Connect with us


Brisbane’s fixer-upper suburbs: Where to buy a renovator’s delight

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (1)

Thinking of undertaking a major renovation? These are the Brisbane suburbs where the best fixer-uppers can be found.

FIXER-UPPERS are set to be in hot demand across Brisbane as homeowners seek to cash in on the renovation component of the $25,000 HomeBuilder grant.

Experts say the COVID-19 lockdown has already sparked a surge in home improvements, and the federal goverment stimulus package will only fuel this demand, and push those who are considering purchasing a renovator property to buy now and start work.

New research from reveals ‘renovation’ related properties for sale account for 12 per cent of all listings on the property site — and one of the suburbs with the most homes prime for renovation is in Ipswich.

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (2)

Sadliers Crossing is among the top 10 suburbs for renovator homes in the country, with 58 per cent of listings classifying as having the potential for renovation — and you can pick up a fixer-upper in the suburb for under $300,000.

Half or more of the properties for sale in Petrie Terrace and Herston also have the potential to be renovated, but you can expect to pay a bit more for their inner-city postcodes.

While the HomeBuilder grant has come under fire from critics who claim the eligibility criteria is too strict, Herron Todd White director David Notley said for those who did qualify, the grant offered a significant boost and made tackling a renovation project much more enticing.

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (12)

“For those with the financial capacity to upgrade their home or investment, making improvements not only boosts the property’s liveability, but it can add value too,” Mr Notley said.

Figures from MCG Quantity Surveyors reveal homeowners have spent more on renovations since the COVID-19 restrictions were introduced.

The average spend on an established house in Queensland since March was $46,654 — up from $26,457 at the same time last year.

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (11)

Minister for Housing and Assistant Treasurer Michael Sukkar said this week that more than 16,500 Australians had registered their interest in the grant.

To be eligible, the value of the renovation contract needs to be between $150,000 and $750,000 and the property value cannot exceed $1.5 million.

But construction must be contracted to start within three months of the contract date and applicants will be subject to income caps of $125,000 for singles and $200,000 for couples.

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (10)

Brisbane couple Alycia and Nick Chapman qualify for the renovation component of the HomeBuilder package and plan to use the $25,000 to press ahead with their current project in Clayfield.

“We purchased this house almost 12 months ago and always had the plan to raise and build underneath,” Mrs Chapman said.

“We were just getting around to that part when COVID hit. We had the plans drawn up, but decided to put everything on pause.

“So when this came out, we found out we could qualify and that’s been the driver to get us to continue with the project.”

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (9)

Mrs Chapman said she believes investing in a major renovation will pay off eventually, regardless of the market conditions.

Once the renovation is finished, the couple plans to sell when the time is right and move on to another project.

“I know (the HomeBuilder package) is restrictive and there’s not many people who can qualify for it, but I think it’s going to do what it’s set out to do. When we talked to our subbies and tradies, they were all happy to be able to get some work again.”

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (8) chief economist Nerida Conisbee said it was “highly likely” the HomeBuilder scheme would increase demand for fixer-uppers, but home renovators needed to move quickly as the grant was only available for a short period of time.

“Given that it usually takes a little while to buy a property, this could be a challenge,” Ms Conisbee said.

“One consideration for potential renovators is the price of the property. If you are renovating an existing property it needs to be valued at less than the national price cap of $1.5 million. This will exclude many suburbs in inner Brisbane.

“The other important point to remember is that investment properties are excluded. This means that you can’t buy a property to renovate to rent out.”


Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (7)

For those looking for a potential fixer-upper in Brisbane, Mr Notley said the inner-west suburbs of Paddington, Auchenflower, Bardon and Toowong offered some of the best renovation opportunities.

Mr Notley said a perennial favourite for fixer-uppers was the suburb of Petrie Terrace and neighbouring Spring Hill.

“There are some raw homes on tiny lots for over $600,000, but it’s all about location here,” he said.

“These suburbs are literally walking distance to the centre of town as well as entertainment and retail precincts.

“And the results can be spectacular.”

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (6)

For example, a renovated four-bedroom, three-bathroom home on 228 sqm at 35 Sheriff St, Petrie Terrace sold in November 2019 for $1.19 million.

Mr Notley said Wavell Heights in Brisbane’s northern middle ring also had some good options, with basic renovators in average positions fetching between $550,000 and $600,000.

“But you need to be fast as they sell quickly,” Mr Notley said.

