2013 has topped the last four years for the Australian housing market with home prices jumping almost 10 per cent, and the boom isn’t expected to let up any time soon.
Sydney’s property market was the strongest, helping to deliver the strongest year of national capital city prices since 2009, according to the RP Data-Rismark December Home Value Index.
Low interest rates drove the demand for housing last year and the trend is likely to continue in 2014, with benefits flowing through to the rest of the economy, St George chief economist Besa Deda said.
House price growth would continue to drive recovery in residential construction, one of the “important ingredients” needed to support the economy as the mining investment boom winds down, Ms Deda said.
“Low interest rates, firm population growth and housing shortages among some capital cities suggest house prices will record further gains this year,” Ms Deda said.
“We expect growth nationally of 5-8 per cent this calendar year and these price gains should in turn help underpin household wealth and continue to help foster improvements in consumer confidence.”
Home values rose by 14.5 per cent in Sydney in 2013, pushing the city’s median dwelling price to $655,250, the report said.
Perth was the second best performer, with an annual growth rate of 9.9 per cent.
Home prices in both cities are currently at record highs, up 10.9 per cent and 3.6 per cent, respectively, over prior peaks, the report said.
Across the country, capital city home values rose by 9.8 per cent in 2013.
Hobart had the weakest growth, with prices rising by just 2.2 per cent, taking the median dwelling price there to $330,000 – the most affordable of all the capital cities.
RP Data senior research analyst Cameron Kusher said the gains of 2013 had followed two years of losses.
“Despite the strongest annual value growth since 2009, the rate of growth was not that startling given the low interest rate environment and the previous successive years in which home values fell,” Mr Kusher said.
Home values fell 3.8 per cent in 2011, and a further 0.4 per cent in 2012, Mr Kusher said.
He said the main challenges for 2014 would likely be the impact of forecast unemployment growth, affordability constraints, and whether regulatory changes will be implemented to cool the near-record high levels of investor activity.
Original article published at www.news.com.au by Belinda Merhab AAP 2/1/2014
Revealed: The biggest apartment sales of 2018 in Qld
They are bigger than your average house, come with killer views and are fast becoming the new way of life for the well-heeled. Here are Queensland’s biggest apartment sales of 2018.
THEY are bigger than your average house, come with killer views and are fast becoming the new way of life for well-heeled home buyers.
Queensland’s biggest apartment sales of 2018 have been revealed, with the state’s most luxurious sky homes fetching eye-watering prices fuelled by interest from high flyers and demand continuing to outstrip supply.
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The top 10 list is dominated by the Gold Coast, Noosa and Brisbane’s inner city, with a palatial four-bedroom penthouse in the glamorous heart of Surfers Paradise taking the crown for the most expensive apartment sold last year at $9.5 million.
The 39th-floor Chevron Renaissance apartment, formerly owned by developer and entrepreneur Ron Bakir, became the most expensive penthouse ever sold on the Gold Coast — eclipsing the previous record of $9.2 million.
The second top sale was in Noosa, where a three-bedroom penthouse on the beachfront in Hastings Street fetched $7.2 million last year.
And in Brisbane, the biggest apartment sale of 2018 was a three-bedroom riverfront unit in New Farm, which changed hands for $6.5 million.
It comes as 2019 is shaping up to be even bigger for apartment sales, with real estate agents seeing signs owner-occupier demand for unit living has hit new heights.
Brisbane’s shrinking unit development pipeline and rising interstate migration means owner-occupier apartment stock is failing to keep up with demand.
After years of living in houses, Brisbane couple Ken and Toni Scrogings decided to buy a luxury apartment in a new development on the river in Hamilton.
With two of their children no longer living at home, the Scrogings wanted to make the move to apartment living and a lower maintenance lifestyle.
They have bought a three-bedroom, luxury sky home in Brookfield Residential Properties’ Gallery House, which will be completed later this year.
“Ken and I had a list of things we wanted for ourselves in an apartment, and we also wanted somewhere that could double as a ‘family home’ when our kids come to stay,” Mrs Scrogings said.
“Above all, we wanted top quality finishes. We are fussy — we have a beautiful home in Clayfield so we wanted to buy something that was nicer than what we have.”
Brookfield Residential Properties’ general manager Lee Butterworth said the Scrogings were typical of many Gallery House buyers.
“Our penthouses and sky homes have been sold to local downsizers who live in high-end homes and are now looking for something even more luxurious with incredible views and low maintenance,” Mr Butterworth said.
TOP 10 APARTMENT SALES OF 2018 IN QLD
1. 3250/23 Ferny Ave, Surfers Paradise $9.5m
It is one of the country’s best penthouses with a huge 21 car spaces and holds the Gold Coast penthouse record.
