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Brisbane’s prestige market on fire, starting spring with mega sale

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Brisbane’s prestige market on fire, starting spring with mega sale
This home at 77 Macquarie St, Teneriffe, has sold at auction for $4.6 million.
This home at 77 Macquarie St, Teneriffe, has sold at auction for $4.6 million.

IT’S been a strong start to spring for Brisbane’s prestige market, with one of the city’s most in-demand riverfront homes selling under the hammer for $4.6 million — chalking up the biggest sale in Queensland in the past week.

The luxury house at 77 Macquarie Street, Teneriffe, was snapped up at auction by a local family in another sign the city’s top end is on fire despite an overall cooling in the housing sector.

Set on the riverfront with spectacular views, the property is one of just 23 homes in the northeast facing Catalina development, and features four bedrooms, three bathrooms and 488 sqm of opulent living space spread over three levels.

Regarded as “the” blue chip riverfront investment when it was developed 12 years ago, the Catalina homes are tightly held and hotly contested whenever they go up for sale.

The view from one of the balconies of the Catalina home at 77 Macquarie St, Teneriffe.

The home at 77 Macquarie St was marketed by Matt Lancashire and Brandon Wortley of Ray White New Farm.

Mr Wortley said the property attracted four registered bidders at its auction on Saturday in front of a crowd of about 80 people.

The opening bid was $4 million and quickly rose to $4.55 million before it went on the market at $4.6 million and sold to the winning bidder — a local family looking for a change from their current riverfront home.

This home at 77 Macquarie St, Teneriffe, has sold for $4.6 million.

“Bidding was pretty quick, which is a really good sign — once it kicked off it was quite frenetic,” Mr Wortley said.

He admitted it was rare for top end homes in that price range to sell at auction in Brisbane.

“As you go up the chain in price, it does become harder, but that part of the market has just had such a good run in the past 12 to 18 months,” he said.

“Those people showing serious interest in the property weren’t people who are looking on the internet every weekend; they’re happy to wait in the shadows and then jump when something like this comes up.”

The living room at 77 Macquarie St, Teneriffe.

Macquarie Street is regarded as one of the premier streets for real estate in Brisbane, with Ray White New Farm selling about $30 million worth of property in this street alone in the past few years.

Mr Wortley said an entry level house on Macquarie Street cost “well in excess of $4 million”.

Recent sales include 37 Macquarie Street, which sold for $5.1 million in February this year through Hamish Bowman and Matt Lancashire, and 53 Macquarie Street, which sold for $5.236 million in March through Christine Rudolph.

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The outlook from the living room at 77 Macquarie St, Teneriffe.

On Teneriffe Hill, 48 Teneriffe Drive sold for more than $4 million, an architectural home at 78a Chester Street sold for $3.25 million through Belle Property New Farm.

And artist Wendy Moore and her architect husband Jonathan Williams fetched $2.85 million for their renovated home at 95 Little Chester Street.

Records show 77 Macquarie St last sold for $3.785 million in December, 2014.

Tara Routledge and Jon Haseler at the Magic Millions launch party in Surfers Paradise. Photo: Inga Williams. Mr Haseler has sold his riverfront Brisbane home for $4.6 million.

It was owned by the real estate developer Jon Haseler, who owns leading horse stud Glenlogan and is the managing director of QM Properties.

The house is on a 365sq m block and features multiple living areas, including a television room, a library, games room and an outdoor entertainment area.

This Catalina home at 77 Macquarie St, Teneriffe, has sold for $4.6m at auction.

The home is about 2km from the Brisbane CBD and is accessed through a private security gate.

It has hardwood flooring, fully-ducted, zoned airconditioning throughout and an alarm and intercom system.

There is an internal store room and wine storage.

Outdoor area at the home at 77 Macquarie St, Teneriffe.

The sale of 77 Macquarie St was the biggest transaction in Queensland this week, according to property data firm CoreLogic.

Another big sale this week was a contemporary four-bedroom, four-bathroom house at 179 Ninth Avenue, St Lucia.

It fetched $2.2 million at auction.

And a five-bedroom, three-bathroom house on 817 sqm at 17 Henderson Street, Bulimba, also sold for $2.2 million through Place – Bulimba.

