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Queenslanders to be 5m strong within weeks, and real estate is set to reap the rewards

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Queenslanders to be 5m strong within weeks, and real estate is set to reap the rewards

Population surges have put greater pressure on areas like the Gold and Sunshine Coasts especially. Picture: NIGEL HALLETT.Source:News Corp Australia

QUEENSLAND will hit the magic five million headcount in May, official figures show, a milestone helped by a surge in births and migration – putting real estate in the crosshairs.

ABS demography director Anthony Grubb said the state had hit 4.9m by the end of September last year and was growing at 1.7 per cent, helped along by the likes of 12,000 New South Welsh-people crossing the border last year alone.

“Natural increase and net overseas migration each added an additional 31,000 people to the state’s population in the year preceding September 2017,” he said. “The third component, net interstate migration, contributed 19,000 over the same period, including a net flow of 12,000 from New South Wales.”

At the turn of the 20th century (1901), there were half a million Queenslanders, and it took 37 years to double that figure and another 36 to then go to two million in 1974.

The Commonwealth Games in April is set to see Queensland attract even more attention from a worldwide audience. Picture: NIGEL HALLETT

The Commonwealth Games in April is set to see Queensland attract even more attention from a worldwide audience. Picture: NIGEL HALLETTSource:News Corp Australia

“After that, population growth picked up its pace, taking only 18 years to get to three million in 1992, and just 14 years to reach four million in 2006.”

Real Estate Institute of Queensland chairman Rob Honeycombe said $54b worth of properties changed hands in the state last year.

“Our popularity means demand for housing is growing and this is good news for some of our weaker markets such as the inner Brisbane apartment market and regional Queensland.

“Of course, there are pockets where housing supply is tight and this population growth is placing pressure on markets such as the Sunshine Coast and the Gold Coast, where prices are rising steady and vacancy rates are at historic lows.”

He welcomed the northern migration by NSW residents.

“We have known for some time that many southerners are also moving to regional Queensland, seeking a peaceful lifestyle change. Downsizers and pre-retirees are selling their Sydney property to move to regional coastal towns, such as Bundaberg and the Fraser Coast, to buy waterfront property and a great lifestyle.”

Originally published: goldcoastinvestor.com.au

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Hamilton Hill home of NASA inventor for sale for first time in half a century

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Hamilton Hill home of NASA inventor for sale for first time in half a century

This home at 29 Queens Rd, Hamilton, is for sale for the first time in over 50 years.Source:Supplied

THE Hamilton Hill home of a Brisbane inventor who helped put NASA into space has hit the market for the first time in more than 50 years.

Norman Flournoy, 88, has 27 worldwide patents to his name, including technical inventions used in ballistics and rocketry in the United States.

His wife, Marea Reed, worked from home as an optometrist for three decades and still has the original chair she used, which was made in 1876 from solid brass and bronze.

The 79-year-old hasn’t ruled out selling the chair with the house, but stressed it would have to be a good offer.

Hamilton Hill home of NASA inventor for sale for first time in half a century

The view from the back deck of the home at 29 Queens Rd, Hamilton.Source:Supplied

Mrs Reed moved into the home at 29 Queens Road in 1965 with her first husband, who was an architect.

“It was a wreck when we first came here,” she recalls.

“He did some beautiful, sensitive alterations to the house.

“It’s a wonderful mix of the traditional colonial and the new avant-garde.”

Perched high on Hamilton Hill on 890 sqm, the six-bedroom, two-bathroom colonial home is the perfect renovation project, offering spectacular river and city views.

Hamilton Hill home of NASA inventor for sale for first time in half a century

The living room in the home at 29 Queens Rd, Hamilton.Source:Supplied

“It’s got an absolutely fantastic view and position,” Mrs Reed said.

“What I love about it is the great expanse of sky.

“It’s a very happy home.”

Traditional features include a wraparound entry veranda, original timber flooring, wide hallway and VJ walls.

There is a large back deck, which extends off the living and dining area that would be perfect for alfresco dinners or parties.