Complete with its own cigar and wine-tasting area, this record-breaking penthouse is spread over two floors and was sold with $1 million worth of imported designer furniture.
Features included secure basement parking for 21 cars, 918 sqm of living space and a fully electronic, remote-controlled kitchen.
The property was reportedly bought by a Gold Coast local.
2. 11/37 Hastings St, Noosa Heads $7.2m
This penthouse is right in the heart of the action on Noosa’s famous Hastings Street.
The three-bedroom, two-bathroom apartment in the ‘La Mer’ building overlooks Main Beach and sold for the first time in 27 years in October.
One of only nine apartments in the complex, the property has its own rooftop terrace and direct access to the pool and beach via a private stairwell.
3. 5/81 Moray St, New Farm $6.5m
This riverfront property in the prestigious Aquila building in New Farm fetched the biggest price for an apartment in Brisbane in 2018.
The tower only has 10 apartments, with one occupying each floor.
It comes with a media room, lift access, a built-in barbecue triple lock-up garage and a gym and heated pool.
4. 7001/4 The Esplanade, Surfers Paradise $6.5m
One of Australia’s largest and highest penthouses changed hands last year for $6.5 million. The four-level apartment in the beachfront Soul building in Surfers Paradise was owned by Hong Kong billionaire Tony Fung.
The property was sold as a concrete shell — stripped bare of all fixtures and fittings by receivers.
5. 4/63 River Esplanade, Mooloolaba $5.85m
This penthouse was in a luxury apartment block that was built on land once home to a fishing shack used as a holiday home to the stars.
For more than a century, the site at 63 River Esplanade was owned by Fred Eager of motoring fame and his ‘Pink House’ used by Hollywood A-listers, until it was sold in 2014 for $3.8 million.
A prestigious development known as ‘Tangalooma’ was then built on the site featuring four 500 sqm units and the sale of the penthouse for $5.85 million last year set a record for the central part of the Sunshine Coast.
It reportedly sold to a local downsizer.
6. Lot 6/3533 Main Beach Pde, Main Beach $5.6m
This apartment sold in March last year, but the penthouse and apartment 5 in the same building are currently on the market for $8.95 million and $5.75 million, respectively.
The beachfront development, called Sea, comprises only seven apartments.
7. 3/63 River Esplanade, Mooloolaba $5.58m
This was another one of the units in the ‘Tangalooma’ development, which also sold to a local buyer.
Each floor in the exclusive complex is specifically designed and comes with its own entry foyer and pool entry, plus a basement carpark.
8. 4/3565 Main Beach Pde, Main Beach $5.5m
This brand new, beachfront apartment sold for $5.5 million late last year.
The four-bedroom, four-bathroom property spans an entire floor of the M3565 development and includes sliding timber screens on its open balconies that encircle the apartment.
It offers ocean views from every room.
Another apartment in the building is currently for sale for $5.75 million.
9. 150/59 Pacific St, Main Beach $5.3m
This spectacular, three-level penthouse in the Xanadu North building sold just a month after hitting the market.
CoreLogic data reveals the four-bedroom apartment last changed hands in 2014 for $4.06 million.
An indoor heated pool, spa, home theatre, bar and 400-bottle wine cellar are among its standout features.
10. 702/252 Hedges Ave, Mermaid Beach $5.25m
This stunning, four-bedroom apartment was bought by Victorian property developer and former vice-president of the Carlton Football Club, Colin DeLutis.
It had previously belonged to ex-Coles boss John Fletcher, who paid $6.7 million for it in 2007.
The two-level property sold within 14 days of hitting the market.
It also has a rooftop terrace with a 15-metre lap pool and spa.
Originally published as Biggest apartment sales in Qld
The places that NSW property buyers are all trying to get into
The main factor influencing potential NSW buyers in their house hunt is looking for the most bang for their buck, which is why this location is drawing so much attention.
It could be the bright lights of Surfers Paradise, or maybe the laid back lifestyle of Burleigh Heads, but let’s face it — the main reason potential buyers from NSW are househunting on the Gold Coast is “bang for buck”.
The various beachside suburbs in the greater Gold Coast area proved to be the most clicked on interstate locations for New South Welshmen in the year to January 31, according to data from realestate.com.au.
“When we look at property seekers outside of Queensland who are looking on the Gold Coast, more than half of them are coming from NSW,” said Nerida Conisbee, chief economist at REA Group.
“It is in direct contrast to Victorian property seekers who quite like the Gold Coast but have a much stronger preference for Tasmania.”
