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Ipswich property market ’two-speed’

Ipswich has a “two-speed” property market depending on a house’s location. Statistics from the Real Estate Institute of Queensland show location has become the driving factor in Ipswich house prices. Over the March 2016 quarter median house sale prices in Flinders View rose 14.7% to $370,000 and in North Ipswich rose 15.9% to $301,250.   In…Read More→

Ipswich has a “two-speed” property market depending on a house’s location.Ipswich Investor

Statistics from the Real Estate Institute of Queensland show location has become the driving factor in Ipswich house prices.

Over the March 2016 quarter median house sale prices in Flinders View rose 14.7% to $370,000 and in North Ipswich rose 15.9% to $301,250.


In comparison over the same quarter the median house sale price in Springfield Lakes dropped 3.4% to $412,000 and in Raceview it dropped 5.2% to $303,250.

REIQ Ipswich zone chair Darren Boettcher said location was becoming a more important factor than price in house sales.

“It’s like a two-speed market at the moment,” he said.

“You can list a property in one area and it will stay on the market for months. But one listed in another suburb will be gone in days.”

Mr Boettcher said he believed the dip in Springfield Lakes prices was due to increasing competition from housing developments in Ripley.

According to the REIQ figures the Ipswich-wide median sale price remained relatively steady – increasing by just 0.2% to $321,500 over the March quarter.

Mr Boettcher said the number of out-of-town investors looking to Ipswich had dropped in recent months – but still represented a major part of the market.

“What we were finding about six months ago is that seven out of 10 buyers were investors from interstate,” he said.

“But then banks changed their lending criteria. Now it’s about four out of 10 buyers who are from out of town.”

Mr Boettcher said prices were looking up in Ipswich’s eastern suburbs – but faced competition from new developments attracting first home buyers.

Over the March quarter median house prices increased in Redbank Plains by 3.9% to $324,000 and Goodna prices rose 5.2% to $313,000.

Mr Boettcher said he believed suburbs in Ipswich’s south would perform strongly over the coming months including Ripley and Deebing Heights.

Original article published at by Greg Egan 18/6/16
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Dog walkers and subsidised rent: Inside Qld’s first build-to-rent tower

Parking spaces will be offered separately to apartments and tenants will be able to book private areas or dog walkers through an app in one of the inner-Brisbane apartment towers to take shape under Queensland’s fledgling build-to-rent scheme.

The state government announced the land at Fortitude Valley’s 210 Brunswick Street as one of two pilot sites in October, including another within Mirvac’s sprawling Newstead development, more than two years after first floating the scheme to help boost affordable housing in the state.

Plans for a redevelopment of the valley site, which now houses a Lifeline store and the former Roxy and Arena nightclubs, were first approved by Brisbane City Council in 2017.

Frasers Property have now revealed changes to the 25-storey tower in amended plans lodged with the council last month, to make it “better suited” for the build to rent proposal, an application letter states.

As a concept, built to rent is well established internationally but still finding a foothold in Australia, with an estimated 54 projects planned, under construction or completed, the majority of which are in Sydney and Melbourne.

After a redesign process sparked by the October government announcement, the Brunswick Street development will now include an additional 11 units — for a total of 323 — 33 fewer car parking spaces and a more than doubling of communal areas.

The tower will include 144 affordable apartments throughout the building with subsidised rent, expected to about 25 per cent, the documents show. Others are aimed at professionals looking for inner-city living. A total of 43 units will be dual-key. All will be owned by the developer.

Communal areas will include a rooftop pool and “landscaped … recreation terrace”, bar and games room, dog off-leash area, along with retail, gym and co-working spaces on the ground floor and elevated podium level.

A “dedicated online app” would also give tenants the ability to book private event spaces and dog walkers, the minor change application documents state. Cosmetic changes including painting walls and hanging pictures will also be “encouraged”.

Extra visitor, motorcycle and bicycle parking will join the site’s 306 car spaces, which will not be allocated to units but able to be added or removed — along with storage options.

Dog walkers

Communal areas will include a rooftop pool and landscaped terrace, along with retail, gym and co-working spaces on the ground floor and elevated podium level. 

A Frasers Property Australia spokesman said work was expected to begin later in the year, subject to approvals, after responding to the government’s callout in 2018. The first residents are expected to move into the completed units in 2023.

Mirvac is yet to submit an amendment to its 60 Skyring Terrace application. But a spokeswoman said this was scheduled to occur “shortly”, with similar construction and occupation dates.

A Treasury spokesman would not be drawn on details of the contracts, citing commercial confidentiality, but said both would secure “affordable rental accommodation for eligible applicants through a rent subsidy”.

