The lead-up to Christmas is presenting an ideal time for investors looking to capitalise on the Brisbane market, according to the managing director of Coronis.
Andrew Coronis said that despite challenges in some markets, demand for Brisbane properties is blooming, with the latest data from the independent property firm showing an increase in the number of people enquiring about properties and attending open homes.
“Over the past month, there was a large increase in property enquiries to 8,907 from October last year, and it comes as no surprise with some major developments coming to Brisbane and more people moving from other states and overseas,” Mr Coronis said.
“Our agents have been busier than usual, with the 10 per cent year-on-year increase in open home attendees, which is the best result for October since 2016… It’s a testament to everything that Brisbane has to offer for people looking for their ultimate Australian dream.
“Brisbane is a growing hub of some fantastic developments, expanding job opportunities, cultural activities, entertainment and sunny weather all year long… It’s got something for everyone, and I think being within close proximity to some of the world’s best beaches is an added bonus.”
A decreased number of listings on the market, coupled with growing demand for properties and open homes, presents an opportune time for investors to put their property on the market, according to Mr Coronis.
“Now is the time to put your property on the market before Christmas to set your property up for success,” he said.
“With softening interest rates, lending restrictions, and First Home Buyer schemes, SEQ is a land of opportunities for everyone wanting to get into the property market… This only adds to the buyer confidence, and I think we’ll be seeing more people realising their property dreams in theState.”
Inner-Brisbane commercial building sold on tight yield during COVID-19
A new commercial building situated in a prominent corner position in the inner-Brisbane suburb of Ashgrove has sold in a deal representing a tight yield for Queensland.
The fully-leased medical and retail property at 9 Ashgrove Road, which also has frontage to Crawford street, was sold for $8.88 million at a passing yield of five per cent, with a passing net income of $444,300 per year.
It was purchased by GDA Diversified Property Trust having been listed by Eloper Group in a deal negotiated by Blake Goddard and Matt Barker of Knight Frank in conjunction with Michael Hedger, Darren Collins and Jack Morrison of CBRE.
Completed in May 2019, the Ashgrove building offers 618 sqm of medical/retail accommodation over two levels on an 800 sqm site with secure basement car parking for 26 vehicles.
It is 100 percent leased to three tenants including the Bank of Queensland, Ashgrove GP clinic and RecoverWise Physic, with 75 per cent of the income generated via the medical tenants, which are well- established in the precinct.
Mr Goddard said the campaign generated a suburban record for price per square metre of net lettable area of $14,369 and yield for an asset of this nature.
Mr Collins said the best interest came from the passive investors including numerous parties who work in the medical industry and were attracted to the strong lease covenants on this 100 per cent leased asset with an 8.5 year WALE (by income).
It is set just 4.5km from the Brisbane CBD.
This article is republished from www.propertyobserver.com.au under a Creative Commons license. Read the original article.
The suburbs where it’s cheaper to buy than rent
Olympics, Billion-Dollar Projects Brighten Brisbane Outlook
Hosting the 2032 Olympic Games, along with a swathe of major projects and infrastructure, could play a critical role in Brisbane’s recovery from the coronavirus pandemic.
With the largest local authority in the southern hemisphere, Brisbane is well-positioned post-pandemic with $20 billion worth of major development on the way and $49.5 billion committed to transport infrastructure.
Major development projects include the $5.4 billion Cross River Rail, $3 billion Queen’s Wharf casino and the Brisbane Airport redevelopment.
The region, home to one in seven Australians, has put its hand up to host the 2032 games—the first location to announce it would bid for the $5 billion-plus games, under new rules that allow a region, rather than a city, to host the event.
“There is already a need for jobs and growth in the Queensland economy arising from the impact of Covid-19,” Australian Olympic Committee president John Coates said.
“Our partner three levels of government recognise a potential 2032 Olympic and Paralympic Games as a critical part of the state and nation’s economic recovery in the short term, quite apart from all of the long-term health, wellbeing, economic and sporting legacies.”
Brisbane deputy mayor Krista Adams, Brisbane Marketing chief executive Brett Fraser, ASM Global Asia Pacific chief executive Harvey Lister and Brisbane Marketing chairman Paul Spiro will discuss the key projects and initiatives driving Brisbane post-pandemic, at The Urban Developer’s upcoming Brisbane Reimagined webinar.
Panellists will touch on major economic priorities and their impact on the property sector as well as recent changes to the City Plan and the impact on the property sector.
This event is a must for anyone invested or considering investing in the greater Brisbane region.
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
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