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Nundah: Why it’s a property hotspot for Brisbane singles

Nundah Why it’s a property hotspot for Brisbane singles

In Aboriginal, Nundah means “chain of water holes” and there sure were watering holes aplenty as I drove down its impressive high street recently.

There were so many, in fact, that even though I missed the turn-off to Sandgate Road from the Airport Link, I found myself gawking left and right at the myriad upmarket retail offerings on either side of the road.

On one side of the street there were trendy barista coffee and gelato shops, and on the other hip bars like The Village Social as well as stylish interior decorating stores.

Nearly half the population in Nundah is single, according to census data — that’s significantly higher than the national and Queensland averages — and it’s easy to see why the unattached are so drawn to the area.

Nundah’s vibrant village vibe with bars, cafes and shops makes it the perfect place to socialise, live and work and the big clincher: it’s also still mainly affordable.

Ray O’Brien, principal of LJ Hooker Lutwyche, has witnessed the once working-class suburb gentrify over the past decade in particular.

Nundah Why it’s property hotspot for Brisbane singles

It all started when through traffic from busy Sandgate Road was diverted via a bypass tunnel in the early 2000s and then continued apace when the suburb was selected for urban renewal.

“The council basically did some social engineering,” Mr O’Brien said.

“The reason is because of the infrastructure that’s already here – you’ve got tunnels, train, and easy access to the airport, which is like a mini-city so there are a lot of people who work there.

“The vibe has changed. It’s a bit more of a village now.”

Over the past five years, the suburb has seen a sharp increase in commercial offerings in its retail strip as well as unit developments, which has temporarily impacted prices.

According to Domain Group data, the median unit price in Nundah fell by 7.1 per cent to $395,000 over 2018, which makes unit buying a very attractive (and affordable) way to get into the property market.

Nundah Why it’s a property hotspot Brisbane singles

Houses are also still great value. The median price grew by 2.2 per cent last year to $685,000 — that’s a whopping $455,000 less than houses at neighbouring suburb Clayfield, where the median price is $1.14 million.

Nundah’s population also increased 16 per cent from 2011 to 2016, with an enviable median age of its 12,000-plus residents of 33, according to the Australian Bureau of Statistics.

Mr O’Brien said first-home buyers were targeting units while upgrading young couples or families were competing strongly for the dwindling number of timber and tin houses, often choosing to renovate them.

Buyers and renters were also selecting Nundah as their location of first choice these days – compared to the suburb playing second fiddle to locations closer to the city – especially if they were new migrants, he said.

“They don’t know that Hamilton or Ascot is a better suburb,” he said.

Brisbane investor Noel Herbert bought a unit in Nundah in 2011 for $250,000 because of the suburb’s proximity to the city and airport as well as its shopping village precinct.

Nundah Why it’s a property hotspot for Brisbane

Not only has he witnessed its many positive changes in the past seven years, his unit also has been rented by the same couple the entire time.

“There has been an expansion of the village and the reinvigoration of the area due to the increased unit development and business activity associated with this,” he said.

“Nundah should progress nicely as a transport hub as well as the second runway adding value to the suburb with more workers wanting to live in the local area.

“The tenants have remained over the years and have always treated it like their home, which it is. They have always paid on time and kept the place immaculate and hence we have replaced fixtures to update the unit for them. It’s all about mutual respect.”

 

Source: domain.com.au

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Brisbane

Brisbane’s western suburbs rents skyrocket by 20 per cent-plus

Soaring demand for affordable family-friendly homes close to schools and parks has sparked a rental boom across some of Brisbane’s leafy western suburbs, with prices climbing by up to 20 per cent in just 12 months.

The latest Domain Rent Report, released last week for the September quarter, revealed the steepest rent hikes were collected in the middle and even outer city rings of the Queensland capital, with Mount Ommaney claiming the crown for top performer after house rents there rose a massive $138 per week to $690 over the last year.

Cornubia, Fig Tree Pocket and Seventeen Mile Rocks were all hot on its heels after rents rose 19.9 per cent to $535, 17.2 per cent to $700 and 16.1 per cent to $560, respectively. Houses in Scarborough, in the bayside north, saw an increase of 16.3 per cent bring weekly rents to $465.

