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SEQ begins big push for a billion-dollar City Deal

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SEQ begins big push for a billion-dollar City Deal

Queensland Premier Annastacia Palaszczuk (left) and Treasurer Jackie Trad are pushing for a City Deal for south-east Queensland.

Photo: AAP/Dan Peled

Political delays dogging infrastructure projects will be history if talks on Tuesday morning cement a new billion-dollar 15-year City Deal for south-east Queensland between all three levels of government.

Such a deal could benefit 3 million people catching trains and buses, driving on highways, building businesses, looking for housing, and finding school and universities between the Sunshine and Gold coasts and west to Toowoomba.

Deputy premier Jackie Trad and Brisbane’s lord mayor Graham Quirk will on Tuesday morning outline how close the 10 south-east Queensland councils – Brisbane, Ipswich, Logan, Moreton Bay, Redland, Scenic Rim, Somerset, Sunshine Coast, Toowoomba and Lockyer Valley – are to signing Australia’s largest City Deal with the federal government.

Australia now has three City Deals backed by the federal government: Townsville (2016), Launceston (April 2017) and Western Sydney (March 2018).

Cr Quirk, the chairman of Council of Mayors (SEQ) that represents the region’s local governments, described a City Deal for the area as “a dramatic change”.

“The power of aligning the efforts of all levels of government and securing a long-term program of investment in our region will be a game changer,” Cr Quirk said.

“For the first time, all levels of government will be working in unison to protect and enhance the prosperity and liveability of south-east Queensland.”

SEQ begins big push for a billion-dollar City Deal
Brisbane’s lord mayor Graham Quirk begins a campaign for a City Deal funding package for 10 councils on Tuesday morning.
Photo: Fairfax Media

A City Deal binds the three levels of government — federal, state and local — as a group to agree to a 15-year rolling funding program of infrastructure projects that a fast-growing region needs.

As projects provide a lift in land value, that financial uplift is identified, captured and then re-invested into the infrastructure funding pool, under a model first identified in Manchester in 2012 and then in Brisbane in 2014.

In April 2018, Cr Quirk and Ms Trad met the federal government’s new Cities and Urban Infrastructure minister Paul Fletcher, when they first put forward the SEQ City Deal.

All parties described those 2018 talks as “positive”.

Cr Quirk and Ms Trad will begin the public push for the SEQ City Deal at a business breakfast at Brisbane’s Convention and Exhibition Centre on Tuesday.

“We secured Australia’s first ever City Deal in Townsville, which is paying dividends with projects like the North Queensland Stadium, delivered through the City Deal,” Ms Trad said.

“That is under construction and on track to be open for the start of the 2020 NRL season.”

Townsville’s City Deal is a 15-year arrangement, while Launceston’s is a five-year deal and Western Sydney’s is a 20-year deal.

The federal government is tipped to announce City Deals for Geelong and Darwin by September 2018, allowing planners to work on Hobart, Perth and south-east Queensland over 18 months.

How could it help?

It locks in project funds over 15 to 20 years, moving them away from political promises, which are subject to election outcomes. It could remove election squabbling over the same project.

It sets out a timetable for  projects allowing the private sector to invest more confidently.

It could help the next generation of infrastructure projects, after the Pacific Motorway, Cross River Rail and Brisbane Metro projects were all delayed by politics, angering voters.

It has also been mentioned as a way of funding Moreton Bay’s new university campus at Petrie and breathing life into the Brisbane River’s Resilient Rivers proposal.

What is Townsville’s experience after 18 months?

The Townsville City Deal was signed on December 9, 2016. It is a 15-year agreement.

Work has begun on stage two of the 25,000-seat $250 million North Queensland Stadium. It will be finished for the 2020 rugby league season. It is funded by the federal and state governments, and Townsville City Council.

The Queensland government has promised $250 million for new water supply for Townsville.

A business case for new Townsville Port facilities is almost finished and the Queensland government has pledged $75 million for port upgrade.

Townville mayor Jenny Hill said choosing the right projects was essential to make a City Deal effective.

“The City Deal provides a roadmap for delivery that breaks the political cycle so it is very important to choose the right projects or areas for reform that will make the biggest difference to a city or region,” Cr Hill said.

“All three levels of government also need to buy into the key priorities of the local area that are included in any City Deal.”

