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Overseas buyers, bargain hunters driving surge in demand for Brisbane property

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Overseas buyers, bargain hunters driving surge in demand for Brisbane property

Former expatriate Diana Edwards moved back to Brisbane with her husband and three sons. Photographer: Liam Kidston.Source:News Limited

BRISBANE has emerged from the shadows of its southern counterparts, with new figures revealing the tough times are over for the city’s property market as expats and bargain hunters drive a surge in demand.

The Queensland capital recorded the biggest increase in offshore property buyers over the past year — far higher than any other capital city — and many local agents say expats are behind the turnaround.

Realestate.com.au’s Property Outlook report, released today, shows demand for houses in Brisbane rose 6.7 per cent in the past 12 months, while unit demand increased 4.5 per cent as buyers hunted for bargains despite oversupply concerns.

Overseas buyers, bargain hunters driving surge in demand for Brisbane property

Anglican Church Grammar School in East Brisbane. Photographer: Liam Kidston.Source:News Corp Australia

The blue chip suburbs of East Brisbane, Indooroopilly and Paddington were most popular when it came to houses, while the Gold Coast was the most in demand among apartment buyers, with Tugun and Currumbin the highest demand suburbs in the state.

RESIDENTIAL TOWER FIRST IN 30 YEARS

Overseas buyers, bargain hunters driving surge in demand for Brisbane property

Demand for houses in Paddington has increased. Photographer: Liam Kidston.Source:News Corp Australia

“It looks like Brisbane’s really turning around,” REA Group chief economist Nerida Conisbee said.

“If you have a look at the inner city and the east where demand is up more than 10 per cent, it shows there’s lots of people having a look, and when we see that, we generally start to see a pick-up in pricing.

“All the talk has been about the housing boom being over, but if you look at Brisbane, it’s just warming up again.”

Overseas buyers, bargain hunters driving surge in demand for Brisbane property

REA Group chief economist Nerida Conisbee.Source:Supplied

Overall, home prices in Brisbane are up 1 per cent on year, with houses seeing a slight increase and apartments seeing a decline, according to the report.

The city’s median house price increased 2.7 per cent to $525,000 in the past 12 months, while the median apartment price fell 4.1 per cent to $382,500.

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Overseas buyers, bargain hunters driving surge in demand for Brisbane property

Aerial images of suburban houses in Brisbane, where the median house price rose 2.7% in the past year.Source:News Corp Australia

The report noted that Brisbane home prices never increased to the same levels as Sydney and Melbourne and it remained far more affordable.

“With so much spending on infrastructure, the city is now well prepared for population growth which appears to be occurring as jobs growth continues to recover,” the report said.

Offshore interest in Brisbane property has increased dramatically, according to the report.

Overseas buyers, bargain hunters driving surge in demand for Brisbane property

Demand from Chinese buyers for Brisbane property rose more than any other capital city in the year to May 2018. Source: realestate.com.au.Source:Supplied

Demand from property seekers from China for the Brisbane market jumped some 35 per cent in the 12 months to May 2018.

Adcock Prestige principal Jason Adcock recently sold a prestige home to a Brisbane expat living in Hong Kong sight unseen.

Overseas buyers, bargain hunters driving surge in demand for Brisbane property

This home at 562 Fig Tree Pocket Rd, Fig Tree Pocket, recently sold to an expat for $1.928m sight unseen.Source:Supplied

Mr Adcock said the buyer wasn’t planning to come back to Brisbane for another 12 months, but did not want to miss out.

“We’re starting to see a lot of that at the moment,” he said.

Mr Adcock said high income earning expats from Hong Kong, the UK and the US were showing increasing interest in buying property in Brisbane and returning home.

“They’re coming back to Brisbane and want to reward themselves with a trophy property,” he said.

Property Pursuit director and buyer’s agent Meighan Hetherington said she had noticed a strong increase in inquiries from expats in the past 18 months.

