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Brisbane and Queensland hit record property rises

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Brisbane and Queensland hit record property rises
Brisbane’s annual median house price hit a new record of $670,000 over the March quarter, according to the REIQ.

The REIQ’s March quarter Queensland Market Monitor found that against a backdrop of cooling southern markets and falling listings volumes, Brisbane house sales demonstrated “admirable” resilience, buoyed by steady population growth driving demand and underpinned by good economic fundamentals.

REIQ media and communications manager Felicity Moore said that anyone thinking of selling was going to find willing buyers in good supply.

“In this market, we could potentially see a rise in off-market sales as eager buyers pressure sales agents to see property before it hits the market,” the manager said.

The unit market eased over the 12 months to March 2018, losing 1.8 per cent off the annual median price of $442,000.

Ms Moore said that the unit market was at the tail end of an unprecedented level of supply. Rising demand would undoubtedly absorb excess stock, and the only question remaining was just how long that would take.

“Queensland has become the number-one destination for internal migration, taking over from Victoria in the latest ABS Census data, and our overseas migration is at its highest level in years, which means demand for accommodation will continue,” Ms Moore said.

The rental market is operating in the healthy range, with vacancies at 3.1 per cent for the March quarter and rising demand levels easily absorbed almost 3,200 new rental properties hitting the rental pool this quarter.

Ipswich

The Ipswich house market grew by 3.0 per cent to a new annual median house price of $340,000. March was a quiet quarter for this market, falling by 1.5 per cent, but over the year, it performed well.

The growth in the house market was offset by falls in the unit market, contracting by 3.0 per cent over the 12 months to March 2018 to an annual median unit price of $319,900.

Logan

The Logan house market delivered among the strongest performances for all markets in the March report, adding 4.0 per cent to the annual median house price to $395,000.

The unit market was one of the few markets to grow, adding 0.7 per cent to an annual median unit price of $271,000. However, over the past five years, the unit market has fallen by 7.5 per cent.

Moreton Bay

The Moreton Bay annual median house price grew a steady 2.4 per cent over the 12 months to March to deliver a median house price of $435,000. This growth is the smallest in Greater Brisbane.

The unit market felt the pain of the combined factors of strong supply and the affordability of houses, with a 3.8 per cent contraction in the annual median unit price to $346,250, down from $359,900 this time last year.

Redland

Redland LGA delivered “rock star” growth of 3.9 per cent for the year to a median house price of $530,000. The heavy lifting was done in the suburbs of Birkdale and Cleveland, which delivered 6.3 per cent and 6.7 per cent growth, respectively. The lifestyle and affordability options in this region are proving very popular with buyers.

Similar to the house market, the Redland unit market delivered stellar growth over the 12 months to March 2018, adding 3.4 per cent growth to a new median unit price of $409,500. This was by far the strongest unit growth in all of Greater Brisbane.

Gold Coast

The Gold Coast has taken the gold medal for annual median house price growth again, adding 6.0 per cent growth to a median house price of $620,000, the highest growth in the state.

The unit market added 1.9 per cent to deliver a median unit price of $428,000 for the year.

Toowoomba

The Toowoomba market has been a consistently steady performer, delivering 1.1 per cent growth for the year to March 2018 to a median house price of $355,000.

The unit market has defied regional trends throughout most of 2016 and 2017; however, gravity is now catching up and this market contracted 2.9 per cent to $300,000. The market remains 17.6 per cent larger than it was five years ago.

Sunshine Coast

The house market of the Sunshine Coast Statistical Division (SD), incorporating the Sunshine Coast LGA and Noosa Shire, has delivered moderate and sustainable growth for the quarter, the past year and the past five years.

A typical house in the Sunshine Coast SD increased in value by $31,250 for the past year to reach an annual median price of $576,250. Noosa continued holding the title of the most exclusive market compared to the Sunshine Coast local government area as Noosa houses generally cost $100,000 more.

In March 2018, the Noosa median house price reached $665,000 compared to the Sunshine Coast median house price of $563,000.

The Noosa unit market also performed well for the past 12 months, growing a stunning 7.1 per cent to reach an annual median price of $525,000 and remaining as the most expensive unit market in Queensland.

Fraser Coast

The Fraser Coast house market continues to be a steady performer, with annual median prices holding steady for the past quarter and increasing very modestly (only 1 per cent) for the past year. A typical house in Fraser Coast had an annual median price of $315,000 in March 2018.

