A ‘MICRO’ lot believed to be the smallest in Australia is being developed on the Gold Coast and it’s tipped to pave the way for a surge of micro-housing projects.
A STANDARD residential lap pool. A living room in a Sovereign Islands home. The master bedroom and ensuite of a Main Beach penthouse.
You wouldn’t think those dimensions would fit an entire home, but that’s exactly what new buyer Wendy Nutt is preparing to move into in Southport, and she isn’t at all concerned about a downsize.
“I currently rent a single converted garage, so I live in 22sq m at the moment,” she said.
“You don’t really need that much space, we find that if you have space you fill it.”
The local process engineer said she and her husband, who works away, came across the Envi Urban Microvillage during their house hunt.
“We had been looking at packages, but land on the Gold Coast was out of our price range,” Ms Nutt said.
“We started looking at apartments and townhouses but I’m not keen on body corporate, and some apartments that were 60sq m, we were still looking at half a million dollars to buy.”
At just 38sq m in size, the smallest Envi terrace lot has a price tag to match, of just $300,000.
The home will have slightly bigger dimensions — the finished residence will be about 67sq m and be one of ten terrace homes available in the Envi village.
Occupiers of Envi have chosen from the ‘pico pod’ — a one-bedroom, two-bathroom abode, the two-bedroom, one-bathroom ‘micro terrace’, and larger ‘urban pod’ (two-bedroom, two-bathroom) and ‘village home’ (three-bedroom, one study, two-bathroom).
The terrace homes feature a free flowing design, open timber stairs, higher ceilings and glazing on the front and back to encourage air and light cross-flow.
Already, seven of the micro homes have sold, with the remaining three under contract.
Mrs Nutt is preparing for her ‘urban pod’ slab on lot five to be poured early next year, with an anticipated move in around August.
“We were able to design the kitchen and tailor the internal storage to suit our needs,” said Mrs Nutt.
The micro lot is believed to be the smallest freehold residential lots in Australia, and is comparatively tiny on the Gold Coast, where the average size of new developments is 462sq m.
“You’ve got your terrace homes in Melbourne that are about four metres wide and have been around for ages, and that’s where the name Envi came from, because the Gold Coast missed out during that period of time,” said Amy Degenhart, director of architect Degenhartshedd.
“We were looking at New York, Sydney and Melbourne, and were envious in terms of their terrace homes.”
Ms Degenhart said older, established cities around the world were able to introduce terrace homes pre-town planning.
The tiny house trend has emerged across the world, as an answer to increasing populations and property prices.
America offers the most bang for your buck, with a median micro house (152sq m and less) price of $155,455.
In London, affordable housing developer Pocket specialises in 38 sqm, one-bedroom apartments that carry an average price tag of $550,827.
Demand in Sydney’s housing market saw a 155sq m block with approved plans for a tri-level, two-bedroom home in Freshwater sell earlier this month for $500,000. Construction costs were estimated to be $450,000.
Collated property data revealed Sydney-siders are paying between $6,000 to $11,000 per square metre for a standard apartment, depending on suburb density.
Comparatively on the Gold Coast, the owner of the smallest Envi microlot will pay about $4,477 per square metre of liveable space.
Not only does the Envi project give the developing Gold Coast an opportunity to tap into the micro market, but also lead the way and potentially see high rises replaced by terrace homes.
“This is one of the first micro lots that are post town-planning and on a high rise lot,” said Ms Degenhart.
“They may be on small lots, but half as much can be twice as good when it comes to combining architectural design and touches of luxury, with prime Gold Coast real estate, a central location and an affordable price tag.”
Ms Degenhart’s developer client has pitched the design to an international audience, Google’s parent company, Alphabet, in the United States.
“It’s quite revolutionary and a pilot study for what can be achieved,” Ms Degenhart said.
Originally published: www.news.com.au
How to make $1 million ‘flipping’ houses
HIS last property sale earned him a tidy million-dollar profit, so it’s safe to say when it comes to “flipping”, Tom Hall knows his stuff.
The Melbourne man has been flipping property for 16 years, and has 10 successful “flips” under his toolbelt.
