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

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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.

Originally Published: www.couriermail.com.au

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Opinion

Gold Coast house values record the biggest growth in Queensland

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Gold Coast house values record the biggest growth in Queensland

The Gold Coast has recorded the strongest growth in house prices in Queensland over the past 12 months.

GOLD Coast house prices are leading the way in Queensland, up six per cent in the past 12 months to an average $620,000.

The latest figures by the Real Estate Institute of Queensland show homes on the Glitter Strip are $35,000 more on the same time last year.

Unit prices are up 1.9 per cent to $428,000.

Gold Coast house values record the biggest growth in Queensland
REIQ data reveals houses on the Glitter Strip are worth $35,000 on the same time last year.

REIQ’s Queensland Market Monitor for March said the strong population growth came on the back of infrastructure projects such as the $550 million Gold Coast Health and Knowledge Precinct and M1 upgrades.

“The property market has been one of the big winners from the sporting event as the $1.5 billion infrastructure investment has boosted confidence and demand for housing in the region,” the report stated.

“We expect house prices will show an upward path in 2018. However, this growth will most likely be more moderate.”

A quiet real estate period leading up to, and during, the Commonwealth Games likely contributed to a slight drop (-0.3 per cent) in the March quarterly median sales price, the report reveals.

Gold Coast house values record the biggest growth in Queensland
Andrew Henderson says a growing population and employment opportunities were contributing to a strong property market. Picture: Jerad Williams

REIQ Gold Coast zone chairman Andrew Henderson said he expected interstate migration to continue to benefit the city.

“I expect the market to remain strong,” he said.

“There is a heavy amount of interstate buyers moving here.

“I was at an auction recently where the winning bidder was from Sydney and the underbidder was from Melbourne.”

Mr Henderson said growing employment opportunities were also attracting homebuyers to the city.

Gold Coast house values record the biggest growth in Queensland
The Gold Coast property market is expected to remain strong.

“We have some of the best health facilities in the country and our universities are world recognised.

“Those two things alone complement the tourism industry and the lifestyle aspects that the Coast offers.”

The report found the fastest-selling suburbs on the Coast included Worongary, Merrimac, Highland Park, Mudgeeraba and Carrara.

It also revealed the rental vacancy held tight throughout the first quarter of the year at 1.1 per cent.

Gold Coast house values record the biggest growth in Queensland
Andrew Bell says the Coast had evolved from a tourist town into a vibrant city with an expanding economy. Picture Mike Batterham

Ray White Surfers Paradise Group CEO Andrew Bell said the Games heralded the next chapter for the Coast, as it evolved from a tourist town into a vibrant city with an expanding economy.

“The city’s property market is riding the irreversible momentum that has now come to the Gold Coast in terms of economic diversity and with more employment options we will need more housing options for people,” Mr Bell said.

“We are no longer going to be subject to tourism upsides and downsides as we were in the past because our economy has well and truly diversified beyond just tourism.”

Source: www.realestate.com.au

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Opinion

Australia’s golden triangle of opportunity

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Australia's golden triangle of opportunity

It was great to be back on the Gold Coast for the 21st annual Australasian Real Estate Conference (AREC), attended by over 4,000 of Australia’s best industry professionals.  While I was there I was once again reminded of how much potential the South-East Queensland property market is offering both sea changers and investors at this stage in its market cycle.

In my view, Brisbane is the best market in Australia currently for short to medium term price growth, with the value gap between it and the other big East Coast capitals as large as I’ve seen it in many years.

When you factor in the key drivers for future growth – liveability, affordability, scale and future economic prospects, they all suggest that Brisbane is a market to invest in.  Check out the latest statistics from CoreLogic below.

Value gap – median house prices 

Brisbane $536,286

Melbourne $821,006

Sydney $1,019,093

Value gap – median apartment prices

Brisbane $385,121

Melbourne $573,673

Sydney $749,765

I’ve been bullish on Brisbane for many years and in hindsight, I called its next growth phase a couple of years too early. It’s had some growth in recent years but there is a lot more to come over the next few years.

According to McGrath’s top prestige agent in Brisbane, Alex Jordan, one of the dominant trends today is downsizers buying up luxury apartments.

Alex says: “Despite the reported oversupply in Brisbane’s inner city apartment market, we are seeing great strength in the prestige apartment sector.

“The luxury apartment market ($1M+) is driven by owner occupiers, particularly baby boomers and empty nesters, who are attracted to less maintenance and better accessibility.

“Popular suburbs include New Farm, Newstead, Teneriffe, Kangaroo Point, South Brisbane, St Lucia, Paddington and the Brisbane CBD. These areas offer a desirable lifestyle with an abundance of shopping, dining and entertaining precincts at their doorstep.”

