Balmoral home by Brisbane’s best architect sells for nearly $2m - Queensland Property Investor
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Balmoral home by Brisbane’s best architect sells for nearly $2m

A Balmoral house designed by one of Brisbane’s hottest architects sold for almost $2 million when it went under the hammer on Saturday.

Shaun Lockyer is among the most acclaimed architects in Queensland, renown for new builds and period home renovations alike.

“Shaun Lockyer doesn’t need any introduction, he’s probably the hottest architect in town if not in the country,” said Belle Property Bulimba‘s Tony O’Doherty. “Especially for this type of home.”

The architect’s touch was evident throughout the transformed pre-war character house at 6 Suvla Street, Balmoral.

Existing features, including ceiling castings and traditional stained glass doors and windows, were kept throughout the home, which was extended with weatherboards and brick.

A walkway with voids on either side leads towards the master bedroom, featuring a stunning ensuite with a small skylight which illuminates the space.

Justin Nickerson held the auction at Sulva Street.

Justin Nickerson held the auction at Sulva Street. Photo: Supplied

The downstairs living areas flowed out through the kitchen, into the outdoor space with a fireplace and chimney that overlooks another view, slightly to the north.

“A home like this was finished on the highest imaginable level,” Mr O’Doherty said. “Not a massive home but an very detailed level of finish.”

Architecturally renovated homes like this don’t tend to attract rapid-fire bidding, but they do attract dedicated buyers, Mr O’Doherty said.

The living space downstairs flows into the backyard.

The living space downstairs flows into the backyard. Photo: Supplied

The auction attracted five bidders, and kicked off with an opening offer of $1.5 million.The price then made it to $1.9 million with just six bids, where it sold to a couple from Hawthorne.

“They fell in love with the home, they came to the first open home and made an offer the first time they saw it,” the selling agent said.

The renovation was done a little over a year ago, and Mr O’Doherty said it was rare for a home designed by Lockyer to change hands so soonafter completion.

2 Sapphire Street, Holland Park has only been owned by the one family since it was built.

2 Sapphire Street, Holland Park has only been owned by the one family since it was built. Photo: Supplied

“They don’t come on the market too often, they tend to come on four to five years after. Our vendors, they’re moving, they’re relocating,” he said. “You won’t get an opportunity to buy these, they don’t come up. People tend to love them, use them, then sell them.”

Later on Saturday, a property on the other end of the spectrum went under the hammer.

Paul Liddy marketed what he called a “detonator”, an old housing commission home in Sapphire Street, Holland Park; which he suspected was last painted when it was built nearly 60 years ago.

“It’s in a little bit of a condition. The vendor, whose wife passed away recently, bought it new, ” he said. “It was built by the housing commission 58 years ago. I don’t think they spent a cent on maintenance, but it was good to them.”

The block and location left the purchase open to all types of buyers. “It’s a 759 square metre block with a 30-metre frontage and frontage really dictates design,” Mr Liddy said. “When you’ve got that frontage, your options are enormous.”

Buyers were keen to lock the home down. “There were five registered bidders and the people who bought didn’t register until their buying bid,” Mr Liddy said.

Bidding started at $400,000 and shot to $600,000 with high-value bids. It sold to a local investor for $645,000.

“The vendor was happy at $600,000, delighted at $630,000 and at 645,000 I couldn’t wipe the smile off his face!” Mr Liddy said.

The new owners plan to rent the property out for now, and renovate sometime in the future.

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Brisbane DA Lodged for ‘Record Sale’ Site in New Farm

Brisbane DA Lodged for 'Record Sale' Site in New Farm

One of Brisbane’s best parcels of land is now the site of one of the city’s most ambitious houses, according to a development application lodged with Brisbane City Council.

The vacant clifftop block, located at 31-33 Moray Street, New Farm recently sold to local businessman Jamie Pherous and his family for a suburb record of $11.3 million.

The 1,103sq m lot was sold by Jane Gibson, the widow of celebrated Brisbane architect Robin Gibson, who acquired the site in 1986 for just $200,000.

Designed by Tim Stewart Architects, the proposal includes a four-storey house with a basement level of car parking and recreational facilities.

Located on land zoned medium density residential, the impact assessable application is currently in front of Brisbane City Council, according to CityShape’s new DA Tracker.

Brisbane DA Lodged for 'Record Sale'

The proposal includes a lower level of basement car parking, games room and gymnasium that leads out to a clifftop pool and pool deck.

The upper ground level will comprise a media room, office, study, laundry and combined living, dining and kitchen terrace at the rear.

Level one will include a master suite with expansive dressing room, ensuite and storage room and is accompanied by five bedrooms each with an individual ensuite.

And on the uppermost level, the proposal includes an entertainment room with kitchenette, roof terrace and pool and guests quarters.

Brisbane DA Lodged for 'Record Sale' Site

Jamie Pherous is the founder and managing director of Corporate Travel Management, one of the largest travel management companies in Australia.

He started the company in 1994 and later floated it on the Australian Securities Exchange (ASX) in 2010.

The proposal comes amid growing confidence in the Brisbane residential market with BIS Oxford Economics predicting Brisbane will lead the Australian capitals with 13 per cent property price growth predicted by 2021.

The average price of a block of land in New Farm is $2.6 million and the previous record for a vacant lot in the suburb was a $5.5 million sale to a developer.



