QUEENSLAND’S biggest shopping centre looms large in the next suburb, but the residents of this part of Brisbane would rarely need to visit it.
Aspley, just 13km from the CBD on the northside, is one of the most well-serviced suburbs in Brisbane.
It has a Hypermarket with more than 50 specialty shops, mid-tier department stores, restaurants and major supermarkets.
Not far from the shopping complex is a stand-alone homemaker centre, the Aspley Hornets Club and a couple of pubs.
Even though Westfield Chermside is a five-minute drive from the heart of Aspley, there’s not much the 12,500 residents long for in the way of services in their own suburb, says Innov8
Property sales principal Mick Spillane.
“It has to be one of, if not the, most well-serviced suburb in Brisbane,” Spillane said.
“They may need to visit Chermside if they are specifically shopping for a present or for entertainment, but they basically have everything they need in the suburb, and that includes restaurants.”
The diversity in shops is also met by a diversity of cultures, according to local butcher Billy Steyn.
Steyn set up his self-titled butchers in the Aspley Hypermarket some six months ago with a view to servicing the local South African community.
A former South African himself, Steyn said there was another large group of customers he now caters for which had never anticipated.
“There are a lot of South Africans around here and that’s why I got in Biltong,” he said.
“I also order in goat three times a week because a lot of my customers are Indian.”
With so much going for the suburb, Spillane said Aspley would almost be complete if it had a railway line.
The closest stations are at Zillmere and Geebung, although the lack of a railway line is compensated by a major bus hub at the Hypermarket.
“The bus network is quite extensive and it has helped make up for Aspley not having a station,” he said.
The lack of railway line certainly doesn’t stifle real estate prices.
The median house price has risen in recent years from $555,000 to $580,000 in 2016 and is on track to top $600,000 by the end of the year.
Mr Spillane said the area has attracted young professionals and local investors but also there are number of houses which have been “flipped”.
“We sold one recently, a 1961 two-storey house with a pool for $600,000 and the buyer was only interested in flipping it,” Mr Spillane said.
“We’ve found a few homes that we’ve sold lately that have been bought purely to be flipped.”
With next to no land to develop in Aspley, flipping houses is the next best thing to refreshing the suburb.
Overall there are 4616 properties in Aspley, of which 180 houses and 36 units changed hands in 2016.
“Chermside has started to get out of the reach of people and this is in the next bracket of affordability,” Mr Spillane said.
He said young families are attracted to the area because of amenities and schools.
The local schools are St. Dympna’s Primary School, Aspley State High and State School,
Aspley East State School and special-needs education centre Aspley Special School, while St Joseph’s Nudgee College is 7km away.
The suburb also boasts one of the biggest and most successful AFLQ clubs in Brisbane even if it sits metres away across the “border” in Carseldine.
Aspley Hornets Club holds the mantle as Club Queensland’s best large football club.
It has 450 registered players, including women’s teams, and that’s despite being deep in rugby league territory.
The Hornets, established in 1964, are so financially well-healed their senior side plays in the NEAFL which includes travelling to Sydney, Darwin and Canberra to play games.
“Some of our NEAFL players travel up to 40 minutes just to play at this club because it has been so successful said Hornets’ business development manager Brooke Hindmarsh.
“We are pretty much 70 per cent AFL but we do cater for rugby league.”
Ms Hindmarsh said a large portion of their gaming membership was aged 50-plus although a new kids club was being built to accommodate the increase in families who visit the facility.
“We have a lot of 50-plus aged members but we have a lot of families coming so there’s a need for kids club.”
Mr Spillane said the Hornets was another reason the suburb was popular, and was the fact it was a gateway to the Sunshine Coast.
Originally Published: http://www.couriermail.com.au/
Dog walkers and subsidised rent: Inside Qld’s first build-to-rent tower
Parking spaces will be offered separately to apartments and tenants will be able to book private areas or dog walkers through an app in one of the inner-Brisbane apartment towers to take shape under Queensland’s fledgling build-to-rent scheme.
The state government announced the land at Fortitude Valley’s 210 Brunswick Street as one of two pilot sites in October, including another within Mirvac’s sprawling Newstead development, more than two years after first floating the scheme to help boost affordable housing in the state.
Plans for a redevelopment of the valley site, which now houses a Lifeline store and the former Roxy and Arena nightclubs, were first approved by Brisbane City Council in 2017.
Frasers Property have now revealed changes to the 25-storey tower in amended plans lodged with the council last month, to make it “better suited” for the build to rent proposal, an application letter states.
As a concept, built to rent is well established internationally but still finding a foothold in Australia, with an estimated 54 projects planned, under construction or completed, the majority of which are in Sydney and Melbourne.
After a redesign process sparked by the October government announcement, the Brunswick Street development will now include an additional 11 units — for a total of 323 — 33 fewer car parking spaces and a more than doubling of communal areas.
The tower will include 144 affordable apartments throughout the building with subsidised rent, expected to about 25 per cent, the documents show. Others are aimed at professionals looking for inner-city living. A total of 43 units will be dual-key. All will be owned by the developer.
