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Faith in Queensland housing market strong despite national negativity: NAB survey

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Queensland property

QUEENSLAND is leading the nation when it comes to confidence in residential property, with the industry expecting house prices to grow the fastest in the sunshine state over the next two years.

Property professionals surveyed by NAB are more confident about Queensland’s housing market than any other state.Source:Getty Images

QUEENSLAND is leading the nation when it comes to confidence in residential property, with the industry expecting house prices to grow the fastest in the sunshine state over the next two years.

The NAB Residential Property Index has fallen to its lowest level in seven years, with Queensland the only state to report a positive result in the third quarter of 2018.

Sentiment fell 15 index points to -9 — dragged lower by big falls in New South Wales and Victoria, where the bank tips house prices to decline even more than previously expected.

queensland property

Queensland was the only state to report a positive result in the NAB Residential Property Index for Q3.Source:News Corp Australia

The survey of more than 300 property professionals reveals sentiment in Queensland improved by 7 index points during the quarter to a read of +21.

Those surveyed expect Queensland to lead the country for house price growth in the next 12 months, with prices increasing by 0.8 per cent.

Longer term, house prices are tipped to rise 1.4 per cent in the next two years.

Property professionals also see Queensland leading the way when it comes to rental growth, with rents expected to grow by 1.6 per cent in the next 12 months.

queensland property

A house for sale in the Brisbane suburb of Stafford. Image: AAP/Glenn Hunt.Source:AAP

NAB expects the correction in house prices nationally to continue for another 18 to 24 months, with Sydney falling around 10 per cent peak to trough and Melbourne 8 per cent.

NAB chief economist Alan Oster said he was “surprised somewhat” by how positive the industry was about Queensland, given the negativity in other states.

“I won’t say it defies gravity, but it’s not a bad result in terms of the survey,” Mr Oster said.

“We expect Brisbane house prices to remain flat over this year and next.

“Brisbane has had an annualised growth rate of about half a per cent for a while now and that’s not bad.”

queensland property

NAB group chief economist Alan Oster.Source:News Limited

Mr Oster said the bank was surprised at how resilient the Brisbane unit market had been in the face of oversupply.

“It’s nowhere near as bad as what we expected,” he said.

It comes as a competing survey paints a different view.

The latest ANZ-Property Council survey found confidence in Queensland’s property sector has fallen to its lowest level in more than a year, despite house prices continuing to rise.

Statewide confidence in the sunshine state has fallen from 140 index points in July to 128 points this quarter.

The last time it was that low was in September 2017.

queensland property

The ANZ-Property Council survey has found confidence in Queensland’s property sector has fallen. Image: AAP/Glenn Hunt.Source:AAP

For the first time in four years, all states recorded a significant drop in industry confidence, with overall national confidence declining by 12 index points this quarter.

The survey of more than 1000 property industry professionals reveals Queenslanders are more disappointed about the performance of their state government when it comes to planning and managing growth than any other state or territory.

Property Council Queensland executive director Chris Mountford said the fall in sentiment could be attributed to concerns over increasing interest rates and tighter lending restrictions nationally.

“As concerns over the cost and availability of finance persist, it is important to remember Queensland is not immune to these wider issues,” Mr Mountford said.

“Now, more than ever, it is essential for the government to step up and support the property industry.”

queensland property

Property Council Queensland executive director Chris Mountford. Picture: Mark Calleja.Source:News Corp Australia

Debt finance availability has also recorded a decline in sentiment across the board, with Queensland dropping to -23 index points.

“In Queensland, the industry has experienced a period of change and uncertainty over the previous 12 months, with increases to land tax and a more than doubling of Additional Foreign Acquirer Duty (AFAD),” Mr Mountford said.

“The dramatic tax increases imposed on an industry that already pays 53.7 per cent of Queensland taxes is certainly a factor holding back stronger gains in sentiment.

“It is imperative that the (state) government supports the sector in the face of more challenging market conditions.”