“Other homes in Wavell Heights that are in quieter positions with ready access to facilities

are fetching between $600,000 and $700,000 for a renovation prospect.

“In these instances, smart renovation work will yield an end value above $1 million.”

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (5)

Mr Notley said the work-from-home phenomena during COVID-19 was also fuelling a spike in renovations, as more people build or improve their home office spaces.

He said creating a work area shut off from family spaces would become a must-have for homebuyers.

“If there’s an efficient, cost-effective way to establish an office, then vendors will want to do this prior to selling,” he said.

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (4)

Nick Given of Ray White New Farm is marketing the perfect renovation opportunity at 60 Abbott St, New Farm.

Mr Given said it was rare for such properties to come up for sale in the sought-after suburb and he had received strong inquiry for it.

“The attractive thing about a property like Abbott Street is that there’s only so many renovators left in New Farm,” Mr Given said.

“This particular one is a very raw, blank canvas and a really good platform to do a great build on it.”

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (3)

Raine & Horne executive chairman Angus Raine warned homeowners not to treat Home builder as a gift.

“If you have equity in your home and the renovation adds value, then opting into Home builder makes plenty of sense,” Mr Raine said.

“Typically, a new kitchen or bathroom augments a property’s appeal, while extra accommodation or a second story will also add to the capital value of your property.

“With interest rates also at historic lows, the $25,000 Home builder grant will make renovating a sensible strategy for homeowners, especially if they are planning a sale any time soon.”

Brisbane’s fixer-upper suburbs Where to buy a renovator’s delight (2)


Suburb % of total listings

1. Sadliers Crossing 58%

2. Petrie Terrace 53%

3. Herston 50%

4. Newtown 50%

5. Grange 47%

6. Mount Gravatt 45%

7. Keperra 44%

8. Wavell Heights 41%

9. Jindalee 41%

10. Camira 41%






This article is republished from under a Creative Commons license. Read the original article.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Brisbane Property Prices to Defy the Critics and Strengthen in 2020

Brisbane Property Prices to Defy the Critics and Strengthen in 2020.

How is the market going?

Brisbane Property Prices to Defy the Critics and Strengthen in 2020

It is probably the question I am asked most, sometimes many times each day.

Specifically referring to the Brisbane market, as I have been buying for our clients here for over a decade and investing for myself for close to two decades.

In my position, there is one thing I can offer that the media and many theorists cannot – an on the ground perspective.

And I can assure you, what is making headlines in the media currently, is not playing out at ground level – in the right locations.

Let me explain what I mean when I say the “right locations” or talk about “Brisbane” in general.


When I say Brisbane, I am talking about select suburbs within 10km from the Brisbane CBD.

Suburbs where there is significantly higher demand due to employment, public transport, superior schooling and education, along with greenspace and lifestyle precincts.

And on the flip side, there is very, very tight supply, with next to no new land available anywhere.

Interestingly, unlike our bigger City cousins, you can expect a vastly different environment buying just 15km or 20km out.

I am constantly amazed when interstate buyers and the FIFO buyers’ agents target fringe suburbs in highly inferior locations, expecting a similar result to a Sydney or Melbourne.

To highlight this point, REA produce a great graphic comparing the level of demand for a Suburb vs. the Average for QLD.

I have chosen two suburbs in Brisbane, being Camp Hill (approx. 5km from the CBD) and Mansfield (approx. 10km from the CBD).

The levels of demand currently in these locations are quite extraordinary and close to three times the average for QLD.

Here is what I am seeing and expecting to happen in these superior locations…

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (12)

It is a vastly different story when you start moving further out where I selected three suburbs that I know our competitors are quite fond of, Zillmere (15km), Redcliffe (25km) and Pimpama (50km).

These suburbs are well below the averages and do not meet all the strict investment criteria we look for in investment grade suburbs.

These are the suburbs at risk moving forward as job security is inferior and people are living week to week.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (2)

The Current Market

The latest numbers from Corelogic show our capital cities remaining relatively unchanged, specifically over the last quarter to 19th June 2020.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (3)

If anything, Brisbane has held up slightly better than Sydney and Melbourne, likely due to more modest growth over the last 12 months.

I would suggest that this would be easy to explain in the sense that yes there are less buyers in the market due to COVID-19, but there is also less sellers.

Stock levels are well down on this time over the last 4 years.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (4)

It appears buyer and seller numbers may have effectively cancelled each other out and there remains a form of equilibrium as we round out the financial year.

Another very interesting set of numbers recently, has been a change in the number of searches online for property.

