Brisbane’s piping-hot property market has hammered out yet another record after the city clocked one of its highest auction clearance rates in years at the weekend.
In a remarkable show of strength amid the nation’s continued covid chaos, a whopping 76 per cent of homes were sold at auction over Saturday and Sunday, compared with 55 per cent the week before and a dismal 45 per cent this time last year.
“We had about 13 auctions altogether [at the weekend] and while we’ve still got a couple under negotiation we’ll have them all done by the end of it. There are a lot of factors [fuelling this auction appetite] such as a lack of stock, but also it’s the fact that more sellers and buyers are telling us they want to go to auction because of the transparency,” Mr Burgin said.
“Now we’re seeing Brisbane making steps towards Melbourne and Sydney in terms of auction activity and clearance rates.”
The Place team clocked a handful of million-dollar-plus sales at the weekend, with a close to $4 million home still in negotiations and a charming three-bedroom Queenslander at 69 Beatrice Terrace, Ascot, selling over reserve for $1.281 million to a local couple.
“This one had about 11 registered bidders and it was very competitive, there were probably it 75 people at the auction. We also had another one that was passed in that will be circa $2 million [when the sale is wrapped up],” Mr Burgin said.
At Place Estate Agents Ascot, lead agent and partner Shane Hicks said it was another cracker of a weekend for the team, as all but one home sold under the hammer.
“A 50 per cent clearance rate is good in Queensland, so now that there’s less homes on the market it’s given us this situation [of soaring clearance rates and increased buyer competition],” Mr Hicks said.
“Where this time last year you might have only had one or two bidders, now it’s usually five, so business is much stronger than usual.”
From entry level abodes through to the prestige end, Mr Hicks said buyer emotions were running high, with a charming cottage at 97 Macrossan Avenue, Norman Park, sold under the hammer for $727,500 to an ecstatic first-home buyer who leapt into the air after scoring the winning bid.
“Then at 5pm [on Saturday] we had 77 Newman Avenue in Camp Hill [up for auction] and it’s in one of the best streets. It’s a three-level home on a 405-square-metre block with city views and we had an opening bid of $1.6 million and then we sold it under the hammer for $1.7 million,” Mr Hicks said.
Across the Ray White Brisbane family agents reported hundreds of hungry home-hunters that hit the auction pavement with a two-storey Queenslander at 48 Jack Street, Gordon Park, selling $156,000 above the reserve for $1.306 million.
Selling agent Holly Bowden, of Ray White Wilston, said bidding started at $1.2 million before two bidders battled it out to the end, with the victorious buyer – Ray White New Farm agent Nicholas Given – almost weeping with joy after his six-month hunt for a dream family home finally came to an end.
“Gordon Park is so popular, particularly because of access to the Kedron Brook which many of my clients loved having access to during covid,” Ms Bowden said.
“The market is absolutely on fire. We had our in-room auctions on Thursday night and we sold all of them. I sold a home in the next street over which had 11 bidders.”
Ray White Ascot selling agents Ian Cuneo and Andrew Flanagan also secured a top result for 18 Lincoln Street, Wilston, which attracted 15 registered bidders before selling for $1.41 million to a local buyer.
“We had 130 people through the inspections, including from Sydney and Melbourne,” Mr Flanagan said.
“The top result and the level of buyer interest were probably driven by the area. Wilston is a suburb that doesn’t have a huge turnover of stock, so when things pop up they move so quickly.
“But clearance rates have generally been a lot higher.”
Julian Maddox, at Place Estate Agents Graceville, secured the heart-warming auction result of the weekend after selling 2 Wesley Place, Sinnamon Park, for $770,000 to an elated single mum, who beat fierce competition to secure the four-bedroom abode for her and her children.
“We had 114 groups through that one – it was huge. And, at the first open home we had 48 views.
“It has been crazy. I sold also two other homes prior to auction in Sinnamon Park and on top of that we are seeing a bit more interstate from Sydney and Melbourne.”
Across Brisbane, 22 homes were sold at auction at the weekend, totalling $11,148,000 with a median sale price of $865,000.
Article Spurce: www.domain.com.au
Competition Heating Up for Rental Properties
The residential rental market just got tighter with the number of new listings reaching its lowest point since before the pandemic.
The availability of rental properties dropped -3.9 per cent in August, according to the Proptrack rental listing report from REA Group.
Rental volumes dropped the fastest in Melbourne at -16.9 per cent and Canberra at -29.9 per cent as lockdowns hampered the market.
Meanwhile in Sydney, “green shoots” were starting to appear with a 6.7 per cent increase in new rental properties as one-on-one inspections were introduced and activity picked up.
Change in rental listings
|Location||Monthly new listings||Annual Change||Total listings||Annual change|
Source: REA Group from realestate.com.au August 2021 data
REA Group director of economic research Cameron Kusher said in the report that the fall brought national rental listings to their lowest point since December 2019.
“The rental market has become even more competitive with the availability of rentals close to an all-time low,” Kusher said.