Communal areas will include a rooftop pool and “landscaped … recreation terrace”, bar and games room, dog off-leash area, along with retail, gym and co-working spaces on the ground floor and elevated podium level.
A “dedicated online app” would also give tenants the ability to book private event spaces and dog walkers, the minor change application documents state. Cosmetic changes including painting walls and hanging pictures will also be “encouraged”.
Extra visitor, motorcycle and bicycle parking will join the site’s 306 car spaces, which will not be allocated to units but able to be added or removed — along with storage options.
A Frasers Property Australia spokesman said work was expected to begin later in the year, subject to approvals, after responding to the government’s callout in 2018. The first residents are expected to move into the completed units in 2023.
Mirvac is yet to submit an amendment to its 60 Skyring Terrace application. But a spokeswoman said this was scheduled to occur “shortly”, with similar construction and occupation dates.
A Treasury spokesman would not be drawn on details of the contracts, citing commercial confidentiality, but said both would secure “affordable rental accommodation for eligible applicants through a rent subsidy”.
Of the 750 apartments slated for the two pilot sites, up to 240 will have reduced rent.
Treasurer Cameron Dick announced in January the private sector would be asked to develop the site of the old Queensland Children’s Court at North Quay in the CBD under the expanded program, along with a second additional site on privately owned land in the inner city.
About 34 per cent of privately owned dwellings in Queensland were rented in 2016, census data shows. Of these households, those with rental payments of equal to or more than 30 per cent of their income — considered to be rental stress — made up 12.8 per cent.
Article Source: www.brisbanetimes.com.au
Queensland house prices ‘through the roof’ as interstate migration at 20-year high
The latest monthly data on Queensland house prices has confirmed what buyers already know — prices are booming.
- This month marks the sharpest monthly increase in Brisbane house prices since 2007
- Experts say the rise is due to low mortgage rates and a shortage of housing stock
- Demographers say net interstate migration to Queensland is the highest it has been in 20 years
Figures released by property analysts CoreLogic showed prices grew in almost every region of Queensland in February.
Across Brisbane, prices rose by 1.5 per cent in one month, taking annual growth to 5 per cent.
The February increase is the steepest rise since November 2007, when the monthly growth rate was 1.72 per cent.
In Brisbane’s east, house prices went up by nearly 10 per cent in 12 months.
The Gold Coast and Sunshine Coast also posted strong price hikes, rising 2.6 per cent and 2.5 per cent in February, which pushed the 12 month gains up to 10.5 per cent and 11.2 per cent.
Townsville was the only region to record a drop with prices falling 0.6 per cent in February.
But the north Queensland city still posted a 12-month increase of 6.2 per cent.
CoreLogic’s Head of Residential Research Australia Eliza Owen said there were several key factors pushing prices up.
“The main drivers are record-low mortgage rates and relatively low levels of stock on the market and that’s something that’s driving an upswing across most areas of Australia,” she said.
“The Gold Coast and Sunshine Coast have been top destinations for internal migration for years now.
“In an environment where there’s no international migration, that internal movement is really benefiting markets relative to other parts of the country.”
Ms Owen said prices were expected to keep rising in 2021.
“In terms of prices steadying or falling across Queensland, I wouldn’t expect to see that until we get a significant uplift in the amount of stock on the market which is unlikely as people aren’t really moving as much at the moment,” she said.
“Or we see the cash rate increase, and as such mortgage rates would increase, and again that’s not something we would expect until the inflation target is between 2 and 3 per cent.
“[We would then] see the unemployment rate being really tight at around 4.5 per cent.”
The CoreLogic data also revealed the increase in house prices was widely spread across Australia.
‘We’ve missed the boat’
Emma and Grant Parkin were planning to move out of their townhouse and into a slightly larger home with their two young daughters.
The couple was one of 17 registered bidders for a house at Indooroopilly in Brisbane’s west that went to auction in late February.
It sold for more than $1.5 million — well above what they were expecting.
“We thought we were in with a chance and in about 20 seconds it was already above what we had planned to spend,” Ms Parkin said.
Mr Parkin said prices “have gone through the roof” since the threat of the coronavirus pandemic eased in Queensland.
“You’ve got people who can’t travel, so where are they going to spend their money?” he said.
“People can now work from home a lot more … so people are spending money on property and motor vehicles and consumables.”
Mr Parkin said the young family would now do some renovations to their townhouse and try to buy a larger home in a couple of years.
“I feel like we’ve missed the boat this time around and the concern is how high does it go?” he said.
“Property prices seldom if ever slow down and stop and decrease.
“If anything, the rate of increase just slows slightly and I think with the interstate influx and people working from home, it’s just gone through the roof.”
Not a bubble, says academic
Finance professor from the University of Queensland, Shaun Bond, said a strong up-tick in demand was affecting house prices.
“We’ve had a lot of people moving back to Australia from overseas, we’ve had almost half a million people by the latest count, we see record low interest rates,” he said.
