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
Two green bridges underway, Brisbane City Council seeks feedback on two more
Construction on two green bridges linking Brisbane’s inner-city suburbs is slated to begin this year, but the location of three other planned bridges remains unclear.
- Brisbane City Council pledged $550 million for five green bridges in 2019
- Two bridges begin construction this year and two others are out for consultation
- A planned bridge at Bellbowrie has been scrapped
In 2019, Lord Mayor Adrian Schrinner made a $550 million pledge to build five new green bridges, catering for pedestrians and cyclists, to reduce vehicle traffic and improve the city’s connectivity.
At Tuesday’s public and active transport committee meeting, Brisbane City councillors were given an update on the progress of the green bridges program.
Public and active transport committee chairman Ryan Murphy told the committee the council wanted state or federal funding support alongside the $550 million already committed.
The $190 million Kangaroo Point green bridge will be 470 metres long and 6.8 metres wide, with separated cycling and pedestrian lanes, linking the inner-city suburb with the City Botanic Gardens.
Construction on the Kangaroo Point and Breakfast Creek bridges will begin this year, with the council now out to tender for both.
Consultation for two West End bridges
Community consultation on the bridges from West End to St Lucia and West End to Toowong was extended following concerns the December-January consultation was too short.
For the West End bridges, suggested locations put forward by Brisbane City Council would either place the landing pads on public parks, such as Orleigh Park in West End and Guyatt Park in St Lucia, or on private property.
Greens councillor Jonathan Sri, in whose ward both West End bridges would sit, said it appeared the third option for the St Lucia bridge — between Keith Street in St Lucia and Boundary Street in West End — was most supported.
“I’ve heard from several residents who’ve said they think the Option C location for the St Lucia bridge is preferable from a transport perspective, but they have concerns about the scale and design of the exact alignment proposed by council, and the associated home resumptions,” Cr Sri said.
“The vast majority of residents seem to prefer alignment Option A for the Toowong Bridge, and it seems like the Toowong bridge in general has a lot more support.”
Option A for the Toowong bridge would see the bridge land at 600 Coronation Drive — the former ABC Towoong site now owned by developers Sunland, but put up for sale late last year.
Last year, Cr Schrinner ruled out purchasing the 600 Coronation Drive site saying the cost would be prohibitive, but said the council would consider resuming a portion of the land for a green bridge if needed.
LNP councillor James Mackay, in whose ward of Walter-Taylor the two bridges would land, recently spoke at a rally for a group opposed to a possible Guyatt Park alignment for the St Lucia to West End Bridge.
Cr Mackay referred queries about his community’s opinions to the lord mayor’s office.
Fifth green bridge site unknown
In mid-2020 a fifth proposed bridge, from Belbowrie to Wacol, was scrapped after several rounds of community consultation found little support.
The council is preparing options for a fifth bridge location, the committee heard.
Deputy Labor leader Kara Cook in a statement said she had lodged a petition with more than a thousand signatures calling for a bridge on the eastern side of the river.
Cr Cook said a bridge in her area — around Bulimba and Hawthorne connecting across to New Farm or Teneriffe — had been mooted since at least 1925.
Technical challenges are greater for the eastern section of the river as any new bridge must be of a height to allow ships through and would span a wider section of water.
Article Source: www.abc.net.au
Commercial Market Update – Brisbane Fringe Cityscope February 2021
The latest research from Brisbane Fringe Cityscope shows in the last three months property sale numbers have increased but sales figures have had a slight increase. The last three months to the beginning of February 2021 recorded 22 sales for a total of $114.2 million, with $23.7 million for commercial, $4.4 million for commercial strata, $4.2 million for retail, $4.3 million for retail strata and $77.5 million for other.
In comparison, the last three months to the beginning of November 2020 recorded 14 sales for a total of $98.9 million, with $86.2 million for commercial, $1.5 million for commercial strata, $800,000 for retail strata and $10.5 million for other.
The 12 months leading up to early February 2021 recorded 60 sales for a total of $323.5 million, more than $212.6 million less than the same time last year.