For the uninitiated, flipping refers to profiting from real estate, either by “buying low and selling high” or buying a run-down home and renovating it for profit.
Mr Hall, a former electrician and real estate agent, ventured into the world of flipping when he bought his first property at 24 for $124,000, renovating it before and after work and on weekends.
He more than doubled that investment when he sold it a couple of years later for $265,000 after shelling out just $14,000 in renovations – and his love affair with flipping began.
Knowing he was onto a winning formula, Mr Hall went on to purchase bigger, more expensive properties each time, culminating in the most recent sale of a Brighton property which he bought for $1.35 million, and sold for $2.35 million 18 months later.
In the early days, Mr Hall and his wife Alicia used to brave the “dust and dirt” and live in each property during the renovations.
With two young boys, that’s no longer possible, but today Mr Hall runs his own renovation business, Overhall Your Property, alongside his flipping passion.
“I’m a visual person and to see the property go from nothing to something amazing gives me a thrill,” he said.
“It can be a bit stressful – it never stops and it’s very consuming.
“But I wouldn’t have it any other way. I wouldn’t want to do anything else.”
Mr Hall said a successful flip came down to meticulous market research and the ability to do most projects yourself.
But is flipping always a sure-fire cash-cow?
New analysis from CoreLogic revealed 90 per cent of flipped properties sold last year made a profit – but as house prices ease in Melbourne and Sydney this year, a rise in loss-making flipped properties is expected.
“Although the proportion of flips at a loss has declined from recent highs in 2009 and again in 2012, there has been a clear increase in loss-making flips recently,” CoreLogic’s Property Flipping Report stated.
Nevertheless, while Mr Hall agreed property prices had already cooled slightly, he said there were still plenty of opportunities to make decent money flipping.
He said lower house prices could even help flippers enter the competitive housing market.
“If you put the right product to the market and keep the purchaser in mind you’ll have no problems selling property,” he said.
“The whole idea of owning your own home and renovating it is a big Australian dream – everyone wants to own property.
“There’s definitely still a future in it.”
So how do you make it in the flipping business? Mr Hall shared his top tips for flipping success.
DO YOUR RESEARCH
“If you’re looking to buy, educate yourself on the market – entry price is the most important thing. If you pay too much getting in, you won’t make dollars and cents at the end. I read heaps of books, and really annoy real estate agents on trends and what’s going on in the market. I always hassle them because they’re pretty much three months ahead of the market – they see what’s going on in the market before it hits the papers,” Mr Hall said.
“The main thing for me is getting in at the right price. Keep an ear to the ground in your market and don’t look at 10 different suburbs, look at two, otherwise you’ll just confuse yourself.
“On my way home I always drive a different way so I can see what boards are up and what’s going on. I’m a bit nosy, but you have to be if you want to do this seriously.”
“I have flipped 10 different projects varying from smaller properties and apartments to bigger houses. I really built my way up from something small into property worth millions now, and the way to get into it is to start small and learn from there – I’m self-taught.”
DO IT YOURSELF
“Hiring tradies can really chop into your budget. If you can always build on your skills and learn you will save yourself a hell of a lot of money, so the more you can do yourself the better off you’ll be at the end. Always use a licensed plumber and electrician, but for example if you have someone doing rendering, hang around and learn about a trade if you’re not experienced in it, so next time you can give it a go yourself and save big money.”
INVEST IN A GOOD FOOTPRINT
“My strategy is always renovating what is there – I’m not a new-build man, I’m an add-value man. I try to utilise the home’s footprint to add value. You’ve got to have a bit of forward thinking in terms of what you can do with spaces.”
KNOW YOUR BUYER
“Have a target market in mind. Whether it’s a family with children or a young couple, you need to do your research and tailor your design towards the purchaser. That’s the end game – it’s not necessarily for you, it’s about getting a sale from the right purchaser who will pay the highest price.”
