“We are not discounting [the original prices of] apartments in Brisbane, but rather managing an orderly sell down of any remaining stock we have,” Metro marketing and sales general manager Phil Leahy said.
THE quintessential Queenslander is in danger of becoming extinct as buyers battling rising building costs opt for low-maintenance versions of the real thing.
While our love affair with the traditional style of home is still strong, the state’s namesake is slowly being replaced by replicas of the original.
Housing history researcher Magnus Eriksson, who tracks the histories of houses across southeast Queensland, said quintessential Queenslanders were a dying breed.
“If WWF (World Wildlife Fund) was doing a survey, they’d probably put it on the most threatened list,” Mr Eriksson told The Sunday Mail.
“I would certainly say they’re disappearing and not being replaced.”
Mr Eriksson said true Queenslander homes were characterised as having a lightweight timber construction, a corrugated metal roof and a highset frame.
The original style was developed around the 1800s and began to change in the 1930s.
“That highset style started disappearing and more of a modern style came in,” he said.
“There are a few replicas going up, but there’s not too many of them.
“Only a few are built in the true form.
“The new ones may look the same but they’re not the same as a handmade original Queenslander.”
Australian Institute of Architects’ Queensland executive director Melissa Greenall said the industry had noticed a decline in demand for the Queenslander as a preferred newbuild style.
“Modern families are exhibiting a preference for more modern styles, brick built with modern conveniences such as open plan living, ducted airconditioning and internal entertainment spaces such as media rooms,” she said.
“Sadly, it appears that the Queenslander is losing its popularity in Queensland.”
With the cost of building in the state climbing at the fastest rate in Australia, building, renovating and maintaining an original Queenslander home has also become more expensive.
Economist Michael Matusik recently published research which showed construction costs have risen by five per cent over the past year alone — the highest rise of anywhere in the country.
But buyers are prepared to pay a premium for a good quality replica with all the charm of an original, but without the upkeep.
A newly built Queenslander in Kedron recently broke the sale price record for the suburb after selling for $1.65 million under the hammer.
The auction of the five-bedroom home with a pool at 59 Thirteenth Avenue attracted a huge crowd and 14 registered bidders.
Selling agent Matthew Jabs of Place Newmarket said about 70 per cent of clients he dealt with were looking for a traditional Queenslander style home compared to a modern style, but it often depended on the location.
He said the quality of the build and finishes was a key factor and not all replicas were of the same standard.
“The proper, traditional ones are harder to build because they require more technique and craftsmanship,” Mr Jabs said.
“They also cost more to build so a lot of builders won’t do it.”
The former owners of the Kedron property, Belinda and Trent Ramke, of Ramear Investments, specialise in building high quality replicas of Queenslander homes.
Mrs Ramke said she found people were prepared to pay more for a high quality replica of a traditional style Queenslander than a contemporary style newbuild.
“The traditional houses are a bit more expensive to build because you’re putting more into them,” she said.
“There’s a lot of extra money in the carpentry.”
But she said the cost of a high quality Queenslander renovation could often be more expensive than a newbuild.
“That’s what we’ve found in our research,” she said.
And there are no “hidden surprises” in a newbuild.
“With a renovation, there could be anything behind those walls.”
Samantha and Malcolm Hall have just sold their replica Queenslander at 10 Lindsay St, Hawthorne for $1.164 million.
“I lived in actual Queenslanders through my university years and they look so lovely from the outside, but when you actually live in them, they’re draughty and hard to clean,” she said.
“A newbuild replica doesn’t have all those issues. It still has the character feel, but without the hassle.”
Selling agent Gunther Behrendt of Ray White Bulimba said traditional Queenslander home styles were still sought-after.
“If they capture the character correctly in a replica, they’re definitely in higher demand,” he said.
“They’re a better built home and a lot of people like the lower maintenance of a replica.”
The original Queenslanders that do still exist are in high demand, as proven earlier this month when a Federation Queenslander built in 1912 fetched $4 million at auction.
The historic three-bedroom home at 77 Mowbray Tce, East Brisbane, attracted 30 registered bidders.
PRICE GROWTH TIPPED FOR 2018
WHAT MAKES A TRUE QUEENSLANDER?
*Corrugated iron roof
*Raised up from the ground
*Internal walls made from VJ boards
*External walls clad in weatherboards
*Timber framed windows
Originally published: www.news.com.au
Metro Property’s discounts leftover Brisbane apartments
Want a bargain? Metro’s Newstead Towers in Brisbane has 20 per cent discounts. Supplied
Real estate agents are offering 20 per cent discounts on apartment sales at four of Brisbane-based developer Metro Property Development’s Brisbane CBD projects as the apartment market continues to face headwinds.
