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Glamour Brisbane home closes in on Teneriffe price record

Brisbane home

A modern masterpiece in the heart of Brisbane home quarter has achieved the nation’s second-highest sale at auction on Saturday.

A local family paid $5.45 million for the inner-city paradise – a figure that’s just more than $200,000 shy of the suburb record.

Perched high on Teneriffe Hill and occupying a 610-square-metre parcel, 16 Walker Avenue might look out of place next to the blue-chip street’s classic Queenslanders, but it didn’t stop a strong opening bid and major cash being splashed.

It also didn’t stop the four-bedroom masterpiece ranking as Teneriffe’s second-highest ever sale, with 34/1 Macquarie Street and 37 Macquarie Street, which both sold for $5.7 million, equally holding the crown.

Auctioneer and Ray White New Farm principal Haesley Cush said after bidding opened at $4.4 million most buyers were pushed to the side, leaving two to battle it.

“I was expecting bidding to open at around $4 million and from that point forward it was just two bidders in what was a well-paced auction of 12 to 13 minutes, which is a small amount of time when you think of the enormity of the money,” Mr Cush said.

Brisbane home

16 Walker Avenue, Teneriffe: the second-highest sale in Australia at auction at the weekend. 

He said the home had been rented out for the past year for $3000 a week thanks to its luxury features, including a designer lift, outdoor kitchenette and a saltwater pool.

The clearance rate on the weekend shot back to almost 80 per cent for the first time in weeks. Fifty-two homes sold under the hammer for a total $32,929,500.

Place Estate Agents Bulimba lead agent Shane Hicks sold 34 Henderson Street, Camp Hill, for $2.12 million after a local family looking to upgrade fought off interstate bidders.

Brisbane home

“We had eight registered bidders on the day and a really big crowd of close to a hundred in the back yard. It was a part of Camp Hill that’s called the ‘St Thomas’s precinct’ after the school, so it’s the favourite,” Mr Hicks said.

A Sydney buyer kicked off the auction with a strong $1.8 million bid before the home was called on the market at $2.1 million.

“The winner was an East Brisbane family with two boys and they had been looking for some time but they had outgrown their cottage there and they wanted to get yard space and they loved it,” Mr Hicks said.

Although it was a happily ever after for the buyers, Mr Hicks said it was quietly devastating for another family, who had specifically auctioned off their home at 8am the same day with the hope they would swoop in and land their dream abode just a couple of hours later.

Mr Hicks also sold the nearby 63 City View Road for $1.907 million – a home he also sold for $1.4 million about a decade ago.

Brisbane home

63 City View Road, Camp Hill QLD 4152 

“It’s a very different market today compared to then. If we had three bidders back then we’d be so excited and we’d be saying ‘this is great we might sell this today’,” he said.

“Whereas now, if I had three bidders I’d be disappointed. Obviously, the market is hotter, but the Queensland real estate psyche has changed. It has grown up.”

In Red Hill, a fierce battle of the first-home buyers raged for 24 Pleasant Street, which eventually sold to a young couple for $1.18 million through Judi O’Dea, of Ray White Paddington.

The cottage, with a kidney shaped pool, two bedrooms and a sprawling back deck, was offered to the market for the first time in 18 years, attracting seven registered bidders.

Brisbane home

24 Pleasant Street, Red Hill QLD 4059

Ms O’Dea said bidding for the turn-of-the-century cottage, with its “hilarious” pool, kicked off at $900,000 but quickly boiled down to just two buyers – the young couple from Ashgrove and a local single woman, who inspected it for the time mere minutes before the auction.

“I just think it was the charm of the cottage and the fact there is a swimming pool there and it was 506-square-metre parcel of land [that made it so appealing].

“The seller had owned it for over 18 years and for 12 of those years it has been an investment property. After the tenant left, they spent time, money and energy repairing it. It had original stain glass windows and the seller spent $7000 restoring them. I wasn’t sure she would get it back, but she didn’t want them to be wasted.

“In the end they got that money back in spades and that’s a big strong message to sellers and particularly to investors.”


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Best and Worst Suburbs For Rental Properties Revealed

rental properties

Australia’s rental Properties is tightening, finally reaching pre-Covid levels, however some suburbs are faring better than others.

The vacancy rate fell in May for the second consecutive month and now sits at 1.7 per cent. The last time rates were this low was February, 2020 according to research by Domain.

The report showed Sydney’s vacancy was at March, 2020 levels and Melbourne, while considerably high, was rapidly falling from its 5.4 per cent peak in December last year.

Adelaide and Brisbane had the lowest level of vacancy since the records began in 2017 while Canberra and Perth were close to record multi-year lows.

Worst places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Paramatta 4.6% Melbourne City 8.6% Brisbane Inner 3.4% Perth City 1.4% Adelaide City 4.7%
2 Auburn 4.4% Stonnington-East 7.8% Sherwood-Indropilly 2.5% Cottesloe-Claremont 1.5% Prospect-Walkerville 0.9%
3 Strathfield-Burwood-Ashfield 3.9% Whitehorse-West 6.1% Brisbane Inner-West 2.3% South Perth 1.1% Holdfast Bay 0.9%
4 Canterbury 3.9% Stonnington West 5.8% Nathan 2.2% Belmont-Victoria Park 1.1% Norwood-Payneham-St Peters 0.8%
5 Ku-ring-gai 3.2% Boroondara 5.6% Mt Gravatt 2.1% Canning 1% Burnside 0.7%

Best places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Camden 0.3% Yarra Ranges 0.2% Capalaba 0.2% Kwinana 0.3% Gawler-Two Wells 0.1%
2 Blue Mountains 0.4% Nillumbik-Kinglake 0.4% Caboolture Hinterland 0.3% Wanneroo 0.4% Marion 0.1%
3 Wyong 0.4% Maroondah 0.4% Nerang 0.3% Serpentine-Jarrahdale 0.4% Playford 0.2%
4 Gosford 0.6% Cardinia 0.4% Coolangatta 0.3% Cockburn 0.4% Tea Tree Gully 0.2%
5 Campbelltown 0.6% Mornington Peninsula 0.5% Wynnum-Manly 0.4% Swan 0.4% Salisbury 0.2%

^Source: Domain rental vacancy report, May 2021

Despite performing relatively poorly, Melbourne vacancy rate tightened more than any other capital, from 4.2 per cent in April.

