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Brisbane housing woes won’t be fixed by more inner-city apartments, Grattan Institute says

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Brisbane housing woes won't be fixed by more inner-city apartments, Grattan Institute says

It’s no secret that buying a property in Brisbane is more expensive than it used to be.

Even though prices aren’t as high as Sydney or Melbourne, the housing affordability crisis is hitting those who can’t afford to buy a property but face increased rental prices.

A report by the Grattan Institute, released yesterday, said fewer than 50 per cent of Australians aged between 25 and 34 own their own property, with the highest income bracket the only exception.

The ratio of median Brisbane dwelling price to median annual gross household income was 5.7 in 2016, according to CoreLogic figures.

In 2001, that ratio was 3.7.

For many, moving further away from the inner city is the only solution to afford a slice of land.

Anita Cox has recently shifted 10 kilometres from the Brisbane suburb of Carindale to rent in Rochedale, in order to save money to buy a property closer to the city.

Rochedale resident Anita Cox
PHOTO: Anita Cox says rising property prices forced her to rent further away from the CBD. (ABC News: Donna Field)

“Back in the day mum stayed home with the kids, dad went to work, and they still had their house. Unfortunately that’s not a reality today,” she said.}

“I think it’s a little bit unfair for young people to get into the market.”

Sarah Guymer, who is pregnant with her second child, recently sold an apartment in Taringa but has found it impossible to afford a bigger property in the same area.

“We’re middle-class people with pretty good jobs but we still can’t afford to buy a house,” she said.

“The reality of that is I’m going to have to go back to work as soon as I can, and my husband won’t be able to spend as much time with his family because we have to move a lot further out.”

Ms Guymer said she had been outbid by interstate and overseas investors at recent auctions.

“It’s a bit disheartening to put in bids for houses and you go to your limit and it just gets snatched from underneath you from people who are just expanding their portfolio.”

Anti-development stance will cause long-term pain: experts

Apartments under construction in South Brisbane
PHOTO: The Grattan Institute says heritage restrictions and community opposition is hampering essential development. (ABC RN: David Lewis)

The Grattan Institute’s authors credited the construction boom on the fringe of the Brisbane CBD for keeping unit prices down, while comparable properties in Sydney and Melbourne have soared.

However, they said, that would not fix the city’s long-term housing affordability problem.

“While high-rise developments contribute to the supply of housing in good locations, they can only add so much to the housing stock because they are generally limited to the relatively confined area of city centres, especially in Melbourne and Brisbane,” the authors said.

They said Brisbane’s construction boom did not fill demand for medium density dwellings further out from the CBD.

More housing was required in Brisbane’s “middle ring”, the authors said, but that could be hampered by heritage restrictions.

Another major problem is community opposition to development.

“Any significant policy change to improve housing affordability is likely to encounter substantial opposition, even if the change is clearly in the public interest,” the authors said.

Natalie Rayment, a Brisbane town planner and responsible development advocate, said more housing was needed across the community.

“We need low-density, we need mid-rise, we need townhouses, we need aged care, we need student housing,” she said.

“That’s not all going to be met by some high-rise buildings in our inner-city.”

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Market Place

Brisbane’s real estate is leading the nation

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Brisbane's real estate is leading the nation

According to CoreLogic property analysts, Brisbane is leading mainland Australia in all four property performance indicators for the first time in more than a decade. But what does the record increase in home values mean if you’re looking to buy or sell the place you call home? Kieran Clair is the Director of Bricks and Mortar Media, and a regular guest on ABC Radio Brisbane on a Saturday morning. He is chatting with Loretta Ryan.

Source: www.abc.net.au

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Buying a blank canvas for your dream home: 5 big land blocks for under $540k

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Buying a blank canvas for your dream home: 5 big land blocks for under $540k
It’s becoming harder to find big blocks of land in Brisbane’s suburbs. Photo: iStock
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Buyer interest in next-gen suburb

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Buyer interest in next-gen suburb

Each double-storey home features a mix of three-bedroom and three-bedroom-plus-study designs, complete with multi-purpose room, two bathrooms, guest powder room and generous-sized living areas.

EVERTON Hills is earmarked as a ‘next-generation’ suburb, according to developer Sunland Group.
Sunland Group managing director Sahba Abedian said local government designated Everton Hills as a next generation suburb due to its proximity to existing and future retail centres, employment, and community facilities.

Buyer interest in next-gen suburb
The kitchens will feature reconstituted stone benchtops, high-gloss cabinetry, and quality appliances, and flow seamlessly to the indoor living areas

“The arrival of Park Lane later this year, as well as the planned redevelopment of the Woolworths site in Everton Park and North-West Private Hospital, are delivering considerable amenity to The Hills District,” Mr Abedian said.

“Everton Hills also adjoins the 630ha Bunyaville State Forest, renowned for its expansive nature trails and recreation spaces.

“Grovely Train Station is an easy four-minute drive away, with direct services to the Brisbane CBD.”

Located at the centre of this wave of new infrastructure is Sunland Group’s The Hills Residences, which had already seen 50 per cent of residences sold since its April launch.

Mr Abedian said the early sales success of The Hills Residences demonstrated the inherent value of sophisticated architectural design and established amenity.

Buyer interest in next-gen suburb
Bathrooms will feature large porcelain tiles, custom-made vanities, reconstituted stone benchtops, and premium fittings.

“These homes represent the latest evolution of Sunland’s award-winning designs, featuring striking framed facades and expansive landscaping,” he said.

“Each double-storey home features a mix of three-bedroom and three-bedroom-plus-study designs, complete with multi-purpose room, two bathrooms, guest powder room and generous living areas.

“A selection of homes enjoy aspects overlooking the central park and the adjoining nature reserve.”

Mr Abedian said the kitchens would feature reconstituted stone benchtops, high-gloss cabinetry, and quality appliances, and flow seamlessly to the indoor living areas.

While bathrooms would feature large porcelain tiles, custom-made vanities, reconstituted stone benchtops, and premium fittings.

Buyer interest in next-gen suburb
The early sales success of The Hills Residences demonstrated the inherent value of sophisticated architectural design and established amenity.

“One-third of The Hills Residences is dedicated to open space, with a large central park and 3,500sq m of preserved bushland located a short stroll from every home,” he said.

“Early construction works have commenced on site, with the display home on track to be delivered in early 2019.”

Buyer interest in next-gen suburb
One-third of The Hills Residences is dedicated to open space, with a large central park and 3,500sq m of preserved bushland located a short stroll from every home.

Source: www.news-mail.com.au

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