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Southside Brisbane state high school pushing up local house prices

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USUALLY it’s mum and dad who dig deep to educate their children, but in this southside Brisbane suburb the roles have reversed and students have become cash cows for their parents thanks to the success of the local state school.

House prices in Mansfield have risen almost 37 per cent in five years and the united belief among locals is that it’s on the back of the success of Mansfield State High School.

The public school, which hosts 2500 students, was ranked 12th on the 2017 Naplan results, eclipsing some of the most elite private schools in Queensland, including Somerville House and Brisbane Boys College.

Median house price have rocketed from $472,000 in 2012 to $645,000 in the second half of 2017.

Ray White Real Estate agent Shawn Woolf said the school had lifted the suburb out of the doldrums.

“It’s really the only thing that draws people… there’s not much else in Mansfield,” Mr Woolf said.

“There’s not like there are eclectic cafes and restaurants or weekly markets drawing people to the area. There’s just an Aldi and that’s it… but it is extremely close to Carindale shopping centre.”

He believed parents fortunate to snare a house in the catchment area would save tens of thousands of dollars per year in private school fees.

“People are taking their kids out of private schools and saving themselves a $100,000 a year in school fees for three or four kids and moving to the catchment area for Mansfield,” he said.

“As the school rankings change, the buyers follow the schools and you are constantly asked the same question at open homes, ‘which catchment is this house in?’.”

It’s not only evident to Mr Woolf that the school was having an upward effect on house prices.

Hairdresser Denise Tilyard has been styling hair at Snippets Hair Studio in Aminya St for four years. Picture: Jacklyn Szetu

Local hairdresser Denise Tilyard has been styling at Snippets Hair Studio in Aminya St for four years and she said the change in the age demographic has stood out.

She said everyone wanted to be in the catchment zone, which extends beyond the suburb’s boundary to include areas of Wishart, Mackenzie, Carindale, Belmont, Burbank and Rochedale.

“Absolutely it’s about the school. They are all trying to get into the catchment area,” Ms Tilyard said.

“As the older residents move out or pass away the houses sell so quickly and it’s because of the school zone.

“It’s revitalising the suburb and we have a young crowd coming through from mid-30s onwards.”

The Bean Brewed cafe on Aminya St, Mansfield. Picture: Jacklyn Szetu

Also situated along the Aminya St shopping strip, a lonely retail soul in Mansfield, is café Bean Brewed, run by Ellia Tsang.

“It’s extraordinary the effect of the school,” she said.

“There’s even the story of a person renting a house and leaving it empty for two years so their children could get into the school.”

Besides the shopping strip, the only other major outlet within the suburb is an Aldi supermarket, while a semi-industrial and business pocket is located near the Mansfield Tavern.

The tavern is linked to Brisbane’s golden era of pub rock in the ‘70s and ‘80s, with some big names once playing the pub’s Rock Arena venue, including the Angels and Midnight Oil.

The Mansfield Tavern was once part of the Brisbane’s golden era of pub rock, but now hosts bands as well as boxing tournaments. Picture: Jacklyn Szetu

Mansfield Tavern manager Jake Pinna said almost everyday someone reminisces about the glory days.

“It’s a topic that comes up all the time,” he said.

“About every second customer brings it up when a show is coming up and reminds them of their past and revives those feelings.”

The venue remains intact and still hosts bands, although it also stages boxing nights and was one of the venues where Australia’s latest champ Jeff Horn punched his way to the top, said Pinna.

“It has the name in the Rock Arena, which is the same name as it used to be, and it has a capacity of 1300 but we don’t have the same type of acts we used to,” he said.

“We try and focus on large boxing events and Jeff Horn’s first couple of fights were here and he was recently for one of the recent fight nights.”

The Mansfield Tavern’s Jake Pinna stands next to the stage where some of Australia’s great pub rock bands have played. Picture: Darren Cartwright

The Tavern sits within close proximity to the Gateway Motorway, one of several major roads servicing the suburb.

Mr Woolf said, while the nearest train station was at Cannon Hill, the road system surrounding Mansfield meant it was easy to head in any direction and also avoid any unforeseen traffic snarls.

“The other drawcard for Mansfield is that you have the choice of several different routes in and out of the CBD, so you are never just stuck with the South-East Freeway,” he said.

Originally Published: www.couriermail.com.au

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Market Place

Metro Property’s discounts leftover Brisbane apartments

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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.

“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 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.”

Source: www.afr.com

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Analysis: Brisbane’s backyards emerge victorious over townhouses but for how long?

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Analysis: Brisbane’s backyards emerge victorious over townhouses but for how long?

Three years ago, Madonna King wrote that Brisbane was “at risk of becoming downright ugly”.

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Market Place

Queensland Budget 2018: What it Means for the Property Industry

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Queensland Budget 2018: What it Means for the Property Industry
Queensland Treasurer Jackie Trad handed down the Queensland State Budget on Tuesday, delivering a surprise $1.5 billion surplus and putting an extra $200 million into people’s pockets.

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.

Infrastructure Improvements

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.

Queensland Budget 2018: What it Means for the Property Industry

Proposed Exhibition station on Cross River Rail. Artist’s Impression.Image: Cross River Rail Authority

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.

Source: theurbandeveloper.com

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