The unit market performance was weak in the March quarter. However, its performance for the past year was better compared to the house market as the annual median unit price increased by 2.2 per cent. A typical unit in Fraser Coast had an annual median price of $259,500 in March 2018. Only about 11 per cent of the regional dwellings were units.

Bundaberg

The Bundaberg house market has held its ground over the past five years, with a house costing about the same today as it did five years ago. However, the market showed small growth levels of 1.8 per cent over the past 12 months, which is encouraging.

A house in Bundaberg cost an annual median price of $285,000 in March 2013 and March 2018.

The unit market performed a bit better than the house market over the past five years. A unit in Bundaberg increased in value from $251,400 in March 2013 to $259,000 in March 2018.

Gladstone

Gladstone has stared down some of the most challenging market conditions in the state. This market lost 8.5 per cent over the 12 months to the March quarter to have a median house price of $280,000. This market is more than 38 per cent below where it was five years ago.

The unit market fell by 36 per cent over the past 12 months to an annual median unit price of $167,500.

Rockhampton

The Rockhampton property market slipped moderately for the past year, with house prices falling by 1.9 per cent to $265,000 and unit prices contracting by 1.3 per cent to $295,000.

Units continued to outperform houses, as they’ve done for much of the year, and ended the year more expensive than houses. This atypical performance may be the consequence of the limited unit market, which represents less than 10 per cent of the region’s dwellings.

Mackay

The Mackay house sales market has delivered an outstanding 4.1 per cent growth to the annual median house price to reach $333,250 and live up to last quarter’s forecast of a stronger start to 2018.

This market is now officially in recovery.

However, the unit market performance remained weak as unit prices fell by 7.8 per cent to $212,000 for the past year. Mackay is the second most affordable unit market in the state.

Townsville

Townsville delivered a surprising fall of 3 per cent in the annual median house price for the year to March to reach $325,000.

Even more surprising, units grew a massive 5.7 per cent for the year to March to $280,000.

Cairns

Cairns delivered steady growth of 2.5 per cent over the past 12 months to arrive at an annual median house price of $410,000 in March 2018.

The Cairns house market has been one of the top two regional performers (excluding the south-east corner) for the past five years of all the areas analysed in the Queensland Market Monitor. House prices increased by 17.1 per cent, or $60,000, from $350,000 in March 2013.

The unit market was weak in the year to March, with the annual median unit price falling by 1.7 per cent to $232,000.

Source: brisbaneinvestor.com.au

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Market Place

Maturing Gold Coast Apartment Market No Longer ‘Boom and Bust’

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Maturing Gold Coast Apartment Market No Longer ‘Boom and Bust’
The apartment market on the Gold Coast, long known for its ‘boom and bust’ reputation, has reached a healthy balance according to property experts.

Real estate firm Knight Frank have underlined a market in transition, becoming more solid and reliable due to continued population growth and changes in market focus in recent years.

The latest Knight Frank Australian Residential Development Review 2018 found apartment stock on the Gold Coast is being built to cater more for owner-occupiers, with a move towards larger apartments with more bedrooms.

It found two-bedroom apartments have been favoured in developments built between 2014 and 2017, making up 43 per cent of total stock.

Banks and the developers they lend to have also been careful not to oversupply the market with product as has been the case in previous cycles.

A shift towards smaller developments has also created less supply enabling buyers more time to make decisions, and this, along with growing long-term demand, has led to more stability.

Maturing Gold Coast Apartment Market No Longer ‘Boom and Bust’
North Residences, at 296 The Esplanade, features seven beachfront apartments in a residential-only boutique building.Image: Bureau Proberts

“While there will always be a market for the larger developments because of the amenity they provide, the emerging trend for smaller developments has resulted in a more balanced market and given the buying public a real choice,” Knight Frank director and head of project marketing in Queensland Chris Litfin said.

“With the steady increase in population on the Gold Coast and the ever-increasing downsizer demand from retirees, the result is a very stable property environment.”

An array of smaller projects have successfully navigated the changing market to provide high-quality boutique developments.

Recently, Brisbane-based developer Synergy Property Partners completed NORTH Residences in Burleigh, a nine-storey apartment building comprising large whole-floor living.

“It ticks all the boxes for affluent buyers looking for quality, new beachfront product on the southern Gold Coast,” Selling agent Jamie-Lee Edwards of Kollosche Prestige Agents said.

The market will also benefit from the proposed $30 billion development pipeline in the wake of the Commonwealth Games.

