Realestate.com.au has revealed the most in-demand suburbs for rental properties. Source: ThinkStock
LOOKING for a rental property? You’ll have to move pretty quick if you want to snare one in these areas which have been identified as Queensland’s most in-demand rental suburbs.
DEMAND for rental properties in Brisbane has jumped by nearly 24 per cent in the past year, new figures from realestate.com.au reveal.
As competition for rentals heats up, the site has also identified the most sought-after suburbs to lease a property in the past six months, within 20km of the CBD.
The research shows more people want to rent a house in Brisbane’s inner north than anywhere else in the city, but the southside prevails when it comes to demand for unit rentals.
Realestate.com.au chief economist Nerida Conisbee said the site had already recorded 1.2 million searches for rentals in Brisbane in just the first two weeks of 2018.
Ms Conisbee said realestate.com.au’s rental demand index was up nearly 23.8 per cent in Brisbane compared to the same time last year.
“What that typically means is it reflects jobs growth,” she said.
“I think it’s good news for Brisbane.
“The growth in rental demand is similar to Melbourne but a lot higher than Sydney.”
Camp Hill, 6km from the CBD, tops the list for units in the city, attracting more than 820 online visits per property, followed by Holland Park.
The median weekly rent for a unit in Camp Hill is $370.
When it comes to houses, you’ll have a tough time snagging something in Fortitude Valley, with listings in the inner-city suburb receiving more than 1200 online visits in the second half of 2017.
It was followed closely by nearby Windsor, New Farm and Newmarket, which all attracted more than 1100 views per listing.
The median weekly rent for a house in Fortitude Valley is $465, but jumps to $753 in New Farm.
A quick search on realestate.com.au reveals there are not many houses for rent in Fortitude Valley, but plenty to choose from if you venture into its neighbouring suburbs.
A four-bedroom, two-bathroom cottage at 176 Arthur St, Fortitude Valley, is currently for lease for $600 a week.
In New Farm, this three-bedroom Queenslander at 585 Lower Bowen Terrace is available for $625 a week.
For $330 a week, you can rent a tidy, two-bedroom unit in Camp Hill, like this one at 6/25 Bundah Street.
This spacious, two-bedroom, two-bathroom unit at 827 Steele St, Holland Park, will set you back $120 more.
Rental applications often peak in January as many renters view summer as the perfect time to find a better deal.
Ms Conisbee said most people looking to rent were often younger, which might explain the popularity of Fortitude Valley and surrounding suburbs.
“It has to do with those areas being very popular with young people,” she said.
“These areas are a lot of fun, have a good night-life, restaurants and are close to the city.”
Ms Conisbee said the high-demand areas for apartments were suburbs that did not have much apartment stock, such as Camp Hill and Holland Park.
In good news for renters, vacancy rates in Brisbane rose in December from 3.4 per cent to 3.8 per cent, according to the latest figures from SQM Research.
They had tightened significantly over the past year.
But rents are also rising, with asking rents for houses up 1.1 per cent to $448 a week and units rising 0.6 per cent to $368 during the month.
SQM Research managing director Louis Christopher said it was common for vacancies to rise in December due to seasonality.
Mr Christopher said vacancy rates in all capital cities rose in December, but the rise in Sydney was larger than expected.
Originally published: news.com.au
Hamilton Hill home of NASA inventor for sale for first time in half a century
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.
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.
“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.
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.”
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.
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.
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.
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.”
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.
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.
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.
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 UNIT SELLING POINTS
*No or reduced body corporate fees
*Hold their value
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.
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