SEQ begins big push for a billion-dollar City Deal

Townsville Mayor Jenny Hill on top of Castle Hill with Townsville in the background.
Photo: supplied

SEQ City Deal – the background

  • May 2012Co-funding model idea began in United Kingdom.
  • June 2015: Queensland prepares its own case for City Deals after Ms Trad looked at the UK City Deals idea in Manchester.
  • 2016: Council of Mayors (SEQ), Queensland Property Council and the Queensland government put a plan together.
  • November 2016: Queensland Premier Annastacia Palaszczuk signed a memorandum of understanding with prime minister Malcolm Turnbull in November 2016 to develop “tailored City Deals” for Queensland.
  • February 2017: Ms Trad and Cr Quirk wrote to then-federal cities minister Angus Taylor, agreeing to a joint submission.
  • Late 2017: A Cities Transformation TaskForce established in Brisbane.
  • June 2018: Queensland’s major contractors called for a City Deal.

Source: www.brisbanetimes.com.au

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Belmont acreage sells at auction for $1.85 million but buyers still cautious

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Belmont acreage sells at auction for $1.85 million but buyers still cautious

It was a quiet weekend in the Brisbane auction market, with only 54 scheduled auctions and a reported clearance rate of 38 per cent.

Despite this, a grand five-bedroom house on two and a half acres (about a hectare) was sold for nearly $2 million in coveted Belmont in Brisbane’s south-east.

About 50 people watched as none of four registered bidders made a play for the architecturally designed home. Then a vendor’s bid of $1.8 million led a family of four to try their luck.

After a short negotiation, the vendors accepted the bid, and the house was sold for $1.85 Million.

Agent David Green, of Harcourts Green Living, said the lack of initial bids spoke to a market that was slowing down.

“What we’re finding is that buyers are really hesitating in the market at the moment. They’re really fearful of overpaying for something,” he said.

“There’s definitely been a slowdown in buyer activity. They’re sitting back and waiting to see what everyone else does.

“That’s why we didn’t want to muck around with them. We put a strong vendor’s bid to start with, to find out if anyone was serious.”

Belmont acreage sells at auction

He said an acreage property such as this was rare and usually popular in the area, with auctions often seeing many neighbours in attendance.

“Very few acreage properties have come to the market, so I think some [of the neighbours] were interested in what it was going to achieve,” he said.

“Have a look it themselves to see how it compared to their homes. Those acreage properties in Gumdale, Belmont [and] Chandler are always extremely popular.”

The buyers, a young family of four, were thrilled to pick up a property of this size in the area.

“They’ve lived in the area for a long time, and always wanted to get onto an acreage property.

“All the neighbours are multimillion-dollar houses, so they felt like the opportunity was there to buy a beautiful home on a great acreage. They were rapt.

“We’re seeing lots of refurbishment of some of these bigger homes that were very stately in their day. This is exactly what will happen with this home,” Green said.

“It really is blue chip. It’s the last to go down in price, and the first to go up when the market returns.”

Belmont acreage sells at auction for $1.85 million

Nearby, a post-war home on 506 square metres in Camp Hill was sold under the hammer in a speedy auction.

Bidding started at $670,000, with the two registered bidders quickly bringing the price up to $735,000 in a minute or two.

At that point, bidding slowed down and negotiations began with the top bidder. Soon after, the final price was agreed upon.

A young couple walked away with the property for $760,000.

Belmont acreage sells at auction for $1.85 million buyers still cautious

“It’s a perfect entry level home into the Camp Hill market,” agent Mel Christie, of Ray White Coorparoo, said.

“The people who have bought it are going to live there for 12months and then they’re going to renovate it, or knock it down.”

Christie said she had seen increased interest in the area from interstate buyers.

“Around 26 groups inspected the property during its campaign. Two of those groups were buying agents from Melbourne,” she said.

“I think they see Brisbane as a more stable market than the Melbourne and Sydney market at the moment.

“I just had another buyer from Sydney that inspected this property [buy] another one of mine this week before it went to auction.”

The house had been in the family since it was built in 1962. Having already moved to northern Queensland, the vendors were excited to see the property sold.

“I got a big hug and a thank you, so I think he was pretty happy,” Christie said.

Source: domain.com.au

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Bargain buys: Prices slashed on 23,000 homes

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Bargain buys Prices slashed on 23,000 homes

BARGAIN-HUNGRY home hunters are in the box seat with a spike in the number of discounted properties hitting the market.

BARGAIN-HUNGRY home hunters are in the box seat with a spike in the number of discounted properties hitting the market.

The top 20 homes with the biggest price cuts on the market in Queensland right now have been revealed, giving savvy buyers a chance to snap up a bargain for up to $800,000 below market value.

Right now, a three-bedroom house on acreage in the Moreton Bay region has had its sale price slashed by half a million dollars and a beautiful five-bedder on a big block in Tarragindi is $150,000 cheaper than it was when it was first listed.