More than 250 projects rolling out over multiple sectors including residential, transportation, tourism, retail, health and services.

They include the $615 million third stage of the Gold Coast Light Rail, $500 million Westfield Coomera Town Centre, the $385 million Gold Coast Cultural Precinct, and the second stage of the Gold Coast Airport’s $300 million masterplan.

Source: theurbandeveloper.com

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Gold Coast property: Gold Coast’s fastest selling suburbs revealed

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Gold Coast property: Gold Coast’s fastest selling suburbs revealed

An undated aerial view of Merrimac, Gold Coast

HOUSE hunters are snapping up Gold Coast properties in some inland suburbs within weeks of them hitting the market.
New figures released by property researcher CoreLogic show Currumbin Valley, Merrimac and Mudgeeraba top the list of fastest-selling suburbs on the Gold Coast.

Property experts attributed the demand to the unique homes on offer and better value for money in the areas.


Gold Coast property: Gold Coast’s fastest selling suburbs revealed
Who wouldn’t wanna live here though?

Currumbin Valley and Merrimac shared first place, with houses on median sold 19 days of being on the market.

The figure is based on a total of 86 sales within those areas throughout the past year.

While McGrath Palm Beach agent Andy Hogarth was surprised 20 homes had sold in Currumbin Valley over the past year, he said the figure still accurately reflected the market.

He sold a luxury American-style barn in May after a week on the market while colleague Richard Snowden sold the country retreat of AFL legend Jonathan Brown following a four-week auction campaign.

Gold Coast property: Gold Coast’s fastest selling suburbs revealed
An undated aerial view of Merrimac, Gold Coast

“I think it’s just the uniqueness of the properties that we have had out there that’s attracting people,” he said.

The 212 house sales in Mudgeeraba sold within a median of 22 days.

RE/MAX Regency Gold Coast agent Stuart Legg said properties in Mudgeeraba offered better value for money than many of those along the coast.

“During the (Gold Coast’s) growth period over the past four years, I think people have realised their budget will only go so far,” he said.

Gold Coast property: Gold Coast’s fastest selling suburbs revealed
Mudgeeraba — where you get the best value for money.

Mr Legg said there was also a limited number of homes on the market, which meant people were quick to buy as soon as they were listed.

He recently sold a Mudgeeraba property, which attracted 20 groups for inspections and five offers, in four days.

“The number of sales are definitely down this year on last year, but that just increases the demand for properties as well,” he said.

Despite the data, CoreLogic research analyst Cameron Kusher said properties on the Coast were actually taking longer to sell compared to previous years, “which is reflective of the overall slowing of dwelling value growth over the past year”.

Gold Coast property: Gold Coast’s fastest selling suburbs revealed
Aerial photo shoot this morning of Beach Erosion along the Gold Coast from Main Beach to Miami Beach — Surfers Paradise

Gold Coast’s fastest selling suburbs:

1. Currumbin Valley and Merrimac (houses) — 19 days

2. Mudgeeraba (houses) — 22 days

3. Burleigh Waters (units) — 23 days

4. Currumbin Waters, Mudgeeraba, Tugun (units) — 24 days

5. Miami (units) and Worongary (houses) — 25 days

Source: www.themercury.com.au

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Market Place

10 QLD suburbs that smashed records in 2017/18

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10 QLD suburbs that smashed records in 2017/18

Andrew Stone and Naomi Freney with their kids Remy Freney 6, Chelsea Stone 7 and Easton Freney 10 at the house they recently bought in Bundall, where the median house price recently burst through the $1m barrier.Source:News Limited

THEY are the state’s high achievers.

The suburbs that have outperformed their peers in the residential property stakes; breaking records for sale price, number of sales, days on market or for smashing through the million-dollar median price ceiling.

Benchmarks have been beaten in blue-chip areas like Ascot, Sunshine Beach and Surfers Paradise, as well as suburbs on the rise, including Kalinga and Underwood.

Records were smashed in at least 10 suburbs across the state in the past 12 months— an indicator of a shortage of stock and increase in demand in a number of competitive markets.

Here are some of Queensland’s benchmark busters of 2017/18:

ASCOT

The standout record-breaker in Brisbane was the sale of the trophy home of Domino’s Pizza boss Don Meij in Ascot.

The $11 million sale price of 27 Sutherland Avenue in March set a new record for the inner-city, blue-chip suburb.

It was also Brisbane’s highest sale of the past financial year.

