There were plenty of happy vendors come Christmas Day on the Sunshine Coast, with the December quarter rounding out a strong year of growth. In December buyers were found for a Noosa River home in Mossman Court, which sold for close to the $5.95 million asking price, and for 29 The Peninsula Noosa Waters, which sold for more than $4.7 million.
The momentum in the property market follows a great year for tourism on the Sunshine Coast. Data released by Tourism Noosa showed international tourist numbers in the region increased by 6.4 per cent in the 12 months to September 2016, with the dollars spent over the same period up 45 per cent.
The figures were even more bullish for Noosa, where agent Tom Offermann says occupancy rates at most resorts are running at 90 per cent a year.
“The economy is doing very well in all respects,” Offermann says. “We don’t have any more development land so that increases the pressure on existing stock and will push the prices up over the next year, so anyone looking to buy property is well advised to do so sooner rather than later.”
Highest recorded sale price in 2016 : $9.3 million, 11 Webb Road Sunshine Beach
1/56 David Low Way, Sunrise Beach QLD
4 bedrooms, 5 bathrooms, 5 car spaces, pool
You’ll be hard-pressed to find fault with this show-stopping beachfront residence, the brainchild of Michael Broeren of M Design. Agent Nicole Tilling says the ocean views are the hero, and can be enjoyed from every angle, but the home itself is easy on the eyes, offering cutting-edge minimalism and a luxury fit-out.
There are three living zones and multiple outdoor decks at entry level and four bedrooms and four bathrooms upstairs. Tilling reports strong interest from Britain following the launch of an international campaign.
Features: Kitchen with integrated V-Zug and Sub-Zero appliances, solar-heated pool with 25-metre lap lane, smart home system, five-car garage with turntable, media room, home office.
Your Move Property 07 5448 2300, 0402 737 079
24 Mossman Court, Noosa Sound Photo: Domain.com.au
24 Mossman Court, Noosa Sound QLD
$5 million +
5 bedrooms, 4 bathrooms, 3 car spaces, pool
Facing north over the river and presenting as new, this sophisticated waterfront home will hold equal appeal for holiday house buyers or those looking to make Noosa their new permanent address. “It’s very low maintenance,” agent David Connolly says.
“It’s designed to lock up and leave and can fit two families quite comfortably.” Catering to those who like to entertain, the property features expansive living spaces and a high-end kitchen, with bifold doors blurring the boundaries between inside and outside.
For sale by tender closing March 1
Century 21 Connolly Hay Group 07 5447 2451, 0438 259 956
6 Belmore Terrace, Sunshine Beach QLD
6 bedrooms, 5 bathrooms, 4 car spaces, pool
The Dragon House is an award-winning home designed by John Mainwaring of JMA Architects and claiming an 1100-square-metre beachfront block just around the corner from Sunshine Village.
A treat for all the senses, the home features large expanses of glass to capture the ocean views, Hinuera stone floors and raked ceilings supported by exposed timber beams. Agent Tom Offermann says recent comparable sales in Sunshine Beach include 11 Webb Road which set a new area record of $9.3 million in September.
Auction January 28
Tom Offerman Real Estate 07 5449 2500, 0412 711 888
12/34 Maloja Avenue, Caloundra QLD
5 bedrooms, 4 bathrooms, 3 car spaces
One of just two, two-storey penthouses in the new Anchorage development, this fabulous apartment spans a massive 650 square metres and has views over Pumicestone Passage to Bribie Island and the ocean. It boasts a stone-topped kitchen with Gaggenau appliances, designer bathrooms, one with spa bath, and has a built-in barbecue and bar fridge on the huge balcony.There is a smart home system and a wine cellar. There is also access to communal facilities, including a lap pool and private jetty.
For sale by negotiation
Billie’s Prestige Selection 07 5499 6966, 0400 777 939
Originally Published: http://www.domain.com.au/
The Brisbane suburbs where property values will rise
The Brisbane suburbs where rent prices have increased most
Brisbane’s rent prices have remained relatively steady over the past 12 months, but that doesn’t mean there hasn’t been any big changes in rent prices across the city. So which suburbs have seen the biggest price hikes, and which have seen the biggest reductions?
When it comes to units, Bardon recorded the highest jump in rent price in the past 12 months. The north-western suburb saw an 18 per cent increase up to a median weekly rent price of $360, which is consistent with a 20 per cent increase over the past five years.
Brooke Rowley, property management business developer for Ray White Paddington, said smaller units have recently popped up in the suburb and were likely to account for the bump in price.
“We have height restrictions so we don’t have all the high-rises, but we do have a lot of smaller units and townhouses,” she said. “They’re not high rise, the top would be three levels. But nice, and fairly new.”
Rowley said most of the rental interest in the area came from more established renters who were interested in the location and surrounding amenities.
