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Balmoral house sells for $1.9 million as Brisbane auctions slow

Balmoral house sells for $1.9 million as Brisbane auctions slow

After several weeks of strong results, Brisbane’s auction market has slowed. Some 95 properties went to auction across the city at the weekend, with a reported clearance rate of 33 per cent.

The five-bedroom, four-bathroom house at 45 Olive Grove, Balmoral, in Brisbane’s south, sold at auction for $1.9 million. About 60 people watched for 20 minutes as four registered bidders made a move for the property.

Bidding opened at $1.5 million, and jumped in lots of $100,000 and $50,000. The house was on the market at $1.85 million, and sold for the final price after one more bid.

Selling agent Brandon Wortley, of Ray White New Farm, said nearly 60 people viewed the house over the campaign. The eventual buyer was a family with young children who live locally and were looking to upsize.

The vendors, meanwhile, were based in Sydney and had built the house as a rental property two years ago. Mr Wortley said both parties were happy with the result.

“They’re the best auctions, when you’ve got happy people on both sides,” he said. “Having clarity around the process was the big thing there because the buyers were nervous about the process.

“Between myself and Conrad, my co-agent, we spent so much time making sure they understood exactly what it was, and explaining that good houses attract interest.”

Elsewhere, a four-bedroom, two-bathroom house on 534 square metres at 18 Campion Avenue, Bardon, sold in a lively auction. About 30 people gathered to watch three registered bidders battle it out to walk away with the keys.

Bidding opened at $800,000, and, after 35 minutes of active bidding, the hammer was dropped and the property was sold for $945,000.

Selling agent Carmen Briggs, of Harcourts Solutions, said most of the interest in the house was from young families.

“They were all looking to get into the Rainworth schools, and they were all looking to be able to have their children walk to high school,” she said. “It’s got a separate area downstairs that could be a work from home office, or a granny flat, or a teenage retreat. It’s one of those properties that has multiple purposes.”

Mrs Briggs ran a three-week campaign for the house, rather than the typical four weeks, because she has been having great success with the shorter cycle.

Balmoral house sells for $1.9 million as Brisbane auctions slow 1

“I’ve been doing a lot of three weeks [campaigns],” she said. “If you run the campaign longer than three weeks I find the buyers lose momentum. All my three week [campaigns] so far that I’ve been doing in the spring selling season have sold under the hammer.”

The buyers were a young family who had been driving for an hour each morning to get their children to the local schools. They had their extended family with them at the auction, and were thrilled with the result.

In Brisbane’s south, the four-bedroom, two-bathroom house on 594 square metres at 124 Brisbane Corso, Fairfield was sold under the hammer for $1.49 million in a well-attended auction.

More than 80 people watched as a massive 13 registered bidders attempted to stake their claim on the property. Bidding opened at $1 million, and, after 25 minutes and more than 90 bids, the house was sold.

Selling agent Geoff Sellars, of Ray White Annerley, said the house attracted massive attention over the four-week campaign, mostly from older couples and mature families. He put this interest down to both its quality and the circumstances of the sale.

“It was a lovely home, but we attracted that many bidders because it was a mortgagee in possession,” he said. “The bank actually gave us permission to advertise it as that, which is why the result was so strong.”

The buyers are from Sydney, and will be living in the house part-time. They were very happy with the result.




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Townhouse developments snapped up quickly in desirable south-east Queensland suburbs

Townhouse developments snapped up quickly in desirable south-east Queensland suburbs
These townhome developments have been strikingly well-received, with each selling out of their initial releases quick smart.

Whether in a Gold Coast development hub or a blue-chip Brisbane suburb, these projects offer homes for the downsizer to young professional, and everyone in between.

ONE Bulimba Riverfront 

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Homes in this luxury development in the blue-chip inner-city Brisbane suburb of Bulimba have been snapped up, with only one townhouse and some apartments left for sale.

The riverside project sits in a highly sought-after location, offering river and city views with a northerly aspect and plenty of surrounding amenities.

“We’ve got everything on our doorstep,” said managing director of Velocity Property Group Brendon Ansell.

“We’ve got the massive Barracks development, we’ve got Hamilton Northshore across the river, we’re a couple hundred metres from the CityCat, and it’s a lovely quiet suburban street, so it ticks all the boxes.”

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The remaining townhome occupies three storeys, with four bedrooms, four and a half bathrooms, and an internal lift.

The 385-square-metre property also features large balconies overlooking leafy Bulimba, two secure parking spaces and a lap pool overlooking the river.

Mr Ansell said because the Velocity Property Group preferred not to mix products pitched at investors with those for owner-occupiers, space and luxury were integral to ONE Bulimba’s design.

“We’ve got most aspects of the project pretty right; the design, the size, the storage, the price point all hit that sweet spot,” he said.

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“We’re probably the best value riverfront project in Brisbane at the moment.”

The development has so far attracted an exclusive downsizer market, content to move from houses to the spacious townhomes.