10 QLD suburbs that smashed records in 2017/18

This home at 27 Sutherland Ave, Ascot, sold for $11m.Source:Supplied

Patrick McKinnon of Place Ascot, formerly of Coronis Hamilton, brokered the deal and said Mr Meij sold after receiving an off-market offer from a buyer who had fallen in love with the property.

Set on a sprawling 2024 sqm, the lavish home has six bedrooms, six marble ensuites and a jaw-dropping outdoor entertaining space with resort-style gardens, infinity-edge pool, pool house with outdoor kitchen and verandas.

10 QLD suburbs that smashed records in 2017/18

Inside the home at 27 Sutherland Ave, Ascot.Source:Supplied

BRENDALE

The fastest selling suburb in Queensland is Brendale in the Moreton Bay region, where the median house price is still an affordable $461,000.

It takes, on average, just 11 days to find a buyer, according to CoreLogic.

According to the latest Census data only 14.5 per cent of properties in the suburb are houses. With so few houses available, demand can be strong when something new is listed.

BUDERIM

The Sunshine Coast hinterland suburb had the highest number of houses change hands in 2017/18, with 573 houses selling in the 12 months to May, according to CoreLogic.

The owners of a majestic property at 10 Orme Rd, Buderim, that once hosted royalty have embarked on a new push to sell it.

10 QLD suburbs that smashed records in 2017/18

Buderim House at 10 Orme Rd, Buderim, is for sale.Source:Supplied

With all the focus on the royal newlyweds of late, it’s only fitting this heritage-listed Queenslander now holds extra appeal, given it was the residence of choice for the Duke of Gloucester during a royal visit in 1934.

The grand residence on 6315 sqm was built circa 1913 on the highest point of the northern slope of Mt Buderim, overlooking the Maroochy coast and river valley.

10 QLD suburbs that smashed records in 2017/18

Inside Buderim House at 10 Orme Rd, Buderim, which is for sale.Source:Supplied

BUNDALL

This Gold Coast suburb made the million dollar club for the first time in 2017/18, with its median house price now $1.05 million.

The sale of a waterfront mansion at 8-10 Marseilles Court this year for $9 million also broke the suburb’s sale price record — trumping the $8 million sale achieved in 2009 for a house in the same street.

The resort-style home has five bedrooms and seven bathrooms and is on a huge, 2703 sqm riverfront block.

REIQ Gold Coast Zone chairman Andrew Henderson said the new record was not surprising given the Coast’s strong market and he was confident property values would continue to soar.

Andrew Stone and his partner, Naomi Freney, recently bought a five-bedroom house, which they renovated, in Bundall for $620,000.

Mr Stone said he considered it a bargain given how tightly-held the suburb had become and the increase in house prices.

“I think we probably hit pot luck with that place,” Mr Stone said.

“People had been saying that area was going to go up 20 years ago and all of a sudden, it’s growing and there’s not a lot of turnover anymore.”

Ben Latimer of LJ Hooker Southport said Bundall’s transformation into a record-breaking suburb had happened gradually.

“It’s desirable because it’s so close to everything and there’s a good mixture of waterfront and dry blocks,” he said.

Paul Nikolas agrees.

He’s been buying, renovating and selling homes in Bundall for the past six years.

The last house he sold there earned him a profit of around $700,000.

He’s now selling his latest project at 19 Donegal Crescent for a cool $3.995 million.

“I’ve found a niche market here — nice, older properties on the water,” Mr Nikolas said.

10 QLD suburbs that smashed records in 2017/18

This house at 19 Donegal Cres, Bundall, is for sale.Source:Supplied

10 QLD suburbs that smashed records in 2017/18

The view from the house at 19 Donegal Cres, Bundall.Source:Supplied

COORPAROO

The inner Brisbane suburb achieved a new sale price record when a landmark house sold for $5.025 million just last month.

Designed by architect Eric Trewern, the English-inspired home known as Thongabel at 4 Welwyn Crescent captures views of the entire Brisbane City skyline.

10 QLD suburbs that smashed records in 2017/18

This house at 4 Welwyn Cres, Coorparoo, sold for a record price for the suburb.Source:Supplied

The five-bedroom, three storey house had been renovated with architectural features including Tulip Oak timber floors, Italian tiles and travertine.

Other highlights included a library, gym, climate controlled wine cellar, formal office, heated lap pool, heated horizon spa and outdoor space for kids to play.

Just 4km from the CBD and with a number of good Catholic and private schools on offer, Coorparoo has become one of Brisbane’s most sought-after suburbs.

