Properties like 6 Midson St are in hot demand as buyers search to get more bang for their buck.The Petrie property sold for $555,000 in March after 23 groups were shown through the home. RE/MAX Ultimate Sales associate David Merryweather said the buyers were moving from the south side of Brisbane as they saw they could get more value for money.
The kitchen at 6 Midson St, Petrie.
“They wanted space and they wanted a leafy suburb for when they consider starting a family down the track,” Mr Merryweather said. The couple saw potential in the property for future extensions, with a storage area beneath the perfect space to build additional bedrooms or living areas.
One of the bedrooms at 6 Midson St, Petrie.
Mr Merryweather also said there was nowhere near enough stock to keep up with the demand in the area, with families still wanting a decent sized yard flocking to the area.
Outside 6 Midson St, Petrie.
“I have lots and lots of buyers I’ve spoken to in that area (but) we’ve got more buyers than we’ve got homes for,” he said.
“There’s not a great deal for sale so the properties that do come to market tend to attract a fair bit of attention.”
Brisbane may not be the most popular Queensland location to invest into compared to other markets, but it is certainly seeing a rise in demand and in median price, according to new data.
Data from realestate.com.au’s Property Outlook – July 2018 report shows that demand in Brisbane is up 5.9 per cent year-on-year. Both houses and apartments are up, with rises of 6.7 per cent and 4.5 per cent respectively.
The report stated that offshore property searches are very active and is the most popular capital city for demand from this particular investor type.
The overall median price saw a rise of 1 per cent to $485,000, with the report noting that the timing in the cycle seems to be moving out of sync with Sydney and Melbourne, claiming “prices never increased to the same level and it remains far more affordable”.
Overall, metro Brisbane was fairly in demand and experienced positive price growth. The eastern region of Brisbane was the most in demand and saw the largest median price growth, with a rise in demand of 16.7 per cent and a median price rise of 5.7 per cent to $556,000. The next best region in demand was the inner city region, which saw demand rise to 13.7 per cent, but was the only region to experience a price growth decline by 3.1 per cent down to $628,000.
The most 10 popular suburbs in Brisbane, according to realestate.com.au, are:
Regional Queensland saw every single area rise in demand with the exception of the Gold Coast, which declined by 9.1 per cent. The strongest rise in demand was Gladstone, which was up 39.1 per cent and a median price of $230,000 and was followed by Fraser Coast, which was up 33.8 per cent and a median price of 33.8 per cent and Gympie, which was up 32.2 per cent and a median price of $295,000.
Despite the demand, price growth was fairly down, aside from four areas; the Sunshine Coast which rose 5.8 per cent to $545,000, the Gold Coast which rose 4.1 per cent, Mackay which rose 0.3 of a percentage point to $321,000 and Gympie, which held steady.
Gladstone saw the largest median price growth decline, falling 14.8 per cent, and was followed by Rockhampton, which declined 12.7 per cent to $240,000 and Bundaberg, which declined 7 per cent to a median price of $265,000.
The riverfront property in Hawthorne sits on a 2137 sqm riverfront block.
ONE of Brisbane’s most enviable trophy homes has sold for more than $11 million in the city’s biggest sale of the year so far.
The mega mansion, on a sprawling 2137 sqm riverfront block in Hawthorne, has been home to energy executive Shaun Scott and his wife, Sarah, for the past eight years.
The Scotts’ property has been snapped up by self-made millionaire Anthony Yap, who founded Good Price Pharmacy Warehouse.
Mr Yap and his wife, Hahn Luu, happen to be selling their current, six-bedroom home in neighbouring Balmoral, which is scheduled to go to auction next month.
Ms Luu declined to comment when contacted by The Courier-Mail.
Mr Yap also owns another mansion in Balmoral, but his new digs in Hawthorne really are something else.
The home has five bedrooms, six bathrooms, two swimming pools, a heated spa, a north-south facing championship-size tennis court, a boat house, putting green and private 12m jetty.
Wait, there’s more.
There’s also a wine cellar, music room, library, gym and games room with built-in bar.
Records show Mr Scott, who is the former chief executive of Arrow Energy, bought the original property for $6.85 million in 2010.
They employed architect Donovan Hill to design a brand new house, which was completed in 2014.
Selling agent David Price of Ray White – East Brisbane said the property attracted interest from potential buyers in London, New York and Dubai, as well Sydney and Melbourne.
“It was a truly international campaign,” Mr Price said.
“It’s a spectacular home. The house really had the lot because of the views over New Farm Park and the city, as well as being a flat block with a tennis court.”
There’s been some big money changing hands between the movers and shakers of Brisbane’s property market in the past year, with prestige homes attracting strong demand and increasing interest from interstate buyers.
This latest sale is the biggest of 2018 in Brisbane so far, eclipsing the $11 million sale of a mansion at 27 Sutherland Ave, Ascot, in March, and the $10.138 million sale in February of the Hamilton Hill mansion built by Christopher Skase at 36 Dickson Terrace.
Mr Price also recently sold a riverfront home at 15 Laidlaw Parade, East Brisbane, for $3.45 million and has listed another executive address at 10 Aaron Ave, Hawthorne.
Canny property owners in Brisbane have made huge cash gains after investing in suburbs which have recorded high capital growth.
Despite reports of a stalling real estate market, Place Advisory research has identified high performing suburbs in Brisbane, Ipswich and Logan, in the six months to March 2018.
Brisbane recorded an average capital gain of 6.2 per cent, with the inner suburb of Milton landing the highest capital growth of 19.9 per cent with median house values of $892,500.
Place Advisory’s Lachlan Walker said the growth has resulted in significant yields for property owners who have sold in the current climate.
“These gains are however the result of long-term strategies, crystallising capital growth if their initial investment was made based on the underlying drivers of population growth and the delivery of planned strategic local infrastructure,” Walker said.
Ipswich has lead the market in terms of a general rise in demand and pricing.
“The Ipswich corridor has undergone significant change over the past few years,” Walker said.
“Low entry level prices have allowed for strong growth to be achieved and value to be recognised by purchasers as this area continues to develop.
“The suburb of Bundamba recorded the highest capital growth in the Ipswich area, a significant 9.7 per cent.”
The Ipswich property market has also benefited from the awarding of a $5 billion defence contract to the region, which is forecast to generate jobs and infrastructure for the next 40 years.
In Logan, the top performing suburb was Park Ridge, with 6.9 per cent capital growth.
“The wider Logan area is a long-term investment opportunity,” Walker said.