“Bardon is the catchment zone for two very good schools, Bardon State School and Rainworth State School. A lot of people look for the good schools, and then want to stay in that area. [We see] more professionals sharers and families because of the schools, and close proximity to the city. [There’s also] easy access to get to Mt Coot-tha and the western suburbs.”
Elsewhere, Yerongpilly in Brisbane’s south saw a strong 14.3 per cent increase in unit rent prices year-on-year, while nearby suburb Holland Park jumped a similarly strong 11.1 per cent.
Meanwhile, house rent prices increased the most in Fortitude Valley, with the central suburb posting a 16.3 per cent jump. The median weekly rent price was $500 in the area. Leasing associate Connor Hadwen, of Living Here Cush Partners, said the increase was likely due to the market catching up to the recent apartment boom.
“The oversupply of apartments has mostly been filled at the moment,” he said. “So compared to five years ago, the rental prices are returning to normal levels. It’s just the suburb growth matching back to normal levels.”
In fact, Domain economist Trent Wiltshire said the most notable broad trend in Brisbane’s rental market in the past 12 months was a 6.25 per cent increase in rent price for units in inner-city Brisbane suburbs like Fortitude Valley.
“That’s a surprise given what we know has been happening in the Brisbane apartment market in the inner city,” he said. “Brisbane’s gone through a huge apartment building boom over the last few years. Despite that, rents have increased over the past year by 6 per cent.
“It’s only up by 6 per cent over five years, so it has been held down over the last few years by the big building boom, but it’s just jumped in the past year. This says to me that there’s ongoing strong demand for new apartments.”
Mr Hadwen said he had seen strong interstate and international interest in Fortitude Valley, and its surrounding suburbs of New Farm, Teneriffe, and Newstead.
“We tend to see not huge families coming to live here, but people moving here for employment opportunities. [People] wanting to live close to the city.”
Another suburb that posted a large increase in house rent price was Fig Tree Pocket in Brisbane’s south-west. It saw a 12.5 per cent jump for a median weekly rent price of $675. Closer to the CBD, Ashgrove saw an increase of 10.6 percent making for a median weekly house rent price of $575.
On the other end of the spectrum, the apartment rental market in Rocklea in Brisbane’s south saw the biggest dip across the city, with rent dropping 8.9 per cent year on year consistent with an 8.9 per cent drop in the past five years. The current median weekly rent price for units in the area is $280.
When it comes to houses, the western suburb of Chelmer saw the biggest drop at 11.2 per cent. This could be an anomaly, however, given the area’s 26.2 per cent increase over the past five years. The current median weekly rent price for houses in the area is $675.
Queensland leads the way in market recovery
Demand has started to increase in the property market on the back of the recent federal election results and interest rate cuts, with Brisbane and Mackay in Queensland leading the road to recovery.
REA’s Property Outlook for July has revealed the “ScoMo bounce” and two interest rate cuts were breathing new life into Australian property, with demand starting to increase and slowly flowing through to many indicators.
Search activity has seen a bump, particularly in Melbourne and Sydney’s hard hit markets, clearance rates in premium suburbs are getting back to high levels, and many mining towns are returning to growth after five years of negative conditions, according to the report.
realestate.com.au’s Chief Economist Nerida Conisbee said rental growth in these areas started some time ago, but a recovery is now following suit.
“Queensland is leading the way in the recovery,” Ms Conisbee said in the report. “Brisbane has been the first capital city off the block in terms of price growth, and Mackay is right now the top regional growth area in Australia.”
She added that jobs growth is also driving rental demand, which continues to be highest in Hobart, Gold Coast and Melbourne, and while the extreme price growth in Hobart now seems to be over, Launceston is taking over. Regional Victoria was also doing well, with many suburbs in Ballarat, Bendigo and Geelong experiencing never before seen property demand.
But according to the report, any real uplift in the number of people listing properties for sale is yet to be seen and pricing data is yet to reflect a change in conditions, and Ms Conisbee warned that while much of this sounds promising, there are some dark clouds looming on the horizon.
“Although buyers love an interest rate cut (we see an increase in search activity onrealestate.com.au almost as soon as it is announced), the Australian economy isn’t looking particularly healthy,” she said in the report.
“While many economic indicators have been poor for some time now, the bright spark has always been low unemployment. With this creeping up and the Reserve Bank pushing through two interest rate cuts very quickly, the positive effect of cheaper finance may not be enough to offset the fact that people are beginning to lose their job. Could it be that the worst for property is still be to come?”
Ms Conisbee said if the interest rate cuts were enough to stimulate the economy and property prices continued to see a rebound, we were still looking at a very different property market to what it was like during the boom, with investor lending down 45 per cent from peak and unlikely to make a full recovery any time soon.
“Buyers from Asia, a key market for new development, have dropped dramatically,” she reported. “Over the past 12 months alone, property seekers from China have dropped by over 60 per cent to the lowest level we have ever recorded, and confidence in the new apartment sector is low following some high-profile structural issues.”
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