Sure, with more people at home scrolling through real estate you could expect that, but almost a 45% increase on the same time last year represents a clear trend – upward!

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (5)

This trend is also playing out on ground level with many local agents reporting much stronger numbers through open homes here in Brisbane.

I know we have also missed out on the odd property due to the odd home buyer willing to pay that little bit over where we see value.

So, there is still buyer emotion in the market and no sign of a bargain as many had predicted.

Another strong set of numbers in recent weeks have been the rise in Auction clearance rates for Brisbane.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (6)

These numbers are published by Domain each week and usually hover consistently between 20% – 40% on an average weekend in Brisbane.

They are now up around 50% – 60% plus and well above this time last year in a pre COVID-19 market.

More Headwinds

There is no doubt that there are several strong headwinds still in our faces, particularly once we hit September.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (7)

It may see the end of the Job Keeper and Job Seeker payments and more people will very likely face the unemployment line.

Unemployment is tipped to hit more than 10% over the next few months.

We also face a great deal less immigration and overseas visitors during this time.

Many are also predicting the end of the honeymoon from banks for mortgage and investment loan payments may also create serious issues.

And the list could go on and on…

I have no doubt there will be impacts on the overall property market, but here is why I am optimistic about…

Investment Grade Locations in Brisbane

Starting on a Macro Level, with the Federal and State Government incentives.

The current Job Seeker / Keeper payments are support mechanisms, the stimulus is starting to arrive and in almost all previous downturns housing is a target.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (8)

From First Home Buyer Grants, to Construction incentives and even talks about abolishing stamp duty has been on the cards.

Whatever may happen moving forward, all forms of Government will make this a priority as they always have.

In the next few months there is no doubt that the unemployment rate will rise and so too will mortgage stress.

It will happen in all suburbs, but significantly less in these superior locations, close to employment hubs where the types of jobs have been less effected.

In superior suburbs there tends to be dramatically less unemployment and less mortgage stress, on the other hand as you may further away from major employment hubs, unemployment and mortgage stress rises.

Now you can see that even if Demand dropped in suburbs like Camp Hill and Mansfield by up to 30% or 40% there is enough to keep demand quite high, while the other suburbs may have some serious issues.

Jobs to the Rescue

I have written previously about the current transformation of Brisbane, with more than 50,000 jobs expected between the CBD and Airport.

This will be the saviour for Brisbane over the medium term.

I often here that an outer suburb has a new rail line, or university or hospital that will create a few hundred jobs.

This is barely a drop in the ocean compared to the next few years in Brisbane.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (9)

In Conclusion

With less buyers and less sellers in the market currently, property prices have remained stagnant.

However there are some serious headwinds on the horizon in the form of unemployment and other challenges for buisnesses and employees as the mortgage free period comes to an end around the same time

I have no doubt that that there will be some serious issues for certain types of property in the wrong location.

The dramatic forecasts may well yet prove correct, but I remain very opimistic about the Brisbane market over this period.

In superior locations, more people are lucky enough to have not been efffected as much by the current financial environment and will likely get through the next hurdle relatively unscathed.

They are predminanlty home buyers – driven by cheap interest rates and combined with solid employment grounding are taking a longer term approach.

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (10)

They have the ability to buy in superior locations close to work and ammenities as demand continues to remain high.

For others looking for employment, there is a jobs boom starting to ramp up across the Brisbane CBD and out to the Airport.

So demand for housing will continue to remain high within that 10km ring.

If you are looking to invest and are looking for direction, certainty and a level of perspective around the Brisbane market, get in contact today.

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

Brisbane Property Prices to Defy the Critics and Strengthen in 2020 (11)

If you’re wondering what will happen to property in 2020–2021 you are not alone.

You can trust the team at Metropole to provide you with directionguidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice.

Property Management – Our stress free property management services help you maximise your property returns.





This article is republished from under a Creative Commons license. Read the original article.

Continue Reading


Covid-19 Creates Unique Opportunities for Buyers

Covid-19 Creates Unique Opportunities for Buyers

The top suburbs tipped for future performance in Brisbane, Sydney and Melbourne have been revealed—with the coronavirus shifting the landscape for both rental and sales markets, new research shows.

According to PRD’s latest affordable and liveable property guide Covid-19 made its mark on rental markets in particular over the first half of 2020.

The pandemic also led to market cooling in some capital cities and there was a reduced percentage of homes available in the lowest price range bracket below $500,000.

