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Hammer time: Brisbane falls for auctions in $17 million weekend

Brisbane

Brisbane new-found romance with auctions is fast becoming a serious love affair after a record-setting median sale price was clocked across the city on Saturday.

From the reported 39 properties sold under the hammer, according to the latest Domain data, almost $17 million in real estate was transacted with the average home selling for $1,247,500 – which is the highest recorded median price in the past six months of weekend auctions.

It’s a staggering figure that property punters say has cemented the widespread shift from private treaties, in line with Melbourne and Sydney.

“Across Australia, we had 5.1 registered bidders on Saturday and across Brisbane we had an average of 8.1 registered bidders at every auction,” Ray White Queensland chief auctioneer Mitch Peereboom said.

“We also had an 87 per cent clearance rate, which is double what we were seeing just before COVID,” said Mr Peereboom.

Brisbane

74 Gordon Street, Gordon Park. 

It paid off to go to auction, with Ray White recording prices achieved at auction were 11.7 per cent above the highest offer made during the sales campaign.

“The sale prices were extraordinary and competition between buyers is really driving those prices up. People see great results and that gives them confidence and auctions create more auctions,” Mr Peereboom said.

Across Ray White offices on Saturday one of the most exciting sales clocked was in the city’s smallest suburb of Gordon Park, where 16 registered bidders battled it out for a quaint five-bedroom Queenslander at 74 Gordon Street.

74 Gordon Street, Gordon Park QLD 4031

74 Gordon Street, Gordon Park QLD 4031 

In the end, a young family forked out $1.41 million for the winning bid, a whopping $200,000 above the reserve.

“The market is moving and changing every week and, whilst we have a shortage of stock, we are starting to see more sellers come onto the market. The results speak for themselves,” said selling agent Douglas May, of Ray White Sherwood.

In Cannon Hill Meagan Muir, of Place Estate Agents Bulimba, sold a stunning premium family home at 89 Erica Street for a reserve-busting $1.325 million after a Sydney buyer beat seven other registered bidders.

89 Erica Street Cannon Hill QLD 4170

89 Erica Street Cannon Hill QLD 4170

“It ended up coming down to $1000 dollar bids and it took just seven minutes,” Ms Muir said.

“The buyers were so excited and they said they couldn’t wait to call Queensland home. It was an all-round fantastic auction.

“In fact, this weekend really cemented Brisbane as an auction-friendly place. Buyers are finding great transparency and they can openly see what people are prepared to pay.”

Ray White Ascot principal Dwight Ferguson put away one of the highest recorded transactions for the day after selling 34 Isedale Street, Wooloowin, for $1.9 million.

Brisbane

34 Isedale Street, Wooloowin. 

While nine registered buyers came out to bat, he said the bidding war ended up between a Sydney home hunter and a local, with the southern buyer walking away with the grand property prize.

“In the suburbs there were strong really prices on average and I suppose sellers see auctions as a benefit,” Mr Ferguson said.

Brisbane

34 Isedale Street, Wooloowin QLD 4030 

In Murarrie, Tammy Dale, of Place Estate Agents Bulimba, sold the charming and almost century old cottage at 51 Woodanga Street for $930,000 in an auction she said wasn’t just emotional, but a happy-ever-after story for both the buyer and the seller.

“The buyer missed out on this home the last time it went up for auction [about a year ago] so you could tell she really wanted it. She ended up bidding higher than she originally talked about and, in the end, it was such a great outcome,” Ms Dale said.

Brisbane

51 Woodanga Street Murarrie QLD 4172 

“The sellers bought this house for $750,000 a year ago and while they spent a bit of money it was a great result.”

In Grange, Ray White Wilston principal Alistair Macmillan sold 78 Carberry Street  for a record-smashing $1.5 million after a battle between 12 registered bidders with a local family securing the prize.

