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Bulimba tipped to lead Brisbane’s real estate market

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Bulimba will lead Brisbane real estate prices over the next decade, topping the most exclusive riverfront precincts in the city, according to industry experts.

The strong capital growth is likely to be led by the gentrification of the Bulimba North precinct, where shipyards and industrial factories have had full run of the riverfront since the early 20th century.

McConnell Street and Byron Street, both with north-facing river frontage, will be transformed and house some of Brisbane’s wealthiest residents, according to Patrick Dixon.

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Mr Dixon, a property adviser and real estate agent in Brisbane since 1974, said McConnell and Byron streets would be on par with Oxlade Drive, New Farm, and Aaron Avenue, Hawthorne, where mining billionaire Gina Rinehardt reportedly paid $18 million for two adjoining properties in 2014.

“In 10 years time they will be one of ‘those’ river streets,” Mr Dixon said.

“Absolute riverfront in Brisbane is one thing – but this is north-facing land and in waterfront properties, aspect is everything.”

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Domain Group data showed the median house price for Bulimba had already grown by 50.5 per cent over the past five years to $1,128,500 – and according to local Place Estate agent Phil Burley, this trend will only escalate.

“Over the next 10 years, Bulimba will lead Brisbane in real estate,” he said.

“Homes in Bulimba are already fetching a premium but they’re still not getting what they will ultimately be worth…which is up there with Brisbane’s most expensive properties.”

Andrew Wilson, Domain Group chief economist, said the transformation into Brisbane’s most desirable riverfront precinct would likely impact the entire suburb.

“We know from experience that waterfront property is a premium; it’s a dress cache,” he said.

“As prices rise, there’s no doubt that has a ripple effect.”

He said it was “not unlikely” that Bulimba could lead Brisbane real estate over the next decade.

“These things are always difficult to predict but it’s certainly not something that’s an irrational statement given what’s happening there,” he said.

“Realistically, Bulimba is still at the margins; it’s still offering massive value when you compare bang for buck for this type of a property compared to Sydney and even the Gold Coast.”

Spearheading the Bulimba North renewal is the Brisbane City Council’s master plan for the Bulimba Barracks on Apollo Road, which runs adjacent to Byron Street.

The council unveiled its master plan for the 20-hectare riverfront site in October last year, detailing its vision for a mixed range of housing, duplexes and townhouses, including large areas of riverfront parkland, open space and a land-based riverwalk with pedestrian and cycle connectivity along the entire frontage of the site.

An off-market sale is reportedly being negotiated by the state government and the federal department of defence for purchase of the site.

Meanwhile, developers are clearing land previously inhabited by light industry and marketing their luxury riverfront projects.

Developments such as the Boatyard Bulimba, designed by architects Donovan Hill, and Barca Bulimba, bespoke designed by local firm Arkhefield, are already selling off the plan.

Mr Dixon said the McConnell and Byron streets stretch of the river would be the closest residential absolute waterfront property to Moreton Bay.

“Property owners will be able to moor their boats out the front of their property and enjoy direct access to Moreton Bay – imagine that,” he said.

“This will be the closest you can get yet still only four kilometres from the CBD. The growth potential in these streets is incredible.”

Originally Published On: http://www.domain.com.au/

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Residential

Brisbane DA Lodged for ‘Record Sale’ Site in New Farm

Brisbane DA Lodged for 'Record Sale' Site in New Farm

One of Brisbane’s best parcels of land is now the site of one of the city’s most ambitious houses, according to a development application lodged with Brisbane City Council.

The vacant clifftop block, located at 31-33 Moray Street, New Farm recently sold to local businessman Jamie Pherous and his family for a suburb record of $11.3 million.

The 1,103sq m lot was sold by Jane Gibson, the widow of celebrated Brisbane architect Robin Gibson, who acquired the site in 1986 for just $200,000.

Designed by Tim Stewart Architects, the proposal includes a four-storey house with a basement level of car parking and recreational facilities.

Located on land zoned medium density residential, the impact assessable application is currently in front of Brisbane City Council, according to CityShape’s new DA Tracker.

Brisbane DA Lodged for 'Record Sale'

The proposal includes a lower level of basement car parking, games room and gymnasium that leads out to a clifftop pool and pool deck.

The upper ground level will comprise a media room, office, study, laundry and combined living, dining and kitchen terrace at the rear.

Level one will include a master suite with expansive dressing room, ensuite and storage room and is accompanied by five bedrooms each with an individual ensuite.

And on the uppermost level, the proposal includes an entertainment room with kitchenette, roof terrace and pool and guests quarters.

Brisbane DA Lodged for 'Record Sale' Site

Jamie Pherous is the founder and managing director of Corporate Travel Management, one of the largest travel management companies in Australia.

He started the company in 1994 and later floated it on the Australian Securities Exchange (ASX) in 2010.

The proposal comes amid growing confidence in the Brisbane residential market with BIS Oxford Economics predicting Brisbane will lead the Australian capitals with 13 per cent property price growth predicted by 2021.

The average price of a block of land in New Farm is $2.6 million and the previous record for a vacant lot in the suburb was a $5.5 million sale to a developer.

