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Brisbane house prices have hit a record high

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Brisbane house prices have hit a record high

Brisbane’s property market performed well in the past quarter with median house prices reaching a record high. Picture: AAP/ Ric FrearsonSource:News Corp Australia

BRISBANE’S house prices have hit a record high with new figures revealing the median had now hit $670,000.

While the property market continued to cool in southern states, new figures released by the Real Estate Institute of Queensland showed the median house price within the Brisbane local government area was 3.1 per cent higher in the March quarter.

REIQ CEO Antonia Mercorella said the growth demonstrated “admirable resilience’’ in the local market.

She said the price rise was buoyed by steady population growth and strong demand and a lack of new listings.

Stock on market was down to just 6.1 per cent — the lowest in the state.

As a result Ms Mercorella said buyers had to act fast if they wanted to snare a property with days on market now at just 32 days.

Matt Lancashire of Ray White New Farm, said the past quarter had been a strong one for the Brisbane market

“Our last quarter was the most positive quarter in this financial year for us,’’ he said.

Mr Lancashire said the unit market in the inner city was starting to fire again and importantly Brisbane’s property market including the luxury end, was seen as really good value.

He said in the past couple of months there had been a huge amount of interstate interest in the market.

The report said the outlook for the house market in the Brisbane local government area remained solid while parts of the unit market continued to face difficult conditions because of oversupply.

“We expect to see greater equilibrium between supply and demand over the next 12 to 24 months,’’ it said.

REIQ chairman Peter Brewer said the figures showed that Queensland was a “safe haven’’ for property investment.

“Interstate migration is still strong, that helps give us stability around prices as well,’’ he said.

Mr Brewer said with pledges for spending on infrastructure through Federal and State governments on things like Queensland roads, property was becoming more attractive here.

“Overall it is a pretty healthy report for Queensland compared to other states,’’ he said.

Mr Brewer said growth in Brisbane and Queensland was “steady, nice, comfortable and sensible’’ and that wasn’t a bad way to be.

“Real estate is still the number one spectator sport and people still watch it with passion and we are very, very, safe.’’

Other council areas outside of the Brisbane area also performed well during the quarter. The Logan local government area delivered one of the strongest performances during the quarter

with its median house price up 4 per cent to $395,000.

The report found the “lifestyle markets’’ of the Gold Coast and Sunshine Coast had continued to drive the growth of sales and rentals.

The Gold Coast median house price was down by 0.3 per cent in the quarter, but grew by 6 per cent in the past 12 months to $620,000, the highest growth in the state, while on the Sunshine Coast the median house price rose by 2.3 per cent for the quarter and 5.2 per cent for the past 12 months to $576,250.

Source: brisbaneinvestor.com.au

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Hollywell, the often overlooked Central North Gold Coast suburb: HTW

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Hollywell, the often overlooked Central North Gold Coast suburb HTW

Hollywell is often overlooked in property searches due to its size and the well known surrounding suburbs, according to a recent Herron Todd White (HTW) residential report.

It is a small suburb located just below Paradise Point and just above Runaway Bay on the Gold Coast, Queensland.

It features canal front properties with bridge free broadwater access to a number of sites, as well as broadwater views.

“Whilst the suburb does lack quality shopping facilities, restaurants and cafes, it is within walking distance to suburbs that offer these,” the valuation firm said.

“Furthermore, public transport is readily accessible and runs straight through the middle of the suburb.”

Price points within the suburb do range as the property mix comprises units, dry block houses and canal front houses.

“Over the past six months we have seen entry level two-bedroom, two-bathroom units being acquired for just under $400,000, dry block houses selling upwards from $525,000 and canal front properties with bridge free broadwater access from $900,000,” the report said.

There was a recent $900,000 sale.

Hollywell, the often overlooked Central North Gold Coast suburb HTW 1

A circa 1980 five bedroom brick house at 361 Bay View Street, Hollywell was sold for $900,000 (pictured above).

The house features updated kitchen with timber floors, solar panels, concrete boat ramp, pontoon jetty and swimming pool.

Other highlights include north-east facing, 18 metre canal frontage with bridge free broadwater access, and 725 square metre land area.

The property is positioned on a local thoroughfare road that runs through Hollywell, which is a detracting factor.

The property was on the market for 64 days and original asking price was $1.15 million.

 

 

Source: www.propertyobserver.com.au

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Gold Coast rainforest retreat sells in multimillion-dollar deal

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Gold Coast rainforest retreat sells in multimillion-dollar deal

A Gold Coast family will head to the hills after securing the keys to a picturesque property in a multimillion-dollar deal.

A rainforest retreat in Currumbin Valley has changed hands in a multimillion-dollar deal, selling to a large local family seeking a tree change.

The picturesque property sold for $2.4 million to the family from Sovereign Islands last week.

It was aptly named the Palasari Rainforest Estate and had a lush mountain backdrop and tropical rainforest surrounds.

Gold Coast rainforest retreat sells in multimillion-dollar deal 1

Gold Coast rainforest retreat sells in multimillion-dollar deal 2

Two residences were on the sprawling 10.52 ha property.

The main house was perched at the highest point and featured four bedrooms, a resort-style pool and an Asian-influenced design.

On the lower side of the block was an updated four-bedroom guesthouse.

Kollosche Broadbeach agent Rob Lamb, who sold the estate alongside Laura Delaney, said a Melbourne buyer also flew up and put in an offer but the local family had an unconditional cash contract.