“The crunch in rental supply is being felt regionally, too. Total rental listings were at an historic low at the end of August in regional NSW, regional WA and regional Tasmania.
“Regional Victoria and regional Tasmania were the only regions in which total listings recorded a year-on-year increase.”
Nationally the vacancy rate remained at a multi-year low of 1.6 per cent in August, according to Domain.
This report showed in Brisbane, Hobart, Adelaide and Darwin landlords could use the tight levels to increase rent on new listings.
However in Melbourne, vacancy rates were continuing to rise, hitting 3.8 per cent.
Sydney remained relatively steady, with levels at 2.6 per cent since June.
While the rental market remains competitive, soaring property prices have pushed rental yields to all time lows.
Article Source: www.theurbandeveloper.com
Brisbane’s best property buys: Six must-see homes under $780,000
It’s a tough property market out there for buyers, with lots of competition and not much for sale. Here are six homes for under $780,000 – but you’ll need to be quick.
26/128 Merivale Street, South Brisbane
It is unsurprising more than one in two local residents in this neighbourhood had not been born in 1981. This stylish apartment holds big appeal for first-home buyers wanting to live within blocks of local bars, cafes, shops, myriad education campuses and the riverside buzz. It has two bedrooms and two bathrooms, and a car space on title. Right in the thick of the inner-south riverside action, 52 per cent of residents are aged between 20 and 39.
Place, Michael Hatzifotis 0414 048 604
1/118 Railway Parade, Norman Park
In the inner-east suburb bearing the name of Queensland governor Sir Henry Norman, this three-level townhouse has a fittingly blue-chip, elevated vantage over three levels. A garage, carport and porch form the ground level. Level two is all about socialising, with a breezy front balcony and a private rear courtyard accessed via glass sliders from the open-plan living, dining space and a modern kitchen. Level three holds the sleeping quarters and another balcony. The local primary is about 300 metres north. Two city train stations are within 500 metres.
Place, Chris Frangi 0481 113 362
52 Violet Street, Hemmant
A striking renovation of a humble original house set on 405 square metres of land. Today the three-bedroom weatherboard features a sassy stained-timber deck with slat screening and covered area at its rear, ready for all-season entertainment with lofty views. Bulimba Creek, park walking tracks and the city train station are within two blocks. There is a double garage, fences and European kitchen appliances.
First National, Brad McDonald 0404 418 220
21/2 Little Street, Albion
A Little apartment with a big personality, thanks to its warm decor and semi-circular front balcony. The floor plan is fluid. The 3.3 metre-by-5.1 metre balcony flows to an open dining-living space and the kitchen with bench and storage, before reaching two bedrooms, including the main with en suite and walk-in wardrobe. Its complex is listed as “pet-friendly”.
One Percent Property, David Sullivan 0447 070 595
59 Folkstone Avenue, Albany Creek
Families scouting houses with room to give each other space will get it at this double-storey residence. Its clever design creates four living zones: two indoors, including a large rumpus downstairs and a more formal lounge upstairs; and two outdoors, including a covered patio and an upstairs timber deck. There are three bedrooms and 610 square metres of land. The bathrooms are modern and the kitchen has timber benches.
Coronis, Josh Quinn 0429 945 847
185/293 North Quay, Brisbane City
Anyone who has skydived knows its amazing weightless feeling when nothing separates you from the world around you. This neat sky home gives its occupant a similar sense of boundless space, with uninterrupted views of the inner bends of Brisbane River and cityscape. Think ideal city getaway pad or first home with one bedroom, one bathroom and one car space.
Ray White, Benjamin Williams 0412 067 016
Article Source: www.domain.com.au
Brisbane-based developer Siera lodges Chevron Island apartment development plans
The Brisbane-based development and construction firm, Siera Property Group, are the latest in a wave of developers heading to the Gold Coast for the first time.
Seira, headed by the managing director and founder Brent Thompson, has laid plans on the sought-after Chevron Island for a 17-level project dubbed Tapestry, paying homage to the Island’s new Home of the Arts precinct.
The plans by the local BDA Architecture will see 83 apartments built on a 1,518 sqm site at 39-43 Darrambal Street, toward the southern end of the island.
Thompson, who sits on the board of UDIA QLD and chairs the Brisbane City Council Policy Committee, sees it as a shift in thinking for the company, who made their name in the Queensland capital developing luxury townhouses in Brisbane’s inner ring.
“Due to some council restrictions in Brisbane, we needed to identify a new opportunity where we could put a lot of effort in to what we’re delivering,” Thompson said.
Thompson has spent a lot of time on the Gold Coast over the last 18 months, spending time understand the Gold Coast market, as well as the Sunshine Coast and Brisbane, and why each market has been so desirable for different reasons.
“Spending time on the ground allowed us to understand what was coming to the market, what developers were saying, and who was buying sites and where,” Thompson added.
He identified some nice beachside opportunities, but really wanted to create something that was targeted at a wider net, rather than the multi million dollar apartments that are limited to the fortunate few.
