Index warns council unit ban will impact boomer downsizers - Queensland Property Investor
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Index warns council unit ban will impact boomer downsizers

Index warns council unit ban will impact boomer downsizers

A new housing index has warned that Brisbane will face a flood of ageing baby boomers with nowhere suitable to live unless it embraces greater density in suburbs where houses dominate.

A NEW housing index has warned that Brisbane will face a flood of ageing baby boomers with nowhere suitable to live unless it embraces greater density in suburbs where houses dominate.

The DORIS Index — Downsizer Opportunity to Remain in Suburbs — compared just how ready various Brisbane suburbs were to face the challenge, marrying the availability of smaller housing options with the ageing population.

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Suburbs like Pinjarra Hills, Pullenvale, Wacol, Riverhills, Chapel Hill, Ashgrove, Tarragindi, Wishart, Wakerley, Belmont, Geebung and Graceville were among the hardest for residents to downsize into, according to the report by Place Design Group and AHURI.

Report analyst Chris Isles of Place Design Group said the irony was the “grey haired keyboard army” had forced the issue, after fighting against higher density residential development in low density suburbs.

But he warned, it was a decision that “will come back to bite them”.

Index warns council unit ban will impact boomer downsizers 2

This as the Brisbane City Council works its way into the final week of public feedback on its proposed citywide amendment restricting townhouses and high density housing from single-home areas.

Among the changes would be the removal of provisions in zone codes, development codes and neighbourhood plans that support multiple dwellings like townhouses and apartments in low density residential zones.

A Brisbane City Council spokeswoman said the proposal came out of concerns by residents during Plan Your Brisbane consultations.

“One in five households gave feedback and stopping townhouses being built in areas for single homes was a strong theme,” she said, adding that it was not expected to impact council’s ability to meet the state target of more than 188,000 new dwellings by 2041.

Index warns council unit ban will impact boomer downsizers 2

“Brisbane City Council is currently calling for residents to help shape Brisbane and have their say on proposed plans to restrict townhouses in low density residential zones,” she said.

“These changes are about protecting the Brisbane backyard and our unique character by ensuring our planning scheme reflects community expectation on townhouse developments.

“Council is committed to supporting a broad range of housing options for all of Brisbane’s current and future residents and ensuring our city remains a great place to live, work and relax.”

She said there were several different residential and commercial zones available in suburbs across Brisbane that supported a broad range of housing types.

“While the State Government’s SEQ Regional Plan sets a target of more than 188,000 new dwellings by 2041, this amendment would not impact Council’s ability to meet this,” she said.

“The proposed amendment cannot be finalised until after community consultation and a second sign off from the State Government.”

Index warns council unit ban will impact boomer downsizers 2

Place Bulimba lead agent Matthew Hackett said buyers were already “looking for quite a while” to find properties to downsize into in their suburbs or close to them.

“In my 21 years of selling in Bulimba what I find, especially recently, is people want to downsize into the same area because they feel safe, they know the area and have friends or it may be as simple as a bridge club they go to every week,” he told The Sunday Mail.

Index warns council unit ban will impact boomer downsizers 5

Long time Bulimba residents Pauline Burchardt, 67, and Lyall Gamble, 69, were among the fortunate ones, having found property to downsize into about 800m from their family home.

The couple is trying to sell their three storey family home at 16 Shakespeare St in the $2m price range, effectively looking to sell it off for two smaller units.

They’ve already moved into a three-bedroom apartment overlooking the river. at Bulimba — though it was not their first choice — and have a holiday unit on North Stradbroke.

“We had been looking for at least two years,” Ms Burchardt told The Sunday Mail. “We wanted single storey because as you get a bit more frail you worry about stairs.”

She supported improved higher density properties in the suburbs. “Why not? I don’t see a problem with it. All of the houses here are raised but when those people get older, I wonder what will happen. If they have bigger units, that would be good, You need a spare room for when the kids come over.”

Townhouses were ideal, she said, “because you get a little garden or courtyard and we’ve got two pets” but they could not find a suitable one.

According to AHURI, new housing options “need to be designed with older Australians in mind” including not just apartments but also smaller houses.

 

Source: www.news.com.au

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Brisbane

‘The margin will never be this close again’: Brisbane’s waterfront secret where property is still affordable

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 3

Think “Brisbane waterfront” and Moreton Bay darlings Wynnum and Manly quickly spring to mind.

But only 30 kilometres northeast, on the other side of the airport and a similar distance to the CBD, another bay-front suburb, Sandgate, appears.

The photogenic village topped Domain’s best performing Brisbane suburb list in 2018 with 18.8 per cent median house price growth.

Despite this overall rise in housing value, data-savvy local agent Jacqui McKeering makes the case that Sandgate’s waterfront properties are still undervalued compared to southside bay designer homes.

Ms McKeering, of Jim McKeering Real Estate, says Sandgate waterfront still remains great value because family groups have to buy further back to get more features.

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 1

“When the price-to-rateable-land-value gap narrows, you are getting a bit of a bargain,” she says.

“A simple calculation to illustrate this point shows the market value of Sandgate waterfront properties not that much greater than the rateable land value; on average 32 per cent greater.

“In fact one waterfront property sale, back in 2017, sold for 15 per cent less than the rateable land value, yet one block back and without bay view properties have a greater gap of 42 per cent.

“One particular [non-waterfront] property sold as high as 66 per cent greater than the rateable land value.

“The outtake here is there is plenty of money to be made on Sandgate waterfront properties.

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 2

“I do believe the margin between waterfront properties and the neighbouring streets will never be this close again.”