Bargain buys Prices slashed on 23,000

Death, divorce and desperate vendors are some of the reasons for the number of “distressed” listings, according to SQM Research, which puts out a report on its website that is updated weekly.

SQM Research managing director Louis Christopher said 23,000 of the 330,000 properties on the market nationally were distressed, compared to only 18,000 a year ago.

Bargain buys Prices slashed on a 23,000 homes

Mr Christopher said the increase in distressed listings showed it was a good time to research the market and see what value was on offer.

“There is the potential to be able to buy at, or below, fair market value,” Mr Christopher said.

“Especially in a downturn similar to the one we’re having now, that probability has increased.”

Mr Christopher said sellers of discounted properties were also usually more willing to negotiate.

The Gold Coast usually has a higher number of distressed properties than any other region in the country.

MORE: Sold after one inspection

“I suspect it’s because the Gold Coast has a higher percentage of investors as a proportion of total buyers than most other regions in the country and it’s also a transient place, so people come in, live there for a few years and move out again,” Mr Christopher said.

Helen and Tim Stieler are selling their renovated, three-bedroom house in the heart of Chermside for offers over $565,000.

The well-presented home at 6 Monserrat St, Chermside, is on a larger than average 635 sqm block close to shops, a hospital and public transport.

Bargain buys 23,000Prices slashed homes

The Stielers have already moved to a property on a bigger block of land to accommodate their growing family.

Mrs Stieler said she could not believe the property had not been snapped up yet.

“The convenience is amazing,” Mrs Stieler said.

“We’ve had a large number of people go through, but just haven’t found the right person.

“It really is a bit of a bargain.”

Bargain buys home

Marketing agent Jonathan Levey of Harcourts Connections – Stafford said it was the perfect buying opportunity for young families or a young couple.

Mr Levey said the sale price had recently been reduced by $10,000.

“It’s immaculate — no maintenance required,” Mr Levey said.

“It has a great street presence and is only a two minute walk from Chermside Markets.”

On the waterfront in Redcliffe, a luxury three-bedroom unit is on the market for $150,000 less than its original listed price.

Maureen and Steve Bennett are reluctantly selling the property in Mon Komo at 603/99 Marine Parade for offers over $1 million for financial reasons.

“We’re selling because we have other building projects on the go, and so instead of having money tied up in Mon Komo, we’re doing it just to free up some money — not because we want to,” Mrs Bennett said.

“We fell in love with it because we loved the design. We love everything about it, and still do. Nothing beats the position.”

Bargain buys Prices on 23,000 homes

Bargain buys 23,000 homes in prices slashed

Marketing agent Rosslyn Kennedy of Gateway Properties said the property was more spacious and better value than most newer units on the market.

“The trouble is people like shiny new, but this is so much better value for money,” Ms Kennedy said.

Bargain buys Prices of homes slashed on 23,000

THE 20 MOST DISCOUNTED PROPERTIES ON THE MARKET IN QUEENSLAND

Address Suburb Current Price First Price Discount

1. 1-15/14 City Rd Beenleigh $4.6m $5.425m $825,000

2. 1 Yebri St Kallangur $789,000 $1.3m $511,000

Bargain buys Prices slashed on 23,000 house

3. 96 & 98 Tenby St Mt Gravatt $1.089m $1.485m $396,000

4. 354 Samsonvale Rd Joyner $895,000 $1.2m $305,000

5. 195-197 Andrew Rd Greenbank $1.9m $2.2m $300,000

Bargain buys slashed prices on 23,000 homes

6. 231 Marsden Rd Kallangur $750,000 $999,000 $249,000

7. 203 Gaskell St Eight Mile Plains $678,000 $900,000 $222,000

Bargain buys Prices slashed 23,000

8. 2 Limmen St Pimpama $650,000 $850,000 $200,000

9. 35 Queen St Goodna $2.3m $2.499m $199,000

10. 4 Jaidan Plc Victoria Point $719,000 $899,000 $180,000 11. Lot 15 Briscoe Rd Dayboro $990,000 $1.155m $165,000

Bargain buys Prices slashed 23,000 homes

12. 603/99 Marine Pde Redcliffe $1m $1.15m $150,000

13. 28 Andrew Ave Tarragindi $950,000 $1.1m $150,000

Bargain buys Prices slashed

14. 218 Beams Rd Zillmere $349,000 $499,000 $150,000

15. 5 Fradgley Ct Ormeau Hills $500,000 $649,900 $149,900

16. 607/18 Longland St Newstead $749,000 $888,000 $139,000

Bargain buys slashed on 23,000 homes

17. 23 Kennedy Esp Scarborough $1.595m $1.725m $130,000

18. 22 Dean Dr Ocean View $860,000 $985,000 $125,000

Bargain buys Prices slashed on homes

19. 4207/222 Margaret St Brisbane City $560,000 $685,000 $125,000

20. 162 Queens Rd Everton Park $1.08m $1.2m $120,000

(Source: SQM Research)

TIPS FOR BUYING A DISTRESSED PROPERTY

1. Look for key search terms like ‘mortgagee possession’, ‘deceased estate’, ‘bank forced sale’, ‘owners moving overseas’.

