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Mortgage holders rejoice: Most Qld homes rose in value over the past year

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Queensland

HOME values rose in seven of Queensland’s nine subregions in the past year, despite widespread fears of a cooling housing market.

Homes in the suburb of North Lakes in Moreton Bay, which has recorded a rise in home values in the past year. Photo: Glenn Hunt/Getty Images.Source:Getty Images

HOME values rose in seven of Queensland’s nine subregions in the past year, despite widespread fears of a cooling housing market.

It comes as Brisbane is ranked 20th on a global list of cities measuring residential property price growth over the past year, with the city recording above average 3.5 per cent growth.

Research from property data supplier CoreLogic reveals the Sunshine Coast recorded the biggest rise in home values over the past 12 months — increasing 6 per cent.

Queensland

Homes on the Sunshine Coast recorded a 6 per cent rise in value over the past year. Photo: Lachie Millard.Source:News Corp Australia

Homes in Brisbane’s western suburbs increased in value by 4.4 per cent in the same period, followed by Moreton Bay South, with a gain of 2.5 per cent and inner Brisbane with a rise of 2.1 per cent.

Home values in Logan, Brisbane’s eastern suburbs, Gold Coast, Wide Bay, Brisbane’s north and Moreton Bay North also rose marginally.

At the same time, only one of Sydney’s 15 subregions recorded an annual rise in home values.

Queensland

Seven out of Queensland’s nine subregions recorded growth in home values in the past 12 months, according to CoreLogic. Photo: Glenn Hunt/Getty Images.Source:Getty Images

CoreLogic head of research Tim Lawless said that with property values falling across four of the eight capital cities over the past twelve months, it was easy to forget some housing markets around the country were actually seeing relatively healthy and sustainable growth.

Almost half of Australia’s 88 SA4 subregions recorded a rise in dwelling values over the past twelve months.

Regional areas of the country are more likely to be showing positive growth conditions, with 57 per cent of all regional areas recording a rise in dwelling values over the year, compared to only 39 per cent of the capital city subregions.

Mr Lawless said the ‘healthier’ conditions across the regional markets could probably be attributed to more sustainable growth conditions during the growth phase, compared to the likes of Sydney and Melbourne.
Queensland

CoreLogic head of research Tim Lawless, pictured in Sydney.Source:News Limited

“The more sustainable history of price growth has kept a lid on housing affordability and made these markets attractive to migrants, particularly those areas where economic conditions are buoyant,” Mr Lawless said.

“A ripple of demand has been emanating from the largest capitals towards the satellite cities where housing is generally more affordable and lifestyle factors can be appealing.

“Many coastal and lifestyle markets have benefited from a rise in buyer demand, either from those looking for a new residence, second home or investment option.”

Mr Lawless also said many of the hard hit mining regions had now levelled out and were starting to show growth.

He said the data highlighted the diversity across Australia’s housing markets.

“While conditions are broadly slowing, especially around Sydney and Melbourne, many areas of the country are benefiting from a history of more sustainable growth rates, improving demand and reasonably strong economic conditions,” Mr Lawless said.

It comes as Knight Frank ranked Brisbane 20th on its Prime Global Cities Index.

Sydney came in 17th place, Melbourne sits in 21st place and Perth sits in 24th place.

“Despite a cooling mainstream market off the back of tighter lending practices, Australian prime markets continue to experience growth with buyers less impacted by these measures,” Knight Frank’s head of residential research Australia Michelle Ciesielski said.

Originally published as Queensland’s big home value winners

Source: www.news.com.au

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Developments

New student residences for UQ

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A $251 million Queensland Treasury Corporation Loan has been approved to fund the student residences Brisbane Investorproject at UQ’s St Lucia campus.

Queensland Treasurer Curtis Pitt said the project was a great investment for the University and for Queensland.

“The construction of the precinct will create around 620 jobs,” Mr Pitt said.

“Once built, there’ll be about 30 ongoing jobs on the site and flow-on benefits for the wider community by having more students living on campus.”

UQ Vice-Chancellor and President Professor Peter Høj applauded the announcement, which enables UQ to consult closely with the community and finalise design and planning.

“This place will offer much more than an attractive living space on one of the world’s most beautiful university campuses,” Professor Høj said.

“It will also support students’ academic success, improve the all-round student experience, and foster skills for advancement in the demanding global contest for satisfying careers.

“It will be home-away-from-home for 1300 students, with around-the-clock pastoral support and security, and easy access to campus sporting and cultural facilities and regular public tra1nsport.

“It will set a quality benchmark for university student housing – particularly in the subtropics.

“UQ is Queensland’s only university ranked in the top 50 of all the world’s universities, and attracts exceptional students from throughout the State, around Australia, and about 130 other countries.