Of the 750 apartments slated for the two pilot sites, up to 240 will have reduced rent.

Treasurer Cameron Dick announced in January the private sector would be asked to develop the site of the old Queensland Children’s Court at North Quay in the CBD under the expanded program, along with a second additional site on privately owned land in the inner city.

About 34 per cent of privately owned dwellings in Queensland were rented in 2016, census data shows. Of these households, those with rental payments of equal to or more than 30 per cent of their income — considered to be rental stress — made up 12.8 per cent.


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Queensland house prices ‘through the roof’ as interstate migration at 20-year high

Queensland house prices

The latest monthly data on Queensland house prices has confirmed what buyers already know — prices are booming.

Figures released by property analysts CoreLogic showed prices grew in almost every region of Queensland in February.

Across Brisbane, prices rose by 1.5 per cent in one month, taking annual growth to 5 per cent.

The February increase is the steepest rise since November 2007, when the monthly growth rate was 1.72 per cent.

In Brisbane’s east, house prices went up by nearly 10 per cent in 12 months.

The Gold Coast and Sunshine Coast also posted strong price hikes, rising 2.6 per cent and 2.5 per cent in February, which pushed the 12 month gains up to 10.5 per cent and 11.2 per cent.

Townsville was the only region to record a drop with prices falling 0.6 per cent in February.

But the north Queensland city still posted a 12-month increase of 6.2 per cent.

Queensland house prices

House prices around the state have increased according to current data from CoreLogic.(ABC News: Lewi Hirvela)

CoreLogic’s Head of Residential Research Australia Eliza Owen said there were several key factors pushing prices up.

“The main drivers are record-low mortgage rates and relatively low levels of stock on the market and that’s something that’s driving an upswing across most areas of Australia,” she said.

“The Gold Coast and Sunshine Coast have been top destinations for internal migration for years now.

“In an environment where there’s no international migration, that internal movement is really benefiting markets relative to other parts of the country.”

Ms Owen said prices were expected to keep rising in 2021.

“In terms of prices steadying or falling across Queensland, I wouldn’t expect to see that until we get a significant uplift in the amount of stock on the market which is unlikely as people aren’t really moving as much at the moment,” she said.

“Or we see the cash rate increase, and as such mortgage rates would increase, and again that’s not something we would expect until the inflation target is between 2 and 3 per cent.

“[We would then] see the unemployment rate being really tight at around 4.5 per cent.”

The CoreLogic data also revealed the increase in house prices was widely spread across Australia.

‘We’ve missed the boat’

Emma and Grant Parkin were planning to move out of their townhouse and into a slightly larger home with their two young daughters.

The couple was one of 17 registered bidders for a house at Indooroopilly in Brisbane’s west that went to auction in late February.

It sold for more than $1.5 million — well above what they were expecting.

“We thought we were in with a chance and in about 20 seconds it was already above what we had planned to spend,” Ms Parkin said.

Mr Parkin said prices “have gone through the roof” since the threat of the coronavirus pandemic eased in Queensland.

“You’ve got people who can’t travel, so where are they going to spend their money?” he said.

“People can now work from home a lot more … so people are spending money on property and motor vehicles and consumables.”

Mr Parkin said the young family would now do some renovations to their townhouse and try to buy a larger home in a couple of years.

“I feel like we’ve missed the boat this time around and the concern is how high does it go?” he said.

“Property prices seldom if ever slow down and stop and decrease.

“If anything, the rate of increase just slows slightly and I think with the interstate influx and people working from home, it’s just gone through the roof.”

Not a bubble, says academic

Finance professor from the University of Queensland, Shaun Bond, said a strong up-tick in demand was affecting house prices.

“We’ve had a lot of people moving back to Australia from overseas, we’ve had almost half a million people by the latest count, we see record low interest rates,” he said.

“Plus, we see a lot of people rethinking their options, people choosing not to be in inner-city apartments, they’re choosing to think about lifestyle areas, they’re going for coastal areas, sometimes they’re looking at regional areas, even within a city like Brisbane they’re starting to think about larger suburban properties.”

Professor Bond said while price growth was strong, he would not classify it as a bubble.

“Yes, we’re seeing a strong up-tick in demand, but I feel like that can be explained by several of the factors we’ve discussed, plus the strong economic recovery we’re seeing in Australia as well — Australia has weathered the COVID crisis very well.

“The underlying economy is actually in a much better place than people thought it would be at this stage.”

Professor Bond said the rollout of the Coronavirus vaccine in Australia could affect the housing market.