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South Brisbane emerges from unit glut with some of the fastest rising rents in the city

South Brisbane emerges from unit glut with some of the fastest rising rents in the city

The epicentre of Brisbane’s unit oversupply is reaching equilibrium, as renters flock to thousands of new apartments in amenity-rich areas.

But less-developed inner-city suburbs that lack amenities continue to languish.

South Brisbane saw significant levels of development over the past few years, with 1225 units listed for rent in the three months to the end of December, according to the latest Domain Rental Report for the December quarter.

But the supply is starting to be absorbed and the median asking rent for units has risen 5.4 per cent to $485 over the last year, the fourth-sharpest jump in the city.

This compared to even steeper jumps in Holland Park, Clontarf and Bardon, with rises of 12.1, 6.9 and 5.6 per cent respectively.

unit glut with some of the fastest rising rents

Source: Domain Rental Report, December quarter 2018

Those in the industry say the South Brisbane market has made a remarkable turnaround in the past year.

“We may have escaped that ridiculous glut we had,” Space Property principal Nick Penklis said.

Renters were haggling on price less frequently and landlords were becoming less likely to hand out incentives, he said.

“Sometimes those incentives were there for apartments not quite at the market level,” Mr Penklis said. “Some would be there to keep a rental guarantee, so it’s an inflated market.

“Perhaps we’re on a more even keel.”

South Brisbane emerges from unit glut

Aria Living’s general manager Zeyad Iman said the developments he managed were not immune to the consequences of over-development, but their premium offering insulated Aria from issues facing low-end properties.

“We’re a bit more expensive but people can justify those costs,” he said.

South Brisbane’s relative amenity was the suburb’s big drawcard, and was why the suburb was outperforming neighbours like Highgate Hill, Mr Iman said. “You’ve only got the view and the location, there’s none of the amenity there.”

Highgate Hill’s rental prices fell the fifth-fastest in the city for both houses and units, down 5.7 and 6.7 per cent in the past 12 months respectively.

But other inner-city neighbourhoods continue to see prices drop.

Brisbane CBD, separated from South Brisbane by the river, was the 10th-worst performing suburb for units, with a fall of 4 per cent to $480 over the past year.

“There’s a stark contrast in the five-year performance in these areas,” Domain senior research analyst Nicola Powell said. “What we have seen is a much greater level of development in the Brisbane CBD than we have in South Brisbane.”

Dr Powell said this could indicate the two side-by-side suburbs could be settling to similar levels, although conditions appeared tougher in the CBD.

“There’s been a lot more rental stock come onto the market relative to the demand in the CBD.”

Brisbane emerges from unit glut

The detached housing market has not seen the same wave of new supply, with sought-after suburbs recording double-digit rental growth.

Manly, Ascot and South Brisbane had the highest rental rises for detached houses, recording 14.5 per cent, 14.2 per cent and 13.7 per cent rises respectively.

“There would be that desirability factor,” Dr Powell said. “There is an increase of interstate migration from NSW and we can assume that is Sydney.”

All three are established locations with access to good schools, she said.

“So it could be families looking to rent to test the waters in certain suburbs.”



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Apartment values to jump up to 11 per cent in some Brisbane suburbs

Apartment values

Brisbane’s recovering apartment market is set to lead the nation over the next two years, with values forecast to grow more than in any other major capital city. The region’s house prices are also looking good – with some areas performing better than others. SEE WHERE

BRISBANE’S recovering apartment market is set to lead the nation over the next two years, with values forecast to grow more than in any other major capital city.

Moody’s Analytics expects apartments to outperform houses throughout greater Brisbane in 2019, as the city continues to defy a national housing downturn led by Sydney and Melbourne.

A new report reveals apartment values are set to recover by 2.8 per cent in 2019, followed by sharper growth of 6.5 per cent the following year — equal only to Darwin.

A rise in unit values of more than seven per cent is expected in the inner city, Logan and northern Moreton Bay regions in 2019.

Double digit growth is expected in northern Moreton Bay in 2020, with apartment values set to jump 11 per cent.

Apartment values to jump up to 11 per cent

Moody’s Analytics forecasts a gain in house values across Brisbane of 1.2 per cent over the next 12 months, with strength in the western and inner city suburbs offsetting declines in South Brisbane.

House values are tipped to grow the most in Brisbane’s western suburbs this year (4.5 per cent).

Apartment values to jump up

“This is a reversal of trend from the past few years,” the report’s authors said.

“Home values had risen more than 30 per cent since mid-2012, while apartment values had risen only around 5 per cent.”

In some Brisbane suburbs apartment values to jump up

It’s not good news for the nation’s two biggest housing markets.

Moody’s Analytics is forecasting a further six per cent correction in house values in Melbourne this year on the back of a 0.1 per cent decline in 2018.

Values of Apartment Jumps Up in Suburbs

And Sydney house values are expected to fall a further 3.3 per cent in 2019 following a 5.2 per cent drop last year.

“Australia’s housing market has continued its entrenched cooling trend in the final months of 2018,” the report’s authors said.

“The decline has been sharper in home values than for apartment values: Home values have fallen more than 4.5 per cent from their peak late last year, while apartment values are down 3.3 per cent.”

Originally published as Where Brisbane home values keep rising



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