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Hamilton home sells for $1.56 million in big auction weekend in SE Queensland

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In a big weekend of auctions in Brisbane, a Melbourne buyer returned for the second weekend in a row, to try to snap up a property.

But, he was unsuccessful in his bid to buy 128 Kennedy Terrace, Paddington, in Brisbane’s inner west, which sold to a couple living in the nearby suburb of Taringa for $1,262,000.

Ray White Paddington’s Judi O’Dea said the auction of the three-bedroom home was held online and also had phone bidders, such was the interest in it.

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A crowd of more than 80 people watched the sale of the property owned by a couple who run a home pre-sale makeover company called Niche Reform.

“The sale price was [$72,000] above the property’s $1.19 million reserve,” Ms O’Dea said.

The weekend’s market was buoyant but stock was still quite low although vendors with good quality properties were looking to sell, she said.

“I haven’t seen the market quite as active as this,” Ms O’Dea said. “It’s to do with the quality of the stock and the fact interest rates are low and are likely to stay that way.”

The unlucky bidder from Melbourne, who also tried his luck at an auction at 168 Boundary Road, Bardon, last weekend, was still looking for a Queensland home, Ms O’Dea said.

The auction was one of 44 scheduled for the weekend. By late Saturday, Brisbane’s preliminary auction clearance rate was 38 per cent after 32 results were reported. Only four scheduled auctions were withdrawn from sale.

The biggest reported sale of the weekend, and one of the biggest in Yeronga, was that of former Olympic swimmer Susie O’Neill.

The eight-time Olympic medallist sold her family home at 401 Brisbane Corso for $3,055,000 to a family looking to move to the area.

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Another of the biggest sales was a five-bedroom home at 27 Atkinson Street, Hamilton. It sold under the hammer for $1.56 million to a family with a newborn baby.

Ray White Ascot’s Oliver Jonker said four registered bidders competed for the sale, with lots of interest from buyers prior to the auction.

“It was really great. We had about 60 people attend, and prior to the auction, we had 33 inspections,” Mr Jonker said.

big auction weekend

“A lot of work went into getting this house ready for sale. The sellers put in new electrics, new lighting, painted and landscaped.

“It’s a beautiful Queenslander on the side of the hill and you just don’t get an opportunity like this very often,” he said.

Another beautiful Queenslander in Hawthorne, in Brisbane’s inner east, also sold for above $1 million.

Seven bidders registered for the auction of the three-bedroom home at 60 Leura Avenue with a buyer from the street next door snapping up the home for $1.14 million.

Hamilton Big Auction

Place Estate Agents Bulimba’s Sarah Hackett said the buyer, who paid $40,000 above the reserve, would be renting out the home.

Ms Hackett said only local buyers were bidding on the property.

“We are getting an unprecedented number of inquiries, particularly from down south [Victoria],” Ms Hackett said.

Seven bidders also registered for the sale of a home at 55 Mearns Street, Fairfield, on Saturday afternoon.

Four buyers were ready to put in an offer if the house passed in, Harcourt Property Centre’s Paul Brinckman said.


Of the bidders, about a third of them were investors looking for their next rental property, Mr Brinckman said.

The two-storey home, however, was snapped up under the hammer by a professional couple, for $840,000.

The husband had grown up in the house next door to the property, he said.

“His mum still lives there,” Mr Brinckman said. “He is happy to be so close to his family home.”


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Mapletree Makes $114m Move on Blackstone’s Brisbane Estate

Mapletree Makes $114m Move on Blackstone’s Brisbane Estate

Another logistics asset has changed hands in southern Brisbane, with Mapletree swooping on Blackstone’s distribution centre for $114 million in Brisbane’s busy industrial and logistics market.

It’s the second Blackstone Brisbane asset to change hands in the past week, following the divestment of its 18-hectare Acacia Ridge site to ESR for $90 million.

The Woolworths anchored property, located at 338 Bradman Street, spans two buildings comprising 55,000sq m and sits on an approximate 110,000sq m land parcel in an established industrial and logistics precinct, 18-kilometres south of Brisbane city.

The property is fully leased, and is expected to generate an initial yield of 4.9 per cent.

Woolworths Group leases 84 per cent of the property, which supports its operations in Queensland and northern New South Wales.

Property fund manager Mapletree is the first Asia-focused logistics REIT in Singapore, listed on the Singapore Exchange in mid-2005, and is managed by Mapletree Logistics Trust Management, a wholly-owned subsidiary of Mapletree Investments.

The latest buy boosts Mappletree’s Brisbane holdings to three properties, following its $105 million purchase of a Coles distribution centre in Heathwood in 2018, and a newly built A-grade Inala facility purchased this year in June for $21.25 million.

It now has a total of 13 properties across Australia.

The Covid-19 pandemic has seen a major uptick in online shopping, particularly in the food, beverage and grocery sector.

Mapletree says the Acacia Ridge location is well-positioned to benefit from infrastructure developments, specifically, the $8.4 billion high-capacity inland freight rail connecting Melbourne and Brisbane which is expected to increase rail freight between the two cities, due to be in operation in 2026.

The property is expected to be completed by the end of the financial year 2021, subject to the Australian Foreign Investment Review Board’s approval.