“I think a lot of it has to do with lifestyle. The Gold Coast is like Sydney, but warmer, easier to get around, more relaxed and certainly a lot cheaper,” she added.
A whopping 90,222 searches for Surfers Paradise originated from NSW according to the REA statistics.
The famous South Queensland spot is home to a host of high-rise apartments where the median price for a two-bedroom unit is $386,750 – a price tag unheard of in any Sydney beach suburb for the best part of two decades.
The second most popular spot for wannabe buyers from the Premier State with 69,801 searches was Coolangatta, right on the boarder of NSW and Queensland.
The location, which famously inspired Porpoise Spit in the 1994 film Muriel’s Wedding, has a two-bedroom unit median price of $503,000 – barely enough to snag a studio in Bondi Beach or Manly.
“In terms of who is searching, unfortunately we don’t know exactly. We do know that not only do we see a lot of people looking to buy on the Gold Coast from NSW, but we also see a lot of people looking to rent. This means we have a pretty good mix of people wanting to live there, as well as invest there,” Ms Conisbee said.
Tony Coughran of Gold Coast Property Advisors said value for money was definitely a driver.
“We’re often helping clients relocate from NSW, or more specifically Sydney. They see great value for the lifestyle they can achieve in this part of Queensland,” he said, adding that retirees and downsizers make up a large proportion of buyers he sees.
“You know, in this area you can even buy a mansion for $1 million if you really look around,” Mr Coughran said.
According to CoreLogic data the median house price in Sydney is $985,000.
The Sunshine State also has lower stamp duty rates than NSW.
When purchasing a home for $500,000 in NSW the tax is $17,990, while the same valued property in Queensland only attracts a duty of $8750.
While some savvy investors might be put off by the rocky past Queensland property has suffered over the past 10 to 20 years, Mr Coughran said those days are long gone.
“The Gold Coast is really moving away from the ‘boom and bust’ time of the 1980s and 1990s.
Those peaks and toughs have really started to level out. Back then it was all about tourism and not much else. While tourism will never go away, there is more industry here now,” he said.
Broadbeach, also on the Gold Coast, was next on the list of popular places with 66,990 searches followed by the nearby beachy Burleigh Heads with 62,648 hits.
Surprisingly, number five on the most searched list was Wodonga, 1400kms south of the Gold Coast on the Victorian side of the NSW border with 61,012 hits.
Overall, searches for Queensland property that originated in NSW totalled 8.788 million hits.
Top searched areas from NSW buyers looking interstate
Surfers Paradise – QLD90,222
Coolangatta – QLD 69,801
Broadbeach – QLD 66,990
Burleigh Heads – QLD 62,648
Wodonga – VIC 61,012
Southport – QLD 55,285
Palm Beach – QLD 53,433
Launceston – TAS 43,420
Hope Island – QLD 39,384
Wangaratta – VIC 38,898
Originally published as The place Sydneysiders want to buy
Rentvesting Takes Off In Hobart, Gold Coast
Hobart and the Gold Coast property market are seeing new demand as people begin seeking bargains outside their states and building their property portfolios, according to a report by news.com.au.
An increasing number of Melbourne and Sydney residents have opted to rent instead of purchasing property in their expensive cities.
Data from realestate.com.au showed that more than 513,000 searches for homes outside of NSW in 2018 were centred on the areas within 30 kilometres of the Gold Coast. Nine of the top 20 interstate searches were suburbs near the seaside Queensland city.
Residents in Sydney, meanwhile, are looking north, while property seekers from Victoria are interested in locations across the Bass Strait.
Realestate.com.au Chief Economist Nerida Conisbee identified the trend as “rentvesting,” wherein buyers choose to pay rent and inject their funds into growing markets.
“The lower price point is a good thing because if you have a look at what you can buy in Hobart with a fairly low deposit compared to what you can buy in Melbourne, it does give you more home and a better location for your money,” she told news.com.au.
Conisbee also said that younger people, who may not be able to afford a deposit for a home in Melbourne, are inclined to buying houses outside Victoria’s capital.
The extreme costs of property in Sydney and Melbourne caused people to consider alternative ways to enter the market, and rentvesting is an ideal way to do that, according to Connisbee.
She also said that buyers are likely looking for a home rather than an investment since searches from more affordable regions such as South Australia and Queensland were dominated by areas just over the border.
Tim Lawless, CoreLogic head of research, agreed, noting that additional costs linked to owning property were overwhelming for residents in both Sydney and Melbourne.
“Purchasing outside of Sydney and Melbourne as an investor has been a worthwhile option for many buyers. It does highlight the affordability constraints that have become formidable barriers to participating in the Sydney and Melbourne housing markets,” he told news.com.au.
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