PROPERTY values are on the rise in the region with new figures revealing many suburbs have achieved growth in the past quarter above the Brisbane average.
Burpengary East recorded the strongest median house price growth in the Caboolture region. It was up by 5.8 per cent during the quarter to $550,000 and a massive 23.6 per cent for the past 12 months.
A substantial number of houses, 105, sold in Burpengary East during the past 12 months. There was also strong demand for houses in Beachmere, with 120 changing hands during the same period. The sales activity drove the median house price up 4.6 per cent during the quarter to $351,000.
Gay Matthews from Harcourts Burpengary said properties in Burpengary and Burpengary East were seeing “massive inquiries and selling quickly”.
“Most properties are selling well under the 30 days,” she said.
Mrs Matthews said “value for money” and infrastructure were behind the popularity.
“Buyers can see the growth potential in the area,” she said.
“We’ve got nice large blocks, where you can have your shed and we’ve got really quick access to the highway whether you’re going north or south.”
Sales figures reveal the Caboolture region’s property market was still going strong with 3202 property sales in the 12 months to the end of February.
Banksia Beach was another star performer in the three months to February with its median unit price rising 15.7 per cent to $399,000. This was on the back of a 20.5 per cent increase for the year.
Within the Brisbane City Council region during the same period the median unit price dropped by 0.9 per cent while the median house price rose by 1.1 per cent.
Another strong performer was the unit market in Beachmere where the median unit price rose by 7.4 per cent to $254,750 during the quarter. The unit market in Woorim and Bongaree also did well during the quarter with median increases of 4.1 per cent and 3.2 per cent.
Originally Published: http://www.couriermail.com.au
Brisbane rents: Landlords in ‘rosier position’ as unit oversupply eases
Brisbane rents are creeping up and the proportion of vacant homes is inching down, as the city’s rental market recovers from years of oversupply, experts say.
Asking rents for units rose 1.3 per cent to a median $380 a week over the past year, the latest figures from the Domain Rental Report for the September quarter show.
House rents also edged up 1.3 per cent to a median $405 over the same time period, according to the report released on Thursday.
The combined vacancy rate fell 0.1 percentage points to 2.2 per cent during the September quarter.
It comes after a wave of new apartments were built in Brisbane’s inner city in recent years, with the extra supply keeping a lid on rents.
Domain research analyst Eliza Owen said the market was now in good health, despite appearing to be near-stagnant.
Median weekly asking rents for units
|REGION||SEP-19||JUN-19||SEP-18||QOQ % ∆||YOY % ∆|
|Brisbane – City wide||$380||$380||$375||0.0%||1.3%|
|Brisbane – East||$405||$405||$400||0.0%||1.3%|
|Brisbane – North||$370||$365||$363||1.4%||2.1%|
|Brisbane – South||$385||$380||$375||1.3%||2.7%|
|Brisbane – West||$400||$415||$390||-3.6%||2.6%|
|Brisbane Inner City||$420||$425||$410||-1.2%||2.4%|
|Moreton Bay – North||$315||$315||$310||0.0%||1.6%|
|Moreton Bay – South||$340||$335||$335||1.5%||1.5%|
For units, the stability was a positive story compared to oversupply-induced market weakness a few years back, Ms Owen said.
“There’s been a lot of fear about over-development but in the building space there’s been tightening of dwelling completions,” she said. “They’ve come down sharply and are returning to long-run average levels.”
Rents were now trending up and vacancy rates down, she said.
“The picture for south-east Queensland in terms of rental returns is pretty good, it’s also one of the most affordable rental markets for houses.”
Ms Owen said interstate migration, mostly from Sydney, was a major factor in keeping the rental market balanced.
“The tightening of the rental market is off the back of strong population growth and a very affordable lifestyle, and this is reflected in the rental vacancy rate which is down to 2.2 per cent from 2.6 in the previous year,” she said.
‘There’s nothing like it in Australia’: How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit
A mega-mansion has hit the market for a staggering price which is 500 per cent more than the owner paid for it five years ago.
The Gold Coast property is expected to fetch around $45million, a whopping profit from the $5.3million paid for it in 2013.
The home is owned by Perth civil engineer Riccardo Rizzi, who purchased the incomplete house after the previous owners ran out of money halfway through building it.
Mr Rizzi was shocked when he was able to buy the home – which had in total cost the previous owners $21.44million – for $5.3million, according to Domain.
He bought the block of land next door for $1.19million so that the property would have 106-metre water front – creating the massive 26 Knightsbridge Parade East, Sovereign Islands, home.
Mr Rizzi then got all the approval he needed to continue the initial build – including the original design by the Brunei royal family architect Bayden Goddard.
The brief was a 100-year-old chateau reminiscent of Long Island, New York, or the European coastline.
The home took an incredible five years to complete – and has just now hit the market with a price tag advertised for U.S$30million to attract international buyers.
The home has a 14.5-metre high entrance lobby, formal dining and loungerooms – one of which can host up to 30 people.
There is also Australia’s only 6.5-metre tall bronze imported Italian statue of King Neptune sitting in the entrance way
The home has a Turkish bathhouse and a 30-metre pool in addition to its waterfront views.
The home’s seven bedrooms, including a master suite with his and hers baths, are all found in the East and West wings of the home.
Each bedroom has water views.
Alex Phillis, of Alex Phillis Real Estate, told Daily Mail Australia the corridor between wings it 70 metres long.