“Plus, we see a lot of people rethinking their options, people choosing not to be in inner-city apartments, they’re choosing to think about lifestyle areas, they’re going for coastal areas, sometimes they’re looking at regional areas, even within a city like Brisbane they’re starting to think about larger suburban properties.”
Professor Bond said while price growth was strong, he would not classify it as a bubble.
“Yes, we’re seeing a strong up-tick in demand, but I feel like that can be explained by several of the factors we’ve discussed, plus the strong economic recovery we’re seeing in Australia as well — Australia has weathered the COVID crisis very well.
“The underlying economy is actually in a much better place than people thought it would be at this stage.”
Professor Bond said the rollout of the Coronavirus vaccine in Australia could affect the housing market.
“One of the things may be that it suddenly gives people more choices, so maybe some of those expats who returned from overseas may decide that they’re going to go back to the US, back to the UK to work or resume their careers there — people might start to travel again.”
Interstate migration at 20-year high
Australian Bureau of Statistics (ABS) demographer Andrew Howe said over the last year Queensland had a net inflow of about 25,000 people.
“Although [it’s] still not quite as high as the peak years for interstate migration to Queensland in the early 1990s.”
Provisional internal migration figures from the ABS showed Queensland had a net gain of 7,237 people in the September 2020 quarter.
The number of people arriving in Queensland from other states fell in comparison with the previous quarter.
But, crucially, fewer people left Queensland, with departures at their lowest level since December 1994.
In net terms, Queensland gained more than 4,000 people from New South Wales in the September quarter.
Last week, Premier Annastacia Palaszczuk told parliament more people were moving to Queensland’s regional areas rather than to Brisbane.
“This is contributing to the highest investment in new houses in Queensland since 1994,” she said.
Article Source: www.abc.net.au
The richest streets in Brisbane, revealed
There is always a lot of attention on Sydney and Melbourne’s affluent areas and property markets, but what about the wealthy Australians in Brisbane?
Where do they live?
Brisbane’s property market were very resilient during the challenges of 2020 and now Brisbane housing values are going gangbusters.
The recent increase has pushed dwelling values to a new record high for the area.
With median prices in Brisbane, at around $520,00, being far less than those in Sydney or Melbourne the ‘affordability factor’ of lower property prices is driving more investment into the area and more interest from highest-earners who are able to get more bang for their buck.
Unfortunately Queensland postcodes didn’t feature on the ATO’s recent top 10 suburb rich list, but there is an abundance of wealthy residents and high priced properties, so with the help of realestate.com.au, Domain Group and census data, I’ve put together my own list of exclusive areas where Brisbane’s richest call home and then I’ll reveal the top 10 Brisbane streets.
4005 (Teneriffe, Inner Brisbane)
Median income: $127,972
Median house price: $1.962 million
According to Corelogic data, the Inner Brisbane suburb of Teneriffe has the highest median house price of any area across the Queensland capital.
Despite being an industrial town in the past, the proximity to the city and riverside views has made it ideal for affluent, young Australians with average ages of just 20-39 and median annual incomes of $127,972.
With few houses in this inner city location, the median house price comes in at a whopping $1,962 million.
However, even units in Teneriffe are more expensive than the rest of Brisbane with a median of $570,000.
Median income: $128,752
Median house price: $1.6 million
The exclusive suburb of Chandler is a high-demand market with an impressive median property price of $1.6 million to match its median resident income of $128,752 per year.
The peaceful and secluded semi-rural suburb consists largely of bushland and residential properties on acreage and is close to Brisbane’s major commercial precincts of Carindale and Capalaba and the CBD is just 20 minutes away.
Median income: $126,516
Median house price: $1.31 million
Builmba’s leafy streets and large blocks attract the Queenslanders able to spend big on impressive houses and an elegant lifestyle.
Sitting just 4km from the city and with all the amenities you could ever need, Bulimba is popular with young and established professionals.
Bulimba houses are seeing an impressive amount of interest with an average of 432 visits per property listing, way about the state average of 374.
With its close proximity to the city and gorgeous waterfront cottages, Bulimba has a median house value of $1,31 million and residents earn an average $126,516 per year.
Median income: $98,488
Median house price: $1.48 million
Despite a slightly lower median resident income of $98,488, Hamilton houses alone have grown 9% over the last five years to a median of $1.48 million.
The affluent and upscale postcode is popular for riverside high-end dining and a hip weekend food market with live gigs attracting a young average resident age of 20-39.
4005 (New Farm)
Median income: $93,704
Median house price: $1.6 million
Once the humble home of immigrants and workers, New Farm is now popular and low maintenance living for people who like food, fun and farmer’s markets right on their doorstep.
Thanks to the increasing desirability of the area, New Farm has enjoyed an enormous 442% price growth in its property in the last 20 years as some of Brisbane’s high-income earners flock to take advantage of the exclusive lifestyle.
Like Bulimba, property demand in New Farm is strong, with realestate.com.au recording 674 visits per property for listings in the area, nearly double the Queensland average of 374.
Here are the top 10 most expensive streets in Brisbane.
Article Source: propertyupdate.com.au
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