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Ipswich Proves Frontier In Affordable Housing

  The ripple effect of South East Queensland’s relentless growth and urban sprawl has Brisbane’s outer western corridor shaping up as the region’s ‘final frontier’ for affordable and well-connected housing. A new Urbis report, The Future of South East Queensland Housing, forecasts the Ipswich Local Government Area (LGA) will reap the lion’s share of population, job…Read More→

Ipswich Proves Frontier In Affordable Housing

 

The ripple effect of South East Queensland’s relentless growth and urban sprawl has Brisbane’s outer western corridor shaping up as the region’s ‘final frontier’ for affordable and well-connected housing.

A new Urbis report, The Future of South East Queensland Housing, forecasts the Ipswich Local Government Area (LGA) will reap the lion’s share of population, job and housing growth as jobs decentralise from the Brisbane CBD and housing demand shifts to more affordable locations.

Author Angus McLean said inner Brisbane’s physical constraints and lack of affordable housing were already driving investment and people to infrastructure and amenity-rich satellite cities such as Greater Springfield and North Lakes, which would soon funnel into the dynamic Ipswich region.

“South East Queensland is already seeing the beginning of this shift – a desire for housing that maximises quality of life and minimises the cost of living, offering competitively priced housing opportunities in well-located destinations with proximity to amenity and infrastructure,” he said.

Mr McLean said Ipswich was shaping as such a destination with its population set to more than double to 670,000 over the next 20 years, the biggest population growth in the South East corner.

“Increasing by more than 130 per cent over the next 20 years, the Ipswich LGA will play a vital role in satisfying the future population growth of South East Queensland,” he said.

This surge of new residents to Ipswich and its surrounds will generate SEQ’s highest level of housing demand with 6,600 new homes needed each year, while jobs growth is expected to more than double to 2.6 per cent per annum, far outstripping any other LGA in the region.

Mr McLean said while the median house price in the outer western corridor had grown a solid 2.8 per cent to $325,000 in the past year, it was still the most affordable housing stock in SEQ and compared very favourably with Brisbane LGA’s median of $620,000.

Urbane Homes Director Jon Rivera said his business was investing strongly in the Ipswich region, foreseeing growing demand for well-priced housing in such a critically low supplied region.

“The western corridor is one of the last remaining areas where you will find affordable homes this close to inner Brisbane,” he said.

“Five years ago SEQ residents had options in Brisbane, North Lakes, Springfield, Logan and Northern Gold Coast to purchase a new home under $400,000, but now the opportunities are few and far between and the western corridor is the last frontier to buy a new home under $400,000.

“Investors from Sydney are capitalising on this as NSW first home buyers are being forced to geographically invest for their first home, seeing how affordable our market is in comparison to their own.

“The Ipswich median house price is sitting at a low $325,000 while people in Parramatta are paying $960,000 to live in an equal distance from the CBD with terrible connection and infrastructure.”

Original article published at www.theurbandeveloper.com  by Staff Writer 24/10/16

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Residential

Former Socceroo Brett Holman buys Peregian Beach new-build

Peregian Beach

The former Socceroo Brett Holman and wife Femke have downsized on the Sunshine Coast.

Having sold their Peregian Beach holiday home for $2.55 million mid-way through last year, they’ve gone off-market to secure a near new property in the same coastal suburb.

They’ve spent $1.15 million on a home on the Peregian Golf Course.

Only completed last year, the home has five bedrooms, including a master with its own sitting area, walk in wardrobe and ensuite which spans the entire length of the top level.

There’s a dedicated media room, a kitchen with butler’s pantry and an alfresco area overlooking the pool.

Peregian Beach

Richardson & Wrench Noosa agent Kerry Sullivan secured the sale off-market.

The Holman’s had previously nearer the beach, but flipped the modern 2018-built home half way through last year.

Having paid $1.95 million, they sold the Tim Ditchfield-designed four bedder for $2.55 million.

Holman, who runs a small football academy in the Sunshine Coast, and Femke are based in a five bedroom home in New Farm, which they bought for $2.43 million in 2016 when returning to Australia after spending 14 years playing soccer across Europe and Asia.

Born in Bankstown, Holman started his soccer career at Parramatta Power in the NSL before joining Dutch club Feyenoord in 2002.

Holman left Holland in 2012 to join Aston Villa in the English Premier League for a season then went on to play in Dubai and Abu Dhabi.

Holman has represented the Socceroos 63 times, scoring nine goals.

 

Article Source: www.urban.com.au

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Gold Coast

Gold Coast rental vacancies at record lows as tenants battle for homes

Gold Coast rental vacancies

The number of properties available for rent on the Gold Coast has hit an all-time low as tenants battle to secure properties across the city.