‘The pictures don’t do it justice, you could drive a Land Rover through the middle without issue,’ he said.
Mr Phillis explained Mr Rizzi bought the fifth block of land to serve as a Roman garden.
‘Whoever is buying this home will have an entourage – whether it is their family, friends or business manager – and so the home needed the garden for children,’ he said.
The home was about 60 per cent complete – with about $15million worth of work put in to it – and so Mr Rizzi continued with the original luxurious design.
For caretakers and staff their is a self-contained granny flat and a staff wing with a second bedroom and office.
‘I’ve never seen anything like this. It’s in an absolute league of its own. It’d be worth $100million easy if it was on the Sydney harbour,’ Mr Phillis told Domain.
Mr Rizzi said: ‘I don’t think this house will ever be duplicated in Australia again because it means giving up five years of your life. The true value is not in the bricks and mortar, it’s the five years of a person’s life.’
He is selling the home to be closer to his children in Perth.
The Gold Coast trophy home that stands to make $38.7 million profit in six years
The morning that 26 Knightsbridge Parade East, Sovereign Islands went up for auction, Perth civil engineer Ric Rizzi awoke and thought to himself the bidding would likely start at $12 million.
It was 2013 and the landmark Gold Coast waterfront property, which had fallen into mortgagee hands halfway through being built, had reportedly already cost its local owners $21.44 million.
Designed by the Brunei royal family architect Bayden Goddard, the brief had been to create a chateau that looked 100 years old and suited the European coast or Long Island, New York. The house was majestically sprawled over four blocks of land that cost $9.44 million in 2005, and had an initial construction cost of $12 million before its owners were evicted with only half the house completed.
Mr Rizzi turned up at the auction expecting to snag a bargain but even he was completely shocked when the hammer fell at $5.3 million, with him the final bidder.
“It was bizarre. When the realisation came that there were no other bidders, that was a sensational feeling. I looked at the top of the entrance hall that stands 14.5 metres above the ground and it was almost like a sign from heaven that it was meant to be,” he said.
“In what world do you actually buy a house like this for significantly less than the land value? It was a total leap of faith; I didn’t think about what it would cost to finish, whether it was a good or bad decision and normally I’m an ultra conservative civil engineer.
“To take on a project was left field for me at the time but the whole thing just happened in milliseconds so I took it as a sign from God it was meant to be.”
Shortly after buying the mansion, Mr Rizzi was able to purchase the adjoining lot next door for $1.19 million and amalgamated all five blocks on to one massive title, giving the property a whopping 106 metres of north-facing water frontage.
He then spent 12 months compiling all of the documentation – building licences and approvals – and re-instating the consultants and builder who had originally worked on the house.
Once that was in place, finishing the house took a whopping five years to complete.
“One of the carpenters spent five years of his life working on this house. The tiler laid more than an acre of tiles during that time. It was an absolute labour of love,” Mr Rizzi said.
“The house was never really a project to make money. It came to me in the most bizarre way and I’ve always viewed it as being a sign of the success in my life, versus just a trophy.”
While Mr Rizzi may not have set out to make money, it will come to him anyway. The house is once again up for sale, albeit this time finished, and with a jaw-dropping price tag to match its palatial size – it’s listed for $US30 million (about $AUD 44 million).
Marketing agent Alex Phillis of Alex Phillis Real Estate said the property was listed for sale in US dollars because it was likely the buyer would come from overseas.
“Buyers from Singapore and the Middle East work in US dollars, so we’re just making it easy for them,” he said.
“I’m already fielding inquiries from overseas – this is a house that will go viral.”
But he wasn’t ruling out a local buyer, pointing out there were plenty of wealthy people in Australia who had eyeballs on it.
“This house is phenomenal on a national scale. Certainly, this is the most incredible house on the Gold Coast but I don’t think there’s anything like this in Australia, based on the construction alone,” he said.
“I’ve never seen anything like this. It’s in an absolute league of its own. It’d be worth $100 million easy if it was on the Sydney harbour.”
Some of the house’s incredible features include seven bedrooms, nine bathrooms, custom copper doors, a Turkish bathhouse, eight-metre high ceilings, a 30-metre swimming pool and imported French oak flooring.
The 14.5-metre high entrance lobby features Australia’s only four-metre tall, bronze, imported Italian statue of King Neptune, which took carpenters two days just to unpack it. If you’ve got a few cars, there’s a 568-square-metre waterproofed sprayed concrete basement with 12 car parks, wine cellar and a workshop.
“To give you an idea of how big this house is, we needed a drone to video the inside of the house,” Mr Phillis said.
“The east and west corridors are 80 metres long. The corridors are that high and that wide, the scale of it is just incredible.”
Mr Rizzi said he had lived in the house and loved it but with all four of his adult children now back living in Perth, he wanted to move back to the west coast to be closer to them.
“What it came down to, at the end of the day, was it was just too small for me,” he laughed.
“Seriously though, Scott Tyne [the original owner] was a visionary. I fulfilled the way I believe Mr Tyne would have wanted it and I hope the person who secures it truly appreciates what it actually is.
“I don’t think this house will ever be duplicated in Australia again because it means giving up five years of your life. The true value is not in the bricks and mortar, it’s the five years of a person’s life.
“And it probably cost me the cost of a Volkswagon Polo in paint sample pots. A lot has gone into this house. I want to see it loved and enjoyed.”
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