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Flood suburbs leaving rest of Brisbane in their wake now

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Flood suburbs leaving rest of Brisbane in their wake now

Houses in the suburb of Yeronga submerged by flood waters on January 13, 2011. House price growth in the area has bounced back to outperform the rest of Brisbane. Picture: Jonathan Wood/Getty Images.Source:Getty Images

BRISBANE suburbs devastated by record floods in 2011 have sprung back to beat the rest of the housing market, with one growing at double Brisbane’s five-year average.

New analysis has found that in 19 of the 20 suburbs affected by floods, house price growth was now outperforming the rest of the Brisbane market.

RiskWise Property Research found 95 per cent of the suburbs affected have gone on to deliver strong double digit capital growth over five years, with the top suburb Fig Tree Pocket notching a massive 52.7 per cent, double that of Brisbane 26.7 five-year average.

RiskWise CEO Doron Peleg said demand for properties in those suburbs far outweighed any concerns over flooding — especially given 2011 was considered “a once-in-a-50-year event”.

“That makes these homes a risk people are willing to accept.”

Flood suburbs leaving rest of Brisbane in their wake now

Friends pitching in to save a home in Bulimba after flooding on January 13, 2011. Picture: Eddie Safarik/AFP.Source:AFP

Mr Peleg said the financial risk was now considered to be lower than before the 2011 floods.

“That’s why we have insurance companies. And while they have revised their product offerings and premiums, which no doubt will be quite high, it is still possible to get insurance.”

While Fig Tree Pocket reigned supreme (52.7 per cent), price growth was solid in 18 other suburbs including Bulimba (44.7 per cent), Yeronga (42.4 per cent), New Farm (40.5 per cent), Tennyson (40 per cent), Indooroopilly (39.8 per cent) and Windsor (38.8 per cent).

Flood suburbs leaving rest of Brisbane in their wake now

Police patrolling flooded Fig Tree Pocket streets in 2011. Picture: Jono Searle.Source:News Limited

Also notching capital growth in the thirties were Hamilton (35.7 per cent), Norman Park (34.8 per cent), Corinda (34.7 per cent), Auchenflower (31.5 per cent) and Wilston (31.3 per cent).

Only one suburb of the 20 was running below Brisbane’s 26.7 per cent five-year average, with Pinkenba sitting just half that pace on 11.8 per cent.

Mr Peleg said the results defied post-2011 flood perceptions that the areas would see very poor capital growth and negative buyer reaction.

“Our research has shown the reality is completely different and the demand for them has eclipsed the negative perception. This is because these high-flood areas are truly well located on the river which is in high demand.”

He said some areas had also been rezoned which made them attractive to developers.

House Price 5-Year Growth in 2011 Flood Affected Areas:

Fig Tree Pocket (52.7 per cent)

Bulimba (44.7 per cent)

Yeronga (42.4 per cent)

New Farm (40.5 per cent)

Tennyson (40 per cent)

Indooroopilly (39.8 per cent)

Windsor (38.8 per cent)

Hamilton (35.7 per cent)

Norman Park (34.8 per cent)

Corinda (34.7 per cent)

Auchenflower (31.5 per cent)

Wilston (31.3 per cent)

Fairfield (29.8 per cent)

Kenmore (29.4 per cent)

Herston (28.8 per cent)

Albion (28.6 per cent)

Sherwood (28.4 per cent)

Milton (27.9 per cent)

East Brisbane (26.8 per cent)

Pinkenba (11.8 per cent)

Source: Riskwise Property, CoreLogic

Source: www.news.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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