The median house price sits at $875,000, according to CoreLogic.

10 QLD suburbs that smashed records in 2017/18

Inside 4 Welwyn Cres, Coorparoo, which sold for $5.025m in 2018.Source:Supplied

KALINGA

The tiny, up-and-coming suburb in Brisbane’s inner north made it into the million dollar club for the first time in 2017/18.

Its median house price broke through the $1 million barrier in late 2017 and currently sits at $1.04 million.

In November, 2017, records show the offmarket sale of a house at 119 Nelson Street for $4 million set a new price record for the suburb.

MANLY

Brisbane’s bayside is a sleeping giant only held back by lack of stock, according to one of Manly’s leading agents.

The suburb set a new sale price record for both houses and units in the past financial year.

Marc Sorrentino of Place Manly recently sold a unit in the seaside suburb for a whopping $1.2 million — smashing the previous record price paid for an apartment there by $345,000.

10 QLD suburbs that smashed records in 2017/18

This apartment at 301/177 Melville Tce, Manly, has sold for $1.2m.Source:Supplied

A couple from Sydney snapped up the luxurious three-bedroom, two-bathroom pad at 301/177 Melville Terrace, which had been advertised for offers over $1.1 million.

The median unit price in Manly, just 15km from Brisbane’s CBD, is $485,000, according to property research firm CoreLogic.

Late last year, Mr Sorrentino sold a family home on a huge, waterfront block at 497 Royal Esplanade for $3.9 million — smashing the suburb record for the sale price of a house.

10 QLD suburbs that smashed records in 2017/18

The sale of this house at 497 Royal Esp, Manly, set a new record for the suburb.Source:Supplied

“I keep saying it’s Australia’s best kept secret, but you watch. The prices are just going to keep going up and up and up,” he said.

“There’s just been a lack of good stock.”

SUNSHINE BEACH

The sale of a beach house in Sunshine Beach for $18 million in March set a new price record for the entire Sunshine Coast region.

10 QLD suburbs that smashed records in 2017/18

This mansion at 21-23 Webb Rd, Sunshine Beach, QLDSource:Supplied

The seven-bedroom, eight-bathroom property at 21-23 Webb Road was bought by David Russell, the owner of private equity group Equis Energy.

Just streets away, former tennis star Pat Rafter’s beachfront home sold for $15.2 million to Betty’s Burger founder David Hales, within weeks of the Webb Road sale.

10 QLD suburbs that smashed records in 2017/18

The former home of tennis star Pat Rafter at 46 Seaview Tce, Sunshine Beach.Source:Supplied

SURFERS PARADISE

A whopping 1398 units were sold in the Gold Coast’s glitziest suburb in the past financial year — more than any other property type in any other suburb.

It seems only fitting then that the most expensive penthouse Queensland has ever seen is under construction in Surfers Paradise.

10 QLD suburbs that smashed records in 2017/18

An artist’s impression of one of the apartments inside the Spirit 89 tower at Surfers Paradise.Source:Supplied

Priced at a whopping $41m and spread across two full floor levels, the highest home in the $1.2 billion Spirit 89 building easily tops the list of Queensland’s most expensive penthouses.

The 1899sq m sky home will also be one of the largest in the country, almost twice as large as Hong Kong billionaire Tony Fung’s $7.95 shell of a penthouse in the Soul building, and just a fifth smaller than the hyper-exclusive Boyd Residence above ANZ Tower in Sydney — which at $66m is Australia’s most expensive penthouse.

“Without the spire on Q1, it is the tallest residential building in Queensland,” agent Julian Sutherland of Ray White Projects told The Courier-Mail.

10 QLD suburbs that smashed records in 2017/18

An artist’s impressions of the Spirit 89 tower at Surfers Paradise.Source:Supplied

UNDERWOOD

The working class suburb in Brisbane’s south experienced the highest capital growth in Queensland in the past 12 months.

The Logan suburb’s median house price climbed nearly 25 per cent to $601,345 in the past financial year.

Underwood’s median house price also jumped a massive 65.6 per cent between May 2008 and May this year — the highest growth of any Brisbane suburb in the past decade.

CoreLogic senior research analyst Cameron Kusher told The Courier-Mail it was “a bit surprising” given the suburb’s location, 17km from Brisbane’s CBD, but its affordability and access to the highway and Gold Coast made it attractive.

“But its median (house) price is now up over $600,000, so it’s not really that cheap anymore,” Mr Kusher said.

Source: brisbaneinvestor.com.au

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