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Interstate migrants are moving to QLD … but they’re not coming to Brisbane

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Interstate migrants are moving to QLD

Less than 5 per cent of interstate migrants during the 2016-2017 financial year settled in Brisbane, according to data from the ABS. Photo: Glenn Hunt

Interstate migration to Queensland is booming but analysis shows most new residents are bypassing Brisbane for other regions in the Sunshine State.

Buyers’ agency Propertyology analysed ABS data, which showed there were 17,246 internal migrations to Queensland in 2016-17. But out of those, only 846 relocated to Brisbane, which equates to less than 5 per cent.

Propertyology managing director Simon Pressley said the lion’s share went to the Gold Coast, Sunshine Coast, Moreton Bay, Cairns, Ipswich and the Scenic Rim.

Interstate migrants are moving to QLD

Interstate migration to Queensland is strong but ABS figures reveal most of the new residents are relocating to regions outside of Brisbane, such as the Gold Coast.

“We’ve read a lot about interstate migration to Queensland lately and it’s been growing each year, which is great,” he said.

“The thing is, people automatically think Queensland means Brisbane but when you actually look closely at the numbers, they tell a very different story.”

As a proportion of total population growth over 2016-17, the biggest beneficiaries of interstate migration were Tasmania (22.5 per cent) and Queensland (21.9 per cent).

Interstate migrants are moving to QLD

The Sunshine Coast has had an influx of interstate migrants. Photo: Mike Swaine

House prices in the regions with the most internal migrations have mainly increased — house prices on the Sunshine and Gold Coasts have increased by 7.9 per cent and 3.3 per cent respectively over the past 12 months — although Mr Pressley said the correlation between population growth and house price growth was often overstated.

“I know logically it makes sense — if an area has a big surge in population, house prices should go up — but there’s much more to it than that,” he said.

“Jobs growth is a lot more important than population growth, so is wage growth, [and] affordability is also extremely important.”

Interstate migrants are moving to QLD

Moreton Bay’s affordable property prices and relaxed bayside lifestyle are drawing new residents from interstate. Photo: Ray White Redcliffe

REIQ Gold Coast zone chair Andrew Henderson said each of those factors was connected and all had contributed to the Gold Coast’s house price success in recent years.

“Our local economy is strong but it’s also changed. We’re no longer solely reliant on the tourism industry. The diversity of our job offering has changed,” he said.

“With new infrastructure like universities and hospitals, we’ve got people moving here from interstate into jobs who would have never been able to move here 10, 20 years ago.

“So the age of the people we’ve got moving here has also changed. We’ve always had a lot of retirees but we’ve noticed a surge in people in their 20s, 30s and 40s – people moving their whole families up here. Around Mermaid Waters and Clear Island Waters there’s a really strong southern presence.”

Andrew Campbell of Ray White Redcliffe said the influx of interstate migrants buying up locally in the Moreton Bay region had become apparent more recently.

“We noticed a dip in the interstaters for a while but recently they’ve started to come back and it’s about affordability. All the properties around that median price are really moving so quickly,” he said.

Domain Group figures show the median house price in Moreton Bay is $456,000.

“There’s a lot of first-home buyers who fly up here for the weekend from Sydney. They know they can’t afford to buy there so they’re moving here because they see you can buy a house for under $500,000, get the lifestyle and still only have to drive 40 minutes to work in Brisbane,” Mr Campbell said.

But Mr Pressley said interstate migrants were being “pushed” to Queensland, rather “pulled” as they were during the mining boom.

“People have always wanted to come to Queensland because of the good lifestyle, weather and affordable housing,” he said.

“In the past they came for those things but also because we created more jobs year after year than everyone else. Now, we’re not dragging here through job growth, they’re coming here by default.

“To me, that’s why interstate migration hasn’t translated into property prices yet … and that’s why only minimal people have gone to Brisbane.

“I anticipate that in the next 12 months we’re going to see another really strong year of interstate migration into Queensland; if our economy improves, then it could translate to property prices for Brisbane and all over Queensland. Overall though, this is a good news story for Queensland and Brisbane as well. It’s looking positive.”

Source: www.domain.com.au

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Revealed: The biggest apartment sales of 2018 in Qld

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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.

* PICK UP A COPY OF THE COURIER MAIL AND THE COURIER MAIL REAL ESTATE GUIDE TOMORROW TO SEE THE TOP APARTMENT SALES OF ALL TIME.

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.

Revealed The biggest sales of the year 2018

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.

Revealed The biggest apartment sales

The second top sale was in Noosa, where a three-bedroom penthouse on the beachfront in Hastings Street fetched $7.2 million last year.

Revealed The biggest apartment sales of the year 2018 in Qld

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.

Revealed The biggest apartment sales of 2018

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.

Revealed The biggest apartment sales in the year of 2018 in Qld

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

Revealed The biggest apartment sales 2018 in Qld

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

Revealed biggest apartment sales of 2018 in Qld

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

Revealed The biggest apartment sales 2018

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

Revealed The biggest sales of the year 2018 in Qld

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.

Revealed The biggest apartment sales in the year 2018

Revealed The biggest apartment sales of 2018 in Qld place

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.

Revealed The biggest apartment sales of 2018 Qld

Revealed The biggest apartment sales in Qld

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

Revealed The biggest apartment of 2018 in Qld

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

Revealed The biggest sales of 2018 in Qld

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

Revealed The apartment sales of 2018 in Qld

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

 

Source: news.com.au

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The places that NSW property buyers are all trying to get into

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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.

The places that NSW property buyers

“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 places that NSW property buyers are all trying to get

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.

 

The places that NSW property buyers trying to get into

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.

The places that NSW property buyers trying to get

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

 

Source: news.com.au

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Market Place

Rentvesting Takes Off In Hobart, Gold Coast

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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.

 

Source: yourinvestmentpropertymag.com.au

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