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Seaside suburbs the star performers of southeast Queensland property market

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Seaside suburbs the star performers of southeast Queensland property market

THE lure of affordability, lifestyle and world-class beaches made southeast Queensland’s coastal markets the stars of the property sector in 2017.

THE lure of affordability, lifestyle and world-class beaches made southeast Queensland’s coastal markets the stars of the property sector in 2017, fuelled by a fresh wave of interstate migration.

While home values grew just 2.4 percent in Brisbane over the past 12 months, they jumped nearly 7 percent on the Gold Coast, while houses climbed in value by more than 7 percent on the Sunshine Coast, according to the latest data from property analytics firm CoreLogic.

Half of the top 10 property sales in Queensland last year were made on the Gold Coast; totalling $48.9 million.

And some agents say the markets are set to strengthen further in 2018 as Sydney and Melbourne homeowners cash out of their million-dollar homes in favour of a more laid-back, affordable lifestyle in the tropical north.

The REIQ’s latest Queensland Market Monitor shows the median house price in the Sunshine Coast statistical division jumped from $557,500 in June to $570,000 in September, while the Gold Coast achieved a new house price record of $606,000.

The Queensland government recently declared the number of interstaters migrating to the state was at its highest level in eight years, with 15,716 people moving here in the year to March 2017 — most coming from New South Wales.

CoreLogic senior research analyst Cameron Kusher said both the Gold Coast and Sunshine Coast property markets had benefited from that boost in interstate migration more than Brisbane.

Areas like Broadbeach Waters on the Gold Coast have experienced strong property price growth. Photo: Chris Bashall. Source: Supplied

Areas like Broadbeach Waters on the Gold Coast have experienced strong property price growth. Photo: Chris Bashall. Source: Supplied

 SQM Research managing director Louis Christopher expects both markets to outperform the state’s capital in 2018, writing in his latest Boom and Bust Report that the Gold Coast had a diversified economy and had benefited from the lead-up to the Commonwealth Games.

Ray White Surfers Paradise holds its major auction event of the year later this month to coincide with the January holiday period when many interstate and overseas visitors flock to the Gold Coast.

More than 100 properties will go under the hammer at its annual ‘The Event’ on January 28, with many holiday homes and investment properties set to sell to interstate and local investors.

This house at 80 Admiralty Dr, Surfers Paradise, is going to auction on January 28 through Ray White. Source: Supplied

This house at 80 Admiralty Dr, Surfers Paradise, is going to auction on January 28 through Ray White. Source: Supplied

Ray White Surfers Paradise chief executive Andrew Bell said the region had recorded solid sales figures in 2017 thanks to economic stability, job creation and steady population growth.

Mr Bell said the property market at the northern end of the Gold Coast had strengthened considerably because of new medium and high rise development in areas like Southport and Hope Island.

“That’s where all the new development is and it’s given people a lot more opportunity,” he said.

Mr Bell said suburbs like Coomera and Pimpama were had also become “powerhouses” for house-and-land developments, attracting demand from interstate.

“It’s not just people buying holiday homes,” he said.

“It’s just getting so difficult to live in Sydney with the cost of living and the traffic.

“People are saying ‘it’s time to move!’ and I think they’re seeing the Gold Coast as being the best it’s ever looked.”

And with vacancy rates of less than 1 per cent on the Gold Coast, Mr Bell said an increase in home construction was more than welcome.

“We can have 20 plus people turn up to an open home, so we desperately need more investors to buy some stock to help with this huge demand from tenants,” he said.

Kollosche Prestige Agents managing director Jordan Williams said the Gold Coast property market experienced periods of strength and weakness in 2017, but he predicted a bigger year in 2018.

“I know for a fact that for the last half of last year a lot of buyers were sitting on their hands reading the negative articles that said the market was going to crash,” Mr Williams said. “They’ve bought off me since then and realised its actually going to continue to improve.

“I think it’s going to be an exciting year.”

Mr Williams also said the majority of homes he sold were cash contracts, unlike the pre-GFC days.

“We have very affluent local and interstate buyers who are fourth, fifth and sixth generation wealthy,” he said.

