing director Terry van der Velde said smaller construction services are more prone to a predicted residential building downturn and the least likely to gain from the rise in commercial activity.

“Industry bodies are forecasting a downturn in residential construction in the coming year, particularly in the apartment market due to oversupply, and there has already been reports of weakening apartment and unit dwelling approvals” van der Velde said.

“Construction companies need to keep a close eye on their cash flow to ensure they have enough capital to weather short to medium term cash flow shortfalls.”

SV Partners report showed 1,967 construction businesses, or three per cent of the industry, were at risk of failure.

It also found that a total of 12,338 businesses, or 2.4 per cent of incorporated Australian businesses across all industries, were at high to severe risk of financial failure over the next 12 months.

Construction site 3

Property is the country’s biggest industry contributing $200.9 billion (13 per cent) of GDP and is the nation’s largest employer with 1.4 million people.

“Construction businesses tend to be very interlinked, so when one business struggles to pay its creditors, it can have significant impacts on contractors in the chain,” van der Velde said

“Contractors in the finishing trades are often the first to be impacted by these struggles, as they are usually the last in the chain and hence the last to be paid, which creates cash flow strain.

Van der Velde says that despite these weaknesses, business can put in place strategies to cope with the changing conditions and make the most of opportunities.

“Implementing robust cash management strategies and well-thought- out capital structures can assist in future proofing a business.”

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Property price growth on Gold and Sunshine coasts outperforming Brisbane, REIQ report finds



Property price growth on Gold and Sunshine coasts outperforming Brisbane, REIQ report finds

PHOTO: Highgate Hill, Milton, Kelvin Grove and West End suffered the biggest sales price declines in the inner-city ring. (ABC News: Isobel Roe)

Several of Brisbane’s more expensive suburbs are among the biggest losers in the property stakes, a Real Estate Institute of Queensland (REIQ) report rating performance in 2017 has found.

The Queensland market monitor showed Highgate Hill, Milton, Kelvin Grove and West End suffered the biggest sales price declines in the inner-city ring, followed by Wilston, New Farm and Taringa.

Highgate Hill in Brisbane’s inner-south suffered a median price plunge of 17.9 per cent year-on-year to $937,500.

Milton’s median price fell 11.4 per cent to $855,000, compared to 2016.

In Kelvin Grove, the median sale price was down 7.9 per cent to $764,750 and West End dropped 6.3 per cent to $1,030,500.

But some Brisbane suburbs enjoyed strong growth.

Teneriffe in the city’s inner-north became Brisbane’s first $2 million suburb in 2017 with a median sale price of $2.4 million — up 30 per cent on 2016.

At the same time, Kangaroo Point and Kalinga joined the $1 million club, with median sale prices soaring 28.4 per cent and 22.5 per cent respectively.

REIQ media manager Felicity Moore said inconsistences in price growth throughout the city could be attributed to “supply issues”.

“When you see a price soften significantly, it could be that there’s an additional level of stock developed, such as house and land packages that meets the level of demand,” Ms Moore said.

Gold Coast skyline
PHOTO: The Gold Coast recorded an overall increase in median sale price of 7.7 per cent. (Supplied: Tourism and Events Queensland)

Beach lifestyle proving attractive

Both the Gold Coast and the Sunshine Coast outperformed Brisbane in terms of house price growth.

The REIQ report showed the Gold Coast recorded an overall increase in median sale price of 7.7 per cent and the Sunshine Coast achieved 5.9 per cent, while Brisbane only managed an average of 2.6 per cent.

Ms Moore said the rediscovery of the beach “lifestyle markets” was somewhat overdue.

“When you look at what those markets have to offer, the Gold Coast and Sunshine Coast are just world class coastal beachfront living at its best,” she said.

“They’re not densely populated, they’ve both got world class beaches, great shopping and good schools and the amenities that go into those communities are of a very high standard.”

She said 2017 results positioned the Gold Coast as the strongest market in Queensland and among the top 10 nationally.

“It’s a similar story with the Sunshine Coast, although for years the level of supply going into that market has been a bit constrained,” she said.

“It’s struggled from a long-time lack of construction of new dwellings and when there’s demand building up it puts pressure on prices.”

Mining downturn impact

The report indicated the mining downturn continued to impact parts of central Queensland.

In Blackwater, the median sale price nosedived 70 per cent to just $36,000 last year, down from $120,000 in 2016.

Five years ago, the average sale price was $450,000.

“It’s a very sad situation but there is good news on the horizon,” Ms Moore said.

“The global body that monitors coal demand is forecasting that from 2022 there’s going to be a global uptick in demand, so in anticipation of that we’re seeing some coal miners pull some smaller mines out of mothballs.

“There’s a level of confidence coming back into the coal sector.”

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The property clock strikes big for hot spot areas



The property clock strikes big for hot spot areas

9 Lion St, Ipswich. Picture:

DESPITE last month’s previous lacklustre values, analyst Michael Matusik has identified the areas on the upswing.

While property values remained fairly stagnant during February, property analyst Michael Matusik has revealed where the housing market is on the upswing.

Mr Matusik’s latest property clock for houses, has Brisbane, Gold Coast, Logan, Redlands, Sunshine Coast and Gympie all in upswing.

He said a market’s position on the property clock was based on the strength and direction of key indicators including sales numbers, price and rent, demand and how much new supply there was.

His latest Matusik Missive also listed Ipswich, the Fraser Coast and Noosa markets as heading into upswing territory.

Ipswich has many beautiful homes, often at prices well below what something similar would cost in Brisbane’s suburbs. A four-bedroom home at 9 Lion St,Ipswich is listed for $879,000.

The land the home sits on was bought in 1904 from the family of the then Ipswich Mayor Mr Pettigrew. A home was built on it in 1907.

The period home has 3.5m high ceilings, VJ walls, period window, and timber floorboards which have all been restored.

REAL ESTATE: 9 Lion St, Ipswich. Picture:

REAL ESTATE: 9 Lion St, Ipswich. Picture:

The home has two new bathrooms, a large separate dining area and study. It is listed through Steve Athanates of NGU Real Estate Ipswich.

On the Gold Coast at Robina, 196 Easthill Drive is listed for more than $850,000.

The three-bedroom home is within the Glades Golf Community.

It has formal and informal living and dining areas, and an outdoor entertainment area with a swimming pool nearby.

196 Easthill Drive, Robina. Picture:

196 Easthill Drive, Robina. Picture:

It is listed through Ian and Linda Mills of McGrath – Palm Beach.

On the Sunshine Coast at Noosaville a home at 15 Bluebell Court is listed for offers of more than $740,000.

The three-bedroom home is in a cul-de-sac in a residential pocket bordered by the Lake Doonella Reserve.

The single-level home has open plan living and dining areas. An outdoor area overlooks the pool and reserve at the rear of the property.

15 Bluebell Court, Noosaville. Picture:

15 Bluebell Court, Noosaville. Picture:

The property has a double lockup garage, plus on-site side parking for a boat or caravan, on the 975sq m block.

It is listed through Tansy Grant and Justin Sykes of Ray White – Noosa.

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