Professor Høj said the residences would have a halo effect for other Queensland institutions that educate international students, adding to Queensland’s reputation as a high-quality, safe and welcoming place to study.

“This space will be ideal for students from regional, rural and remote areas, who will interact with peers from all around the world and forge lifelong friendships and global business linkages.

“After they graduate, many who live and study here will be stalwart ambassadors not only for UQ, but also for Queensland and Australia,” he said.

Wilson Architects + Partners Hill will design the Student Residences Project at the St Lucia campus.

This project continues their longstanding relationship and follows their highly successful collaboration on the multi-award-winning Translational Research Institute (TRI).

‘We are excited about bringing the best of education and residential design to the University of Queensland. Wilson Architects’ extensive experience in education design will be highly complemented by Timothy Hill’s exemplary residential projects,’ said Hamilton Wilson, Managing Director, Wilson Architects.

A priority for the University will be the relocation and expansion of the Margaret Cribb Child Care Centre on a new site on campus, catering for about 150 children – twice the current capacity.

The student residences will encompass sites on Walcott and Hood Streets.

Cairngorm, a former family home built around 1901, will be refurbished and incorporated into the development, and two large fig trees in front of Cairngorm on Walcott Street will be kept.

The University will comply with all relevant environmental and regulatory requirements.

Because 1300 students will live on campus, the project, which is within UQ’s St Lucia campus site development plan, is expected to reduce traffic flows.

Construction is likely to begin in mid-2017, with students moving in at the start of 2020.

UQ has a track record for repaying loans from the State Government ahead of schedule.

 

 

Original article published at www.theurbandeveloper.com by Staff Writer 1/6/2016

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The month in review: Brisbane

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Oh Brisbane – beautiful one day, relatively affordable the next!

Brisbane continues to perform steadily. While we haven’t enjoyed a giant boost in population growth on the back of interstate and overseas migrants, we are being recognised more and more as Australia’s most affordable eastern capital and we seem to ooze price growth potential. It’s firing in some suburbs more than others so this Month In Review is an opportunity to dig down and see where the hot market sectors are.

First up – entry level and mid-range property appears to be a gun sector right now. We always say stay within 10 kilometres of the CBD and this is why – buyers are sheep-dogging over each other when an appropriately priced property hits the market. Property investors are a savvy lot too. Their activity is centering on second hand unit stock. It’s price accessible, in locations that have a lot of rental demand and for a few grand, you can spruce up the space and add some value. Attached housing in the $330,000 to $550,000 range is doing well. Try Coorparoo and Greenslopes for units and townhouses at $330,000 to $400,000. That price point will land you an unrenovated, 2-bed, 1-bath abode in a 1980s complex. Townhouses at $450,000 to $550,000 are 3-bedroom, 2-bathroom for the record.

There are also historic values factoring in as Art Deco units and townhouses garner appeal. You’ll typically find a 2-bedroom, 1-bathroom holding within New Farm or Teneriffe. Premiums are being paid for this style of property – it’s in hot demand.

For detached housing, the sweet spot is in the $600,000 to $800,000 bracket around the mid/ inner ring. You can get great quality homes at a fraction of the Sydney prices. Coorparoo, Camp Hill and Norman Park provide high set 3-bedroom, 1-bathroom dwelling in average condition on a 405 square metre to 607 square metre allotments at this price point. Our expectation is that this sector will continue to perform over the remainder of the year. Capital growth is tracking at approximately 5% per annum for the past 12 months and there is a good level of supply at present to match the demand, which is coming predominately from owneroccupiers. Their intention isn’t to try and make strong capital growth in a short time frame in most cases – they’re looking for a long-term purchase. Buyers with a bit more coin to spare are fighting over entry-level homes in the very inner ring up to $1 million. Newstead, New Farm, Teneriffe, Ascot and Hamilton – this price will get a great renovator with upside potential in one of these tried and true hotspots, and buyers are snapping them up.

As these sectors continue to run harder, the flow on effects will see the current stock of owners given a leg-up into even more comfortable abodes, so expect to see even more activity in the $1 million-plus bracket in the future. This sort of activity is already evident in great locations like Bulimba, Balmoral and Hawthorne where buyers are snapping up good quality homes in these very desirable positions for between $1 million and $2 million. Obviously this isn’t cheap stuff but it certainly is wanted.

A couple of examples on how well some sector are performing:

Brisbane-1

 

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Brisbane Racing Club Selects Mirvac As Partner

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Property group Mirvac has today been formally announced as Brisbane Racing Club’s official partner for the redevelopment of north Brisbane’s Eagle Farm Residential Precinct. (more…)

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