2. Find out why the listing is ‘distressed’. Why is the vendor so keen to sell?

3. Do your research into the property, always get a building and pest inspection done and do a title search to ensure the seller is actually the owner of the property.

(Source: SQM Research MD Louis Christopher)

Originally published as Big bargains for home buyers

 

Source: news.com.au

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Million-dollar winners and losers

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Million-dollar winners and losers

There’s been a seismic shift in Brisbane’s million-dollar club with a few surprises among the whopping 27 suburbs joining the elite list in the latest figures. But, while many have risen, some long-time stalwarts have tumbled below the $1m mark.

There’s been a seismic shift in Brisbane’s million-dollar club with a few surprise suburbs joining the elite list in the latest figures — just as several seasoned ones drop out.

A whopping 27 suburbs in the Brisbane region were in the millionaire club when it came to median sales price in the latest CoreLogic Market Trends report for February, released this week.

Seven of those were not there in recorded figures for 2017 — a period when there were more million dollar suburbs nationally than there are at present (651 versus 649 now).

Brisbane’s surprise entrant was Camp Mountain in Moreton Bay where the median house price climbed 16.4 per cent in one year to hit $1.1m in latest data.

The suburbs that jumped the most to get into the millionaire club were South Brisbane which rose a massive 27.5 per cent to $1.07m, closely followed by neighbouring Dutton Park which was up 26.5 per cent to $1.028m.

Million-dollar winners

In among suburbs that were not among the elites in 2017 were Upper Brookfield (now on a median house price of $1.4075m), Hendra (up 13.1 per cent to $1.1m), Balmoral ($1.0185m up 7.8 per cent) and Bardon ($1.0025m up 9.3 per cent).

Some big movers and shakers dropped off the millionaire list though, including blue chip suburb Chelmer whose median house price fell to $985,000 (down -1.5 per cent). Samford Valley was $70,000 below the million mark at $930,000 (down -7 per cent).

The biggest falls of the losers came out of Wilston whose median dropped (-22.1 per cent) to $880,000, andFortitude Valley which was down (-19.5 per cent) to $825,000.

Million-dollar winners losers

CoreLogic research analyst Cameron Kusher said although the millionaire suburb figure had jumped substantially in Australia “from 123 suburbs a decade earlier, it has actually fallen from 741 suburbs in January 2018. In fact, more suburbs had a median of at least $1 million in 2017 (651) than do currently”.

“This increase in million dollar suburbs has occurred despite ongoing weak overall housing conditions across the state,” he said.

MILLION-DOLLAR STAYERS:

Teneriffe $1.67m Down -31.6%

Ascot $1.6m Up 3.2%

Chandler $1.58m Up 7.6%

New Farm $1.52m Up 11.2%

Bulimba $1.335m Up 5.1%

Hamilton $1.305m Up 0.6%

St Lucia $1.2035m Up 2%

Tennyson $1.1875m Down -2.7%

Pullenvale $1.18m Up 8.8%

Hawthorne $1.15m Down -1.2%

Paddington $1.15m Up 11.1%

Burbank $1.15m Up 15%

Auchenflower $1.135m Up 0.9%

Clayfield $1.13m Up 0.4%

Brookfield $1.105m Up 8.3%

Robertson $1.075m Up 23%

Fig Tree Pocket $1.05m Down -13.2%

Carbrook $1.0485m Down -3.1%

Kalinga $1.016m Down -13.9%

West End $1.01m Up 0.7%

MILLION-DOLLAR WINNERS:

Upper Brookfield $1.4075m

Hendra $1.1m Up 13.1%

Camp Mountain $1.1m Up 16.4%

South Brisbane $1.07m Up 27.5%

Dutton Park $1.028m Up 26.5%

Balmoral $1.0185m Up 7.8%

Bardon $1.0025m Up 9.3%

MILLION-DOLLAR LOSERS:

Chelmer $985,000 Down -1.5%

Samford Valley $930,000 Down -7.0%

Wilston $880,000 Down -22.1%

Fortitude Valley $825,000 Down -19.5%

(Source: CoreLogic data)

Originally published as Million-dollar winners and losers

 

Source: news.com.au

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