A large mixed-use development site in one of Brisbane’s hottest sectors that has been in the same family for six decades is being offered for sale via an expressions of interest campaign.
The site, which is being offered with vacant possession, is located at 56 Breakfast Creek Road, Newstead.
About 2kms north-east of the Brisbane CBD, the site has been the home of Alex Gow Funerals since the 1960s.
It is within walking distance of public transport and close to the popular Gasworks precinct.
That precinct is a commercial, residential and retail development at Newstead that includes restaurants, cafes, shops, a supermarket and a public plaza inside the old gas holder of the heritage-listed Newstead Gasworks.
The property sale is being handled by Savills, whose national director Peter Tyson said the site located on the gateway of the main route between the CBD and the city’s airport.
“The site is in Brisbane’s most desirable development location, the Newstead—Teneriffe—Fortitude Valley locale, which provides a high level of existing amenity,” he said.
“The site’s large size, 5272sq m, means it has potential for development of significant size.
“Sites of this scale with wide-ranging mixed-use potential in such prime locations are increasingly rare and this site will be seen as a trophy opportunity by residential and commercial developers alike.”
Zoned flexible mixed-use, permissible uses include residential apartments, build-to-rent, aged care, retirement living, education, health care services, indoor sport and recreation, child care, offices, shops, shopping centre, showrooms and theatre.
It is an elevated site with two street frontages: Breakfast Creek Road (about 69m of frontage) and Dunlop Street (about 44m).
Savills’ Peter Tyson, Will Carman and Robert Dunne are marketing the site.
The expressions of interest campaign closes at 3pm on July 15, 2021.
Article Source: theurbandeveloper.com
Brisbane apartment market in the spotlight: Media Hunt’s May update
The media veteran Steve Hunt has cast his eye over the Brisbane market and what’s happening in the Queensland capital
The Brisbane apartment market continue to show strength over May, posting 1.1 per cent gains, CoreLogic’s monthly Hedonic Home Value Index found.
The rolling quarterly apartment gains are now up to 3.2 per cent, with the median apartment price reaching $411,000.
The media veteran Steve Hunt, who founded the public relations and media strategy firm Media Hunt in 2005, has cast his eye over the Brisbane market and what’s happening in the Queensland capital.
Hunt mentioned The Fernery, which has been popular with local owner-occupiers
Urban recently spoke to Colliers residential director Andrew Scriven, who said most of the buyers have come from a couple of kilometre radius.
“There’s been overwhelming success since launch in April from the local market, looking to either downsize, invest or secure something for the children,” Scriven said.
“Locals have really embraced the project. They haven’t really had that offering ever.”
The project by the Townsville-based Honeycombes, in partnership with their financier MaxCap, will comprise the 82 apartment block The Fernery, as well as a 12,000 sqm retail centre set next to the Ferny Grove train station.
Article Source: www.urban.com.au
Multimillion-dollar deals fuel record auction day in Brisbane
A record-setting $43 million in real estate sold under the hammer across Brisbane on Saturday in an incredible feat of strength that has revealed the city’s soaring market is showing no signs of slowing.
From the 71 auctions reported 63 transacted to achieve a 89 per cent clearance rate, compared with 65 per cent last week and a meagre 33 per cent this time last year.
It’s also the highest amount fetched in a single day of Saturday auctions in more than six months, with several multimillion-dollar properties sold amid reports of fierce bidding wars.
Although one of the top sales included a sophisticated Queenslander at 92 Elfreda Street in Enoggera, which collected $2.301 million through Place Estate Agents Newmarket, it was a laid-back family suburb on the outskirts of the city that stole the show after hundreds of buyers and onlookers flooded three separate auctions, resulting in milliondollar-plus sales.
Wishart, which is 14 kilometres from the city and has a median house price of just over $800,000, could have been mistaken for an inner-city borough after the three homes collected a combined $3.644 million. Property punters said house prices in the increasingly popular patch have risen by as much as 25 per cent in a year.
Ray White Annerley principal Geoff Sellars sold a dated, low-set brick abode on a 646-square-metre block at 106 Delavan Street to two first-home buyers for $1.067 million on Saturday, and said the price and number of bidders told more than just a tale of the city’s soaring market, but also of a suburb where demand was skyrocketing.
The young buyers were forced to compete against 35 registered bidders for the modest four-bedroom house, forking out $217,000 over the reserve price in front of a crowd of more than 150.
“Wishart has always been fairly popular as well as the Mansfield area, there are people who just buy there to be in the Mansfield High School catchment, but not in the like of what we’re seeing at the moment,” Mr Sellars said.
“There’s an enormous amount of confidence in the market and it becomes a snowball effect. Interest rates are low and people have just prioritised buying property over things like travel and I think the bank of mum of dad is the fifth biggest bank in Australia right now so a large majority of buyers are first home buyers. The confidence over the past 12 months has driven them to that point but a lot of their parents are fronting up money (to help them get their deposit over the line) as well.
