Gold Coast parents are trying to help their kids get on the property ladder and are risking their own homes to do it.
New figures released by the Mortgage and Finance Association of Australia show parental guarantee loans, where the borrower uses the equity in their parents’ home as security for their mortgage, are making up one in every six loans written by many brokers.
Mortgage Choice Burleigh Heads broker James Hasselle heeded caution.
“Parents need to consider if they are going to downsize in the future because they will take the guarantee with them,” he said.
“Something I hear a lot is that family relationships crumble and it is wise to get a family law solicitor because sometimes the process can become conflict driven.”
REIQ Gold Coast zone chairman John Newlands said he had seen a huge increase in first-home buyers asking for their parents’ help.
“Leaning on parents to top up short falls is becoming increasingly popular and it enables someone to get in to the market,” Mr Newlands said.
“Some of the banks now accommodate for parental guarantors. It is an effective way to get in because it offers the first-home buyer security.”
MFAA director Melissa Gielnik said housing affordability was “not improving” for entry-level buyers. “Parental guarantee loans represent over 15 per cent of loans written for some brokers,’’ she said.
“A lot of people getting these loans do have savings but their parents are helping them break into the market and avoid mortgage insurance.”
Lenders mortgage insurance is payable if the borrower has less than a 20 per cent deposit and it can costs thousands of dollars.
However, there are still cheap options for first-home buyers on the Gold Coast.
Leda Group is offering 60sq m units in Pimpama from $325,000. They feature two bedrooms and two bathrooms.
“We just sold six homes in the first week to first-home buyers,” Leda Group’s Richard Duce said.
“I am seeing a lot of people using the First Home Buyers grant, borrowing the balance and paying it off.
“It is a wiser way to getting into the market compared to splashing out on rent.”
Original article published at www.goldcoastbulletin.com.au by Hannah Sbeghen 18/6/16
April 2021: Four homes to secure in Queensland’s City of Logan from $230,000
The City of Logan is situated in a thriving growth corridor between Brisbane and the Gold Coast, with abundant amenities, good schools and a burgeoning health precinct
Queensland is in the midst of an exciting period of growth and Logan City is well-positioned in the centre of this change.
The City of Logan is situated in a thriving growth corridor between Brisbane and the Gold Coast, with abundant amenities, good schools and a burgeoning health precinct.
More and more home buyers are purchasing their first property in Logan thanks to its fresh and contemporary residential neighbourhoods, new estates and bushland acreage.
The adjacent Griffith University Logan campus, Queensland TAFE and the $145 million Logan Hospital expansion provides the opportunity for Meadowbrook to evolve into a major health and educational hub.
Given its central geographic location in south-east Queensland and available young workforce, Logan is ideally placed for continued growth in the region and provides great opportunity for families and investors.
Urban takes a look at four homes to secure in Logan City from just $230,000.
1. Brookhaven, Bahrs Scrub
Address: 33 Menora Road, Bahrs Scrub QLD 4207
Four-bedroom townhome from $475,000
Brookhaven is a new master planned community in Logan City, balancing safety, amenity and liveability amongst picturesque natural surrounds.
Situated just 4.3-kilometres from Beenleigh Town Centre, Brookhaven is connected to Brisbane and the Gold Coast.
Developed by Frasers Property Australia, the homes achieve a five-star green star communities rating and up to 5km of multi-use trails promoting walking, running and bike riding.
2. Aquila Lodge, Eagleby
Address: 10 Bishop Street, Eagleby QLD 4207
One-bedroom townhome from $230,000
Located near train stations, the Pacific Motorway and Logan Motorway, Aquila Lodge offers an 18-townhome development in the City of Logan’s Eagleby.
Each residence features one bedroom, one bathroom and a single-car lock-up garage.
The 42sqm homes include stone benchtops, stainless-steel appliances and air-conditioning to present comfortable living to its residents.
3. Clearwater Junction, Bethania
Address: Clearwater Street, Bethania QLD 4205
Three-bedroom townhomes from $335,000
Clearwater Junction is an established townhouse complex located in the hidden away suburb of Bethania.
Located in a cul-de-sac street, the peaceful residential development is bordered by farmland and situated within walking distance to the train station and shops.
Three and four-bedroom townhomes are available at the project, with a mixture of designs and layouts, including both single and double storeys.
Amenities include a well-appointed gym, in ground swimming pool, and picnic area.
4. Acacia Waters Estate, Eagleby
Address: Fryar Road, Eagleby QLD 4207
Two-bedroom apartments from $305,000
Surrounded by gardens, walking paths and numerous amenities, Acacia Waters Estate presents nine contemporary designed buildings in Eagleby.
Residents who secure a home in the development will benefit from 24-hour on-site management, undulating lawns and ample visitor parking.
