Highgate Hill house sells for $1.825 million to next door neighbour - Queensland Property Investor
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Highgate Hill house sells for $1.825 million to next door neighbour

Highgate Hill house sells for $1.825 million to next door neighbour

After several massive prestige sales in the past few weeks, Brisbane’s auction market slowed somewhat at the weekend. Despite this, 88 properties went to auction, with a reported clearance rate of 57 per cent.

At one auction, a charming five-bedroom, three-bathroom Queenslander at 26 Prospect Terrace, Highgate Hill, sold for $1,825,000 to its next door neighbour.

About 60 people gathered on the house’s deck to watch as nine registered bidders battled it out for nearly an hour. Bidding opened at $1.1 million, then jumped in lots of $100,000 and $50,000 until the price reached $1.75 million.

After lengthy negotiations, the price was increased, the property was put on the market, and then ultimately sold. Ray White West End Principal Luke O’Kelly said the major selling point was the location.

“[It’s a] decent block of land in Highgate Hill which is pretty rare,” he said. “It was just a good house in a good street. The location is what really sold it.”

The buyers have been doing an extensive renovation project on the property next door, and this purchase was an opportunity to continue their work in the area.

“They were looking for another project right next door,” Mr O’Kelly said. “In the interim, they’re planning to rent, and then eventually renovate the house.”

Mr O’Kelly said there was a big market for renovated Queenslanders in the area, with several large sales of this type in the street.

The vendors had owned the property as an investment for almost 40 years, but decided it was time to move on. Both parties were happy with the result.

Highgate Hill house sells for $1.825 million to next door neighbour 1

Elsewhere, the four-bedroom, three-bathroom house at 177 Verney Road East, Graceville, sold for $790,000 in an auction with just one registered bidder. Place Graceville Principal Brad Robson said he spoke to the bidder before the auction began.

“I went up to them at the start of the auction and said, ‘You are the only registered bidder, so what we’re going to ask you to do is place one bid, the auctioneer won’t bid against you, we’ll simply pause the auction after you place that one bid and we’ll have a conversation with you and the seller, and see if we can come to an agreement’,” he said.

After these negotiations, the property was put on the market for $790,000. There was a call for any more registered bidders, but none of the onlookers were able to register, so the house was sold.

Mr Robson said having only one registered bidder isn’t particularly unusual, and still represents an opportunity for a great sale.

“You’ve got a willing buyer and a willing seller on the day of auction, why would you pass it in?” he said.

Highgate Hill house sells for $1.825 million to next door neighbour 2

On the other side of the city, the three-bedroom, one-bathroom home on 526 square metres at 25 Curd Street, Greenslopes, sold under the hammer for $1.15 million for only the second time in its 100 years.

About 50 people gathered in the house to watch as six registered bidders battled it out for 20 minutes to stake their claim on the Californian bungalow with expansive city views.

Bidding opened at $900,000 then jumped in increments of $50,000 to $1,050,000, and then in $25,000s to $1.15 million. After some brief negotiations, the home was sold.

Ray White Coorparoo Principal Cliff Tarr said 35 parties viewed the property over the four-week campaign, and the majority of interest was from builders and families.

“It’s the sort of home where you can move in and spend a couple $100,000 to freshen it up,” he said. “Or, you can spend $1 million and put another floor on top and you’re not over-capitalised.”

The buyers have plans to renovate the house in one of these ways. The vendors, meanwhile, were selling because of a change in circumstances. Both parties were happy with the result.




Source: www.domain.com.au

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Experts identify best cities to buy property

Experts identify best cities to buy property

Property hunters after the best value should eye up properties in Brisbane and Melbourne, according to a recent survey.

Finder spoke to experts and economists and asked them which city they would buy a property in if they were to invest today.

Nearly a quarter of them picked Brisbane and Melbourne, while 13 per cent would search for property in Canberra or Sydney.

Nine per cent saw potential in Hobart. But Perth and Adelaide did not rate high, with only 4 per cent of experts enticed to invest there.

“While Melbourne and Brisbane are strong candidates for the most promising property market in Australia, it is a bit stunning to see Sydney perform relatively poorly,” Finder insights manager Graham Cooke said.

The results illustrate that it is essential to consider property in other parts of the country, he said.

“The state you live [in] doesn’t need to be the state where you buy. With many Sydneysiders grappling with housing affordability, rentvesting could be the way to go.”

Although the majority of experts and economists were able to put their finger on a city they would invest, 13 per cent did not think it was the right time to buy a property.



Source: www.nestegg.com.au

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Queensland Confirms 2032 Olympic Games Bid

Queensland Confirms 2032 Olympic Games Bid (1)

Queensland will join the race to host the 2032 Olympic Games after premier Annastacia Palaszczuk confirmed that cabinet had given the green light for the bid on Monday.

State cabinet officially endorsed the bid after a feasibility assessment detailed significant investment and economic benefits for the state.

A south-east Queensland Olympic Games could create 130,000 jobs and deliver more than $8 billion in new trade opportunities, the analysis found.

“This is about so much more than a few weeks of sport,” Palaszczuk said.

“Hosting the 2032 Olympics and Paralympics could be a game-changer and deliver 20 years of accelerated opportunity for our state.”

More than 80 per cent of venues that would support an Olympic Games are already built, while recent IOC reforms ensure host cities receive significant financial support from the committee.

Preliminary analysis undertaken in May estimated net operating costs of $5.3 billion to host the 2032 Olympic Games.

Queensland Confirms 2032 Olympic Games Bid (2)

Lord mayor Adrian Schrinner said that IOC’s financial contributions may be enough to offset the cost of the games entirely.