After hitting a vacancy rate of 10 per cent in May at the height of the COV ID-19 pandemic, the vacancy rate across the Gold Coast has plunged to just 0.9 per cent in the December quarter according to figures from Real Estate Institute of Queensland.

Southern suburbs of Gold Coast have fared the worst where the overall vacancy rate is at just 0.3 per cent.

In Miami, it’s fallen to just 0.2 per cent with Palm Beach and Currumbin not far behind on 0.3 per cent, while Varsity Lakes is on 0.6 per cent and Broadbeach on 0.8 per cent.

Surfers Paradise, which felt the biggest brunt of the exodus from the rental market has now bounced back to pre-pandemic levels.

The suburb had 2,100 available properties nine months ago, but now has a vacancy rate of just 0.7 per cent.

In the northern part of the Gold Coast, the average vacancy rate has fallen to just 0.6 per cent.

Oxenford has a vacancy rate of just 0.1 per cent, closely followed by Runaway Bay (0.5 per cent), Arundel (0.6 per cent), and Labrador and Southport, both with a vacancy rate of 0.7 per cent.

REIQ Chief Executive Officer Antonia Mercorella says urgent action from governments is needed to address the shortage.

“Every Queenslander should have access to a safe, secure and affordable home that meets their needs and supports them,” Ms Mercorella said.

“That’s why the Palaszczuk Government should consider abolishing stamp duty. It’s the most significant barrier to home ownership, discouraging housing turnover, restricting mobility and property investment – something we desperately require.”

The competition for rental properties has seen a spike in prices across the city.

A report from Domain released last week found the median cost of renting a house on the Gold Coast had risen by 3.8 per cent in the December quarter to $540 a week.

 

Article Source: www.mygc.com.au

 

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Brisbane

Renters Seek Out Lifestyle in South-East Queensland

Lifestyle in South-East Queensland

For the first time on record renters are paying more to live in a unit in Brisbane than their urbane Melbourne counterparts.

Brisbane rental prices have soared to a new high with residents of southern states migrating north not only for the sunshine, but a less Covid-impacted lifestyle.

Data from Domain’s Rent Report for the fourth quarter of 2020 shows that the median unit rental price in Brisbane was $400, compared to Melbourne’s median rental price of $388, a four-year low, making Melbourne a tenant’s market.

Domain senior research analyst Nicola Powell said the increased rental demand was largely driven by people relocating to Brisbane during Covid-19 and the resumption of local and interstate short-term travel.

“Tenants are seeking liveability, affordability, and are no longer tied to a specific location in the work-remote era,” Powell said.

“A rebounding jobs market and lifestyle locations will continue to see accelerated demand, factors that are likely to drive significant rent rises.”

The Sunshine and Gold Coast outperformed Brisbane in unit rental yields with a median price of $430 and $445 respectively.

“It is clear lifestyle locations are experiencing an increase in demand from local travellers and those working from home opt to relocate,” Powell said.

Median house rent prices

Lifestyle in South-East Queensland

Nationally house rental prices have continued to surge ahead with rents now at a record high, following the steepest annual gain in more than a decade.

But this is in stark contrast to the unit rental market, which experienced its steepest decline in price to 2014 levels.

This steep decline in unit rental markets has largely been driven by Melbourne and Sydney who are heavily exposed to the cessation of international migration, international students and local and international tourism.

There has also been an increase in first-home buyer numbers.

Across the rest of the country the story is not as bleak.

Sydney house rental prices reached a record high with a quarterly increase of 1.9 per cent to $550 per week.

This has been largely supported by a migration to the outer suburbs, the Blue Mountains and the Central Coast.

Median unit rent prices

Lifestyle in South-East Queensland

Adelaide is now the most affordable city to rent a house or unit, despite a strong growth in house rental prices last quarter.

Canberra is officially the most expensive place to rent either a house or a unit, and with a less transient population with travel restrictions in place this is likely to continue.

“Tenants will find securing a lease remains competitive and some may have to resort to offering above advertised asking rents,” Powell said.

“The estimated number of vacant rentals is 24 per cent lower annually.

“This lack of vacant rentals will continue to drive up rent prices.”

Rental vacancy rates have plummeted 63 per cent compared to the previous year in Perth, where it is now a landlords’ market, and the city has posted the biggest rental recovery over the December quarter.

House rental prices have increased 6.3 per cent to a median rental asking price of $420, and units increased by 2.9 per cent to a rental price of $350.

Hobart’s rental prices remained steady, and it continues to be the tightest rental market in the country.

Darwin posted significant increases in rental prices, now at a peak last seen in 2017.

 

Article Source: theurbandeveloper.com

 

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