“One of the things may be that it suddenly gives people more choices, so maybe some of those expats who returned from overseas may decide that they’re going to go back to the US, back to the UK to work or resume their careers there — people might start to travel again.”

Interstate migration at 20-year high

Australian Bureau of Statistics (ABS) demographer Andrew Howe said over the last year Queensland had a net inflow of about 25,000 people.

“Although [it’s] still not quite as high as the peak years for interstate migration to Queensland in the early 1990s.”

Provisional internal migration figures from the ABS showed Queensland had a net gain of 7,237 people in the September 2020 quarter.

The number of people arriving in Queensland from other states fell in comparison with the previous quarter.

But, crucially, fewer people left Queensland, with departures at their lowest level since December 1994.

In net terms, Queensland gained more than 4,000 people from New South Wales in the September quarter.

Last week, Premier Annastacia Palaszczuk told parliament more people were moving to Queensland’s regional areas rather than to Brisbane.

“This is contributing to the highest investment in new houses in Queensland since 1994,” she said.


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The richest streets in Brisbane, revealed

richest streets in Brisbane

There is always a lot of attention on Sydney and Melbourne’s affluent areas and property markets, but what about the wealthy Australians in Brisbane?

Where do they live?

Brisbane’s property market were very resilient during the challenges of 2020 and now Brisbane housing values are going gangbusters.

The recent increase has pushed dwelling values to a new record high for the area.

With median prices in Brisbane, at around $520,00, being far less than those in Sydney or Melbourne the ‘affordability factor’ of lower property prices is driving more investment into the area and more interest from highest-earners who are able to get more bang for their buck.

Unfortunately Queensland postcodes didn’t feature on the ATO’s recent top 10 suburb rich list, but there is an abundance of wealthy residents and high priced properties, so with the help of, Domain Group and census data, I’ve put together my own list of exclusive areas where Brisbane’s richest call home and then I’ll reveal the top 10 Brisbane streets.

4005 (Teneriffe, Inner Brisbane)

richest streets in Brisbane

Population: 5,341

Median income: $127,972

Median house price: $1.962 million

According to Corelogic data, the Inner Brisbane suburb of Teneriffe has the highest median house price of any area across the Queensland capital.

Despite being an industrial town in the past, the proximity to the city and riverside views has made it ideal for affluent, young Australians with average ages of just 20-39 and median annual incomes of $127,972.

With few houses in this inner city location, the median house price comes in at a whopping $1,962 million.

However, even units in Teneriffe are more expensive than the rest of Brisbane with a median of $570,000.

4155 (Chandler)

richest streets in Brisbane

Population: 1,453

Median income: $128,752

Median house price: $1.6 million

The exclusive suburb of Chandler is a high-demand market with an impressive median property price of $1.6 million to match its median resident income of $128,752 per year.

The peaceful and secluded semi-rural suburb consists largely of bushland and residential properties on acreage and is close to Brisbane’s major commercial precincts of Carindale and Capalaba and the CBD is just 20 minutes away.

4171 (Bulimba)

richest streets in Brisbane

Population: 6,851

Median income: $126,516

Median house price: $1.31 million

Builmba’s leafy streets and large blocks attract the Queenslanders able to spend big on impressive houses and an elegant lifestyle.

Sitting just 4km from the city and with all the amenities you could ever need, Bulimba is popular with young and established professionals.

Bulimba houses are seeing an impressive amount of interest with an average of 432 visits per property listing, way about the state average of 374.

With its close proximity to the city and gorgeous waterfront cottages, Bulimba has a median house value of $1,31 million and residents earn an average $126,516 per year.

4007 (Hamilton)

richest streets in Brisbane

Population: 6,984

Median income: $98,488

Median house price: $1.48 million

Despite a slightly lower median resident income of $98,488, Hamilton houses alone have grown 9% over the last five years to a median of $1.48 million.

The affluent and upscale postcode is popular for riverside high-end dining and a hip weekend food market with live gigs attracting a young average resident age of 20-39.

4005 (New Farm)

richest streets in Brisbane

Population: 12,534

Median income: $93,704

Median house price: $1.6 million

Once the humble home of immigrants and workers, New Farm is now popular and low maintenance living for people who like food, fun and farmer’s markets right on their doorstep.

Thanks to the increasing desirability of the area, New Farm has enjoyed an enormous 442% price growth in its property in the last 20 years as some of Brisbane’s high-income earners flock to take advantage of the exclusive lifestyle.

Like Bulimba, property demand in New Farm is strong, with recording 674 visits per property for listings in the area, nearly double the Queensland average of 374.

Here are the top 10 most expensive streets in Brisbane.

richest streets in Brisbane

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