Other amenities include a swimming pool and barbeque pergolas, as well as essential amenities in close proximity, including parks, public transport and shops.
Article Source: www.urban.com.au
Why this century old home ‘with a distinctive red roof’ is about to sell for $11million – and it’s not even in Sydney
A century-old home that is known for its distinctive red roof could be sold for $11million.
The house, which was built in 1922, sits on 546 square metres of land at 10 Goodwin Terrace in Burleigh Heads, on the Gold Coast.
Owners Brian and Lauren McMaster bought the three-bedroom home for $7million in 2020 and planned to build a standout family home in its place.
The location of the home, which overlooks the ocean, has drawn plenty of interest from buyers who see it as a prime opportunity for residential development.
The McMasters are currently in talks with property investment company Spyre Group and have placed the home under contract for $11million, Gold Coast Bulletin reported.
Real estate Amir Prestige is overlooking the deal though has remained tight-lipped on any further details.
The $11million price tag breaks down to $20,146 a square metre for the property, smashing the residential site record that sat at $18,541.
The price of the house has grown astronomically since it was built in 1922.
The original owners sold it for just $49,000 in 1977 and changed homeowners several times, each time raising the market price.
Engineer John Howe bought the then-two bedroom home for $3.9million in 2005.
He added a third bedroom under the house before selling it for $4.75million in 2016.
Distribution service owner Jay Mcphee bought the house and resisted offers from the new home owners for three years before finally caving to pressure.
Article Source: www.dailymail.co.uk
Historic Brisbane bayside home back on demolition path after court ruling
A Brisbane home with bayside views and built more than 70 years ago, looks likely to disappear after a Queensland court overturned Brisbane City Council’s rejection of a demolition application.
The house at 478 Flinders Parade in Brighton, Brisbane’s northernmost suburb, has the waters of Moreton Bay just metres from its doorstep and was built pre-1947.
Property owner Aaron Hawke submitted his demolition application on May 8, 2020, but it was rejected on July 9 because it conflicted with Brisbane’s identity, according to Council.
“[The demolition application] does not maintain the traditional building character … [and] does not protect residential buildings constructed in 1946 or earlier,” Brisbane City Council wrote.
“The house has not been demonstrated to be structurally unsound.
“The existing pre-1946 dwelling house has a relationship to the precinct and continues to maintain and represent a traditional building character streetscape in building form and scale.”
Between late 2006 and early 2007 and between late 2009 and early 2010, two pre-1947 houses were demolished in the area close to the subject property.
The first at 466 Flinders Parade was knocked down because it had been substantially altered and had therefore become structurally unsound.
The second at 484 Flinders Parade disappeared because it was not considered to be a good example of traditional timber and tin design and construction.
“Since 1964, the character of this section of Flinders Parade has changed dramatically,” court documents said.
“The large vacant block on the corner of Flinders Parade and Fourteenth Avenue was subdivided and two new large modern houses were constructed thereon.
“An existing vacant parcel of land was developed with a more modern form of design and construction. Another larger lot was subdivided and developed with a large and modern house.
“The net result of all of this was that this section of Flinders Parade now comprises of 13 dwellings of which only four have been definitively identified as pre-1947 houses.”
Two Brisbane heritage architects, Malcolm Elliot and Michael Kennedy, gave evidence to Queensland’s Planning & Environment Court.
“The house is an isolated, lower quality example of pre-1947 residential construction within a section of the subject streetscape otherwise predominated by prestige bayside residences of contemporary design, materiality and detailing,” Mr Elliot testified.
“The retention of an isolated representation of traditional building character within an otherwise predominantly modern part of the streetscape is not considered to represent a concerning, meaningful or significant loss of any traditional building character.”
However, Mr Kennedy held a different view.
“[The subject house] makes an important contribution to the traditional building character in this section of Flinders Parade. It is prominent in the street and displays obvious traditional building character. It is one of four pre-1947 houses that together with a large house at 472-474 collectively impart traditional character to this section of Flinders Parade,” he said in his evidence.
However, Judge Richard Jones decided “the street no longer has a sufficient level of traditional character” and allowed Mr Hawke’s appeal against the original Brisbane City Council rejection.
Article Source: www.brisbanetimes.com.au
- Property Management6 years ago
7 Common GST Mistakes On Property
- Residential4 years ago
Ipswich Proves Frontier In Affordable Housing
- Infrastructure3 years ago
Decision on horizon for key marina section of huge North Harbour development at Burpengary
- Market Place3 years ago
How to make $1 million ‘flipping’ houses
- Developments3 years ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct
- Market Place3 years ago
Moreton Bay makes top 10 list of places to invest in property
- Brisbane2 years ago
Queensland leads the way in market recovery
- Developments5 years ago
Caboolture West could be Australia’s next major regional centre