“We want the local owner occupier, who could be living in a medium-size house in the area, to be able to downsize or rightsize, or have others who just want to find a new lifestyle, and have the opportunity to do so without being priced out.”
The 55 metre building will comprise 28 three-bedroom apartments and 55 two-bedroom apartments, around half of those with multipurpose rooms. There will be six apartments per level until level 14 where there will be five.
The two-bedroom apartments start from 84 sqm, while the three-bedroom units have internal living areas between 113 sqm and 141 sqm. Every apartment has a balcony of at least 10 sqm, as well as their own parking space.
There are 94 parking spaces across the two levels of basement parking, and 29 on the street level.
The street level will feature extensive raised planters and a water feature on entry to the lobby, where there will be a number of garden rooms and resident office space with a kitchen.
Crowning Tapestry will be a resident rooftop, complete with a resort-style swimming pool with day beds, a spa, and a pool deck. A barbecue and alfresco area, will sit in landscaping, as will dining surrounded by an edible garden. There’s set to be a private dining space with a terrace and fire pit, a gym with sauna and steam room, and a lounging area with a lawn.
It was important for Thompson to go local with all of the intricacies that come with developing a project. He’s used local architecture firm BDA, and is engaging local Gold Coast builders to deliver the project, despite Siera’s previous experience in building their developments.
He’s even gone a step further and, given the Gold Coast City Council’s efforts to make Surfers Paradise an arts and cultural hub, has engaged local artist Tanya Blanchard to create a piece of artwork that will hang in the lobby when completed.
“There’s a great local community on Chevron Island. It’s a tight-knit community, while being ideally located just five minute walk from the international tourist hub of Surfers Paradise,” Thompson says.
BDA says the architecture of the proposed development is sculptural and smooth-lined.
“A mixture of vertical blade walls and horizontal slab edges responding to available views and natural light. Cantilevered balcony’s protrude from the building body with curved edges softening the feathered edges,” the submission to the Gold Coast City Council read.
“Colours and materials have been selected to create a lightly textured and timeless material palette. White render, concrete, glass and timber screening create a rich and layered coastal effect.
About the developer
Siera Group, a property development and construction company, was established in 2014 by Brent Thompson.
Their primary focus has been apartments and terraces in Brisbane. In the last seven years, they’ve developed more than 70 residential dwellings in key growth markets in South-East Queensland, with a total end value of $50 million.
One of the main focuses is to acquire premium sites within established community settings, with strong connectivity to lifestyle amenity, where they feel our investment in design can make a positive contribution.
Fast Facts from BDA Architecture
This project offers an exciting opportunity to introduce a high quality apartment building into the heart of the emerging cultural precinct of Chevron Island. The project’s design makes strong architectural gestures that acknowledge it’s connection to the HOTA Precinct, Surfers Paradise beach-front and the Nerang River.
The 1,518sqm site is in a prime location, fronting Darrambul Street, in the heart of Chevron Island. Just steps away from the theatre of the Surfers Paradise hospitality scene, it’s beaches, and Evandale’s Arts Precinct, this area is fast transforming into the Gold Coasts cultural hub.
The site boasts 360 degree access to some the Gold Coasts best views, capturing the surfers skyline and beaches, wide spans of the Nerang River to the Broadwater and uninterrupted views to HOTA and the Gold Coast hinterland beyond.
The project’s unique location, in an emerging retail, restaurant, and cultural hub weaves together diverse backgrounds, experiences, cultures and tastes. This forms the ‘Tapestry’ that is modern apartment living with high quality communal facilities designed to create connections, community and sense of place.
The project comprises a total of 83 apartments (194 bedrooms) in a building that is 17 storeys. The apartments sit over a well-considered, split level podium, which seeks to conceal services from the pedestrian interface by housing on a mezzanine level, residing over the sloping driveway. This approach allows an almost double-height lobby space activating Darrambul Street and providing a high level of amenity for building users.
Apartments are a mix of 2 and 3 bedroom options that cater for a number of price points and encourage genuine diversity of ownership/occupation. The building also presents a well-defined pedestrian and vehicular entry, with resident parking located to the rear of the site and in 2 levels of basement.
‘Tapestry’ offers a high quality contemporary design, which looks to confidently engage and enhance Darrambul Street, positively contributing to the core Chevron Island precinct and it’s transformation into the Gold Coast’s cultural hub.
Article Source: www.urban.com.au
Real Estate6 years ago
Millions going into Brisbane homes with Asia boom 2.0 well underway
Property Management6 years ago
7 Common GST Mistakes On Property
Residential5 years ago
Ipswich Proves Frontier In Affordable Housing
Market Place8 years ago
Affordable housing in Queensland coastal suburbs
Residential6 years ago
Best Brisbane suburbs for rental returns
Market Place4 years ago
Affordable acreage suburbs within 20km of the Brisbane CBD
Infrastructure4 years ago
Decision on horizon for key marina section of huge North Harbour development at Burpengary
Market Place3 years ago
Moreton Bay makes top 10 list of places to invest in property