Mr Ansell said ONE Bulimba’s exclusivity was a major selling point.

“Our buyers are very much of a similar nature and we’ve created a community of like-minded people,” he said.

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We won’t compromise on that. We are holding firm on our pricing and maintaining that luxury aspect, so that gives them the comfort moving forward that it will hold its value and grow well over time, as well as being a beautiful place to live.”

ONE Bulimba is located at 1/39 Byron Street, Bulimba, Queensland.

A display apartment is available on site.

Vue Terraces

Townhouse developments snapped up quickly in desirable south-east Queensland suburbs (6)

In the established regional centre of Robina on Queensland’s Gold Coast, Vue Terraces offers sleek, modern terraced homes.

The staged development has already sold out of all its stock for stages one and two and is currently selling stage three, with stage four to be completed by July.

Each townhome features three bedrooms and two and a half bathrooms across two storeys, with a double garage beneath.

The project also offers amenities exclusive to residents, including a central entertainment area with an in-ground pool, multiple barbecue spots, recreation and leisure spaces, and outdoor showers and change rooms.

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Vue is within walking distance of a host of local amenities, including retail and leisure hub Robina Town Centre, Robina Hospital and medical precinct, Bond University Institute of Health and Sport, and Robina train station and bus exchange.

Nearby are a number of schools, including Somerset College and All Saints Anglican School, Bond University and, of course, the spectacular Burleigh Heads beach.

The site is also well connected to Brisbane and beyond via bus, rail and arterial roads and motorways.

Adjacent to the development is Robina City Parklands, a 22-hectare green space undergoing a substantial $15 million makeover by Gold Coast City Council into the Gold Coast’s “Central Park”.

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Development manager at Robina Group Darrell Irwin said the homes appealed to a “cross-section” of demographics.

“We do have young couples, we do have retirees, and families, so there’s no specific sector of the market we’re targeting,” he said.

“We commenced the project in 2018 and commenced construction later that year, and to date we have sold and settled approximately 150 of the terraced homes, and we’ve got numerous more under contract settling at the moment.”

The development has attracted considerable interest, with many of the homes already sold.

“There’s no other terraced home projects within the CBD of Robina, so in terms of a brand new product in close proximity to all those services, it’s the only offering that the market has,” Mr Irwin said.

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“In terms of townhouse product, larger 170 or 180-square-metre dwellings, there’s a limited supply in central Gold Coast.”

Townhomes at Vue Terrace start from $629,000.

The development is located at 1 East Lane, Robina, Queensland.

Minnippi Quarter

Townhouse developments snapped up quickly in desirable south-east Queensland suburbs (10)

This $121-million master-planned community set in Brisbane’s east offers the rare opportunity to purchase freehold land, along with architecturally-designed terraced homes.

The project will offer 172 townhomes, ranging from two to four bedrooms, along with 20 freehold blocks, ranging from 360 to 602 square metres in size.

Located in Carina, eight kilometres from the CBD, the 5.2-hectare site is framed by greenery as it borders the 90-hectare Minnippi Parklands.

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The development’s name is a nod to its emphasis on green space, with a quarter of the site, including a 6000-square-metre private park, dedicated to recreational natural environments.

Minnippi Quarter is also home to an array of residents’ amenities, including an on-site community hub with private dining and co-working spaces, a 25-metre infinity lap pool, a gym overlooking green space, an entertaining pavilion with barbecue and lounge space, and even an on-site dog and car wash facility.

Most of the freehold lots have been snapped up, and sales have now opened for the second of four townhouse releases.

General manager for Queensland at Frasers Property Australia Scott Ullman said the development’s commitment to green space set it apart.

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“This is far from a normal in-fill townhouse development,” he said.

“It’s got some really unique features in and around the quarter of the site that’s maintained as green open space, and that’s really hard to come by.

“There’s a lot of green space, outdoor recreation opportunities but, in addition to that, it’s obviously well located to transport, local sporting clubs, Westfield Carindale just down the road, and only about eight kilometres to the city.”

He said an enthusiastic market response demonstrated buyers’ keenness for outdoor space in developments.

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“[The green quarter] is unique and the market’s obviously recognising that,” he said.

“Obviously the sales success that we’ve been experiencing right through this period has reflected the market’s desire and acceptance of that.”

Prices for townhouses range from $485,000 for a two-bedroom home to $725,000 for a four-bedroom home, overlooking open space.

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Minnippi Quarter is located at 193 Fursden Road, Carina, Queensland.

An on-site sales and display centre is open Mondays to Wednesday and weekends.




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‘Absolutely inundated’: Lack of stock drives Queensland interest

‘Absolutely inundated’ Lack of stock drives Queensland interest

As open-home restrictions begin to lift, a Brisbane agency has reported huge interest from first home buyers clamouring to get onto the property ladder despite COVID-19.