“Our vendors who own these homes are also affluent, successful people and they don’t muck around with finance and building and pest inspections.”

Kristian and Haley Hughes are selling their five-bedroom waterfront home at 31 Pilot Court, Mermaid Waters through Kollosche Prestige Agents.

They’ve lived there for nearly three years, but have decided to sell and rent in the area so they can use the capital to fund Mrs Hughes’ new make-up venture.

This property at 31 Pilot Court, Mermaid Waters, is for sale. Source: Supplied

This property at 31 Pilot Court, Mermaid Waters, is for sale. Source: Supplied

Mrs Hughes, who runs The Institute of Makeup beauty school, said Mermaid Waters had benefited from the growth in popularity of nearby Burleigh Heads.

“I feel it’s becoming the new central location — nestled between Burleigh and Broadbeach,” she said.

The Hughes are hopeful they’ll benefit from the growth in the market over the past 12 months, with the median house price in Mermaid Waters increasing by more than 17 per cent.

The view from the home at 31 Pilot Court, Mermaid Waters. Source: Supplied

The view from the home at 31 Pilot Court, Mermaid Waters. Source: Supplied

Their family home is decked out with floor-to-ceiling glass, which captures spectacular 180 degree views.

“For someone who wants to make it their forever home, they’ll never run out of room,” she said.

“It was hard finding a place to put an offer on even then, because (homes) were selling before they even went to market.”

Further north, Noosa was the standout performer in 2017.

REIQ figures show Noosa was the state’s top performing market in the three months to September, recording annual house price growth of nearly 10 per cent.

Over the past five years, Noosa’s median house price has jumped by more than 40 per cent.

Main Beach at Noosa. Photo: Chantay Logan. Source: Supplied

Main Beach at Noosa. Photo: Chantay Logan. Source: Supplied

Tom Offermann Real Estate principal Tom Offermann said the company ended 2017 with eight sales averaging $5.9 million each.

The agency sold a sprawling waterfront home with a drive-through boatshed, two jetties and a boat ramp at 29-31 Wyuna Dr, Noosaville, for close to $11.9 million late in 2017 — setting a new record for the area.

This property at 29-31 Wyuna Dr, Noosaville, recently sold for about $11.9m. Source: Supplied

This property at 29-31 Wyuna Dr, Noosaville, recently sold for about $11.9m. Source: Supplied

“It’s not just the prestige properties that buyers are targeting,” Mr Offermann told The Courier-Mail.

“There are good opportunities for buyers at all levels who want to invest or live here.”

Another driving factor behind demand for the Gold Coast and Sunshine Coast markets is a lack of stock, but BIS Oxford Economics expects rising supply over the next three years to slow forecast price growth.

Another coastal market in Queensland that performed better than expected in 2017 was Cairns.

BIS Oxford Economics noted Cairns had benefited from improved tourism and a deficiency of dwellings, which was estimated to have pushed the median house price up by 20 per cent in the past five years.

It expects home prices to grow another five per cent until 2020.

Originally published: www.goldcoastinvestor.com.au

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Market Place

Brisbane’s cheapest suburbs by proximity to the CBD

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Brisbane’s cheapest suburbs by proximity to the CBD

Brisbane’s cheapest suburbs closest to the CBD have been revealed — and if you’re in the market for a house, you can still pick one up for under $500,000, less than 10 kilometres from the CBD.

According to new data from Domain, there are still a number of sleeper suburbs close to the city centre that have median sale prices considerably less than their surrounding areas.

Houses in Keperra, Chermside and Everton Park, as well as units in Spring Hill, Clayfield and Bowen Hills, are some of the most affordable properties within a 10-kilometre radius. Moving further out to between 10 and 20 kilometres, units in Zillmere and Runcorn offer great value, as well as houses in Acacia Ridge, Thorneside and Durack.

Domain research analyst Eliza Owen said while the general rule was the further a suburb was placed from the CBD the more affordable it was, there were exceptions.

Brisbane’s cheapest suburbs by proximity to the CBD 1

“The average median for a Brisbane house within 10 kilometres of the CBD is $845,000, so take Stafford Heights, where a typical price is $600,000 — while that is still a lot of money, it’s relatively affordable when you’re looking at properties that close to the CBD,” Ms Owen said.