Originally published as Queensland housing leading the nation

Source: www.news.com.au

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Would you pay $1.3million for this? Hoarder house filled with 100 cubic metres of junk sells for 60 times its original value after an incredible clean out and transformation

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https://brisbaneinvestor.com.au/perfect-storm-to-collapse-capital-city-house-prices-by-20/
  • An inner-city hoarders home has sold for 60 times its original purchase price
  •  Original owners had lived there for 45 years, purchasing it for just $22,000
  •  It took five people ten days to move 100 cubic metres of junk from the property

An inner-city hoarder’s house called ‘the worst house on the best street’ has sold for almost 60 times its original purchase price.

The property located in New Farm, a riverside inner suburb of Brisbane, sold for a whopping $1.3million at an auction on Saturday.

The original owners had lived in the property for almost 50 years, with the house last selling for $22,000 in 1973, realestate.com.au reported.

It had taken five people about ten days to move almost 100 cubic metres of junk from the premises prior to the auction.

briabane  housing

brisbane housing

brisbane  housing

brisbane housing

The property’s original owners had lived in the property for more than 45 years and it took five people about ten days to move almost 100 cubic metres of junk from the premises

brisbane housing

The property (pictured) located in New Farm, a riverside inner suburb of Brisbane, sold for a whopping $1.3million at auction on Friday, compared to selling for just $22,000 in 1973

The two-storey house, located at 140 Annie Street, pulled in more than 40 spectators including nine registered bidders.

A bidding war between interested parties saw the price hit quickly pass the seven figure mark.

Belle Property auctioneer Paul Liddy said prior to the auction he had expected the property to reach more than $1 million, describing the property as a ‘unicorn’.

‘Underneath the years of accumulated stuff, the home revealed the lovely bones as the ultimate renovator’s dream,’ Mr Liddy had told the Courier Mail.

‘I’ve only seen a handful of hoarder homes in my career, and this is the first that has blown me away with the gold we have uncovered underneath all the junk,’ he said.

Incredible photos from before its stunning transformation had showed rooms filled to the brim with junk.

https://brisbaneinvestor.com.au/perfect-storm-to-collapse-capital-city-house-prices-by-20/

brisbane housing

‘I’ve only seen a handful of hoarder homes in my career, and this is the first that has blown me away with the gold we have uncovered underneath all the junk,’ Belle Property auctioneer Paul Liddy had said

birsbane  housing

After nine bids, and auction attendees spilling out onto the street, the house was sold under the hammer for $1.3 million

Photos after the mess had been cleared revealed an almost unrecognisable home which has further potential with more renovations.

But as the property is heritage listed, the new buyers will not be able to demolish it.

Mr Liddy said the sellers, who inherited the property, were ecstatic with the result and revealed that although they were emotional due to the house’s history, the price exceeded their expectations.

He said the buyers were a young couple not originally from Queensland, who were keen to turn it into their family home.

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The most popular suburbs in Brisbane for Chinese property buyers

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brisbane property

CHINESE buyers losing faith in their own property market are looking to Brisbane for a safer investment — and they have expensive taste. WHICH SUBURBS ARE THE MOST POPULAR?

Singapore might be the home of ‘Crazy, Rich Asians’, but new data reveals some of the Queensland capital’s most exclusive suburbs are attracting the attention of deep-pocketed investors from China with money to burn.

The research by Chinese international real estate website, Juwai.com, shows Kangaroo Point had the highest number of inquiries from Chinese investors in the first half of 2018, followed by Newstead, Sunnybank, South Brisbane, Indooroopilly and Ascot.

That’s in contrast to Chinese demand for property in Brisbane in the first half of 2017 when the outer suburbs of Calamvale, Park Ridge and Rochedale were the most popular.

brisbane property

Kangaroo Point is the most in-demand Brisbane suburb among Chinese buyers.Source:Supplied

Juwai.com chief executive Carrie Law said the top suburbs list revealed the importance of new development, education, and convenience to Chinese buyers.

“Brisbane is attractive due to its easy lifestyle, beautiful water views, and quality English language educational institutions,’ Ms Law said.

“If you have a moderate, high-rise apartment in Brisbane, you can generally snap a beautiful selfie at the window or on the balcony with gorgeous water or district views in the background to show off to your friends at home in China.”

Ms Law said suburbs with new developments or large numbers of new house and land packages for sale were also in demand.

“Because of foreign investment rules, offshore buyers are pushed into new property to support the construction of new housing,” she said.