Coronis Agency has reported that it had more than 80 potential buyers attend the first scheduled open home of an Archerfield property.

The three-bedroom, two-bathroom property only hit the market last Thursday and received more than 56 phone and email enquiries within 48 hours.

Director Anthony Hunt said the agency was “absolutely inundated with buyer enquiries within 30 minutes of the property going live, with many buyers asking to schedule a private inspection on the Thursday night or Friday as they were eager to beat the rush on Saturday”.

“In the end, I opened the property up on Friday afternoon and had nine groups of buyers turn up purely from responding to their calls and emails,” he explained.

He added that at the Saturday open home, which was the first advertised inspection, “it took more than an hour to get everyone through the property due to the social distancing restrictions, but on the whole, everyone was really understanding and willing to wait their turn”.

Mr Hunt said the general feedback he received from most parties is that “they want to buy something right now, despite everything going on with COVID-19”.

“Many of them are first home buyers with pre-approval who are looking to get their foot on the property ladder and aren’t fazed about going out in public to attend open homes,” he said.

The director believes that what they’re more concerned about is the lack of properties to choose from and how quickly properties are selling at the moment.

By Saturday afternoon, Mr Hunt said he had received four offers and it was under contract by Saturday night for a price that exceeded the seller’s expectations, “so they’re very happy”.

While 140 Granard Road was “beautifully presented”, the agent expressed the opinion that the main reason it was so popular with buyers was because it offered “great value for money in a suburb only 15km from Brisbane CBD”.

He iterated that buyers are willing to look outside of their desired suburb to purchase the right property.

His message to those who are considering holding off on selling? Don’t wait.

“In the past week, the Coronis sales team has received more than 1,000 buyer enquiries, and from that, 550-plus groups attended an open home on the weekend, so there is no doubt about it — buyers have a strong appetite to purchase now, they just need more options to choose from,” he concluded.




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Rio’s New Digs Hit High Point

Rio’s New Digs Hit High Point

Hutchinson Builders has topped out the “first-of-its-kind” full merging of two separate commercial buildings in Brisbane’s $700 million Midtown Centre.

Mining giant Rio Tinto signed a 10-year lease deal in 2019 on the 27-storey, Fender Katsalidis-designed tower, developed by AM Brisbane CBD Investment, a joint venture between wealth manager Ashe Morgan and developer David Mann’s DMann Corporation.

The project involves the $175 million connection and refurbishment of the former Health and Forestry Buildings located at 155 Charlotte Street and 150 Mary Street—acquired in 2017 for $66 million—into a cross-block hub comprising a commercial tower, with a public laneway connecting both streets.

Rather than using the conventional method of joining the existing 20-storey buildings by a skybridge, the buildings have been merged from top to bottom using a base podium and exterior, to provide large campus-style 2,500sq m floor plates.

The infill is locked in by a new level 20 slab supporting an additional six levels above, to form the single 26-storey tower currently being constructed by Hutchinson Builders—who, like other “essential services” have continued work while adapting to Covid-19 social distancing measures.

Fender Katsalidis director Mark Curzon said the infill completion is a huge accomplishment in terms of commercial design outcomes, adaptive reuse and sustainability in Australia.

“Through good design, we have given new life to the buildings in a somewhat unconventional but highly innovative and technically considered manner.

“We’re leading the way for more environmentally-friendly adaptive reuse while meeting commercial objectives in creating large floorplates that would otherwise be unattainable in this CBD location,” Curzon said.

Compared with a demolish and rebuild scenario, Midtown Centre’s infill achieves a claimed 231 per cent cumulative impact reduction across all environmental indicators, including a 37 per cent carbon dioxide reduction compared to a new build.

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Curzon said that although the successful merging of the structures in the Midtown development rests partly on the fact that the two buildings’ original designs mirror each other, the technique was transferable.

“The infill has afforded significant environmental savings, adding to the viability of this technique and its potential to be implemented across other buildings that sit side-by-side.”

Fender Katsalidis principal James Mills said the project sets a new standard for the repurposing of buildings.

“Despite nothing of this scale or nature taking place in Australia previously, we have found a way to add value to the site through a cutting-edge architectural process that is exemplar for Brisbane and beyond.

“Our work at Midtown Centre is focused on bringing the buildings in line with today’s needs, increasing net lettable area and producing environmental sustainability through the design of commercial assets,” Mills said.

Rio’s New Digs Hit High Point (3)

Even before coronavirus created the new normal of social distancing, which in turn is set to have transformative impact on office design—Ashe Morgan chairman Michael Moss predicted the “customised office solution” prescribed for Rio Tinto would “create a benchmark for workplaces of the future”.

The centre features a level 20 “sky garden”, landscaped garden terrace atop the podium and “green seam” encasing the tower along with landscaped areas across the development totalling in excess of 3,000sq m.

With the Midtown centre slated for completion in mid-2020, the next phase of construction involves the addition of six levels to create a single tower from the new level 20 slab.




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