South East Queensland has so many options for asset-rich, cash-poor southerners. Many of our customers in Sydney and Melbourne are looking closely at South East Queensland both for investment and a potential sea change. I believe its affordability will continue to attract record levels of interstate migration.

If you live in Sydney or Melbourne and you’re struggling with the mortgage and cost of living, Brisbane is a fantastic alternative. It offers big city job opportunities, high quality education options and the chance to transform your financial future.

The boom delivered Sydney and Melbourne home owners a capital gain of up to 75% – that’s enormous new equity that could be cashed in to fund an amazing new lifestyle with far less mortgage stress up north. Plus, you’d be buying in just before Brisbane’s next wave of price growth. It’s the perfect scenario.

I believe the area from the Gold Coast to Toowoomba and up to the Sunshine Coast is Australia’s golden triangle right now.

Toowoomba, with its expanded airport facilities which have opened up easy access to the south, is the perfect and affordable treechange destination. Known as Queensland’s Garden City, about 2,300 people moved here from Brisbane last year for its cheaper house prices and enjoyable regional city lifestyle.

Both the Gold Coast and Sunshine Coast are also appealing sea change options benefitting from a raft of new infrastructure that will drive further population growth and generate more local jobs.

Brisbane is one of the world’s great cities but I don’t think this is fully realised as yet. If you haven’t been to Brisbane for a number of years, get on a plane. This is a thriving city that offers many of the lifestyle amenities you love about the southern capitals but at a much cheaper price.

I think Brisbane will also become very attractive to migration and investment from Asia in the years ahead.

South East Queensland is offering opportunity everywhere for both owner occupiers and investors alike. Now’s the time to consider what Australia’s premier lifestyle market can do for you!

Source: www.switzer.com.au

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Opinion

REIQ CEO Antonia Mercorella on What’s Next for Brisbane’s Property Market

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REIQ CEO Antonia Mercorella on What’s Next for Brisbane’s Property Market

After five years of booming apartment construction, Real Estate Institute of Queensland chief executive Antonia Mercorella says Brisbane is now entering a new era of game-changing mixed-use development that has the potential to propel the city into a sophisticated lifestyle destination.

Brisbane’s real estate market is in the midst of a dramatic transformation, and combined with the Queensland government’s $45 billion infrastructure pledge, Mercorella says it’s exciting times ahead for the Sunshine state capital.

The Urban Developer spoke with Mercorella about what’s next for Brisbane’s transitioning property market.

REIQ CEO Antonia Mercorella on What’s Next for Brisbane’s Property Market

REIQ CEO Antonia Mercorella

TUD: Brisbane’s project pipeline: What’s new in Brisbane?

AM: The $3 billion Queen’s Wharf Project, Howard Smith Wharves, the new Brisbane Airport Redevelopment, the $5.4 billion Cross River Rail, the Brisbane Quarter and the new $350 million Herston Quarter are all developments changing Brisbane’s city skyline and creating dynamic economic and vibrant community hubs.

However, probably one of the most exciting projects to be unveiled is the Brisbane Live project which, if successful, will deliver an exciting Maddison Square Garden-type venue and precinct right in the heart of the city.

REIQ CEO Antonia Mercorella on What’s Next for Brisbane’s Property Market

Queens Wharf, Brisbane

TUD: Brisbane’s growing city: How is it changing?

AM: Queensland is home to more than five million people – and this figure is expected to grow. We’re seeing more people moving here in ever increasing numbers.

Queensland has overtaken Victoria as the state receiving the highest number of interstate migrants. Overseas migration to Queensland is the highest it’s been in more than a decade and this is driving demand for accommodation.

In addition, the way we live is changing.

Queenslanders have embraced apartment living, choosing to live in smaller spaces closer to work and entertainment precincts. According to CoreLogic, more than 17 per cent of Queenslanders live in apartments, higher than Victorians at 15 per cent. Of course, New South Wales leads the pack, with 22 per cent.

TUD: Brisbane’s inner city apartment market – where to next?

AM: Much has been made of the soft inner city apartment market. But will that continue? Or will value rebound as migrants move in and scoop up the bargains to be found?

The inner city apartment market is patchy but if you do your research there are good opportunities to be found. Albion, Bowen Hills and Brisbane City unit markets have grown in median unit prices over the past 12 months while Fortitude Valley eased 1.2 per cent.

To find out more about Brisbane’s changing real estate market join the REIQ Property Insider lunch. Speakers include:

Brisbane Lord Mayor Graham Quirk

CoreLogic research analyst Cameron Kusher, and

Realestate.com.au EGM Residential Andrew Rechtman

Tickets are selling fast to this event. Don’t miss an opportunity to get valuable insights into Brisbane 2.0.

What: REIQ Property Insider lunch presented by Aon

When: Friday 1 June

Where: Moda, Portside Hamilton

Cost: $155 non-members $130 members

Tickets: REIQ.com

Source: theurbandeveloper.com

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