Along with 20 per cent discounts on one and two-bedroom apartments, buyers were being offered a 4.5 per cent rental one-year guarantee at Aqua Newstead, Broadway on Ann, Canterbury Towers, and Newstead Towers. These apply to apartments priced between low $400,000 to nearly $600,000.
The oversupply problem in Brisbane is heating up, with the Queensland Treasury now warning its apartment market could take a turn for the worse, especially if the bigger Sydney and Melbourne markets begin to falter.
But Metro said the discounts applied only to residual stock, not entire projects or launch prices, with residual discounting being part of a business-as-usual stock clearance.
“The heat has certainly come out of the Brisbane market from where it was a couple of years ago, but we see it as just back to normal market conditions with good buying opportunities and plenty of growth potential in the coming years to buyers entering the market now.
“We have already secured buyers for the four buildings and are in the run up to settling the last of these units over the next couple of months.”
He said discounts were sometimes offered by agents on their own accord, hoping developers would accept the lower prices.
“We see this all the time, however I can confirm there is no discounting to our [original] price lists and we have been successful in maintaining pricing levels thanks to the locations, amenity, inclusions and designs offered in the apartment projects we have been selling,” Mr Leahy said.
Discounts aside, a 4.5 per cent rental guarantee was reasonable and agrees with SQM Research’s data which show the latest rental yield for two-bedroom units in Brisbane was close to 5 per cent.
“We are taking an average of 18 days from handover to secure a tenant via our in-house rental team. Given this strong demand, we do offer a one-year rent guarantee to investors,” Mr Leahy added.
“We are having excellent success getting investors from both Melbourne and Sydney to look at Brisbane as a more affordable investment option than the other wo capitals vis-à-vis lower purchase prices with high rental yields.”
Analysis: Brisbane’s backyards emerge victorious over townhouses but for how long?
Queensland Budget 2018: What it Means for the Property Industry
This year’s budget focused on infrastructure, tourism and mining funding.
Property investors will also be met with a 0.5 per cent increase in the land tax rate for aggregated holdings above $10 million, as well as an increase in the additional foreign acquirer duty from 3 per cent to 7 per cent.
The government also announced it will cut back the first home owners’ grant.
So what does the state budget mean for the property industry?
Here is what you need to know.
Additional Foreign Acquirer Duty
Aligning with states nationwide, the Queensland government announced an increased rate for additional foreign acquirer duty.
The AFAD is an additional tax on relevant transactions that are liable for transfer duty, landholder duty or corporate trustee duty which involve a foreign person directly or indirectly acquiring certain types of residential land in Queensland by foreign persons.
The duty will rise from 3 per cent to 7 per cent and is forecasted to result in an increased revenue of $33 million per annum.
The state government will dedicate $4.217 billion to transport and roads.
The Sunshine State’s long-awaited duplication of the Sunshine Coast rail line received $161 million.
The Toowoomba Second Range Crossing project received $543.3 million, a route to the north of Toowoomba from Helidon to the Gore Highway.
Brisbane’s Cross River Rail received $733 million to go toward the $5.4 billion project. The federal government failed to pledge any assistance towards the Cross River Rail project earlier this year leaving the state government to foot the bill.
There’s also $487 million over four years for upgrades to the M1 on Brisbane’s south and on the Gold Coast.
First Home Buyers Grant Slashed
First home buyers have come to expect a $20,000 starter grant since 2016 will now see it cut to $15,000 if they buy a house from July onwards.
The $5,000 boost had been added to the grant in 2016 by former Treasurer Curtis Pitt, with the measure supposed to be in place for just one year.
It was extended twice in six-months until the end of 2017 and then to June of this year.
Land Tax Increase
Under the new taxes introduced in Tuesday’s budget, foreign landowners with more than $10 million worth of landholdings will now be in line for a 0.5 per cent increased rate of land tax.
Individuals with properties worth more than $10 million will now incur an additional rate of 2.25 per cent (or 2.5% for trusts or companies) for every dollar of taxable value over $10 million.
This is expected to bring in $71 million in revenue in its first year, with a projected 11 per cent increase in 2018-19 land tax revenue.
- Developments3 months ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct
- Opinion2 years ago
Are we headed for a housing crash — or not?
- Market Place5 months ago
Looking for a property to rent? Good luck finding something here
- Market Place5 months ago
How to make $1 million ‘flipping’ houses
- Infrastructure5 months ago
How train lines are driving property prices
- Market Place2 years ago
Brisbane real estate: Most expensive homes see growing sales results
- Developments4 years ago
Investors turning to Brisbane
- Developments5 months ago
Sekisui House Lodges Plans for Added Public Green Space to Meet Approval Conditions