“The highest sale price for an original Queenslander on a block over 800 square metres in Grange was $1.35 million, so we are absolutely delighted to have smashed that record,” Mr Macmillan said.

“The buzz around this auction was fantastic. There were close to 200 people in the backyard watching.”

Brisbane

78 Carberry Street Grange QLD 4051 

Other top results included a spectacular five-bedroom home at 20 Seventh Avenue, Windsor, which sold under the hammer for $1.74 million through Garry Jones Homes, and a sophisticated unit at 95/2 Goodwin Street, Kangaroo Point, which clocked $1.52 million through Hugo Alexander Property Group.

 

Article Source: www.domain.com.au

Brisbane

The Gabba Games – State’s $1b plan to turn stadium into sporting Mecca for 2032

Gabba

The Palaszczuk government will push ahead with a redevelopment of The Gabba as the centrepiece of its 2032 Olympic Games bid, but it still needs support and a whole lot of money.

The government has rejected lacklustre greenfield sites near Bowen Hills and instead gone across the river to Queensland’s major AFL and cricket venue at Woolloongabba. If the plan goes ahead, and Queensland secures the games, The Gabba will become a building site for five years while an Olympic-class stadium is built.

The Gabba is normally used around 40 weeks in every year. Taking it out of action will require negotiation with a neighbouring school, the Brisbane Lions and Queensland Bulls, along with the Queensland Cricketers’ Club, which has previously been a stumbling block to work on the stadium. It is yet to be seen whether losing a home ground, and maximum revenue for five years, is worth having a larger, modern venue to return to.

While the International Olympic Committee favours using existing venues, thereby reducing the cost to host cities, Palaszczuk is intent on asking the Commonwealth to help fund a complete rebuild. There is no funding agreement yet, let alone architectural plans, but Palaszczuk suggested the new stadium could cost $1 billion.

Palaszczuk said another 8,000 seats could be added to The Gabba, taking its capacity to 50,000, serviced by the nearby Cross River Rail station currently under construction. It would be higher than the existing stadium, to allow for pedestrian overpasses across nearby roads to funnel patrons directly into the new venue.

That would give The Gabba more seats than the old QE2 stadium, which currently has capacity of 48,500, but fewer seats than Suncorp Stadium (52,500). It would have better transport connections than the Nathan venue and in the circular format that suits athletic events and the Olympic opening and closing ceremonies.

“The Gabba has been home to our sport since 1895,” Palaszczuk said.

“A home for the 2032 Olympic Paralympic Games could be its crowning glory.”

“We’ve hosted the AFL here, we’ve hosted cricket here, but for the Olympics, this is front and centre – opening and closing ceremonies, athletics, you name it, it’s going to be the best,” she told Nine’s Today program.

Palaszczuk told parliament a key factor in deciding to use The Gabba was being able to utilise the adjacent Cross River Rail station. She noted the rail project was being delivered with “not one dollar from the Commonwealth” but her office was not in a position to clarify whether the $1 billion would include any rail station components.

The Gabba was built in 1895 and has undergone two substantial renovations and refurbishments since 1993.

The last major redevelopment was completed in 2005 when a 24-bay grandstand built for $128 million.

The Gabba’s public, corporate and media facilities also received a $35 million upgrade in 2020.

The Labor government will seek financial support from Brisbane City Council and the federal government for the project.

“We do need this, and it’s going to be utilised for the future, so they don’t want white elephants they want workhorses, and The Gabba is definitely a workhorse,” Palaszczuk said.

The International Olympics Committee named Brisbane as its preferred host city in February.

But a final decision rests on detailed discussions with Games chiefs and key commitments from the federal government.

Australian Olympics Committee president John Coates addressed cabinet on Monday, where MPs formally endorsed Brisbane’s candidacy.

“This is still contingent on guarantees that need to be received from the federal government,” Palaszczuk stressed on Monday.

She has had a discussion with Prime Minister Scott Morrison and more talks will occur in the coming weeks.

