A post-war cottage that last sold in the 1960s for just over $7000 has been snapped up for a whopping $1.271 million at auction, after 17 registered bidders battled it out for the Ashgrove four-bedroom abode adorned in weatherboard and Besser brick.
The “knock-down” property at 21 McCormack Avenue – which had been in the same family for five decades – sparked a feeding frenzy among home-hunters on Saturday, with 78 bids accrued after the bidding started at $800,000.
Selling agent Matthew Jabs, of Place Estate Agents Newmarket, said the auction was one of the most emotional sales he’d clocked, with more than 100 people turning out to witness the transaction of the 1960s abode.
“This home had been in the same family [for all those years] and it has all the key elements. It’s north-facing with city and park views and, in terms of the actual house, it can be knocked over,” Mr Jabs said.
“All the bidders wanted to build their dream home there and, in the end, it was a local family that bought it.
“It was very emotional because of how long the family had had the home. It belonged to an elderly lady and it’s the only home she’s ever owned.”
The cottage, which sits on a 607-square-metre block, was one of a handful of pre-war and post-war homes to transact for close to a million dollars or more over the weekend – alongside a handful of high-end sales, revealing the strength of the city’s market.
In total, 35 properties were sold from a reported 49 to deliver a clearance rate of 71 per cent, almost double the rate from this time last year.
Among those was a prime piece of land with a run-down original two-bedroom Queenslander at 37 Pine Street, Hamilton, which clocked one of the weekend’s top results after it sold for $1.837 million to a local family through Dwight Ferguson, of Ray White Ascot.
The ageing home, which sits on a 1365-square-metre parcel in one of the city’s top blue-chip suburbs, features just two bedrooms and a bathroom. It attracted 23 registered bidders.
“Most of those bidders had a go so it was a bit of a frenzy initially,” Mr Ferguson said.
“We got down to three bidders at the end and then announced the home was on the market at $1.7 million, and the reserve was below that.
“This is the best level of auction activity I’ve seen in 30 years — buyers have a lot of confidence. I didn’t expect this [level of market action]. It’s just incredible.”
In Paddington, an old cottage at 19 Plunkett Street that was renovated into a glamorous four-bedroom masterpiece clocked the city’s top reported sale of the weekend, after it fetched $2.45 million under the hammer through Nick Penklis, of Space Property.
Mr Penklis said a mature couple from the Sunshine Coast won against six registered bidders, with interest being high throughout the campaign thanks to the quality of the renovation and the prime location.
“The sellers rebuilt the old cottage after they bought the home 10 or 11 years ago – and that old cottage is now the main bedroom,” Mr Penklis said.
“I think everyone in Brisbane is getting good results right now and more people are putting one step forward at auction.”
At a Ray White auction event in Bulimba, the very first home of sellers Brisbane Lions AFL player Ryan Lester and his wife, Emi, sold under the hammer for a reserve smashing $931,000, just over $300,000 more than they paid in 2014.
The modest three-bedroom, two-bathroom cottage, at 12 Princess Street, Camp Hill, attracted 151 groups over a two-week auction campaign, with nine registered bidders battling it out on the day.
Selling agent and principal ofRay White Metro North David Treloar said the bidding came down to two competitive parties, with the under-bidder being a Hong Kong expat, and the ultimate buyer being a Kangaroo Point local.
“All of our auction campaigns at the moment are only running for two weeks, because of the insatiable demand from buyers,” Mr Treloar said.
“And, this was a small home in a really ordinary street, but it was something a buyer could just move into.
“It was also the first home of Mr Lester, who was married last year. He and his wife have had a baby and he’s signed a new two-year contract, so he’s looking for something bigger.”
A pint-sized two-bedroom cottage on a 405-square-metre block at 51 Didsbury, East Brisbane, secured a top result on Saturday, after selling for $925,000 – $225,000 more than the vendors paid for it in 2014.
Selling agent Madi Roche, of Ray White Bulimba, said a first-home buyer secured the winning bid in what she described as an “insane auction”.
“We actually sold that property to the vendors in 2014 for $700,000, so they were over the moon. They weren’t expecting it to sell for so much.
“I think a year ago we still would have had a lot of interest on that home but maybe it would have sold for about $820,000, so that’s a big price jump.”
Wrapping up the hot weekend of auctions was the indoor/outdoor masterpiece at 23 Deramore Street, Wavell Heights, which Place Estate Agents New Farm agent Heath Williams sold for $1.2 million.
Mr Williams said the home, built by Owen Architectures director Paul Owen, had accrued enormous interest over just two weeks and was snapped up by a local buyer.
“We gave out 15 contracts prior to auction but it ended up being a two-horse race between two girls,” Mr Williams said.
“We’d set out with a four-week campaign, but we reduced it to two because the numbers were so high.”