 

Source: theurbandeveloper.com

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Residential

South Brisbane emerges from unit glut with some of the fastest rising rents in the city

South Brisbane emerges from unit glut with some of the fastest rising rents in the city

The epicentre of Brisbane’s unit oversupply is reaching equilibrium, as renters flock to thousands of new apartments in amenity-rich areas.

But less-developed inner-city suburbs that lack amenities continue to languish.

South Brisbane saw significant levels of development over the past few years, with 1225 units listed for rent in the three months to the end of December, according to the latest Domain Rental Report for the December quarter.

But the supply is starting to be absorbed and the median asking rent for units has risen 5.4 per cent to $485 over the last year, the fourth-sharpest jump in the city.

This compared to even steeper jumps in Holland Park, Clontarf and Bardon, with rises of 12.1, 6.9 and 5.6 per cent respectively.

unit glut with some of the fastest rising rents

Source: Domain Rental Report, December quarter 2018

Those in the industry say the South Brisbane market has made a remarkable turnaround in the past year.

“We may have escaped that ridiculous glut we had,” Space Property principal Nick Penklis said.

Renters were haggling on price less frequently and landlords were becoming less likely to hand out incentives, he said.

“Sometimes those incentives were there for apartments not quite at the market level,” Mr Penklis said. “Some would be there to keep a rental guarantee, so it’s an inflated market.

“Perhaps we’re on a more even keel.”

South Brisbane emerges from unit glut

Aria Living’s general manager Zeyad Iman said the developments he managed were not immune to the consequences of over-development, but their premium offering insulated Aria from issues facing low-end properties.

“We’re a bit more expensive but people can justify those costs,” he said.

South Brisbane’s relative amenity was the suburb’s big drawcard, and was why the suburb was outperforming neighbours like Highgate Hill, Mr Iman said. “You’ve only got the view and the location, there’s none of the amenity there.”

Highgate Hill’s rental prices fell the fifth-fastest in the city for both houses and units, down 5.7 and 6.7 per cent in the past 12 months respectively.

But other inner-city neighbourhoods continue to see prices drop.

Brisbane CBD, separated from South Brisbane by the river, was the 10th-worst performing suburb for units, with a fall of 4 per cent to $480 over the past year.

“There’s a stark contrast in the five-year performance in these areas,” Domain senior research analyst Nicola Powell said. “What we have seen is a much greater level of development in the Brisbane CBD than we have in South Brisbane.”

Dr Powell said this could indicate the two side-by-side suburbs could be settling to similar levels, although conditions appeared tougher in the CBD.

“There’s been a lot more rental stock come onto the market relative to the demand in the CBD.”

Brisbane emerges from unit glut

The detached housing market has not seen the same wave of new supply, with sought-after suburbs recording double-digit rental growth.

Manly, Ascot and South Brisbane had the highest rental rises for detached houses, recording 14.5 per cent, 14.2 per cent and 13.7 per cent rises respectively.

“There would be that desirability factor,” Dr Powell said. “There is an increase of interstate migration from NSW and we can assume that is Sydney.”

All three are established locations with access to good schools, she said.

“So it could be families looking to rent to test the waters in certain suburbs.”

 

Source: domain.com.au

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Residential

Apartment values to jump up to 11 per cent in some Brisbane suburbs

Apartment values

Brisbane’s recovering apartment market is set to lead the nation over the next two years, with values forecast to grow more than in any other major capital city. The region’s house prices are also looking good – with some areas performing better than others. SEE WHERE

BRISBANE’S recovering apartment market is set to lead the nation over the next two years, with values forecast to grow more than in any other major capital city.

Moody’s Analytics expects apartments to outperform houses throughout greater Brisbane in 2019, as the city continues to defy a national housing downturn led by Sydney and Melbourne.

A new report reveals apartment values are set to recover by 2.8 per cent in 2019, followed by sharper growth of 6.5 per cent the following year — equal only to Darwin.

A rise in unit values of more than seven per cent is expected in the inner city, Logan and northern Moreton Bay regions in 2019.

Double digit growth is expected in northern Moreton Bay in 2020, with apartment values set to jump 11 per cent.

Apartment values to jump up to 11 per cent

Moody’s Analytics forecasts a gain in house values across Brisbane of 1.2 per cent over the next 12 months, with strength in the western and inner city suburbs offsetting declines in South Brisbane.

House values are tipped to grow the most in Brisbane’s western suburbs this year (4.5 per cent).

Apartment values to jump up

“This is a reversal of trend from the past few years,” the report’s authors said.

“Home values had risen more than 30 per cent since mid-2012, while apartment values had risen only around 5 per cent.”

In some Brisbane suburbs apartment values to jump up

It’s not good news for the nation’s two biggest housing markets.

Moody’s Analytics is forecasting a further six per cent correction in house values in Melbourne this year on the back of a 0.1 per cent decline in 2018.

Values of Apartment Jumps Up in Suburbs

And Sydney house values are expected to fall a further 3.3 per cent in 2019 following a 5.2 per cent drop last year.

“Australia’s housing market has continued its entrenched cooling trend in the final months of 2018,” the report’s authors said.

“The decline has been sharper in home values than for apartment values: Home values have fallen more than 4.5 per cent from their peak late last year, while apartment values are down 3.3 per cent.”

Originally published as Where Brisbane home values keep rising

Source: news.com.au

 

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