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Construction of 10,000 apartments in Brisbane indefinitely deferred: BIS Oxford

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Brisbane unit market ‘a buyer’s market’

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Brisbane unit market ‘a buyer’s market’

The current state of Brisbane’s unit market is a viable option for investing in the capital city, a property specialist has claimed.

After reports by BIS Oxford Economics about Brisbane facing a unit oversupply, with around 20 per cent of its apartments remaining empty, Selena Corness, buyer’s agent at Universal Buyers Agent, said that right now is the right time for interested investors to enter into Brisbane’s market.

“Now is absolutely the time to buy and diversify your portfolio,” Ms Corness said.

“In the past 18 months, there have been a lot of new residential multi-storey unit complexes completed within a [two kilometre] radius of Brisbane CBD… [and] this has flooded the market and pushed prices down.”

As a result, Ms Corness said that buyers have panicked and pulled out. Investors can use this confusion to their advantage and find an entry point into the market via an affordable unit.

“By buying smart and taking advantage of the market, buyers are really in the driver’s seat,” the expert said.

“It’s a real ‘glass half full’ view — you could choose to see the doom and gloom side of the market and see it as half empty or appreciate it for what it is as a buyer: an opportunity.”

In order to enter the market, Ms Corness said that buyers need $300,000 in pre-approved finances, which will allow for investors to enter the premium markets of New Farm and Teneriffe.

“Not too long ago, living in these inner-city locations would have been a dream for most buyers, but now [that] prices are at the bottom end of the market, it’s a dream that can become a reality,” Ms Corness said.

“We know that prices will not continue to stay this low, so there is a lot of opportunit[ies] to make smart investments that will create great returns in the long term.”

As an example, Ms Corness pointed out how a unit developer cut its prices by nearly 25 per cent to try and sell its last units, from approximately $630,000 to $475,000, emphasising the room prices can grow back up to when the market corrects itself. However, deals such as this, she warns, are complicated to find.

“If you have $600,000 to invest in the Brisbane property market, my recommendation would be to split it and buy two units in different buildings aiming for an immediate minimum gross rental yield of 5.5 per cent,” Ms Corness said.

Source: www.mortgagebusiness.com.au

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Brisbane suburbs earning double what the average worker does

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Brisbane suburbs earning double what the average worker does

Amanda Wolski at 2837 Old Cleveland Road, Chandler, which is on the market for $1.15m. Picture: AAP Image/Josh Woning.Source:News Limited

HOMES in these suburbs earn double what the average worker does, raking in as much as $724.66 a night as their owners sleep.

Latest figures from realestate.com.au and CoreLogic showed the top 10 Queensland suburbs for capital growth in the last year came out of the southeast corner of the state, the bulk of which were in Brisbane and Ipswich.

Chandler in Brisbane’s southeast topped the capital gains of the 10 best performing suburbs in the state when it came to daily earnings, with homes there bringing in a whopping $724.66 a day without their owners having to lift a finger. At $264,500 for the year, that’s about as much as the average futures trader earned in salary last year according to the Australian Taxation Office ($264,830).

Homes in Yeerongpilly were making their owners $506.85 richer every day ($185,00 annually) – which was like having a petroleum engineer in your wallet ($185,808), while Indooroopilly houses were cranking out a $495.89 boost in value daily ($181,000p/a) which was a public servant deputy level salary ($181,849).

Top performer percentage wise was Kurwongbah in Moreton Bay (32 per cent), four of the top 10 suburbs were in Brisbane (Yeerongpilly 28.2 per cent, Corinda 25.6 per cent, Indooroopilly 22 per cent and Chandler 21.5 per cent), the same out of the Ipswich region (Willowbank 27.7 per cent, Brightview 23.1 per cent, Chuwar 21.7 per cent), and Boonah in Scenic Rim also made the cut (20.9 per cent).

Agent Nyree Ewings of LJ Hooker Birkdale-Wellington Point said Chandler’s big earnings were not a surprise given the size of its blocks and Goldilocks proximity to the city, ocean and Gateway Motorway.

“It’s the most affordable acreage with good access to the city,” she said. “That’s the exciting part – there’s a package for every style of acreage there.”

“The reason there’s been so much capital growth there is people wanting a good old fashioned lifestyle but still within reach of the city and water.”

She said entry level in the area was over $1m now such as 2837 Old Cleveland Road which has 2.36 acres, two four-bedroom houses and a massive eight car spaces.

Its owner Amanda Wolski put the Chandler property on the market for $1.15m – “an entry level price”.

“I know it’s a good area. I did build it 12 years ago. It’s just beautiful out here, private, it feels like you’re in the country but you’re just 20 minutes to the city, private schools, close to the Gateway Motorway. You can be on the coast in an hour. The location is just incredible.

“It’s been the most beautiful place to raise children, they’ve had horses, guinea pigs, been in the pony club for years, had motor bikes, go carts, chickens, geese, campouts, firepits. We will miss that most plus just the peace and the trees.”

Ms Ewings said the home was attracting developers looking to land bank as well as locals keen to get into acreage as well as people from outside the area.

QLD TOP 10 CAPITAL GAINS

HOUSES

1 Kurwongbah 32% gain; $452.05 a day; $79.33p/hour

2 Yeerongpilly 28.2%; $506.85 a day; $88.94p/hour

3 Willowbank 27.7%; $246.58; $43.27

4 Corinda 25.6%; $457.53; $80.29

5 Brightview 23.1%; $164.38; $28.85

6 Indooroopilly 22%; $495.89; $87.02

7 Chuwar 21.7%; $273.97; $48.08

8 Chandler 21.5%; $724.66; $127.16

9 Boonah 20.9%; $157.53; $27.64

10 Basin Pocket20.6%; $132.88; $23.32

(Source: realestate.com.au)

Source: www.news.com.au

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Why savvy Brisbane buyers are targeting 600 square metre development sites

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Why savvy Brisbane buyers are targeting 600 square metre development sites
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