In the nearby bayside suburb of Woody Point, units topped the leader board after rents jumped 15 per cent to $345, with Camp Hill – in the coveted inner east – winning the silver medal after a 13.9 per cent rise raised weekly prices to $410.

Brisbane’s western suburbs

Rentals in highly sought-after inner-city locations like Camp Hill have gone up in price substantially over the past year. Photo: Place Bulimba 

While rents across the city collectively rose to record heights in the September quarter, not all suburbs posted positive growth. House rents in South Brisbane suffered an annual 8 per cent drop to $460. Grange house rents, in the city’s north, also took a dive of 7.6 per cent to $550, with Manly in the bayside south suffering a slump of 5.1 per cent to bring house rents to $490.

In units, the worst-performing suburbs were Sunnybank and Macgregor, which suffered price drops of 5.1 and 4.8 per cent to bring weekly rents to $370 and $400, respectively.

Despite the price fluctuations, the individual suburb data has revealed a growing shift towards affordable lifestyle suburbs amid a new set of rent conditions that Place Estate Agents director of property management Cathie Crampton said were, more than likely, here to stay.

“Demand in the city’s lifestyle suburbs [is higher than ever] and we are seeing people moving to places like the bayside now,” she said. “The typically traditionally strong rental suburbs of Norman Park and Bulimba are still going through the roof in terms of both rentals and sales … but our most improved suburbs are Graceville and Indooroopilly, where people want to move into those school catchments.

“And that’s where we’ve had 0 per cent vacancy in our rent roll.

Brisbane’s western suburbs

Bulimba: The number one pick for renters. Photo: Supplied 

“But our best performing suburb has still got to be Bulimba,” Ms Crampton said. “It has continued to perform and we’ve had one of the lowest vacancy rates in that suburb for over nine months now.”

According to the Domain report, Bulimba is now the city’s most expensive suburb to rent a house after a 9.3 per cent annual hike sent weekly asking prices to $765.

Kenmore Hills came in at second place after prices rose 7.6 per cent to $710.

While the city’s blue-chip suburbs saw more subdued growth over the past year, it was the hunt for an affordable home close to amenities that sparked the price surge in Mount Ommaney, said Ray White Centenary letting manager Debbie Swales, with the suburb undergoing a coming-of-age off the back of a booming sales market.

“It’s certainly picked up a hell of a lot and when I get a good property – particularly a good family home now – people are desperate,” she said. “There are just too many people needing to rent and it’s mostly because house prices have gone up so much.

“Queensland is just really booming because there’s a lot of push from down south … but I think with Mount Ommaney, in particular, it’s a beautiful suburb and the rent is not astronomical compared to other suburbs. Then you’ve got the shopping centre, it’s really safe and there are the parks and the river.

“I’m now getting people ringing me from the Sunshine Coast and from even the north of Brisbane and they say they are moving here because it’s close to the city but also Ipswich – it’s just so accessible.”

It’s a sentiment shared by Ray White Holland Park department manager Kaitlyn Schneider, who said rents had jumped by up to $150 in the past six months alone as tenants moved further out from the city.

“I think we’ve got great access to the highway … and we’re still affordable and that’s bringing so many people to these places,” she said. “I would say Holland Park to Camp Hill and the pockets between [are on fire].”

The rental renaissance has swept across the city’s once-stigmatised Redcliffe region, said One Agency Redcliffe and Northlakes principal Stephan Siegfried, with prices soaring to record heights off the back of a pandemic-induced lifestyle shift.

“With COVID, people have rediscovered this area – and that happened particularly when we had distance restrictions [last year],” he said. “At one point Margate Beach was like Bondi – you couldn’t move and there were tents and people sunbathing. So Redcliffe has been discovered.

“People have realised this is a great place to be and we’re close to Brisbane. But the other thing that has happened [to push up prices] is the rental stock has been shrinking somewhat because landlords have cashed in on properties, and that’s shrunk the pool a bit.