Despite the strong results at the high end of the market, auction volumes were down in Brisbane for the first weekend of spring, with 136 auctions held.

The preliminary clearance rate increased to 47.1 per cent from 43.9 per cent last week.

On the Gold Coast, only 28 per cent of the 25 reported auctions were successful.

The view from the Catalina home at 77 Macquarie St, Teneriffe.
The home at 77 Macquarie St, Teneriffe, has sold at auction.

Originally Published: http://www.weeklytimesnow.com.au

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Residential

The Brisbane suburb where landlords are cashing in on Commonwealth Games

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The Brisbane suburb where landlords are cashing in on Commonwealth Games

AGENTS in Brisbane’s inner western suburbs are reporting an earlier start to the peak rental season with a surge in inquiries in the first week of the new year.

Figures from the Residential Tenancy Authority confirmed rents for apartments in Toowong and St Lucia were bucking general trends across Brisbane.

According to the data, there were 242 two-bedroom units rented in the September quarter in 2017, for a median rent of $415 a week.

In the corresponding quarter in 2015, a total of 183 two-bedroom apartments rented for a median rent of $390 a week.

There was an even more significant growth in prices for one-bedroom units, with 104 one-bedroom apartments rented in the September quarter for a median rent of $380 a week. That compared with just 64 one-bedroom units renting for a median rent of $339 a week in the same quarter in 2015.

“We have been amazed by the good numbers booking inspections and we are renting properties on the first and second viewings, often with multiple applications,” Belle Property Toowong director Robin McIlwain said.

“We have not experienced this sort of activity for five years and are most encouraged by the apparent change in the market.”

“Despite predictions by many that there would be a glut of apartments for rent in the area, there seems to be strong demand for rental accommodation across all types of property, and apartments are as popular as ever.”

Ms McIlwain said demand was rising as a result of a number of influences.

“We have seen our first growth in population in southeast Queensland since 2009 and as soon as we have people moving back to Brisbane, areas like Toowong feel the benefits first,” she said.

Ms McIlwain attributed the early rush for rentals to the University of Queensland commencing slightly earlier this year because of the Commonwealth Games.

Ms McIlwain said the popularity of UQ, which was ranked as one of the top 100 universities in the world, and the popularity in particular of its Business School, had resulted in more enrolments.

“This brings more academic staff and their families as well as students to the area,” she said

Originally Published: www.couriermail.com.au

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Residential

Converted churches make for heavenly retreats

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Converted churches make for heavenly retreats

WANT to get away from it all? Renovated church homes could be your own slice of heaven with cathedral ceilings and light-filled stained glass windows — and the price is a Godsend too.

WANT to get away from it all? Renovated church homes could be your own slice of heaven with cathedral ceilings and light-filled stained glass windows — and the price is a Godsend too.

Three on the market in Queensland right now were priced from $150,000 — for a fixer-upper church three hours from Brisbane, to $250,000 two hours away and about $660,000 an hour and a half away from the capital.

Among the oldest renovated church homes on the market right now was a five bedroom, three bathroom property built in 1885 which is on the market for offers over $659,000.

The former St Thomas church towers over surrounding homes. Source: Supplied

The former St Thomas church towers over surrounding homes. Source: Supplied

Heavenly entrance. Source: Supplied

Heavenly entrance. Source: Supplied

 

The lychgate is being used as a gazebo .Source: Supplied

The lychgate is being used as a gazebo .Source: Supplied

The former “St Thomas” Church at 2B Allan Street, North Toowoomba, was being marketed as being “a sign from above” by agent Robbie Witt of Colliers International Residential — Toowoomba.

“If you are sick and tired of spending your Saturdays looking around the same brick boxes, and feel like you’re a square peg being forced into a round hole, this property is the answer.”

He said it was a “multi-year renovation that saw the home also end up with a separate office and four living spaces.

The original windows are celebrated. Source: Supplied

The original windows are celebrated. Source: Supplied

The ceilings are so high they accommodate a mezzanine level. Source: Supplied

The ceilings are so high they accommodate a mezzanine level. Source: Supplied

Loads of space to play with. Source: Supplied

Loads of space to play with. Source: Supplied

“As well as beautiful cottage style gardens (with original lychgate) and off street parking for three cars, you get all the grandeur you would expect from a previous place of worship.”