Domain senior research analyst Nicola Powell said extended lockdowns in the state would impact the city.

“Vacant rental listings may increase in regions with a high proportion of people working in the hospitality and tourism sectors,” Powell said.

“Those who have had a significant reduction in hours may be forced to cut costs and move in with family or friends.

“Vacancy rates are also likely to remain particularly weak in areas with a higher proportion of short-term rentals as ongoing outbreaks affect interstate travel and sentiment towards travelling to Greater Melbourne.”

Home owners in Melbourne were trying to get ahead of the curb with the rate of homes selling before auction doubling.

Meanwhile, in a rare occurrence, house prices were on the rise in every capital city during May and 97 per cent of sub-regions.


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House Prices Up Again in Synchronised Upswing

House Prices

House prices are continuing to surge with prices up 14.3 per cent in a year as the national market has a rare “synchronised upswing”.

The only things that could slow the market are affordability constraints and tighter credit policies, according to Corelogic’s monthly home value index.

In May, dwelling values rose 2.2 per cent across capital cities, however, this was slightly weaker than March when prices increased 2.8 per cent, breaking a 32-year record.

Sydney had the strongest price growth at 3 per cent while Perth lagged behind at 1.1 per cent and the Melbourne market held on at 1.8 per cent as the state went into lockdown again.

Corelogic house prices: May

Month Quarter Year
Sydney 3.0% 9.3% 11.2%
Melbourne 1.8% 5.5% 5.0%
Brisbane 2.0% 6.2% 10.6%
Adelaide 1.9% 5.4% 11.8%
Perth 1.1% 3.8% 8.5%
Hobart 3.2% 7.7% 16.5%
Darwin 2.7% 7.9% 20.3%
Canberra 1.7% 6.5% 15.6%
Capitals 2.3% 7.1% 9.4%
Regional 2.0% 6.5% 15.2%
National 2.2% 7.0% 14.3%

^Source: Corelogic home value index May 2021

Corelogic research director Tim Lawless said of the 334 sub-regions analysed, 97 per cent recorded a lift in the past three months.

“Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” Lawless said.

“Despite the consistently strong headline results, the underlying trends have shifted during the past year.

“The most expensive end of the market is now driving the highest rate of price appreciation across most of the capital cities, whereas early in the growth cycle it was the most affordable end of the market that was the strongest.

“It was the smaller capital cities that led the housing market out of the Covid-19 slump, but now Sydney has risen through the ranks to record the largest capital gain during the past three months with values up 9.3 per cent.”

However, the increased prices are continuing to put pressure on affordable housing in Sydney with the NSW productivity commission finding a lack of housing was limiting the number of workers available.

Lawless said that for now, Australia remains firmly entrenched in a housing boom and will continue to rise in 2021 but will slow down as affordability affects market participation.


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Brisbane Airport’s $1bn Third Terminal

Brisbane Airport

Brisbane Airport has unveiled plans to build a $1-billion third terminal that will connect its dual runways.

The proposed terminal will be a 250,000sq m integrated L-shaped building that services both domestic and international operations, positioned between the two runways.

While the airport’s design hasn’t been finalised it will be put before Brisbane Airport Development and Design Integrity Panel as well as up for community consultation before being signed off on.

Brisbane Airport Corporation (BAC) said the development would be marked for completion in 2032, however, the timeline would be moved forward if Brisbane was confirmed as the host of the 2032 Olympic Games.

“Brisbane Airport has been blessed with two great pieces of terminal architecture in the current domestic and international terminals,” a Brisbane Airport Corporation (BAC) spokesperson said.

“[The new terminal] will be a modern, sustainable green building that harnesses the best of Queensland—its sunshine—alongside engaging retail options and touchless, self-service operations.

“It will also open up new international route opportunities like we saw with Chicago and San Francisco pre-Covid.”

Brisbane, currently Australia’s third-busiest airport spanning a 2700-hectare site, recently completed the construction of its $1.3-billion, 3.3km second runway.

The new runway has now given the airport the largest aviation capacity of any city in Australia, allowing for up to 110 aircraft movements per hour, comparable to major international hubs like Singapore Changi Airport and Hong Kong International Airport.

Brisbane Airport Corporation is also set to spend another $2 billion on major projects over the next five years.

“The aviation industry is resilient and has weathered many storms,” head of infrastructure development Paul Coughlan said.

“Air travel will bounce back, as it did after the 11 September 2001 terror attacks and the global financial crisis. It has always rebounded, and it rebounds strongly.

“Now more than ever, it is crucial that we have the infrastructure and mechanisms in place to allow our great city and state to recover from Covid-19.

“As we emerge from the pandemic, Brisbane Airport will be in the best position possible to attract new airlines and new routes, connecting Brisbane to the world more than ever before.”

Along with a new northern integrated domestic and international terminal, BAC wants to connect the airport precincts together with a new Australian-first airport mass transit system.

As part of the Brisbane Airport 2020 masterplan, BAC is planning a mass transit system that could handle the forecasted 50 million passengers and 50,000 workers that will transit through the Airport precinct by 2040.

According to BAC, an elevated air-train transit system could handle 3200 passengers per hour and take no longer than five minutes.


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