Article Source: www.domain.com.au
The Gabba Games – State’s $1b plan to turn stadium into sporting Mecca for 2032
The Palaszczuk government will push ahead with a redevelopment of The Gabba as the centrepiece of its 2032 Olympic Games bid, but it still needs support and a whole lot of money.
The government has rejected lacklustre greenfield sites near Bowen Hills and instead gone across the river to Queensland’s major AFL and cricket venue at Woolloongabba. If the plan goes ahead, and Queensland secures the games, The Gabba will become a building site for five years while an Olympic-class stadium is built.
The Gabba is normally used around 40 weeks in every year. Taking it out of action will require negotiation with a neighbouring school, the Brisbane Lions and Queensland Bulls, along with the Queensland Cricketers’ Club, which has previously been a stumbling block to work on the stadium. It is yet to be seen whether losing a home ground, and maximum revenue for five years, is worth having a larger, modern venue to return to.
While the International Olympic Committee favours using existing venues, thereby reducing the cost to host cities, Palaszczuk is intent on asking the Commonwealth to help fund a complete rebuild. There is no funding agreement yet, let alone architectural plans, but Palaszczuk suggested the new stadium could cost $1 billion.
Palaszczuk said another 8,000 seats could be added to The Gabba, taking its capacity to 50,000, serviced by the nearby Cross River Rail station currently under construction. It would be higher than the existing stadium, to allow for pedestrian overpasses across nearby roads to funnel patrons directly into the new venue.
That would give The Gabba more seats than the old QE2 stadium, which currently has capacity of 48,500, but fewer seats than Suncorp Stadium (52,500). It would have better transport connections than the Nathan venue and in the circular format that suits athletic events and the Olympic opening and closing ceremonies.
“The Gabba has been home to our sport since 1895,” Palaszczuk said.
“A home for the 2032 Olympic Paralympic Games could be its crowning glory.”
“We’ve hosted the AFL here, we’ve hosted cricket here, but for the Olympics, this is front and centre – opening and closing ceremonies, athletics, you name it, it’s going to be the best,” she told Nine’s Today program.
Palaszczuk told parliament a key factor in deciding to use The Gabba was being able to utilise the adjacent Cross River Rail station. She noted the rail project was being delivered with “not one dollar from the Commonwealth” but her office was not in a position to clarify whether the $1 billion would include any rail station components.
The Gabba was built in 1895 and has undergone two substantial renovations and refurbishments since 1993.
The last major redevelopment was completed in 2005 when a 24-bay grandstand built for $128 million.
The Gabba’s public, corporate and media facilities also received a $35 million upgrade in 2020.
The Labor government will seek financial support from Brisbane City Council and the federal government for the project.
“We do need this, and it’s going to be utilised for the future, so they don’t want white elephants they want workhorses, and The Gabba is definitely a workhorse,” Palaszczuk said.
The International Olympics Committee named Brisbane as its preferred host city in February.
But a final decision rests on detailed discussions with Games chiefs and key commitments from the federal government.
Australian Olympics Committee president John Coates addressed cabinet on Monday, where MPs formally endorsed Brisbane’s candidacy.
“This is still contingent on guarantees that need to be received from the federal government,” Palaszczuk stressed on Monday.
She has had a discussion with Prime Minister Scott Morrison and more talks will occur in the coming weeks.
“We are basically doing years and months of work in a very short time frame to meet the deadlines the IOC has set us,” she said.
The state needed the boost the games would bring, including 130,000 jobs.
“It gives us hope, after going through the pandemic. It gives us hope for the future,” the premier said.
Morrison is expected to have more to say on Queensland’s Olympic plans on Tuesday.
Last month, he told the IOC the Australian government was firmly behind Brisbane to host the games.
But Brisbane is not without rivals.
Earlier this month, South Korea said Seoul had submitted a proposal to host the 2032 games, despite Brisbane’s frontrunner status.
Article Source: inqld.com.au
Irongate Group Acquires Two Brisbane Industrial Properties
Irongate Group (ASX: IAP; JSE: IAP) has entered into agreements to acquire:
- an industrial facility located at 57 – 83 Mudgee Street, Kingston QLD (Kingston Property); and
- an industrial facility to be constructed at Lot 24, Dunhill Crescent, Morningside QLD (Morningside Property).
Both properties are being acquired on a fund through basis. The purchase price of the Kingston Property is $14,320,000 representing an initial yield of 5.73%, and the purchase price of the Morningside Property is $5,932,000 representing an initial yield of 6.02%.
Commenting on the acquisitions, IAP CEO, Graeme Katz, said, “the Kingston Property will comprise two brand new, high quality generic warehouse and distribution facilities with 2,270m² leased to Construction Sciences for 10 years with fixed annual escalations of 2.5% and 3,250m² leased to Wako Kwikform for 8 years with fixed annual escalations of 3.0%. The Morningside Property comprises 1,016m² of space that will be leased to 3M Australia to be used as its Queensland head office and last mile distribution facility. The lease term is 10 years with fixed annual escalations of 3.0%.