“We are basically doing years and months of work in a very short time frame to meet the deadlines the IOC has set us,” she said.

The state needed the boost the games would bring, including 130,000 jobs.

“It gives us hope, after going through the pandemic. It gives us hope for the future,” the premier said.

Morrison is expected to have more to say on Queensland’s Olympic plans on Tuesday.

Last month, he told the IOC the Australian government was firmly behind Brisbane to host the games.

But Brisbane is not without rivals.

Earlier this month, South Korea said Seoul had submitted a proposal to host the 2032 games, despite Brisbane’s frontrunner status.

 

Article Source: inqld.com.au

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Brisbane

Irongate Group Acquires Two Brisbane Industrial Properties

Irongate

Irongate Group (ASX: IAP; JSE: IAP) has entered into agreements to acquire:

  • an industrial facility located at 57 – 83 Mudgee Street, Kingston QLD (Kingston Property); and
  • an industrial facility to be constructed at Lot 24, Dunhill Crescent, Morningside QLD (Morningside Property).

Both properties are being acquired on a fund through basis. The purchase price of the Kingston Property is $14,320,000 representing an initial yield of 5.73%, and the purchase price of the Morningside Property is $5,932,000 representing an initial yield of 6.02%.

Commenting on the acquisitions, IAP CEO, Graeme Katz, said, “the Kingston Property will comprise two brand new, high quality generic warehouse and distribution facilities with 2,270m² leased to Construction Sciences for 10 years with fixed annual escalations of 2.5% and 3,250m² leased to Wako Kwikform for 8 years with fixed annual escalations of 3.0%. The Morningside Property comprises 1,016m² of space that will be leased to 3M Australia to be used as its Queensland head office and last mile distribution facility. The lease term is 10 years with fixed annual escalations of 3.0%.

“Both acquisitions are consistent with IAP’s strategy of acquiring good quality industrial properties with strong tenant covenants and long lease terms. IAP believes the Brisbane industrial market currently represents relative value, and the acquisitions complement IAP’s recent Brisbane industrial acquisitions in Brendale (completed in January 2021) and Pinkenba (completed in March 2021). The acquisitions will increase IAP’s exposure to industrial property to 34% by both income and value.”

Both acquisitions are due to complete in mid-May 2021.

 

Article Source: finance.yahoo.com

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Brisbane

Brisbane Housing Market Insights: April 2021

Brisbane

The Urban Developer’s Brisbane housing market insights for March reveals increased demand for houses has been underpinned by increasing consumer sentiment and a surge in interstate migration.

This resource, to be updated monthly, will collate and examine the economic levers pushing and pulling Brisbane’s housing market.

Combining market research, rolling indices and expert market opinion, this evolving hub will act as a pulse check for those wanting to take a closer look at the movements across the market.

Brisbane house prices have soared to record heights after a steady 12 months of growth and a rebound in listings and sales during recent months.

Brisbane’s housing market has remained particularly unaltered by the closure of international borders, where historically high demand from overseas migrants has been disrupted.

Brisbane advanced a further 2.4 per cent during March, pushing it up 4.8 per cent for the recent quarter and 6.8 per cent for the year to date.

The current median value for dwellings is $548,260, which is $12,642 higher than just a month ago.

The median house price of $607,969 continues to attract interstate migrants from the larger markets of Sydney, where the median is now $1.1m, and Melbourne at $859,097.

The premium end of the Brisbane’s housing market is still leading the acceleration in capital gains with upper-quartile property values rising by 3.1 per cent. Lower quartile property values were up 1.1 per cent throughout March.

Brisbane median house and unit price values

TypeMonthQuarterAnnualMedian
All2.4%▲4.8%▲6.8%▲$548,260▲
Houses2.6%▲5.3%▲7.9%▲$607,969▲
Units1.0%▶2.4%▲1.9%▲$400,866▲

^Source: Corelogic Hedonic Home Value Index – March

 Brisbane has clocked its highest auction clearance rate in six months.

