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Hinterland areas rising in demand

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hinterland property

Analysis by CoreLogic has highlighted locations in close proximity to capital cities which have seen interest due to ‘tree changes’, that has been the result of a wide number of factors.

Analysed by Tim Lawless, CoreLogic’s head of research, there were three main factors behind the increased demand in tree changes.

The first was due to the ‘wealth effect’, with home owners – especially those in Sydney and Melbourne – previously seeing their own finances increase due to their property, as well as the rising number of baby boomers looking for holiday homes or downsizing options.

Telecommuting was the second factor, which allows for employees to work from home, thereby de-emphasising the need to travel to a physical location for employment.

Affordability is always an important choice, and in this case is Mr Lawless’ third factor, as analysis showed hinterland properties tend to be priced lower than those in coastal or big city areas.

The analysis took a look at key hinterland markets in six states:

NSW

Unsurprising to some, the hinterlands markets in NSW are on the more premium end of the market; the Southern Highlands area currently has a median price of $735,371, the Blue Mountains is currently at $619,778, while the RichmondValley – Hinterland is more on the affordable end of the scale with a median price of $335,718.

In the short-term of the last 12 months, these three areas have seen limited value growth, with the former two rising by 1.4 per cent and 3.2 per cent respectively, while the Blue Mountains entered negative territory, declining 0.7 of a percentage point.

Looking more mid-term over the last five years, a different picture is painted, with values in the Southern Highlands rising 9.3 per cent, the Blue Mountains rising 9 per cent, and the Richmond Valley – Hinterlands area saw a rise of 3.9 per cent

Victoria

Also in the more premium side of the market, noteworthy hinterland markets in Victoria are the Yarra Ranges and the Macedon Ranges with median dwelling values of $674,944 and $700,664 respectively. In the short term of the last 12 months, the Macedon Ranges has performed exceptionally with a rise of 7.5 per cent in value change, while the Yarra Ranges have been underperforming, declining by 0.6 of a percentage point. In the mid-term of the last five years however, the top performer switches with the Macedon Ranges growing only 2.6 per cent, while the Yarra Ranges have seen values rise by 7.8 per cent.

Queensland

Moving into more affordable territory, the Sunshine Coast Hinterland and Gold Coast Hinterland regions have median dwelling values of $539,292 and $593,954 respectively. Both these areas have experienced solid growth in the short- and mid-term; in the last 12 months, the Sunshine Coast Hinterland value rose by 2.2 per cent while the Gold Coast Hinterland rose by 8.1 per cent; the largest rise out of all of the key hinterland markets. Over the last five years, the ranking stays the same but the percentages normalise slightly; Sunshine Coast Hinterland saw values grow by 4.5 per cent and the Gold Coast Hinterland rose by 6.8 per cent.

Western Australia

The main hinterland regions for metropolitan Perth follow a similar trend to that of Perth itself – continued softening. Mundaring and Kalamunda currently have similar median dwelling values of $452,224 and $457,055 respectively. In the short-term of the last 12 months, these values have declined by 4.3 per cent and 5.7 per cent respectively, while in the mid-term of the last five years the declines are less severe with drops of 3.8 per cent and 2.6 per cent respectively.

South Australia

The Adelaide Hills region is the only noteworthy hinterland area according to CoreLogic, which has seen little success, but success none the less. With a median dwelling value of $494,166, this has been a rise of just 0.8 of a percentage point in the short-term of the last 12 months, and a rise of 2.1 per cent for the mid-term of the last five years. This puts Adelaide Hills as the smallest value growing hinterland market for both the short- and mid-terms.

Tasmania

The Central Highlands of Tasmania is the most affordable hinterland region analysed with a median dwelling value of $214,000, but it is delivering solid growth. In the short-term of the last 12 months, the Central Highlands saw dwelling values rise by 6.8 per cent, and in the mid-term over the course of the last five years, dwelling values rose by 5.1 per cent.

Source: www.smartpropertyinvestment.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.

Gold Coast rainforest retreat sells in multimillion-dollar deal 5

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.

The southeast Queensland suburbs where vendors are discounting their sale prices 3

“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.

The southeast Queensland suburbs where vendors are discounting their sale prices 4

“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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