“That explains why Newstead and Kangaroo Point are on the list. There is plenty of new development underway and our buyers are curious about it.

“It is a revelation for Chinese buyers that they can obtain a new house on its own land in Brisbane for about half the price of an inner-city apartment in Shanghai or Beijing.”

brisbane property

Chinese buyers have changed their suburb preferences when it comes to property in Brisbane. Photo: AP/Ng Han Guan.Source:AP

Last week, protesters ransacked a number of new apartment sales offices in China angry their investments were being sold for much less than they paid for them.

The unrest is a further sign China’s property market is beginning to cool, prompting investors to turn to places like Brisbane.

“Brisbane feels like a safe, desirable place to live,” Ms Law said.

“It often starts with a property purchase for sending a child to study or work in Brisbane. “Over time that can lead to additional investments, starting local businesses, and eventually the whole family moving to live in Brisbane.

“These buyers look for established homes with land and relatively new or like-new construction in areas with good schools for proximity to good private schools or universities.”

Brisbane is the third most popular city in Australia among Chinese property buyers.

Related articles:

brisbane property

Brisbane is the third most popular city in Australia among Chinese property buyers. Image: AAP/Darren England.Source:AAP

It ranks just below Melbourne and Sydney and just above Adelaide and the Gold Coast.

Chinese buyer demand for Australian property remains strong, increasing 10.1 per cent in the first quarter of 2018 and 4.4 per cent in the second.

But it’s a more sustainable growth rate than what the country experienced in 2016 when there was a massive run-up in Chinese demand for Australian property.

Zhen Luo and his fiancee, Yihan Lin, have just bought their first home in Sunnybank Hills, which is one of the most popular in Brisbane among Chinese buyers.

The couple from China had been looking for about six months, but eventually settled on a townhouse in the suburb with the help of Belle Property Calamvale.

Mr Luo said he thought Australia, particularly Brisbane, was a safer place to invest in property than China at the moment.

He said Sunnybank Hills was attractive because of its convenience, its proximity to shopping centres and the fact it was within the Sunnybank Hills State School catchment.

brisbane property

The crowd at a recent auction in Sunnybank Hills. Picture: Tara Croser.Source:News Corp Australia

In Bardon — one of Brisbane’s most desirable suburbs — one of two architect-designed homes dubbed the Minka Twins has just sold for $1.888 million — 8 being the luckiest number in Chinese numerology.

Sold to an Asian family, the house is one of two still under construction in the suburb.

Marketing agent Di Anderson of Position Property said the new owners had two young children attending Brisbane Grammar, and were keen on securing a home that would

suit Brisbane’s subtropical climate.

“They were keen to purchase prior to completion to ensure they secured the property,” Ms Anderson said.

“As a result, the developer agreed to a small discount for buying during construction.”

TOP BRISBANE SUBURBS FOR CHINESE BUYERS IN H1 2018

1. Kangaroo Point

2. Newstead

3. Sunnybank

4. South Brisbane/West End

5. Indooroopilly

6. Ascot

7. Sunnybank Hills

8. St Lucia

(Source: Juwai.com, ranked by number of purchasing inquiries)

TOP BRISBANE SUBURBS FOR CHINESE BUYERS IN H1 2017

1. Fortitude Valley

2. Calamvale

3. Macgregor

4. Hamilton

5. Park Ridge

6. Rochedale

7. East Brisbane

8. Russell Island

(Source: Juwai.com, ranked by number of purchasing inquiries)

Originally published as Chinese buyers look to Brisbane

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Healthy Brisbane full list: Brisbane’s suburbs rated by health opportunities

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brisbane full list

The Domain Healthy Brisbane study, authored by Deloitte Access Economics and Tract Consultants, compares 260 Greater Brisbane suburbs across 10 indicators that either help or hinder residents from leading a healthy lifestyle.

These include walkability, access to fresh food, proximity to hospitals and allied health facilities as well as hindrance factors like density of fast food and liquor stores.

Based on the scores across these indicators, each suburb was given a rating out of five stars.  It’s important to note the study is about place, not people – it is designed to increase understanding of the opportunities suburbs provide residents to live a healthy lifestyle.

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