Ms Hetherington said her expat clients were either looking to create their future home base in Brisbane, or ready to repatriate.

Overseas buyers, bargain hunters driving surge in demand for Brisbane property

Buyers agent Meighan Hetherington of Property Pursuit bids on a property at auction in Paddington. Image: AAP/John Gass.Source:News Corp Australia

She said changes in the lending landscape had put some pressure on expats to secure property in Brisbane in case standards tightened further.

“Anyone earning a foreign income is pulled into the same lending criteria that is used for foreign buyers, which has meant a lot of pressure on the ability (for expats) to borrow to purchase,” Ms Hetherington said.

“Some clients have taken six or seven months to get finance approval.”

Ms Hetherington said the price differential between Brisbane and southern states was so great that Brisbane had become much more attractive from a value proposition.

She said 80 per cent of her clients bought properties without seeing them in person, relying instead on research and detailed videos provided to them by buyers agents.

Diana Edwards lived as an expat in Hong Kong with her husband and three sons for 17 years before deciding to return home to Brisbane.

Ms Edwards said schooling and lifestyle lured her back to the Queensland capital.

Overseas buyers, bargain hunters driving surge in demand for Brisbane property

Former expatriate Diana Edwards moved back to Brisbane with her husband and three sons for the schools and lifestyle. Photographer: Liam Kidston.Source:News Limited

And she’s not alone. She now works with expats as a buyers agent and has a client who wants to move to Brisbane, even though he is originally from Sydney.

“Generally the expat families who request our help to find a home in Brisbane are originally from here or have some connection to Brisbane, but we do receive requests from other clients who are originally from Sydney and Melbourne but are choosing to move to Brisbane due to affordability of property and lifestyle factors,” Ms Edwards said.

“Once you compare property prices in these cities, Brisbane is absolutely the frontrunner in terms of the space it can afford for young families within proximity to the city.”

Universal Buyers Agents director Darren Piper said he too had noticed an increase in overseas expats wanting to move back to Brisbane.

“This is due to a number of reasons including schooling, interest rates and most importantly the Brisbane property market as they don’t want to “miss out”,” Mr Piper said.

“Brisbane is set to soar in the coming years due to the large amount of infrastructure being built.

“Expat buyers are savvy and know that now is the time to buy.”

Mr Piper said expats in high income roles were earning an average annual wage of $175,000, which positioned them well to secure a “significant property” in Brisbane.

He said it was also a matter of timing.

“Certain expats have ‘done their time’ and are simply ready to have their feet back on home turf,” Mr Piper said.

“This on top of the current market conditions is certainly influencing the decision to move back.”

TOP SUBURBS FOR HOUSES IN BRISBANE

1 East Brisbane

2 Indooroopilly

3 Paddington

4 Holland Park

5 Wilston

6 Chandler

7 Windsor

8 Coorparoo

9 Newmarket

10 Toowong

TOP SUBURBS FOR APARTMENTS IN BRISBANE

1 Graceville

2 Mansfield

3 Tarragindi

4 Camp Hill

5 Red Hill

6 Ashgrove

7 Holland Park

8 Tingalpa

9 New Farm

10 Paddington

DEMAND FOR HOUSES AND UNITS NATIONALLY

Property views per listing (last 3 months) Year on year change

National 1165 5.2%

Canberra 766 16.2%

Sydney 1631 -22.5%

Darwin 491 4.7%

Brisbane 1121 5.9%

Adelaide 1723 2.7%

Hobart 4399 38.6%

Melbourne 2185 -6.1%

Perth 678 6.4%

DEMAND FOR HOUSES AND UNITS IN BRISBANE

Property views per listing (last 3 months) Year on year change

Brisbane – East 1127 16.7%

Brisbane – North 1579 6%

Brisbane – South 1637 -2.1%

Brisbane – West 1912 0.1%

Brisbane Inner City 1352 13.7%

(Source: realestate.com.au)

Source: www.news.com.au

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Top 68 suburbs for growth in Queensland revealed

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Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed. New data has shown the top 68 suburbs in Queensland for capital growth over the last 12 months to June, with the number one spot reaching triple digits.