The data showed units within walking distance of the city centre for under $400,000, while the median for units up to 10 kilometres out is $460,000, Ms Owen said.

She said there were often reasons why these suburbs were more affordable.

“There are other factors that create pockets of relatively low prices. Being placed near industrial parks, having relatively low socio economics in there, being close to an airport or under a flight path and the nature of the housing stock can all affect a suburb’s value,” she said.

Suburbs less than 10 kilometres from the CBD

In Brisbane’s leafy north west, buyers after an affordable home can pick up a house at Keperra, where the median sale price is $530,000, although Christine McKay of Harcourts Solutions says many sell for less than that.

“Houses are selling from around $480,000 — often they’re pretty little post-wars, and they’re very popular with the young people,” she said.

“Keperra has a lot to offer apart from its proximity to the city and that’s the transport, schools, shops … all the infrastructure is here.

Brisbane’s cheapest suburbs by proximity to the CBD 2

“Why do people live here for 70 years? Because everything is here. It’s a lovely suburb and we’re finding people are buying these little post-wars and turning them into beautiful homes, lifting them, extending them and building in underneath.”

Other affordable suburbs included Chermside and Chermside West, in Brisbane’s north, and Everton Park, also in the north west.

For units, Moorooka, Bowen Hills and Clayfield were the cheapest, followed by Spring Hill, which is only one kilometre from the CBD.

Most affordable suburbs <10km

Brisbane’s cheapest suburbs by proximity to the CBD 4

Suburbs 10 to 20 kilometres from the CBD

A little further out from the city centre and prices come down further, particularly for houses. Inala, 14 kilometres west of Brisbane, has the cheapest median house price at $365,000.

The bayside suburb of Thorneside, which straddles the Brisbane coastline a little further along from Manly and Lota, has a median house price of just $432,000.

But it’s suburbs like Acacia Ridge, only 12 kilometres south of the CBD with a median houses price of $400,000, which agent Adrian Daynes of Daynes Property refers to as a “sleeping giant”.

“If you compare it to surrounding suburbs like Coopers Plains, Algester, Sunnybank or Salisbury, Acacia Ridge is right next to these suburbs but the prices are so much lower,” he said.

Brisbane’s cheapest suburbs by proximity to the CBD 3

“It’s a little bit unknown in that respect. Buyers come out to investigate the suburb and are pleasantly surprised because the quality of the home you can get here is 40 to 50 per cent cheaper than the neighbouring suburbs.”

Mr Daynes recently listed a three-bedroom, two-bathroom post-war house on 607 square metres of land at 15 Scouse Street, Acacia Ridge for $419,000 but said the same house would be worth $560,000 to $570,000 in Coopers Plains.

“A lot of our buyers here are first-home owners but we also get a lot of investors too as the rental yields are so high. They’ll buy a house for $350,000 and get $350 a week rent,” he said.

Most affordable suburbs 10-20km

Brisbane’s cheapest suburbs by proximity to the CBD 5

Suburbs 20 to 30 kilometres from the CBD

Unsurprisingly, house prices drop considerably by this distance, dominated by the LGAs of Logan and Ipswich.

Goodna, on Ipswich’s fringe, has excellent transport links via trains and the Ipswich Motorway to Brisbane’s CBD. With a median house price of $337,000, it is only 20 kilometres from the CBD.

Also in Ipswich, Collingwood Park and Redbank Plains, both with median house prices of $340,000, are located 23 and 26 kilometres respectively from Brisbane’s CBD.

Some of Greater Brisbane’s most affordable units, however, are located in Moreton Bay, north of Brisbane along the coastline.

Units at Woody Point, 25 kilometres out, have a median of $382,500, while neighbouring Redcliffe, 28 kilometres out, has a median of $384,500.

Most affordable suburbs 20-30km

Brisbane’s cheapest suburbs by proximity to the CBD 6

 

Source: www.domain.com.au

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Massive $6m sale in coveted stretch of riverfront

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Massive $6m sale in coveted stretch of riverfront

A waterfront home on a coveted stretch — where neighbours include Australia’s richest woman Gina Rinehart — has sold for over $6 million over the weekend.

