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Massive modern mansion at The Gap sells for $2.25 million

Massive modern mansion at The Gap sells for $2.25 million 3

While Brisbane’s temperatures stay low, its auction market has gradually started to warm up.

Two properties sold at about $2 million over the weekend with 68 auctions and a reported clearance rate of 37 per cent.

One of those auctions saw the sale of a stunning four-bedroom, four-bathroom house with city views on 3239 square metres at 26 Moyry Street, The Gap. About 30 people piled into the property’s spacious garden to watch seven registered bidders battle it out for nearly an hour.

Massive modern mansion at The Gap sells for $2.25 million 1

Bidding opened at $1.5 million, and slowly crept up in $50,000 increments until it hit $1.95 million. At that point, the highest bidder was pulled away for negotiations, and their bid was increased to $2.05 million.

After a $2.1 million bid and more negotiations, the house was sold under the hammer for $2.25 million. Selling agent Angela Mastrapostolos, of Ray White Paddington, said there had been about 50 groups through the property over its five-week campaign, and that most of the interest was from families.

“[The vendors] bought the land off me eight years ago,” Mastrapostolos said. “[They] built the home to live in forever, but his work moved him to Melbourne so they decided to sell.”

The buyers were a family from Ashgrove, who were relocating to find a bigger yard for their children.

On the other side of the city,  a Gatsby inspired mansion at 70 Woodlark Crescent, Parkinson, sold at auction for $1.98 million. Three registered bidders took to the floor to stake their claim on the gorgeous four-bedroom, three-bathroom house on a sprawling 4064-square-metre block.

The opening bid was $1.9 million, which slowly worked its way up to the sale price in an auction that lasted more than an hour. Selling agent Emily Xiong, of LJ Hooker Sunnybank Hills, said the price was a record high for the area.

Massive modern mansion at The Gap sells for $2.25 million 2

About 20 groups saw the house in its four-week campaign. The eventual buyer was a local middle-aged family, while the vendor was from overseas.

“They moved back overseas, so it’s too big for them to keep it,” Xiong said. “It’s definitely not an investment property, it’s for an owner-occupier.”

Elsewhere, a three-bedroom, one-bathroom house on 464 square metres at 63 Sackville Street, Greenslopes, sold in an incredibly well-attended auction. A crowd of about 90 people gathered on the front lawn to watch for 20 minutes as six registered bidders attempted to claim the beautifully presented home.

Bidding opened at $800,000, and worked its way up to $850,000. At that point, the house was put on the market, and ultimately sold for $852,500.

Selling agent Jonathan Harper-Hill, of Belle Property Coorparoo, said there was immense interest in the property, with more than 100 groups inspecting over the course of the four-week campaign and another 50 inspecting at the auction itself.

“It’s a very attractive house and it got a lot of interest from the neighbourhood,” he said. “There’s a shortage of quality stock on the market at the moment, and it was a beautifully presented home in a top street in Greenslopes.”

Massive modern mansion at The Gap sells for $2.25 million 3

 

The thrilled buyers were a family looking to get into a beautiful home on a good street. They had sold their house and had been actively looking for a replacement for six months. The vendors had recently bought a house elsewhere and were also delighted with the result.

Harper-Hill said the result of this auction was further proof of the continued strengthening of the Brisbane market.

“We’ve seen a change in the market over the past month,” he said. “There’s a lot more motivation in buyers at the moment, and I think there’s a belief that the market will be going up so buyers have been spurred into action.”

 

 

Source: www.domain.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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