“They are a large family with lots of kids who wanted to get out of the small confinements of urban living,” Mr Lamb said.

“There’s a bit more maintenance with a rural property but they can ride motorbikes and have a bit more freedom and privacy as the kids are growing up through their teens.”

Mr Lamb said the family plan to live in the guesthouse while renovating the main residence to better suit their needs.

Gold Coast rainforest retreat sells in multimillion-dollar deal 3

Gold Coast rainforest retreat sells in multimillion-dollar deal 4

A freestanding cellar door with a 1600-bottle, climate-controlled wine room, butler’s kitchen, powder room and outdoor patio was another impressive feature of the property.

The large block also had a thriving orchard with citrus, stone fruit, mangoes, avocadoes, apples, paw-paw, guava, banana, berries, macadamias, gapes, figs and vegetables.

The property was listed through Kollosche from late March, first with a $2.899 million price tag that was later reduced to $2.6 million, according CoreLogic.

Property records also showed it first hit the market with a different agency in January seeking more than $4 million.

The property last changed hands in 2015 for $2.3 million.

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Gold Coast rainforest retreat sells in multimillion-dollar deal 6

Currumbin Valley’s median house price has grown by 19.5 per cent in the past five years to $920,000. It is the Gold Coast 11th most expensive suburb.

Mr Lamb said he hadn’t seen any shift in the prestige property market in the lead up to the federal election and expected it to keep soldiering on. “For owner occupiers and particularly prestige properties, it shouldn’t affect anything too much,” he said.

“Interest rates look like they are heading down so it should suit the buyers looking to live in those prestige properties.”

 

 

Source: www.news.com.au

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The southeast Queensland suburbs where vendors are discounting their sale prices

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The southeast Queensland suburbs where vendors are discounting their sale prices

The southeast Queensland suburbs where vendors are discounting their sale price by the largest percentages have been revealed.

New data analysis by Domain looked at the average rate of vendor discounting on properties in suburbs throughout Brisbane, the Gold Coast and the Sunshine Coast over the six months to March this year and found some areas were discounting by as much as 12 per cent.

Houses at Carindale, Clontarf, Redcliffe and Rochedale South topped out the list of Greater Brisbane suburbs with the highest percentage of vendors discounting their asking price, while Chermside, New Farm, Redcliffe and South Brisbane had the highest rate of discounting for units.

On the Gold Coast, houses at Broadbeach Waters and Hope Island both recorded double-digit average vendor discounting, while units at Main Beach and Southport had the highest rate of discounting.

The southeast Queensland suburbs where vendors are discounting their sale prices 2

Maroochydore and Tewantin headed up the Sunshine Coast houses that were being the discounted by the highest percentage.

Domain economist Trent Wiltshire said the rate of discounting was another market indicator that could help assess conditions in certain suburbs.

The data was compiled using a minimum of 30 observations and did not include properties that sold via auction or without a listed price.

“This can be a bit more timely than price data,” he said. “But it is only an average figure and, while the average or median is the simplest way to look at a suburb, it doesn’t tell the full story.”

Will Torres of Torres Property said overall the housing market in Carindale was performing well but that the average discounting rate was likely brought down by a specific price point.

The southeast Queensland suburbs where vendors are discounting their sale prices 1

Carindale’s median house price is $879,750, a rise of 1.1 per cent over the year to March.

“I’d say the market that is being affected at the moment is that mid-$1 million price range,” he said.

“Rewind to six months ago I was selling houses in this price range in three weeks — now I’m struggling to get numbers in the door. That’s where the discounting will be, around that $1.5 million range and that’s why the Carindale percentage is that high.

“Anything under that price point is still performing really well and selling well. Days on market have stretched but the buyers and the demand is overall still there.”

Broadbeach Waters recorded the highest rate of vendor discounting, by up to 12 per cent. Jordan Williams of JW Prestige said that figure had likely been increased by houses in the $2 million to $3 million range, which were sometimes overpriced.

“If you’re 10 per cent over the odds you won’t get a result, you won’t get a deal — that’s why you’re seeing that average discount for Broadbeach Waters,” he said.

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“So this figure doesn’t mean the market has dropped here, it means some properties were overpriced. I sold a house for $4.5 million where the owners originally were asking $4.7 million. That’s a massive discount.

“But it started out that high because the owners said they wanted to give it a go, test the waters. There’s a million different scenarios for why people discount their properties.”

At Hope Island, where the average vendor discount is 10.3 per cent, agent Warren Hickey is selling a four-bedroom, two-bathroom contemporary home on Virginia Avenue, which is listed for offers over $995,000 and advertised as a huge price reduction.

However, he said the listing was not representative of the local market.

“On average we’d sell a property a week in Hope Island. I would say if you look back at everything we’ve sold in the past few years, we’ve probably only advertised one as having a price reduction and this is it. It’s the exception,” he said.

On the Sunshine Coast, where Maroochydore recorded an average discount on houses of 7.5 per cent, local Century 21 agent Damien Said said a lot of the properties in higher demand were now auctioned.

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“That needs to be noted — those properties are automatically excluded from the data,” he said.

“If anyone in Maroochydore is discounting, I’d say it’s more of a reflection of a few properties that came on the market with unrealistic expectations.

“Generally, we’re finding that when properties do come on the market, as long as the price is realistic, our days on market are reducing. The coast market is still quite active.”

 

Source: brisbaneinvestor.com.au

 

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