“The operating costs of the games can be done in a cost-neutral manner,” Schrinner said.

Schrinner, along with the council of Queensland mayors, has been vocal in his support of 2032 Olympics campaign—penning an open letter to the premier in an attempt to fast-track the bid.

The premier said the bid process will be staged, with the first phase about securing financial support across all levels of government.

On Monday, the premier said that the government has “not discounted” the use of the Gabba for the opening ceremony, and flagged upgrades to the ageing QEII Stadium and Albion Park raceway for major events.

The International Olympic Committee is not expected to announce the winner until 2022, giving the state government two years to finalise its bid.

Queensland Confirms 2032 Olympic Games Bid (3)

Both the opposition leader Anthony Albanese and prime minister Scott Morrison have already thrown their support behind the bid.

“We will continue to work closely with our partners to ensure we receive the financial support we require from all levels of government,” Palaszczuk said on Monday.

Queensland’s initial bid will be assessed by the IOC executive committee, before being signed off by more than one hundred Olympic delegates.

China, Germany, Indonesia and the “combined Koreas” are among rumoured early-stage bidders.



Source: theurbandeveloper.com

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Window to slam shut for first-time buyers as property prices surge

Window to slam shut for first-time buyers as property prices surge (2)

First-time buyers could well be locked out of the market again if property prices continue to surge – and the government’s scheme to help new buyers with small deposits is unlikely to make much of a difference, experts say.

Property investors often compete in the same parts of the market as first-home buyers, particularly modestly priced apartments.

The prospects of surging prices, future capital gains and even lower mortgage rates next year are likely to see investors flood back into the market.

While the increase in investor finance for mortgages so far has not been overly strong, this is highly likely to change in 2020, according to Doron Peleg, founder of property researcher RiskWise.

With official interest rates likely to be even lower from as early as February, he expects Sydney and Melbourne property prices to snap back to record highs by the end of 2020.

“First-home buyers are likely to be significantly impacted due to projected increased competition [from investors] and way less affordable houses,” Mr Peleg said.

I think [first-home buyers] will be crowded out of the market in 2020 – as has happened in previous upward price cycles

Louis Christopher, managing director of property researcher SQM Research, said first-home buyers have been entering the market in greater numbers over the past two years, particularly in Sydney and Melbourne.

“But following the latest price surges in both cities, I think [first-home buyers] will be crowded out of the market in 2020 – as has happened in previous upward price cycles,” he said.

Property prices in Sydney dropped about 15 per cent after peaking in mid-2017 and dipped a little more than 10 per cent from peak to trough in Melbourne, before recovering strongly from the middle of this year.

Figures released by the Australian Bureau of Statistics show that during 2014, 2015 and 2016 – when prices were booming – the number of loans to owner-occupier, first-home buyers was between 7000 and 8000 a month.

Window to slam shut for first-time buyers as property prices surge (2)

However, since prices started falling in 2017, commitments by first-home owners have surged to between 9000 and 10,000 a month.

Since the beginning of June,  the Reserve Bank of Australia has cut the cash rate three times to a new record low of 0.75 per cent.

Over the three months to November 30, Sydney dwelling prices lifted by 6.2 per cent and by 6.4 per cent in Melbourne, CoreLogic figures show. Dwelling values in Sydney rocketed 2.71 per cent and across Melbourne by 2.25 per cent in November alone.

For many first-time buyers, even when prices were falling, a significant obstacle was coming up with a sizeable deposit. And buyers with less than a 20 per cent deposit of the purchase price are usually required by lenders to have mortgage insurance.

Though paid for by borrowers, the insurance covers lenders for any shortfall that may occur through the sale of a re-possessed house.

The one-off premium can to run to several thousands of dollars – even on modestly priced properties – although it is usually added to the home loan at the time of purchase.

The Morrison government’s First Home loan Deposit Scheme will start on January 1.

The scheme guarantees mortgages for up to 10,000 first-home buyers each year who have saved deposits as low a 5 per cent, helping them buy sooner and avoid having to pay mortgage insurance.

The government’s scheme limits the purchase price of Sydney properties to $700,000, which to be honest, is a joke

Graham Cooke, insights manager at comparison site Finder, said that aside from the small number of borrowers who may be able to get help in buying their first home, the property value caps for the scheme are also “problematic”, especially in Sydney.

“The government’s scheme limits the purchase price of Sydney properties to $700,000, which to be honest, is a joke,” he said. That is also the cap for regional centres in NSW, defined as cities with populations of more than 250,000. The cap for the rest of NSW is $450,000.

“Not many properties [in Sydney] will qualify for this scheme – some apartment buyers may qualify, but not many houses are available for below that price,” Mr Cooke said.

The cap for houses is $600,000 for Melbourne and regional Victorian centres and $375,000 for the rest of Victoria.

Successful applicants must have taxable incomes of $125,000 or less a year for singles and $200,000 or less for couples.

The scheme is administered through the National Housing Finance and Investment Corp. in partnership with major lenders. Last week, the scheme signed its first lender, NAB.

The government has said the scheme is designed to help first-home buyers purchase a modest home and is just one way it supports them.

In 2017, the Morrison government introduced the First Home Super Saver Scheme, which helps first-home buyers save a deposit inside their superannuation fund by making voluntary contributions.

The government will be monitoring the new scheme, including how the supply for loans is meeting demand, and it can be modified, if required.

Robert Mellor, executive chairman of economic and property forecaster BIS Oxford Economics, said first timers can take some heart that prices of cheaper dwellings, particularly apartments, are not rising as quickly as the middle and upper ends of the market.



Source: www.brisbanetimes.com.au

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