Top 68 suburbs for growth in Queensland revealed

Outlined in the Real Estate Institute of Queensland’s Queensland Market Monitor report, REIQ CEO Antonia Mercorella said despite the ‘doom and gloom’ of the property market, there are still locations that are seeing large gains in profitability.

“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” Ms Mercorella said.

“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”

While south-east Queensland saw a lot of attention, there were some high growth suburbs found in central and northern Queensland.

The area with the strongest growth was Blackwater, which saw a rise of 151 per cent growth, which Ms Mercorella attributed to the resurgence of coal prices.

Aside from Blackwater, 10 other suburbs saw growth over 20 percent. These included:

  • Spring Mountain with growth of 103.6 per cent;
  • Collinsville with growth of 46.2 per cent;
  • Minyama with growth of 45.8 per cent;
  • Hamilton with growth of 32.9 per cent;
  • Hollywell with growth of 30.5 per cent;
  • Miles with growth of 23.5 per cent;
  • Mount Coolum with growth of 21.9 per cent;
  • Dundowran beach with growth of 21.5 per cent;
  • Boonah with growth of 21.3 per cent; and
  • Idalia with growth of 21.3 per cent.

Ms Mercorella said the top 11 suburbs were indicative of steady growth across the state, but warned against calling it a ‘boom’.

“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak,” she said.

It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon.”

South-east Queensland

While the top 11 suburbs show a spread of high growth suburbs through the state, 41 suburbs out of the 68 are located in the ever-popular south east corner of Queensland.

Of these, 15 suburbs were located in the Sunshine Coast region, with the highest growing being Minyama, which ranked fourth overall.

The Brisbane region also saw a large number of high performing suburbs at 13. Hamilton was the region’s best performer and fifth overall.

Next was Ipswich with six suburbs, then the Gold Coast with four, Moreton Bay with three, while Redland and Logan suburbs did not rank.

Regional Queensland

Outside of south east Queensland, 27 regional suburbs ranked on the list, with the Townsville region recording four suburbs. Its highest performer was Idalia, which ranked 11th overall.

Next were the Cairns and Gympie regions, both recording three suburbs each. Cairns’ top performer was Palm Cove, which ranked 26th overall, while Cooloola Cove was Gympie’s top performer, which ranked 42nd overall.

While only recording one suburb, the Whitsunday region’s Collinsville ranked third overall.

The Bundaberg and Toowoomba regions both recorded two top suburbs, while the Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs regions all had one top suburb each

Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed

The top 68 suburbs which experienced double digit growth over the last year to June 2018, according to the REIQ, are:

RankSuburbMedian priceCapital growth over 12 months (as a percentage)
1Blackwater$94,250151.3%
2Spring Mountain$450,000103.6%
3Collinsville$95,00046.2%
4Minyama$1,310,00045.8%
5Hamilton$1,442,00032.9%
6Hollywell$810,00030.5%
7Miles$148,25023.5%
8Mount Coolum$670,00021.9%
9Dundowran Beach$607,00021.5%
10Boonah$324,50021.3%
11Idalia$485,00021.3%
12Rasmussen$347,50019.9%
13Yaroomba$749,00019.7%
14Biloela$272,75018.6%
15Burnett Heads$317,00018.1%
16Tivoli$295,00018.0%
17Cashmere$690,00018.0%
18Walloon$370,00016.7%
19Sunshine Beach$1,400,00016.7%
20Noosa Heads$1,070,00016.0%
21Hope Island$739,75015.7%
22Ripley$374,00015.4%
23Sandgate$705,00015.2%
24North Ward$575,00015.0%
25Paddington$1,150,00014.7%
26Palm Cove$606,00014.3%
27Charters Towers City$142,50014.0%
28Pelican Waters$761,00013.9%
29Cooee Bay$313,00013.8%
30Mount Ommaney$944,00013.7%
31Fernvale$357,50013.5%
32The Range$380,00013.4%
33Landsborough$432,50013.4%
34Sunnybank$832,50013.3%
35North Mackay$270,00013.2%
36Whitfield$540,00013.1%
37Graceville$932,50013.0%
38Hendra$1,100,00012.7%
39Shorncliffe$840,00012.4%
40Moranbah$185,00012.1%
41Coes Creek$442,50012.0%
42Cooloola Cove$317,50012.0%
43Battery Hill$578,00012.0%
44Seven Hills$940,00011.9%
45Nundah$755,00011.9%
46Monkland$240,00011.6%
47Bongaree$470,00011.6%
48Clifton Beach$557,50011.5%
49Maroochydore$639,00011.2%
50Twin Waters$823,00011.2%
51Cambooya$322,50011.2%
52Tewantin$572,50011.2%
53Coolum Beach$675,25011.2%
54Kedron$744,50011.1%
55Sunrise Beach$820,00011.0%
56Oakey$241,50011.0%
57D’aguilar$416,00010.9%
58Mountain Creek$610,00010.9%
59Flinders View$371,50010.9%
60Highland Park$570,00010.7%
61Rosewood$291,00010.7%
62Bulimba$1,300,00010.6%
63Kirkwood$353,50010.5%
64Woodgate$402,50010.3%
65Railway Estate$309,50010.1%
66Auchenflower$1,070,00010.0%
67Rainbow Beach$489,50010.0%
68Ormeau Hills$530,00010.0%

Top 68 suburbs for growth in Queensland revealed.

Source: smartpropertyinvestment.com.au

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Brisbane’s median home price deceptively low

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Brisbane’s median home price deceptively low

Brisbane’s median home price deceptively low

Brisbane’s median home price deceptively low. LATEST analysis shows Brisbane’s significantly more affordable median home price is deceptively low, given only three areas sit below the citywide median.

At $491,925, Brisbane’s median was over 40 per cent cheaper than Sydney ($833,876) and just over 25 per cent less than Melbourne ($655,044).

But when CoreLogic research analyst Cameron Kusher broke it down in zones around the capital, the data told a different story.

“While that ($491,925 is substantially lower than Sydney and Melbourne you can see that all of the regions relatively close to the city have current median values which are higher than that,” he said.

“The most expensive region of the city is the West ($659,554) while the most affordable is Ipswich ($350,511).

“Only three SA4 regions of the city actually have a median value which is lower than the citywide median.”

Brisbane’s median home price deceptively low

The cafe lifestyle in inner-city New Farm is part of the reason that median prices there are definitely above the citywide average. Picture: Annette Dew.Source:News Corp Australia

Those three SA4 regions of Greater Brisbane were Ipswich with a median property value of $350,511, Logan-Beaudesert on $387,401 and Moreton Bay — North on $413,962.

All the rest had medians that were above the official median Brisbane dwelling led by Brisbane West where the median of $659,554 was higher than that of Melbourne.

Brisbane South’s median was $639,457, followed by Brisbane Inner City $584,539), North ($549,231), East ($548,746) and Moreton Bay — South $501,509.

The closer you are to desirable attributes such as the river, the higher prices tended to go, according to the analysis.

“Desirable areas close to the city centre typically have much more expensive housing costs than the broad capital city median,” Mr Kusher said.

“Although it is clichéd, location, location, location holds true and purchasers still pay a significant premium for well-located properties.”

Mr Kusher said the data gave “a more granular insight into how median values in each city compare to smaller regions across each city”.

Buyers were well advised to look at markets closer “as housing costs or the housing market performance can be vastly different when you look at different areas of a city”.

Source: news.com.au

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Regional suburbs record double digit capital growth

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Regional suburbs record double digit capital growth

Regional suburbs record double digit capital growth

Regional suburbs record double digit capital growth. TOWNSVILLE has emerged as a star performer in regional Queensland, with four suburbs recording double digit growth.