CoreLogic’s weekly auction clearance rate across the combined capitals has been at or above 80 per cent just five times since 2008, and four of those were in March, 2021.

The week ending March 7, recorded Brisbane’s highest auction clearance rate on record—82.3 per cent—while also being the busiest week for auctions since late March, 2018.

Total listings across the country remain 26 per cent below the five-year average.

Brisbane auction clearance rates

WeekClearance rateTotal Auctions
Week ending 7 March 202182.3%107
Week ending 14 March 202165.2%110
Week ending 21 March 202173.0%151
Week ending 28 March 202168.8%191

^Source: Corelogic Auction Clearance Rates – March

Gross rental yields in Brisbane remains favourable compared to Sydney and Melbourne at 4.3 per cent.

According to the SQM, Brisbane’s gross rental yield for houses is currently 4 per cent and 5.2 per cent for units.

Vacancy rates are where your jaw may drop, with Brisbane at just 1.5 per cent, and other locations below 1 per cent.

Traditionally Brisbane’s vacancy rates have been tight, hovering well below the level of 2.5 per cent, which represents a balanced rental market.

Brisbane residential rental vacancy rate

CityMarch 2021 vacancy rateMonthly % change
Brisbane1.5%►0.0%►

Rental stock on market

CityMarch 2021 vacanciesVacancy net loss
Brisbane5407▲97▲

^Source: SQM Research – March

Brisbane rent prices

TypeRentMonthly % changeAnnual % change
Houses$483.70▲1.1%▲3.2%▲
Units$383.60▲0.2%▼1.4%▲

^Source: SQM Research – March

The seasonally adjusted estimate for total dwelling units approved in Queensland in February was 3,930, 40.5 per cent higher than recorded in January.

Loan data shows investors have started coming back into a housing market they had largely vacated and the boom is being driven overwhelmingly by established owner occupiers and first home buyers.

Queensland building approvals

^Australian Bureau of Statistics, (Suspension of trend series between May 2020 and Jul 2020 due to Covid-19)

DwellingApprovedMonthly % change
Houses2792▲25.4%▲
Units3930▲40.5%▲

^Source: Australian Bureau of Statistics; Reference period February

Queensland home loan lending indicators

RegionFirst home buyer loan commitmentsFirst home buyer ratio – dwellingsFirst home buyer ratio – housing
Queensland3078▲ ▼39.6%▼34.7% ▼

^Source: Australian Bureau of Statistics – February

Queensland interstate migration

RegionSeptember (quarter) 2020 arrivalsSeptember (quarter) 2020 departuresSeptember 2020 quarter net
Queensland22,317▼15,080▼7,237▲

^Source: Australian Bureau of Statistics – September quarter 2020

Brisbane’s housing market: policy updates

Australia’s central bank will maintain low interest rates to support the country’s ongoing economic recovery and surging housing market, buoyed by its busiest Easter auction market on record.

Strong tailwinds will bolster the Australian economy through the second half of the year, but macro-prudential measures are likely to be introduced to ease house price pressures in 2022.

Queensland faces a “hard road” during the next four years as the state recovers from the coronavirus pandemic, Treasurer Cameron Dick says.

Brisbane housing market forecasts

ANZ economists forecast Brisbane house prices will rise by 9.5 per cent next year, as low interest rates and government stimulus flow through the economy while Commonwealth Bank updated its forecasts, projecting a strong rebound in prices across the second half of 2021.

CBA now expects Brisbane house prices to increase by 16.6 per cent to December 2022 compared to 13.7 per cent in Sydney and 12.4 per cent in Melbourne.

Westpac has also updated its property forecasts, with Brisbane real estate prices tipped to surge 20 per cent between 2022 and 2023.

 

 

Article Source: theurbandeveloper.com

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