He said original features could be seen everywhere from the lead glass to heavy oak entry door, pointed stained glassed windows, original timber floors, and soaring 6.3m vaulted ceilings.

Another church on the market was at lot 124 Barron Street, Hendon — nicknamed The Vatican — that’s priced at $250,000.

The three bedroom, two bathroom, three car space acreage property was 116 years old, according to agent Mark Mauch of Southern Downs Realty — Warwick.

Lot 124 Barron St, Hendon Qld 4362 Source: Supplied

Lot 124 Barron St, Hendon Qld 4362 Source: Supplied

That’s a long way up to dust for cobwebs. Source: Supplied

That’s a long way up to dust for cobwebs. Source: Supplied

The former church is a substantial size for a house. Source: Supplied

The former church is a substantial size for a house. Source: Supplied

“Built in Warwick in 1901, and named Williams Hall the building was moved to its current location from the Uniting Church grounds in Guy Street Warwick in 1998,” was how he described it in his listing.

The former church was on a large 1.9 acres across three titles 15 minutes north of Warwick and 40 minutes south of Toowoomba.

Among the original features that are outstanding were the original arch doors and stained glass windows.

In Goomeri, three hours northwest of Brisbane, a renovated church that was built in 1950 has hit the market.

Agents Margaret and Gary Long of Murgon Real Estate — Murgon were looking for a price of just $150,000 for the property at 28 Jones Street.

28 Jones Street, Goomeri Qld 4601 Source: Supplied

28 Jones Street, Goomeri Qld 4601 Source: Supplied

Very spacious indeed. Source: Supplied

Very spacious indeed. Source: Supplied

The back veranda. Source: Supplied

The back veranda. Source: Supplied

The four bedroom, two bathroom, triple car space converted church home was on a large 1,012sq m block of land.

“This church has been carefully converted and extended to a comfortable four bedroom home,” was how it was described.

Some original features were retained and the home has polished timber floors, large open plan living, a rear deck and a two bay lockable garage with carport.

Originally published: www.news.com.au

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Residential

National apartment statistics: Two-bedroom apartments most attractive to Aussie buyers

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National apartment statistics: Two-bedroom apartments most attractive to Aussie buyers

Property consultants Urbis surveyed 37% of brand new and off the plan apartments across Sydney, Melbourne, Brisbane, Perth and the Gold Coast in the September 2017 quarter, recording a total of 1,241 sales. This is a 35% decrease in sales from the previous July quarter which recorded a spike in sales, though similar to the March 2017 quarter (38% of market surveyed), which recorded a total of 1,360 sales. Of the surveyed apartments nationally, 75% are now sold.

Urbis monitored over 100,000 actively selling apartments across 704 developments nationally, of which 69% are currently under construction or built. Despite the sales slowdown, the number of available apartments remaining to sell is at the lowest level in years.

National Director of Property Economics and Research, Clinton Ostwald, said, “At the end of the quarter, only 9,827 surveyed apartments remained available for sale, compared to 12,548 apartments at the same time last year. Fewer new apartments are launching to the market, leading to fewer sales, however, the existing product is still selling though at a slightly slower rate.”

PRODUCT
Two-bedroom, two-bathroom apartments were the most popular selling product, accounting for 47% of total sales, compared to 39% in the previous quarter. One-bedroom, one-car park apartments were the next most popular product type making up 23% of total sales. Three-bedroom plus product recorded 13% of total sales, the same rate as the previous quarter.

Looking at projects currently under construction, an average of 55% of future supply across the country is made up of two-bedroom apartments, while one-bedroom apartments make up 32%, with the remainder being three-bedroom plus units and studios.

PRICE
Across Australia, the weighted average sale price decreased by $36,672. This decrease was only felt across Brisbane and Perth, which impacted the overall price as surveyed sales in these cities made up 46% of the sample.

Mr Ostwald said, “The number of apartments on the market which had recently been completed had an impact on price, as developers, particularly in Brisbane and Perth, were keen to move existing product.

“Across the country quality apartments in highly sought-after locations are selling first, quickly achieving their presale targets.”