Both acquisitions are due to complete in mid-May 2021.
Article Source: finance.yahoo.com
Brisbane Housing Market Insights: April 2021
The Urban Developer’s Brisbane housing market insights for March reveals increased demand for houses has been underpinned by increasing consumer sentiment and a surge in interstate migration.
This resource, to be updated monthly, will collate and examine the economic levers pushing and pulling Brisbane’s housing market.
Combining market research, rolling indices and expert market opinion, this evolving hub will act as a pulse check for those wanting to take a closer look at the movements across the market.
Brisbane house prices have soared to record heights after a steady 12 months of growth and a rebound in listings and sales during recent months.
Brisbane’s housing market has remained particularly unaltered by the closure of international borders, where historically high demand from overseas migrants has been disrupted.
Brisbane advanced a further 2.4 per cent during March, pushing it up 4.8 per cent for the recent quarter and 6.8 per cent for the year to date.
The current median value for dwellings is $548,260, which is $12,642 higher than just a month ago.
The median house price of $607,969 continues to attract interstate migrants from the larger markets of Sydney, where the median is now $1.1m, and Melbourne at $859,097.
The premium end of the Brisbane’s housing market is still leading the acceleration in capital gains with upper-quartile property values rising by 3.1 per cent. Lower quartile property values were up 1.1 per cent throughout March.
Brisbane median house and unit price values
^Source: Corelogic Hedonic Home Value Index – March
CoreLogic’s weekly auction clearance rate across the combined capitals has been at or above 80 per cent just five times since 2008, and four of those were in March, 2021.
The week ending March 7, recorded Brisbane’s highest auction clearance rate on record—82.3 per cent—while also being the busiest week for auctions since late March, 2018.
Total listings across the country remain 26 per cent below the five-year average.
Brisbane auction clearance rates
|Week||Clearance rate||Total Auctions|
|Week ending 7 March 2021||82.3%||107|
|Week ending 14 March 2021||65.2%||110|
|Week ending 21 March 2021||73.0%||151|
|Week ending 28 March 2021||68.8%||191|
^Source: Corelogic Auction Clearance Rates – March
Gross rental yields in Brisbane remains favourable compared to Sydney and Melbourne at 4.3 per cent.
According to the SQM, Brisbane’s gross rental yield for houses is currently 4 per cent and 5.2 per cent for units.
Vacancy rates are where your jaw may drop, with Brisbane at just 1.5 per cent, and other locations below 1 per cent.
Traditionally Brisbane’s vacancy rates have been tight, hovering well below the level of 2.5 per cent, which represents a balanced rental market.
Brisbane residential rental vacancy rate
|City||March 2021 vacancy rate||Monthly % change|
Rental stock on market
|City||March 2021 vacancies||Vacancy net loss|
^Source: SQM Research – March
Brisbane rent prices
|Type||Rent||Monthly % change||Annual % change|
^Source: SQM Research – March
The seasonally adjusted estimate for total dwelling units approved in Queensland in February was 3,930, 40.5 per cent higher than recorded in January.
Loan data shows investors have started coming back into a housing market they had largely vacated and the boom is being driven overwhelmingly by established owner occupiers and first home buyers.
Queensland building approvals
^Australian Bureau of Statistics, (Suspension of trend series between May 2020 and Jul 2020 due to Covid-19)
|Dwelling||Approved||Monthly % change|
^Source: Australian Bureau of Statistics; Reference period February
Queensland home loan lending indicators
|Region||First home buyer loan commitments||First home buyer ratio – dwellings||First home buyer ratio – housing|
|Queensland||3078▲ ▼||39.6%▼||34.7% ▼|
^Source: Australian Bureau of Statistics – February
Queensland interstate migration
|Region||September (quarter) 2020 arrivals||September (quarter) 2020 departures||September 2020 quarter net|
^Source: Australian Bureau of Statistics – September quarter 2020
Brisbane’s housing market: policy updates
Australia’s central bank will maintain low interest rates to support the country’s ongoing economic recovery and surging housing market, buoyed by its busiest Easter auction market on record.
Strong tailwinds will bolster the Australian economy through the second half of the year, but macro-prudential measures are likely to be introduced to ease house price pressures in 2022.
Queensland faces a “hard road” during the next four years as the state recovers from the coronavirus pandemic, Treasurer Cameron Dick says.
Brisbane housing market forecasts
ANZ economists forecast Brisbane house prices will rise by 9.5 per cent next year, as low interest rates and government stimulus flow through the economy while Commonwealth Bank updated its forecasts, projecting a strong rebound in prices across the second half of 2021.
CBA now expects Brisbane house prices to increase by 16.6 per cent to December 2022 compared to 13.7 per cent in Sydney and 12.4 per cent in Melbourne.
Westpac has also updated its property forecasts, with Brisbane real estate prices tipped to surge 20 per cent between 2022 and 2023.
Article Source: theurbandeveloper.com
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