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Construction of Brisbane’s first new and highly anticipated golf course in 70 years has begun

Construction of Brisbane's first new and highly anticipated golf course in 70 years has begun

Construction of the long awaited Minnippi 18-hole championship public Golf Course and club in Cannon Hill is underway after receiving approval from Brisbane City Council earlier this year.
The golf course stretches between the Fursden Road playing fields at Carina and the hill beside Cannon Hill Shopping Centre.

The golf course will be the first of its kind for the area and will have everything for golf beginners to championship professionals, with a standard championship length 18-hole game, two nine-hole courses and a shorter six-hole course.
The 125 hectare site which the public golf course is being built on is located on the unused Brisbane City Council land on the western side of Bulimba Creek, east of Creek Road and north of Fursden Road at Cannon Hill. Bulimba Creek separates the development site from the existing Minnippi Parklands recreation area.

Along with construction delivered by one of Australia’s biggest construction companies, BMD, Council have planted 80,000 native trees on the site. The golf course is effectively an expansion of the Minnippi Parklands at Tingalpa and will remain in public hands and be operated by the council.

This year’s pandemic has seen a tough year for construction, however the golf course moves ahead into its next stage, which will provide a great boost for local jobs and supplier opportunities. The course surrounds and brings a picturesque backdrop to Azure Development Group’s recently completed residential enclave, Cornelia Edition.

Cornelia Edition is an exclusive gated community offering 31 luxury golf course terraces with resort-style amenities for residents. Primely located in the East Brisbane suburb of Cannon Hill, the terraces interact directly with the new golf course and benefit from the areas diverse and amenities with a strong community feel.

Cornelia Edition brings resort living inspired by the Palms Springs lifestyle with resident amenities including a large resort-style pool, outdoor lounge, fireplace, and open leisure area with a selection of terraces enjoying uninterrupted views of the parklands.
Residents of Cornelia Edition will benefit from the lush green views of the high end golf course by having a direct interface to one of the holes and the natural amenity of the community. Parks, connected bikeways and the convenience of good public transport provides residents with a peaceful and easy lifestyle.

Construction on the exclusive housing enclave has completed and work on the golf estate is expected to be finished in 2022.

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Nicholas Failla
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Novotel Brisbane sold to offshore group JLL

Novotel Brisbane sold to offshore group JLL

Further hotel transaction activity points to continued investor confidence with the Novotel Brisbane sold by CDL Hospitality Trusts (“CDLHT”) to Amora Hotels & Resorts for $67.9 million by JLL.

In further signs of continued investor confidence in the Australian hotel sector, the Novotel Brisbane has sold by CDL Hospitality Trusts (“CDLHT”) to Amora Hotels & Resorts for $67.9 million.

The transaction was brokered off-market by JLL Hotels & Hospitality Group.

Prominently situated on the north-eastern edge of the CBD next to Central Railway Station and only a short walk from many of the city’s key demand generators, the Novotel Brisbane features 296 guest rooms, full-service restaurant and bar, café, ballroom and function rooms, 70 car parking bays, an outdoor swimming pool and gymnasium. The property is currently leased until early 2021 at which time it will be rebranded and owner operated by Amora Hotels & Resorts.

Mr Vincent Yeo, Chief Executive Officer of CDLHT’s managers, said, “As part of our proactive asset management strategy, the divestment of Novotel Brisbane allows us to recycle capital to maximise long-term value for Stapled Securityholders.” CDLHT’s managers intend to utilise the proceeds from the divestment mainly to repay existing borrowings, which will further strengthen CDLHT’s balance sheet and enhance its financial flexibility through increased debt headroom, or fund acquisitions if suitable opportunities arise.

Raja David, Director/Owner Representative, Amora Hotels & Resorts, said “We are absolutely delighted to enter the Brisbane market through the acquisition of such a well-known hotel. This property will perfectly complement our existing portfolio and help to further accommodate the needs of our loyal guests. We are now looking forward to the rebranding and exploring further expansion opportunities for our Australian network.”

Peter Harper, Managing Director – Head of Investment Sales Australasia, said “The sale of the Novotel Brisbane is another clear example that high-quality hotel real estate remains sought after across Australia, despite the obvious short-term challenges ahead. This transaction follows our recent sale of the Vibe Hotel Melbourne for a reported $108 million and with several other assets in the market we expect to announce at least another $300 million of deals before year end.”

He added, “Six months on from the initial impact of COVID-19, its apparent that there is a two-tier market emerging. Given how tightly held the Australian hotel market has historically been, many investors are taking a long-term view and largely seeing the current environment as an opportunity to acquire previously ‘unobtainable’ assets. As such, investment grade hotels in good condition and locations are still seeing strong investor demand and this competitive interest is helping to maintain capital values. Whilst many purchasers were hoping to see wide-spread heavy discounts to pricing, the reality is that we are only seeing this for assets that are situated in secondary locations, require significant capex or considered likely to be the last to fully recover.”

Mike Batchelor, CEO Asia Pacific, said “Offshore investors have always been attracted to the Australian hotel market and this is even more evident in the current environment where the country

is clearly viewed as a flight to quality destination due to its strong investment fundamentals, the way our Governments have handled the COVID-19 crisis relative to other nations and a very positive medium to long term outlook.”

“Our team of 90 across Asia Pacific are currently constantly fielding interest and enquiry on Australian hotels, be it for existing sale offerings or the search for off-market opportunities. Pleasingly, it’s not just from the traditional capital source markets of Singapore, Hong Kong and Malaysia, but increasingly also emerging markets such as Thailand and Vietnam,” he noted.

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