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House Prices Still Soaring Despite Lockdowns

House Prices

Home values are still rising at their fastest pace in more than 30 years despite lockdowns in Australia’s two biggest cities and the foot coming off the pedal over the past six months.

They jumped another 1.5 per cent in September, bringing the total increase for the first nine months of the year to 17.6 per cent, according to Corelogic.

Nationally, home values have soared by 20.3 per cent over the past 12 months to a median of $676,848, which is up $8334 from last month.

The annual growth rate is now tracking at its fastest pace since the year ending June 1989.

But while the market conditions remain positive, the monthly growth rate is continuing to lose steam and ease back from its peak of 2.8 per cent in March.

Corelogic research director Tim Lawless said worsening affordability—with increasingly higher barriers to entry for non-homeowners and fewer government incentives—was slowly putting the brakes on growth rates.

“With housing values rising substantially faster than household incomes, raising a deposit has become more challenging for most cohorts of the market, especially first home buyers,” he said.

Lawless said a prime example was Sydney, where the median house value at just over $1.3 million now means the typical buyer needs around $262,300 for a 20 per cent deposit.

“The slowdown in first home buyers can be seen in the lending data, where the number of owner-occupier first home buyer loans has fallen by -20.5 per cent between January and July,” he said.

“Over the same period, the number of first home buyers taking out an investment housing loan has increased, albeit from a low base, by 45%, suggesting more first home buyers are choosing to ‘rent vest’ as a way of getting their foot in the door.”

September house prices: Corelogic

House Prices

Corlelogic’s research indicates the monthly change in house values remains positive across all capital cities with Hobart (2.3 per cent) and Canberra (2 per cent) notching up the largest growth, while Darwin (0.1 per cent) and Perth (0.3 per cent) recorded the softest growth.

Generally, house values are still rising faster than unit values with the exception of Hobart and Darwin, where unit values have risen 5.4 percentage points and 4.8 percentage points more than house values, respectively, during the past 12 months.

Across regional Australia, however, unit values rose faster than house values in the September quarter.

“This is probably a reflection of stronger demand for downsizing options and holiday homes in popular coastal markets,” Lawless said.

AMP Capital chief economist Shane Oliver said ultra-low mortgage rates, an ongoing relatively low level of homes for sale along with a resumption of economic and jobs market recovery once lockdowns end, pointed to further home price increases ahead, albeit at a slowing rate.

“A surge in listings once lockdowns end could act as a bit of a dampener on price growth,” he said. “But this looks to be more of an issue in Melbourne where listings have fallen sharply in recent weeks and where economic uncertainty is greater, but less so in Sydney where listings have already been increasing.”

 

Article Source: www.theurbandeveloper.com

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Brisbane

Inside the two-bedroom Silk Lane apartments in Woolloongabba, home of the 2032 Olympics

Silk Lane

A relaxed sense of luxury fills every space, with tonal finishes and complimentary textures that create a luxurious hotel ambience

Accompanying the rush of global infrastructure investment set to transform Brisbane in the decade leading up to the Olympics, Silk Lane is among the new residential developments in Brisbane to secure a wave of renewed interest.

Comprising 306 one, two and three-bedroom apartments, Silk Lane delivers a luxury living experience that rises amongst Brisbane’s legendary cricket ground, ‘The Gabba’

 

Silk Lane

Delivered by Sarazin, each residence is designed as an urban sanctuary, set high above the buzz of the surrounding precinct.

Silk One takes centre stage among the legendary Brisbane cricket ground, ‘The Gabba’, and boasts stunning views of the Brisbane River, CBD skyline and beyond.

Urban takes a look at two feature floorplans available to discerning buyers.  

1. East No.12 

Silk Lane

The floorplan East No.12 has two bedrooms, one tucked away off the kitchen and dining area, with the master positioned at the front of the apartment off the living space.

That curved bedroom, with its own ensuite, will have full floor-to-ceiling glass windows with views across Brisbane.

The apartment, designed by Nettleton Tribe Architects, features generous living spaces, a balcony, built-in robes, laundry room and study space.