Hamilton Hill home of NASA inventor for sale for first time in half a century

The hallway in the home at 29 Queens Rd, Hamilton.Source:Supplied

It overlooks the backyard, which allows plenty of room for a pool or home extension.

Underneath the home is a spacious studio with bedroom/lounge area and kitchenette — ideal for a guest wing or teenage retreat.

Marketing agent Nick Kouparitsas of Ray White Ascot said it was rare for such properties to be offered to the open market.

“We don’t come across too many of these homes that have been in the same family for so many years,” he said.

“Around Hamilton they’re pretty rare.”

Hamilton Hill home of NASA inventor for sale for first time in half a century

One of the bedrooms in the home at 29 Queens Rd, Hamilton.Source:Supplied

Mr Kouparitsas said he had fielded interest from local and interstate, mostly from owner-occupiers looking for something to renovate on a large block in a great location.

“You’ve probably got some of the best views in Brisbane there of the river and the city,” he said.

The property is scheduled for auction on-site at 4pm on May 26.

Source: www.news.com.au

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Investing in units: Why settle for one when you can have the whole ‘six-pack’?

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Investing in units: Why settle for one when you can have the whole ‘six-pack’?

Rebekah Kington owns an art deco apartment in New Farm. Photo: AAP/John Gass.Source:News Limited

INVESTORS wanting to become mini property moguls are being urged to ‘buy in bulk’ and sink their savings into a ‘six-pack’.

OLDER ‘six-pack’ apartment blocks have become the hardest market to crack in Brisbane amid a surge in demand from buyers looking to ‘bulk buy’ fixer-uppers.

The humble ‘six-pack’ apartment block — and the individual units in them — are so prized among those who own them, they rarely come up for sale.

But when they do, they are selling fast, defying the recent drop in off-the-plan sales for new units in Brisbane.

Despite a flood of new apartments in the inner city market, real estate agents say single title six-unit blocks and classic art deco apartments are in strong demand, with savvy buyers looking for a solid long-term investment and an opportunity to renovate and reap the returns.

Claudia Marchand of LJ Hooker New Farm recently sold a one-bedroom, art deco apartment at 86 Moreton Street for $517,000 and an entire art deco ‘six-pack’ for $2.95 million.

Investing in units: Why settle for one when you can have the whole ‘six-pack’?

This one-bedroom unit at 1/86 Moreton St, New Farm, recently sold for $517,000.Source:Supplied

The heritage-listed property at 32 Moray Street was sold as part of a deceased estate after being owned by the same family for 81 years.

Investing in units: Why settle for one when you can have the whole ‘six-pack’?

This block of six units at 32 Moray St, New Farm, sold for $2.95m.Source:Supplied

Ms Marchand said there was a big difference between the new “cookie cutter” off-the-plan apartments and the older, boutique apartments, which offered character, larger floorplans and higher ceilings.

“I’ve got more buyers than supply for that type of product — not even just a block, but also single apartments,” she said.

“What is being built today is really contemporary and it’s all a bit cookie cutter, so people really value something that’s different and has character, which is not going to be replicated in the future.

“A unique opportunity is always something people will value.”

Investing in units: Why settle for one when you can have the whole ‘six-pack’?

Inside one of the art deco apartments at 32 Moray St, New Farm.Source:Supplied

Phil Hassid of Phil Hassid Flat Sales said part of the reason ‘six-packs’ were in demand was because owners refused to sell an asset that provided a good stream of cash returns.

“The types of properties I sell, most people hold for a lifetime or at least decades,” he said.

And while tighter lending restrictions had put some buyers off, Mr Hassid said it was worth going through the short-term pain of dealing with the banks for the long-term gain.

“The bottom line is these are still great investments,” he said.

“In the long run you’re going to do brilliantly.”

And he believes now is the time to buy.

“At some point in time, when the construction wave finally abates, there is going to be an almighty catch up that will unleash a wave of sales,” Mr Hassid said.

A new Jones Lang LaSalle report, there are currently 8800 new units under construction across 46 projects in Brisbane, but smaller developments such as ‘six-packs’ which are targeted more at owner occupiers are in decline.