In Perth, 44 percent of actively selling apartments are now built. Similarly, in Brisbane 35 percent of projects have completed. In Sydney and Melbourne, respectively, only 14% and 10% of actively selling apartments are built. Nationally, the weighted average sale price for a built apartment was $657,000, for an apartment under construction $788,000, and for an apartment in presales $914,000.

FUTURE SUPPLY
Sixty-nine developments yielding over 11,000 units settled in the quarter, the majority of these being in Brisbane (31%), Melbourne (33%) and Sydney (31%). Additionally, nineteen projects yielding just under 2,000 apartments sold out in the quarter.

Twenty-nine projects yielding over 4,000 apartments launched nationally in the quarter, compared to 56 projects yielding over 6,000 apartments in the same period last year. As well as a slowdown in project launches, only 7,047 apartments were approved, the lowest number of approvals since the beginning of 2014.
Mr Ostwald noted, “The slowdown in supply along with demand was a positive sign for the apartment market.”

“In 2018, over 44,000 apartments are expected to settle across all five cities, including approximately 10% of which belong to already sold out developments. The skyline and the way we live in Australia is changing, however, the pace is currently maintainable. Currently, there are approximately 131,000 apartments in development application and approval across the five cities and new development approvals are slowing down.

“Of course, not all of these will come to the market, and the level of demand will regulate what does sell and is eventually built.

“In Q3, each state had their own story to tell about market conditions, however, the united message was one of stability.

“In Brisbane, fewer launches, combined with competition from built product that hasn’t been able to settle suggests we won’t be seeing sales numbers increasing, but rather maintain at the current pace.  Elsewhere in Queensland, with the festive season and the lead up to the Commonwealth Games, The Gold Coast is quite active for property developers.

“In Sydney, owner occupiers and local state investors made up 86% of total transactions this quarter, so we can see that in current conditions the market is very much a local one. The Melbourne market is still very much in presales, and almost 50% of active selling projects in Inner Melbourne has not yet commenced construction. While in Perth, we are seeing sentiment improve the economy and property market, and we expect to see population growth levels improve, leading to more demand.” said Mr Ostwald.

Urbis Apartment Essentials Q3 2017 snapshot:

  • 1,241 sales were recorded in the September 2017 quarter across:
    • Sydney (381 sales, 19% of market surveyed, market size 41,844 units)
    • Melbourne (291 sales: Inner Melbourne 131 sales, 22% of market surveyed, market size 32,636 units – a further 160 sales were recorded in the middle-ring)
    • Brisbane (300 sales, 62% of market surveyed, market size 18,441 units)
    • Perth (276 sales, 88% of market surveyed, market size 10,681 units)
    • Gold Coast (153 sales, 83% of market surveyed, market size 4,519 units)
  • Weighted average sale price recorded at $822,570, a national decrease of $37,000.
    • Sydney – $1,205,774 – $47,000 increase
    • Inner Melbourne – $737,473 – $82,000 increase
    • Brisbane – $644,667 – $81,000 decrease
    • Perth – $608,424 – $53,000 decrease
    • Gold Coast – $676,307 – $48,000 increase
  • The most popular product type was two-bedroom, two-bathroom product at 47% of total sales. Across the cities the highest selling product types were:
    • Sydney – Two-bedroom, two-bathroom apartments – 32%.
    • Inner Melbourne – Two-bedroom, two-bathroom apartments – 27%.
    • Brisbane – Two-bedroom, two-bathroom – 50%
    • Perth – Two-bedroom, two-bathroom – 60%
    • Gold Coast – Two-bedroom, two-bathroom – 69%
  • 31% of actively selling apartments are in presales, 49% are under construction and 20% are recently built.

ENDS
For media enquiries contact: 
Rebecca Parry, DEC PR
Ph: 02 8014 5033 E: urbis@decpr.com.au

About Urbis

Urbis is a market-leading firm with the goal of shaping the cities and communities of Australia for a better future. Drawing together a network of the brightest minds, Urbis consists of practice experts, working collaboratively to deliver fresh thinking and independent advice and guidance – all backed up by real, evidence-based solutions.

Working across the areas of planning, design, policy, heritage, valuations, transactions, economics and research, the expert team at Urbis connect their clients in the public and private sectors to a better outcome, every time.

Originally Published: www.military-technologies.net

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