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Double shot at buying property in Moreton

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PARTNERING up to break in to the property market is becoming even more popular as the proportion of single buyers dwindles.

Moreton Investor, Property Management, Real estate Moreton, Mortgage Broker Moreton, Moreton property market,Moreton property prices
While interest rates remain at record lows, house prices have softened and first-home buyer grants have been wound back, a growing number of property hopefuls are joining forces to try to make it easier to break into the property market.
ING Direct, the nation’s fifth largest lender, found the number of single first-home buyers has fallen from 55 per cent in 2009 to 43 per cent this year.
ING mortgage products manager Tim Newman says there is a combination of factors that has led to fewer people signing the dotted line on their first home loan themselves.
“Property prices have come off over the last few years. . . prices in general are still quite high, so the level of affordability still remains a challenge for most,” he says.
“At the same time, we’ve seen a lot of change in the level of government incentives for first-home buyers and changes in the way they are structured.
“They are geared now to only construction of new dwellings, so that presents a challenge for first-home buyers.”
Data from Loan Market has also seen a downward trend of single first-home buyers.
Spokesman Paul Smith says in the year to June, Loan Market saw a 15 per cent rise in the number of first-time buyers inquiring about mortgages with more than one person.
Danielle Johnson, 27, and her husband Nathan, 28, bought a two-bedroom townhouse together last year.
She says the barrier of breaking into the property market was far more achievable by doing it with someone instead of going alone.
“It was much easier doing it together. We could pool funds and get the deposit together and make the repayments together,” she says.
“We were lucky we both had inheritances from our grandparents and had that as a nest egg, and we were both living at home intentionally so we could save more.
“I wasn’t paying rent or paying any bills so my wage was going towards saving for a deposit.”
ING Direct’s Newman says while saving a deposit is a tough challenge, first-home buyers should try and build up a deposit of at least 20 per cent so they can avoid hefty costs, including paying lender’s mortgage insurance, which could be thousands of dollars.
 
Original article published at www.news.com.au by Sophie Elsworth, News Limited Network 4/8/2013

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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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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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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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