2. West No.8 

Silk Lane

The larger two-bedroom floorplan is West No.8, which comes with two bedrooms, two bathrooms and a multi-purpose room.

West No.8 is a more rectangular apartment and features a unique cube style crown and a lighter colour scheme.

“Living here is living Brisbane,” developer Sarazin say. It’s a rare and inspirational blend of serenity and exhilaration.

City and Gabba views are on offer from the balcony or the communal rooftop areas.

 

Article Source: www.urban.com.au

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Brisbane

Brisbane apartment insights: What happened to Brisbane apartment values in September?

Brisbane apartment values

Brisbane apartment values continued to grow over September, figures from the property data firm CoreLogic found.

In their monthly index, CoreLogic found that Brisbane values rose 0.6 per cent over September, taking their te

It was a return to a normal growth pattern for Brisbane, following a 1.4 per cent growth spike over August. Prior to the spike, there were 0.8 per cent gains in July and 0.7 per cent gains in June.

The 2.8 per cent rolling quarterly gains, more than double the gains seen in Melbourne, see values 8.3 per cent higher than at the start of 2021.

Back then the median value was $390,000. Now it’s $430,000.

The price gap between houses and units in Brisbane however has widened, with Brisbane’s median house price standing at $709,000, around $280,000 higher than the median apartment price.

New listings in Brisbane are slowly on the up ahead of the traditional listing increase in spring. The same can be said for Adelaide, Perth and Hobart, however the trend remains weak in the locked-down Sydney, Melbourne and Canberra.

Queensland has benefitted from record low vacancy rates, with southern state dwellers heading north during the pandemic over 12 months ago.

The June 2021 quarter data from the Real Estate Institute of Queensland showed that nearly two thirds of local government areas in Queensland recorded their lowest or equal lowest residential vacancy rates since 2010.

Of the 35 local government areas, 20 saw their vacancy rates tighten, 10 remained static and five saw them slightly rise in the June quarter.

Brisbane’s vacancy rate dropped from 2.1 per cent to 1.7 per cent from the previous quarter. The Gold Coast’s remained static at a tight 0.6 per cent and the Sunshine Coast’s was slightly higher, from 0.5 per cent to 0.6 per cent.

Urban’s top Brisbane projects

1. Trellis, South Brisbane 

Brisbane apartment values

Trellis 20 Edmondstone Street, South Brisbane QLD 4101 

Aria Property Group are a decorated Queensland developer who have continued to improve sustainability across their South East Queensland residential apartment developments with their newest tower, Trellis.

Described as both the most sustainable and livable to date, all 110 of the two and three bedroom apartments in the 12 story building have been designed by Rothelowman.

Reminiscent of an urban retreat, Trellis reflects a new style of resort living with 1,119 sqm of recreational amenity across the Temple of Wellness on the ground floor and the Residents’ Rooftop Club on level 13.

Apartments in Trellis start from $739,000 for a two-bedroom, two-bathroom apartment. Three-bedroom apartments are priced from $1,084,000 to $1,224,000.

2. Bide, Newstead 

Brisbane apartment values

Bide 21 Longland Street, Newstead QLD 4006 

Bide is the latest Newstead residential offering by Dibcorp Properties. It has been designed in collaboration with architects from Twohill & James, Lat27 and Wiltshire Stevens Architecture.

It presents a new way of inner-city-living, with a range of special inclusions and an urban green space exclusively for residents to relax, unwind and even work from home.

Bide comprises 89 spacious one, two and three-bedroom apartments just three kilometres from the CBD.

Two-bedroom apartments start from $635,000.

3. Silk Lane, Woolloongabba 

Brisbane apartment values

Silk Lane 8-12 Trafalgar Street, Woolloongabba QLD 4102 

Silk Lane will give residents the best seats in the house when the sporting arena is back in a post-lockdown world.

The building’s architectural façade, designed by Nettleton Tribe Architects, draws inspiration from the angular shapes of metal structure incorporated in the neighbouring Brisbane cricket ground, The Gabba. The appropriately named Skystand will look over the wicket for The Ashes, and the main hub of the 2032 Brisbane Olympic track and field events.

Developed by Sarazin, Silk Lane will home 306 one, two and three-bedroom apartments.