“And, in Wishart, I would have thought 106 Delavan would be lucky to be a mid-$700,000s property so there has been a 25 per cent price increase here in some parts.
“At its worst, I think this is the new normal and we have set new average prices for a lot of suburbs. I don’t think we’ll go down from here and there’s definitely the potential for things to strengthen.”
LJ Hooker Sunnybank Hills agents Rob Senic and Kosma Comino sold the other two Wishart homes under the hammer on Saturday, collecting $1.45 million for a contemporary abode at 44 Craig Street and $1.127 million for the slightly rundown four-bedroom house at 22 Cotswold Place.
It was the Cotswold Place property that Mr Comino said attracted an almost rockstar turnout, leading to a 45-minute auction, about 50 bids and a sale price that was $127,000 above the reserve.
“While I knew it would be a good auction because that part always does well, we were thinking it would sell for a maximum of $1,030,000 but then, during the auction, we had a lot of people rock up late and we had a total of 15 registered bidders,” he said.
“From the 15 registered, we had six of them really fighting for it – they were a very mixed group. The bidding opened at $800,000, and it was really rapid then on the fifth bid we hit the reserve.
“A family ultimately won the auction and it’s funny because they had actually missed out on the last two auctions with me in that pocket.”
Mr Comino said first-home buyers and young families looking to upgrade into their second home were making up a large portion of the buyer demographic, with that enticing school catchment attracting half of the buyers, and the suburb’s location being the “X-factor” for the rest.
“You’re also close to the motorway and then you’re close to Westfield Garden City – in fact, if you drive through there now, it’s busier than the city centre. It’s gotten crazy there now.”
Elsewhere, Ray White Carina agent Jose Peralta sold a striking four-bedroom family oasis at 22 Faraday Street in Camp Hill for $1.401 million, and next door in Norman Park, Paula Pearce, of Place Estate Agents Bulimba, sold a modern Queenslander at 64 Morehead Avenue for $1.675 million under the hammer.
In Northgate, Ray White Aspley agent Dwight Colbert transacted the meticulous four-bedroom abode at 26 Mann Avenue for $1.07 million in an auction he said attracted nine registered bidders before fetching $120,000 above the reserve price.
“They were all local buyers and many with young families but in the end it was a retired couple who bought the place as they have six grandchildren. My sellers are upsizing and have bought at Nudgee Beach as they have three children and want some more room,” Mr Colbert said.
“There’s still a lot of desperation for good stock, and it feels like a shortage of listings which I know is helping with competition.”
Article Source: www.domain.com.au
This is how long it takes Brisbane first-home buyers to save for a house
Brisbane first-home buyers have bucked a nationwide trend. They are now taking less time to save for a deposit, with closed borders, government grants and a softening of entry-level house prices launching locals onto the property ladder faster than a year ago.
Despite the city’s soaring property market recently pushing median house prices to record heights, new data from Domain’s First-Home Buyer Report, released on Monday, revealed it now takes the average couple four years and two months to save a 20 per cent house deposit – which is four months less than this time last year.
Brisbane was the only capital city to see savings time slashed over the 12-month period, with Sydneysiders forced to tack an extra six months onto their already painfully slow savings haul – which is now seven years and one month for the average couple.
Domain senior research analyst Nicola Powell said the data revealed just how sunny the market remains in the Queensland capital – with grants and wage growth easing the squeeze for first-home buyers alongside COVID, which had worked wonders for savvy savers.
“Brisbane bucks the trend really in terms of what we’re seeing across our other cities, and while it doesn’t have the quickest time to save, it’s seen more favourable conditions over the past year,” Dr Powell said.
“It was the only city to see a decline in time for houses while for units it remained stable … and what we’ve also seen is tax cuts and compounding interest on savings have helped speed up that time.
“I think over the past 12 months, we’ve all saved more, and for first-home buyers, it has supercharged their savings pot … the pandemic has also really unlocked an element of affordability. For those first-home buyers who can work from home, they are able to now seek different locations to reside, which opens the door to affordability.”
Property Management6 years ago
7 Common GST Mistakes On Property
Residential5 years ago
Ipswich Proves Frontier In Affordable Housing
Infrastructure3 years ago
Decision on horizon for key marina section of huge North Harbour development at Burpengary
Market Place3 years ago
How to make $1 million ‘flipping’ houses
Market Place3 years ago
Moreton Bay makes top 10 list of places to invest in property
Infrastructure2 years ago
Watch: Route of Gold Coast’s new ‘M2’ motorway revealed [video]
Market Place3 years ago
Affordable acreage suburbs within 20km of the Brisbane CBD
Developments3 years ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct