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The quiet Brisbane suburb that analysts say is booming in value



The quiet Brisbane suburb that analysts say is booming in value

 Yeronga was one of Brisbane’s quiet achievers according to CoreLogic.

ALTHOUGH the booming property market in Sydney and Melbourne has dominated the headlines, one of the strongest growing suburbs across Australia over the last 12 months was in Brisbane.

Yeronga in Brisbane’s south scored the number two spot in the Top Performing Suburbs Report from real estate analytics company CoreLogic.

The report had a look at the rate of growth over the last 12 months across a number of consistently strong performing suburbs.

Cockatoo, a small town 48km south east of Melbourne was the top of the list, with its median house value growing by 41.6 per cent over the last 12 months to $569,177.

Yeronga has a slightly lower median value growth over 12 months of 40.9 per cent according to the report.

Head of research at CoreLogic Cameron Kusher said this was from valuation data rather than sales data, and as Yeronga was a tightly held suburb with a small number of recent sales the rapid increase in value had not yet been seen in increased sales prices.

“It is more of a holistic approach,” Mr Kusher said.

Of the top 50 suburbs named in the report, only two Queensland suburbs made the cut.

Mr Kusher said Yeronga might not seem cheap, with homes currently having a median sales price of just under $900,000, but when compared to equivalent suburbs in Sydney and Melbourne it looked like good value for many buyers.

“Something close to the river and close to the city is pretty desirable,” he said.

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Emerging investment hotspots in Brisbane’s middle ring



Emerging investment hotspots in Brisbane’s middle ring

Brisbane’s middle-ring suburbs are emerging as investment hot spots due to improvements in affordability and infrastructure, according to the Domain Group.

Due to growing demand from renters, the vacancy rate has fallen from 3.4% to 2.1%, which is great news for property investors eyeing strong rental yields, according to the Real Estate Institute of Queensland (REIQ).

Martin Millard, northern suburbs zone chair for REIQ, said middle-ring suburbs have experienced solid price growth.

“When you look at suburbs such as Kedron, in Brisbane’s northern suburbs, which demonstrated extraordinary growth over the past quarter and the past year, you can see the popularity of the middle ring in action,” Millard told the Domain Group.

“This suburb offers access to high-quality high schools and primary schools, is a stone’s throw from shopping centres at Lutwyche and Chermside, the night-time economy of Nundah’s funky bars and pubs, and is on the doorstep of the Airport Link tunnel, which gets commuters to the airport or the CBD quickly.”

Millard said Boondall and Bracken Ridge were also emerging as solid performers, with property prices rising due to their affordability and growing popularity with families.

In the city’s south side, Carindale and Mount Gravatt are rapidly gaining the attention of astute property investors and homebuyers, according to Nick Brown, southern suburbs zone chair of REIQ.

Brown said Carindale’s main attractions were its large shopping centres, well-developed public transport network, and robust employment hub.

“Both Carindale and Mount Gravatt are anchored by multi-million-dollar Westfield centres that have recently been expanded to offer spectacular dining and entertainment precincts — and these add liveability factors to the surrounding suburbs,” Brown told the Domain Group.

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Brisbane housing woes won’t be fixed by more inner-city apartments, Grattan Institute says



Brisbane housing woes won't be fixed by more inner-city apartments, Grattan Institute says

It’s no secret that buying a property in Brisbane is more expensive than it used to be.

Even though prices aren’t as high as Sydney or Melbourne, the housing affordability crisis is hitting those who can’t afford to buy a property but face increased rental prices.

A report by the Grattan Institute, released yesterday, said fewer than 50 per cent of Australians aged between 25 and 34 own their own property, with the highest income bracket the only exception.

The ratio of median Brisbane dwelling price to median annual gross household income was 5.7 in 2016, according to CoreLogic figures.

In 2001, that ratio was 3.7.

For many, moving further away from the inner city is the only solution to afford a slice of land.

Anita Cox has recently shifted 10 kilometres from the Brisbane suburb of Carindale to rent in Rochedale, in order to save money to buy a property closer to the city.

Rochedale resident Anita Cox
PHOTO: Anita Cox says rising property prices forced her to rent further away from the CBD. (ABC News: Donna Field)

“Back in the day mum stayed home with the kids, dad went to work, and they still had their house. Unfortunately that’s not a reality today,” she said.}

“I think it’s a little bit unfair for young people to get into the market.”

Sarah Guymer, who is pregnant with her second child, recently sold an apartment in Taringa but has found it impossible to afford a bigger property in the same area.

“We’re middle-class people with pretty good jobs but we still can’t afford to buy a house,” she said.

“The reality of that is I’m going to have to go back to work as soon as I can, and my husband won’t be able to spend as much time with his family because we have to move a lot further out.”

Ms Guymer said she had been outbid by interstate and overseas investors at recent auctions.

“It’s a bit disheartening to put in bids for houses and you go to your limit and it just gets snatched from underneath you from people who are just expanding their portfolio.”

Anti-development stance will cause long-term pain: experts

Apartments under construction in South Brisbane
PHOTO: The Grattan Institute says heritage restrictions and community opposition is hampering essential development. (ABC RN: David Lewis)

The Grattan Institute’s authors credited the construction boom on the fringe of the Brisbane CBD for keeping unit prices down, while comparable properties in Sydney and Melbourne have soared.

However, they said, that would not fix the city’s long-term housing affordability problem.

“While high-rise developments contribute to the supply of housing in good locations, they can only add so much to the housing stock because they are generally limited to the relatively confined area of city centres, especially in Melbourne and Brisbane,” the authors said.

They said Brisbane’s construction boom did not fill demand for medium density dwellings further out from the CBD.

More housing was required in Brisbane’s “middle ring”, the authors said, but that could be hampered by heritage restrictions.

Another major problem is community opposition to development.

“Any significant policy change to improve housing affordability is likely to encounter substantial opposition, even if the change is clearly in the public interest,” the authors said.

Natalie Rayment, a Brisbane town planner and responsible development advocate, said more housing was needed across the community.

“We need low-density, we need mid-rise, we need townhouses, we need aged care, we need student housing,” she said.

“That’s not all going to be met by some high-rise buildings in our inner-city.”

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What’s pushing up Brisbane land values?



What’s pushing up Brisbane land values?
A new government report has revealed the direction land value is moving in Queensland’s capital city, and what’s behind that movement.

The Valuer-General’s 2018 Property Market Movement Report, following a statewide market survey and consultation with local government, has completed a valuation of some of Queensland’s largest property markets and has found land values have risen by 6 per cent since the last valuation.

Over the valuation period between 2016 and 2017, single residential units saw high levels of competition from local, interstate and international buyers. In this market, a total of 47 suburbs in the city saw no median value increase, while 87 saw rises up to $50,000; 32 saw rises between $50,000 and $75,000, while 12 recorded rises above $75,000, which include Hamilton, Chapel Hill, Seven Hills, Carindale, Holland Park and Sunnybank.

For the multi-unit market, there were slight rises recorded due partly to the Brisbane City Plan 2014, a plan to increase interest in apartments. However, the report noted lowered demand and oversupply meant activity dropped off in the latter half of 2016.

The report also mentioned suburbs impacted by the 2011 floods had seen healthy recovery, with property being sold in some of the flood-affected land at prices similar to non-flood affected land.

Looking further to Logan, Ipswich and Moreton Bay Regional Council, the report shows these areas all experienced improving land areas, with the residential property market seeing land values driven by demand for housing in the Greater Brisbane area.

Logan City saw minor to moderate rises in residential land values due to demand for property located in central and affordable suburbs, such as Browns Plains, while higher values in eastern suburbs, like Springwood and Shailer Park, saw only minor value rises.

A demand for farm land has had a knock-on effect on overall land value in Logan City, along with the Stockleigh, Undullah and Veresdale areas, and in Ipswich City in Purga, Peak Crossing and Willowbank.

Meanwhile, Ipswich City’s residential land values experienced moderate rises in Springfield Lakes and Redbank Plains, while multi-unit land values saw a minor to moderate rise in Bellbird Park, Bundamba and Goodna, according to the report.

In the Moreton Bay Regional Council area, residential land values rose since last valuation, with the Redcliffe as well as southern areas nearby Brisbane City experiencing slight to minor land value increase. Caboolture and areas nearby Pumicestone Passage saw very minor value increases, and small hinterland towns saw for the most part no change, aside from a minor rise in Dayboro.

For multi-unit land values in the region, Caboolture saw mostly no movement, while southern areas near Brisbane experiencing slight to minor rises.

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