Prices start from $449,000.

4. Rivello, Hamilton 

Brisbane apartment values

Rivello 15 Wharf Street, Hamilton QLD 4007 

here’s only a handful of apartments left at Rivello, the luxury apartment development by Brookfield Properties in Hamilton.

The 21-level building designed by Cottee Parker Architects has netted over 80 per cent of sales of the block of 150 apartments.

Brookfield Residential Properties’ Managing Director, Lee Butterworth, said buyers had responded well to Rivello.

“There is certainly significant demand for Brisbane property in the current market and buyers recognise Rivello represents a rare opportunity to purchase a new apartment in a building on the Brisbane River,” he said.

 

Article Source: www.urban.com.au

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Brisbane

Brisbane’s best property buys: Six must-see homes starting from $259,000

Brisbane’s best property buys

Despite the rising market, it is still possible to buy a property within a few kilometres of the CBD for less than $300,000.

14/75 Thorn Street, Kangaroo Point 

Brisbane’s best property buys

Demand in Brisbane’s inner circle has been hot in 2021, so buyers with small budgets are working hard to find grubstakes. Here is one, a river turn from the city. Yes, it is a small grub – only 37 square metres of floor plan – but it comes with a big location. The designer studio apartment has an L-shaped, 16-square-metre balcony, a car space, lofty level-three balcony views and access to a shared pool.

$259,000

Private sale

Ray White, Benjamin Williams 0412 067 016

4/2 Prospect Terrace, Red Hill 

Brisbane’s best property buys

Three kilometres northwest of the CBD, a one-bedroom pad has reached the market with a price tag under $300,000. One of eight in its brick block, it has an open-plan design with big windows to flood it with sunlight. It could be a base for a city professional, investor or student. It is about 500 metres from Kelvin Grove State College campus and was last sold in 2013.

$285,000-plus

Private sale

Liliana Mauri Properties, Liliana Mauri 0404 644 006

6/104 Richmond Road, Morningside 

Brisbane’s best property buys

Savvy buyers know townhouses often grant access to inner suburbs’ amenities at significantly lower buy-in prices than standalone houses. This three-bedroom, double-storey home is a fine example with its modern open plan linking dining, lounge and kitchen to a private rear courtyard. The median sale price for three-bedroom houses in Morningside this year has been $765,000 based on 100 sales. Cannon Hill State School is about 900 metres away.

$515,000-plus

Private sale

REMAX Results, Kylee Harnisch 0438 763 975

4/15 Alice Street, Kedron 

Brisbane’s best property buys

Real estate people often proclaim properties are “edgy”, but it is an apt word to describe the asymmetrical facade of this contemporary block. One of its two-bedroom, two-bathroom apartments is for sale. It has an L-shaped floor plan and unorthodox 5.07-by-2.16-metre balcony, partially inset to its open living-dining and kitchen area. It has a single car park.

$399,000-plus

Private sale

AUMR Property Group, Jay Wu 0402 686 929

11 College Way, Boondall 

Brisbane’s best property buys

This suburban area formerly known as Cabbage Tree Creek has hit its stride this century. It’s home to just under 10,000 people, of which 48 per cent are long-termers – which speaks loudly to Boondall’s easygoing, well-connected lifestyle. This four-bedroom makes a strong case, with its two bathrooms and a double garage on a flat 516-square-metre block. The kitchen has stone benches and stainless steel appliances. College Way has 147 properties and 80 per cent are owner-occupied.

$749,000-plus

Private sale

Ray White, Angela Duncan 0433 335 849

20 Saint Albans Street, Kenmore

Brisbane’s best property buys

Fans of 1960s residential housing design get an architectural showpiece at this understated three-bedroom brick house set on a manicured 549-square-metre block that was last sold in 1997. The interior is conservative and neat with the scope to swing into the 21st century with a cosmetic upgrade. All 13 properties in this settled establishment street are occupied by their owners. Kenmore South State School is about 400 metres from the driveway.

$760,000-plus

Private sale

Leighton Jones Real Estate, Leighton Jones 0468 900 200 

 

Article Source: www.domain.com.au

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