The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:
Significant sales recorded this quarter total nearly $80 million, these sales include:
After a failed sale to iProsperity, interests associated with Amora Hotels & Resorts have purchased the 296-room Novotel Brisbane Hotel for just over $67.8 million; the hotel will be rebranded following Novotel’s lease expiring in late April this year. JLL Hotels & Hospitality Group negotiated the sale. The hotel last traded for $63.5 million in 2010.
A three-storey child care centre at 20-22 Marie Street, Milton has been sold for $8.435 million; it was purchased through The Trust Company (Australia) Limited. The property, formerly an office building, was extended and refurbished in 2018 for use by the a 120-space child care centre. It previously traded for $6.15 million in 2017.
Developer, builder and property managers, Pellicano, have purchased 68 Brunswick Street, Fortitude Valley for $8 million from Metro Property Group. The property was originally going to house stage 4 of the adjoining Central Village development. The 5,374 sqm site was sold through JLL Brisbane and has Council approval to demolish the existing buildings on site.
Properties for sale include:
- Lanmor House, 124 Brunswick Street and 52 Amelia Street – a two-storey office building and a two-storey warehouse/office building, with a combined area of 960 sqm and associated car parking. For sale by expressions of interest, closing February 24, 2021; agent, Colliers International (Hunter Higgins and Nick Wedge).
- 29 Amelia Street, Fortitude Valley – two-strata units (the whole building) with a combined 828 sqm of office space over two levels, plus ground floor car parking for 20 vehicles. For sale by expressions of interest, closing February 18, 2021; agent, C Property Qld (Sam Callanan and Joe Kennedy).
- 196 Wickham Street, Fortitude Valley – a two-storey retail/entertainment building with lower ground level to the rear. For sale by offers to purchase; agent, Commercial Brisbane (Glenn Corrigan and Tom Chan).
Properties under contract (conditional or unconditional) include:
- 38 Warry Street and adjoining car parking at 41 Kennigo Street – 2,955 sqm of office space (the former Keatings Bread Factory site) and an adjoining carparking for 20 vehicles. Under contract; agent, Cushman & Wakefield Brisbane (Peter Court and Mike Walsh) and CBRE Brisbane (Jack Morrison and Peter Chapple).
- 72 Costin Street, Fortitude Valley – a single-storey plus mezzanine, brick office building with car parking for 15 vehicles. Net lettable area, 507 sqm. Under contract unconditionally with a long, one-year settlement period expected; agent, Colliers International Brisbane (Hunter Higgins and Nick Wedge). The property was advertised with a potential leaseback agreement from 9-months to three-years.
Article Source: www.corelogic.com.au
Brisbane, Gold Coast, Perth outstrip Sydney and Melbourne prestige property markets
The hunt for a house that’s not just a home, but a COVID-free castle, has pushed up prestige property prices in Perth, the Gold Coast and Brisbane, with a new report revealing the three cities outstripped the nation’s two biggest capitals during 2020.
The Knight Frank Wealth Report 2021, released today, also revealed the trio made a global splash in the Prime International Residential Index (PIRI 100), which tracks the movement of luxury home prices across the world’s 100 best residential markets.
Off the back of surging buyer demand, low interest rates and a greater emphasis on lifestyle, the three cities, with Perth in the lead, were ranked in the top 44 of prestige markets, after they each clocked up annual price growth of more than 2.5 per cent.
Sydney was ranked 56 – after prestige home prices grew just 1.1% – while Melbourne came in at 63 after prices rose 0.9 per cent.
A roaring resources sector and a push towards relaxed lifestyle locations saw Perth not just top the national list and rank 34th globally, but dramatically leap from last place among Australian capital cities in 2019 after prestige property prices soared by 3.6 per cent last year.
Luxury home prices in the Western Australian capital had remained almost stagnant the year before, rising by just 0.9 per cent.
The Gold Coast achieved a global ranking of 36 after prices grew by 3.2 per cent – compared to 1.8 per cent growth the year before.
Article Source: www.domain.com.au
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