Property analyst Michael Matusik recently noted that the number of ‘walk-up’ units across the country had fallen by 56,000 dwellings since 2006, while the number of mid-to-high rise apartments had lifted by 194,000 new homes.

“In short, the older six packs have been knocked down to make way for bigger, taller and shinier new apartments,” he said.

But Mr Hassid said despite Brisbane being in the midst of a transition to more high density living, he doubted that six-packs would disappear from the city’s skyline.

“Most six-packs do not sit on high rise sites and you will not get enough site value to justify demolition unless it is a high rise site,” he said.

A block of art deco units in New Farm recently sold for the first time in six decades for more than $2.4 million to a local developer.

The building, Osmaston, at 598 Lower Bowen Terrace, generated a rental return of about $80,000 a year and offered strata title potential.

Investing in units: Why settle for one when you can have the whole ‘six-pack’?

This ‘six-pack’ at 598 Lower Bowen Tce, New Farm, sold for $2.4m.Source:Supplied

Investing in units: Why settle for one when you can have the whole ‘six-pack’?

The kitchen in one of the apartments in 598 Lower Bowen Tce, New Farm.Source:Supplied

Young Brisbane couple Emily Lambert and Luke McCabe would be happy to get one sixth of a ‘six pack’.

They are in the market for an “older style” apartment with character because Ms Lambert believes they hold their value better than new apartments.

Ms Lambert, who is a real estate agent, said investors would be smart to buy a ‘six-pack’ unit block because they would have no issues finding tenants or onselling.

Investing in units: Why settle for one when you can have the whole ‘six-pack’?

Emily Lambert, 25, and fiance, are interested in purchasing a ‘six-pack’ unit. Photo: Liam Kidston.Source:News Limited

Brisbane graphic designer Rebekah Kington bought a one-bedroom, art deco apartment in a ‘six-pack’ just off James Street in New Farm 12 years ago and hasn’t looked back.

Miss Kington said she considered investing in a new apartment at the time, but was glad she didn’t.

“It had such a nice feel,” she said.

“As soon as I walked in, I felt at home. I loved the high ceilings.

“The newer apartments are quite small. They’re just really tiny and pokey.”

Miss Kington has since upgraded the bathroom and plans to renovate the kitchen.

Investing in units: Why settle for one when you can have the whole ‘six-pack’?

Rebekah Kington owns an art deco apartment in New Farm. Image: AAP/John Gass.Source:News Limited

Buyer’s agent Selena Corness of Universal Buyers Agents said now was a good time to enter Brisbane’s unit market.

“In the past 18 months, there have been a lot of new residential multistorey unit complexes completed within a 2 kilometre radius of Brisbane CBD … and this has flooded the market and pushed prices down,” Ms Corness said.

She said buyers could use that 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,” she said.

SIX-PACK SUBURBS

*New Farm

*Clayfield

*Newstead

*Teneriffe

*Coorparoo

*St Lucia

*Greenslopes

*Herston

*Ascot

*Toowong

*Lutwyche

*Annerley

*Wilston

*Kedron

SIX-PACK UNIT SELLING POINTS

*Larger floorplan

*High ceilings

*Character

*Ornate cornices

*No or reduced body corporate fees

*Hold their value

*Often renovated

Source: www.news.com.au

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Council queries show Brisbane feeling the squeeze

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Council queries show Brisbane feeling the squeeze

The most commonly asked questions at the council’s Talk to a Planner sessions were about extensions, setbacks and new builds for housing.

Brisbane property owners are increasingly interested in sub-dividing their land in a sign that population growth is putting the squeeze on yard size.

More than 7500 people have queried Brisbane City Council’s planning and development guidelines in the past five years, with the most common questions being about the subdivision of lots and building regulations.

Property Council of Australia Queensland executive director Chris Mountford said the number of queries about housing and subdivision was a sign that property owners were adapting to life in a growing city.

The council has been hosting Talk to a Planner sessions since 2014 and has held 25 events with a total of 50 sessions.

These events, which have been held at several locations across Brisbane, have had 7752 attendees in total.

Source: www.brisbanetimes.com.au

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