The exception to this was Brisbane, where homes under this price were more readily available, and Hobart, where properties under $350,000 could be found.

PRD researchers looked at property trends, investment potential, affordability, project development and liveability factors to generate the list.

Top suburbs to buy homes

House locationMedian Price (,000)Rental YieldUnit locationMedian Price (,000)Rental Yield
Everton Park$6153.7%Arana Hills$3955.6%
Virginia$6253.9%Daisy Hill$4116.7%
Altona$8852.7%Moonee Ponds$4704.1%
Oakleigh South$9232.8%Brunswick East$5254.7%

PRD chief economist Diaswati Mardiasmo said this data captured Covid-19 conditions and how that affected the market, with Sydney suburbs ranking the highest.

“Sydney metro market has recovered from the significant price-drop in mid-2019,” Mardiasmo said.

“However, thanks to Covid-19, the median house price only increased by 1.3 per cent over the past 15 months, which creates unique opportunities for both buyers and sellers.

“Brisbane continues to be a haven for first home buyers, with 45 per cent available for under $500,000.

“In comparison, only 5 per cent of Melbourne is available under $500,000, and zero per cent of Sydney .

“Melbourne presents an opportune time for first home buyers, as there has been a -11.1 per cent softening in median house price over the past 15 months.

“Buyers with a budget of under $800,000 can now access 46.3 per cent of the market; 18 months ago buyers with the same budget could only access 23.1 per cent of the market.”

The market was also changing in Hobart, where only 37.5 per cent of homes were available for under $500,000 in the second half of 2019, and this dropped to 34.6 per cent in the first half of 2020.




This article is republished from under a Creative Commons license. Read the original article.

Continue Reading


WeWork Defies Headwinds With New Brisbane Digs

WeWork Defies Headwinds With New Brisbane Digs (1)

WeWork has opened its third Brisbane location with two further co-working offices to follow in Sydney in the next two months.

The co-working giant has opened the doors of its latest office at
123 Eagle Street, in Brisbane’s golden triangle, after taking out an 11-year lease on 4,500sq m of office space across four levels of the Riverside Centre.

The recently refurbished building, which is owned by GPT’s Wholesale Office Fund, comprises 41 levels of office space, as well as waterfront restaurants and open-plaza retail and accommodation.

The new office will be WeWork’s 19th since launching in Australia four years ago and will accommodate up to 900 members.

The expansion follows a turbulent period for the co-working giant after it finally ditched plans in October last year for an IPO.

Following the scuttled IPO, Softbank Group, an early investor in WeWork, withdrew longstanding plans to bail out the stricken co-working operator.

WeWork Defies Headwinds With New Brisbane Digs (2)

The fragmented co-working sector had the highest growth rate of any tenancy during the past four years, but became one of the hardest hit during the coronavirus crisis, with many tenants cancelling bookings.

For some co-working providers, occupancy has plunged—in some cases to less than 10 per cent—with social distancing forcing people to work from home and many operators temporarily closing facilities or decreasing their operating hours.

The pandemic has also delayed the opening of WeWork’s planned new locations at Sydney’s 320 Pitt Street and 66 King Street, which are now scheduled for September.

WeWork had looked at taking space at 55 Market Street, in Sydney, but did not proceed.

The announcement of newly-added space in Brisbane and new openings in Sydney comes after recent reports revealed WeWork’s Australian subsidiary is relying on payments from its US parent to meet cashflow needs.

Last month, corporate filings revealed WeWork Australia had become dependent on the parent company, the We Company, to meet revenue needs.

WeWork Australia’s net after-tax loss widened during 2019 to
$42.6 million from a $7.2 million loss a year earlier, even as revenue nearly doubled to $89.5 million from $49.1 million.

The company has since reported renewed optimism, with foot traffic across its Brisbane locations moving in the right direction—up 50 per cent week-on-week.

WeWork Australia general manager Balder Tol said that Covid-19 had shifted companies’ thinking on what the future of office work will look like.

“Flexibility has become increasingly valuable as companies around the world rethink their workplace needs,” Tol said.

“Over the last decade we’ve had more than 690,000 members join our community because they recognise the value of flexibility for their workforce—be it remote working, flexible office space or even distributed teams.”

As of July, WeWork said it had more than 12,000 members in
19 open locations across Brisbane, Perth, Sydney and Melbourne.




This article is republished from under a Creative Commons license. Read the original article.

Continue Reading

Positive Cashflow Property

duplex designs, dual occupancy homes

Property Investment Advice