REIQ has revealed the 68 suburbs that recorded double digit growth in the 12 months to June.

Twenty-seven of those 68 top performing suburbs were outside of the southeast, with Townsville dominating the regional listings.

REIQ CEO Antonia Mercorella said Idalia (+21.3% to $485,00 as of June) was a rapidly expanding suburb, located just 10 minutes from the Townsville CBD, and offering access to shopping centres, restaurants, beautiful landscaping around parks, lakes and the Ross River.

It is dominated by older houses and luxury new homes, with properties ranging from the “low to mid $300,000s” to over $1 million.

 

Regional suburbs record double digit capital growth

REIQ CEO Antonia Mercorella

 

“Idalia in Townsville ranks 11th on the state list and first on the Townsville LGA list,” she said.

The other Townsville suburbs to make the top 68 were Rasmussen (+19.9), North Ward (+15%) and Railway Estate (+10.1%).

Keyes and Co Property agent, and former Townsville City councillor, Tony Parsons, said there were suburbs doing well, and others that were still struggling, but there were positive signs in the local property market.

Regional suburbs record double digit capital growth

Regional suburbs record double digit capital growth

This four bedroom house at 47 Springside Terrace in Idalia is on the market for $868,000 and is listed with Keyes & Co

He said Idalia ticked a lot of boxes for families, but he was not surprised by the city’s other top suburbs with two of them “fringe suburbs” of the new stadium under construction.

Regional suburbs record double digit capital growth

North Queensland Stadium under construction in September 2018 Townsville

“North Ward and its proximity to The Strand speaks for itself, and Railway Estate has some of that character housing stock that many couples are keen on, those reno jobs.”

As for Rasmussen, the suburb has benefited from a number of new housing estates including a Defence Housing Australia development, and the duplication of Riverway Drive.

Mr Parsons said buyers could still get a bargain.

Regional suburbs record double digit capital growth

Australian hydrofoil championships off The Strand, Townsville.

Meanwhile, Cairns and Gympie had three suburbs on the list of top performers.

Palm Cove was the best performer in Cairns, ranking 26th overall.

Cooloola Cove in Gympie ranked 42nd, with house prices up 12 per cent to $317,500 in June 2018.

In the Whitsundays region, only Collinsville, a coal town southwest of Bowen, made the list, taking out third spot overall.

Ms Mercorella said Collinsville recorded an annual capital growth for houses of 46.2 per cent, taking the median sales price to $95,000 in June.

Other regions reporting at least one suburb on the list were Bundaberg, Toowoomba, Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs.

“This spread of suburbs is a good indication that Queensland real estate is delivering steady sustainable growth across the board. We’re seeing growth outside the southeast corner,” Ms Mercorella said.

In terms of price, the REIQ analysis found that two very different brackets dominated the list — below $350,000 and above $500,000 but below $750,000.

“Eighteen top performing suburbs reported a median house price range below $350,000,” Ms Mercorella said.

“Most of these suburbs are located in regional Queensland.”

Similarly, 18 top performers reported an annual median house price range between $500,000 and $749,999 … 13 of these suburbs are located in the southeast corner.

“Only 8 top performing suburbs reported an annual median price range above $1 million. All these suburbs are located in Brisbane, Noosa or the Sunshine Coast LGA.”

Regional suburbs record double digit capital growth

TOP 10 PERFORMING REGIONAL QUEENSLAND SUBURBS, RANKING/1 YR CAPITAL GROWTH

Blackwater (1st) +151.3%

Collinsville (3rd) + 46.2%

Miles (7th) +23.5%

Dundowran Beach (9th) +21.5%

Idalia (11th) +21.3%

Rasmussen (12th) +19.9%

Biloela (14th) +18.6%

Burnett Heads (15th) +18.1%

North Ward (24th) +15%

Palm Cove (26th) +14.3%

(Source: REIQ QMM report June 2018. )

Source: sunshinecoastdaily.com.au

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