Flinders Parade, which runs along the foreshore of Sandgate and into Brighton, plus Eagle Crescent and Shorncliffe Parade, are the waterfront property strips in focus.

Ms McKeering says a lot of people have been buying these older houses and renovating and that at the moment there is some choice in “real cheapies” from about $900,000 to about $1.35 million.

“I know someone who bought for $1.4 million in 2017 with a $1.8 million renovation budget,” she says.

“When you see that sort of money coming into an area, it tells me people are seeing long-term capital value in this area.”

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 3

Fellow Sandgate agent Tamara Wecker of RE/MAX agrees suburb 4017’s waterfront properties are priced and selling considerably under their comparable Brisbane market values.

“When compared to Wynnum and Manly,” Ms Wecker says, “absolutely; I mean you can live in the Taj Mahal in Sandgate for about $1.5 million.”

She is seeing buyer migration from Sydney and “a little bit from Perth” because of affordability, and thinks Sandgate’s strict rules, which prohibit multi-unit developments on its waterfront, is a further drawcard.

“People tend to think of Wynnum and Manly but here you can have a premium home and lifestyle only 30 minutes from the city,” Ms Wecker says.

“To be honest, it has been a bit of a secret because we are off the highway so you have to have a reason to come here, but that is changing in the past 18 months.

“We are getting more inquiries from people, even from Brisbane, who just did not know about us.”

Mark Crew has been selling Sandgate housing since 1990 and thinks people have woken up to how great a suburb it is in the past 18 months.

The Professionals’ agent has reported strong interest from Sydney buyers “looking for a better family lifestyle”.

He estimates 25 to 30 per cent of Sandgate buyers this year have come from the neighbouring suburbs of Shorncliffe, Deagon and Brighton; people who want to upgrade but stay in “the village”.

“It is 31 minutes to the CBD and you can be walking on the waterfront with your kids after work and we’ve got excellent schools too,” Mr Crew says.

Regarding Sandgate’s waterfront property market and its value, he says three factors should be considered.

“There are few waterfront properties for sale, land is scarce and over the past 20 years there has been a lot of change to the houses themselves, a lot of renovation and/or raising older three-bedroom cottages and transforming them into often substantial five-bedroom luxury houses,” he says.

“So these houses on their waterfront blocks are, quite rightly, going to fetch more in sale prices when they do one day return to the market; and that is showing.”

 

 

Source: www.domain.com.au

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Brisbane

Cheap Units In Brisbane Suburbs

Cheap Units In Brisbane Suburbs

Twelve suburbs in Brisbane have a median unit price of just under $400,000, according to Domain’s June House Price Report.

Ten out of these 12 suburbs are in the inner city, the report said.

Bowen Hills, Fortitude Valley, Albion, and Spring Hills are all within three kilometres of the Brisbane CBD. The median unit prices in these suburbs are below $400,000, the figures showed.

East Brisbane, Coorparoo, Clayfield, Nundah, Taringa, and Kedron also offer some of Brisbane’s cheapest unit values, according to the report.

Bowen Hills is the cheapest suburb to buy a unit, with prices falling 13.7% in the past 12 months, the figures showed.

Here are Brisbane’s cheapest suburbs to buy units by median price, according to Domain:

SuburbMedian priceYoY % growth5-year % growth
Bowen Hills$362,500-13.70%-18.80%
Runcorn$368,2504.80%-11.60%
Richlands$370,000-2.00%9.50%
Clayfield$375,0004.20%-2.10%
East Brisbane$378,000-7.40%-5.50%
Coorparoo$382,000-7.70%-2.30%
Nundah$385,000-6.70%-6.10%
Taringa$385,000-14.40%-4.90%
Kedron$387,000-3.30%6.30%
Fortitude Valley$392,000-6.80%-8.90%
Albion$397,500-10.00%-10.70%
Spring Hill$398,000-8.50%-2.70%

In Greater Brisbane, the median unit price fell 8.6% over the year to June, according to the report.

The capital city’s unit prices are “sitting at 2013 levels”—down from their peak in 2015, according to Domain research analyst Eliza Owen.

However, prices are expected to bottom out this year, with the end of the downturn in the unit segment in sight, Owen said.

“Unit listings are also moderating, which should reduce downward pressure on prices,” she said.

 

 

Source: www.yourinvestmentpropertymag.com.au

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Brisbane

Brisbane Prices Could Be Headed For Recovery

Brisbane Prices Could Be Headed For Recovery

Brisbane prices are at their lowest level in the cycle, according to the latest national property clock from Herron Todd White (HTW).

The house values in Brisbane, Bundaberg, Ipswich, Rockhampton, and Toowoomba were at the bottom, according HTW.

Meanwhile, prices in Cairns, Gladstone, Mackay, Townsville, and the Whitsundays are starting to recover, the data showed.

There was momentum for the price growth in Brisbane, given that the capital city had been “bouncing along the bottom for some time now”, HTW Brisbane managing director Gavin Hulcombe told The Courier-Mail.

“I think it will be (a) steady rise, but my suspicion is in a couple of years’ time we might look back and think it (now) probably wasn’t a bad time to buy. Some areas are likely to perform better than others,” he said.

Brisbane units are also at the bottom of the price cycle, along with Bundaberg, Ipswich, Mackay, Rockhampton, Toowoomba, and the Whitsundays, according to HTW.

Apartment prices in Cairns, Emerald, Gladstone, and Townsville are already rising, the figures showed.

 

 

Source: www.yourinvestmentpropertymag.com.au

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