Originally Published: brisbaneinvestor.com.au
Queensland’s property flipping hotspots rise as profits roll in
TV presenter and renovator Cherie Barber has helped hundreds of Queenslanders add equity through renovations. Picture: Luke Marsden. Source: News Corp Australia
PROPERTY flipping — selling for a profit within a year or two of purchase — is on the rise, with new figures showing hotspots have emerged in the Sunshine State.
A massive 90 per cent of properties flipped last year — that is, bought and re-sold within one to two years of purchase — went for a profit across Brisbane, with the figure sitting at 88.3 per cent in regional Queensland.
The latest CoreLogic data found three hotspots had emerged in the state — the Gold Coast, Moreton Bay North and Ipswich.
“Property flipping was most prevalent in the Gold Coast, comprising 7.9 per cent of re-sales for properties held between one and two years,” according to CoreLogic’s Flipping Report, released yesterday.
The GC region also experienced Queensland’s biggest growth in flipping, up 1.3 per cent over the previous year’s data.
Queensland’s highest percentage of successful flips came from Moreton Bay North in 2017, where 95.6 per cent of properties re-sold within two years were profitable.
And for those in the market for a quickie, the area that was able to deliver the highest percentage of properties bought and flipped for a profit in under a year was Ipswich (92.7 per cent).
According to the report, short term property trading profits come off “buying undervalued property and reselling at a higher price, buying property at market value and riding the capital growth curve, or by adding value to the property in some way (renovation, subdivision, development approval etc)”.
CoreLogic warned that flippers needed to take into account transactional costs such as stamp duty and conveyancing, as well as selling costs like marketing and real estate agent commission, plus interest payments on the debt as well as capital gains tax on the profit.
“When housing markets are running hot, it makes sense that flipping would become more popular while when a market is weaker, owners are likely to have to hold onto properties for longer in order to return a profit.”
Queensland’s worst place to flip properties owned between one to two years was Townsville last year where 48.8 per cent were losses.
Across the combined capitals, property flipping has gone from 5.1 per cent in 2012 to 5.7 per cent last year — a rise that was being mirrored across regional Australia as well, the report said.
Renovation queen Cherie Barber has worked on over 100 flipped projects and trained hundreds of Queenslanders to “manufacture equity” in property through renovations and upgrades.
“You can buy a profitable property at any time, but not every property on the market will be profitable,” she warned potential flippers.
Originally published: brisbaneinvestor.com.au
This week’s top five sales on the Gold Coast topped $8 million
45 Conifer Cr, Broadbeach Waters was the biggest sale on the Gold Coast this week. It changed hands for $3.125 million Source: Supplied
FROM a waterfront mansion to a Glitter Strip apartment and a multi-generational island shack — the top five sales on the Gold Coast all surged past the million-dollar mark this week.
According to CoreLogic data, the biggest sale was a Broadbeach Waters waterfront home that changed hands for $3.125 million.
The sale was handled by Eddie Wardale and Josh Longhitano of Kollosche Prestige Agents.
A modern residence tucked in bushland at Bonogin just pipped a Stradbroke Island abode, an apartment in Broadbeach and a designer home in Helensvale to the post for second place.
Selling for $1.285 million, 23 Fowler Crt, Bonogin was marketed by Remax Regency agent Stuart Legg.
The property was described as a “private resort in the bush” and was a design blend of polished concrete, wooden floorboards, and cedar framed glass doors and windows.
The bushland residence’s pool was a standout with the unique design cutting under the house and flowing to a water slide on the other side.
The traditional timber house on South Stradbroke Island, or ‘South Straddie’ if you’re a local, has changed hands for the first time in 55 years, selling for $1.23 million.
The three-bedroom, two-bathroom home on South Esplanade is one of 61 tightly-held freehold properties in South Currigee and faces east to overlook the Broadwater.
The sale was handled by Stephen Cone of LJ Hooker Broadwater.
A luxury Surfers Paradise apartment changed hands for $1.2 million.
Ray White Surfers Paradise handled the sale of 101/1 Oracle Blvd — the Oracle tower apartment featured two bedrooms and two bathrooms.
Rounding out the top five was the sale of a contemporary designer home at Riverlinks Estate in Helensvale for $1.175 million.
Originally published: news.com.au
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