A waterfront home on a coveted stretch — where neighbours include Australia’s richest woman Gina Rinehart — has sold for over $6 million over the weekend.

Place Bulimba signed off on a riverfront property at 146 Virginia Avenue, Hawthorne, which fetched over $6m, agent Sarah Hackett confirmed.

The deal, one of the biggest for Brisbane in the residential sector this year, is a sign of positivity for the prestige end of the Brisbane real estate market.

Massive $6m sale in coveted stretch of riverfront 1

Negotiations were ongoing through election week, with the deal signed over the weekend,

The home is a four bedroom, two bathroom double garage set up sitting on a massive 1,433sq m block of waterfront.

Ms Hackett listed it as a “once-in-a-lifetime opportunity to build your own architectural masterpiece on one of Brisbane’s best riverside streets”.

Massive $6m sale in coveted stretch of riverfront 2

It has 24m of river frontage, a new, private jetty and pontoon, and stunning views across a wide stretch of the river.

“The original home is comfortable with a new, modern kitchen, large living and outdoor areas, soaking up the mesmerising views,” was how it was described, though the property also has development approval for a “Sumich Chaplin, dream, architectural home, with four ensuited bedrooms, six bathrooms, eight car accommodation and a huge outdoor entertaining and lawn area”.

Massive $6m sale in coveted stretch of riverfront 3

Ms Hackett expected good things out of the market this year, given the first five months had been stronger than last year.

“The election was a good because people just want confidence and a clear idea of what’s going to happen, but the market has been very strong this year because banks have started to lend this year and money is so cheap. It’s never been better to borrow.”

“We had 100 open houses on Saturday and they were all really busy … Late last year we found the market volatile. It was hard to get (bank) approval even for 14 days. This year we found a complete different turnaround.”

 

 

Source: www.news.com.au

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One capital city holds steady as others record price falls

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One capital city holds steady as others record price falls

Nearly every major capital city showed price falls, according to the latest weekly property market data, with the exception of one which held steady.

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 19 May, CoreLogic’s Property Market Indicator data showed.

Brisbane was the only capital city not to record a value fall, holding steady.

Meanwhile, Sydney, Melbourne, Adelaide and Perth all recorded declines, with Sydney falling the most at 0.3 of a percentage point, Melbourne declining by 0.2 of a percentage point, and then both Adelaide and Perth falling only by 0.1 of a percentage point.

The monthly index was down by 0.8 of a percentage point. It fell by 9 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year at 11.2 per cent, 10.2 per cent and 8.4 per cent, respectively.

New listing volumes were down, albeit to a lesser degree than the week prior, with nearly every single capital city recording a decline, except for Darwin, which held steady, resulting in a combined capital city loss of 22.4 per cent.

The largest declines were seen in Sydney at 28.7 per cent (making last week 13 weeks of new listing declines in a row), Melbourne at 26.4 per cent, Perth at 19.1 per cent, Brisbane at 18.5 per cent, Hobart at 12.3 per cent, Canberra at 18.1 per cent and Adelaide with the smallest decline again at 2.6 per cent.

Houses were again more popular than units, and the average time for houses on market rose in nearly every capital city, except for Brisbane, where it held steady, and Hobart, where figures declined.

Hobart was the capital city with the fastest time on market for houses at 38 days, followed by Melbourne and Canberra at 45 and 50 days, respectively; while Darwin, Perth and Brisbane had the slowest time on market at 90 days, 77 days and 71 days, respectively.

For units, Hobart was again the fastest at 34 days, while Darwin, Perth and Brisbane were again the slowest at 105, 82 and 71 days, respectively.

Vendor discounting was between 5.5 per cent and 8.2 per cent for houses across most capital cities and between 7 per cent and 10.3 per cent for units.

Canberra was the low-end exception for both houses and units at a respective 4 per cent and 5.3 per cent.

Darwin was again the high-end exception for houses and units at 9 per cent and 13.7 per cent, respectively.

 

 

Source: www.smartpropertyinvestment.com.au

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