“And now we’ve got people who have been priced out of the market and have to go further afield,” Mr Siegfried said. “In fact, we’ve seen a large jump in prices and that’s visible and there’s a social disturbance for long-term Redcliffe residents who have lived in affordable properties and are now finding that’s no longer the case.

“While for investors this is great – and I’m really excited because this is a coming of age for Redcliffe – about 12 days ago we had an elderly woman in our office who was in tears because she said she couldn’t afford to live here anymore. So there are two sides to the story.”

The Domain report revealed house rents on MacLeay Island, in the bayside south region, soared by 19.3 per cent over the past year to $325, while Margate house rents rose by 12.5 per cent to $428, with Redcliffe houses rising by 10.5 per cent to $420.

As for Brisbane’s cheapest suburb to rent a house, the report showed the outer pocket of Russell Island boasted a meagre weekly rent price of $300, despite prices rising by 15.4 per cent over the past year.

For units, Sandgate was the city’s most affordable suburb at $255 per week, with prices sliding a slight 1 per cent over the past 12 months.

 

Article Source: www.domain.com.au

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Market Place

Property sellers bring plans forward to beat APRA changes on home borrowing

Property sellers

Some Property sellers have brought forward their listings in hopes of getting the best price before new mortgage rules kick in and reduce the budgets of potential buyers, agents say.

Potential home buyers who are hoping to borrow the maximum amount are also rushing to get in before the cut-off at the end of October, although some will be disappointed as a few banks have already become more cautious about how much they will lend, and investors with multiple properties are already having to reduce their budgets for their next purchase.

Property buyers will be assessed to ensure they could repay their loans should interest rates rise 3 percentage points, up from 2.5 per cent previously, under recently announced rules by bank regulator the Australian Prudential Regulation Authority that are likely to cut buyers’ maximum borrowing capacity by about 5 per cent.

But with only 8 per cent of applicants borrowing their maximum, on Commonwealth Bank figures, most buyers are unaffected, meaning property prices are likely to keep pushing higher, albeit not at the same pace.

“It’s very much on the top of sellers’ minds to try to get a deal together before the market could be impacted,” The Agency Epping’s Catherine Murphy said.

Last time APRA made it harder to get a home loan, the decision preceded the financial services royal commission that threw bank lending practices into the spotlight, as well as the uncertainty of the federal election, and property prices fell.

Ms Murphy does not expect as much of an impact as last time, tipping prices to keep rising but at a more modest pace.

“If you know buyers, instead of being able to spend $2.5 million, they can only afford to be spending $2.1 million, that counts that buyer out of the game,” she said. “The more buyers you have, the more you end up selling for.”

Adrian William principal Adrian Tsavalas has seen some sellers keen to list sooner to take advantage of the unchanged borrowing capacities in the market now.

“There have been a couple of sellers who were on the fence about listing this year or next year,” he said.

“With the change in regulations and the possible change in borrowing capacity on the cards we’ve seen a number of sellers elect to list and sell this side of Christmas, just in case this has an impact on the market.

“It could possibly ease [price] growth but I don’t think it’s going to cause the market to retract.”

Foster Ramsay Finance principal mortgage broker Chris Foster-Ramsay has seen some buyers aiming to get a pre-approval quickly if they hope to borrow the maximum to stay in their preferred location, perhaps near family or the children’s school.

Some banks are still allowing new buyers, or those renewing pre-approvals, to borrow the maximum under the old rules before November 1, when the new rules kick in. Borrowers have 90 days to use their pre-approval before it expires, meaning buyers will be in the market with larger maximum budgets until the end of January.

Others such as Commonwealth Bank and Bankwest have already changed to the new rules, he said.

“Everything seems to be premium price and premium demand,” he said. “Agents foresee that happening right through until early next year when these changes kick in.”

Shore Financial chief executive Theo Chambers has been fielding questions from pre-approved clients asking how the change affects them and thinking they might need to buy sooner rather than later.

“People that were procrastinating about it are now feeling like they need to get moving,” he said.

“It’s almost a bit too late for those people because some of the banks will apply the change regardless of whether you’re already approved.”

Banks are also making their own changes, such as being more cautious about how much debt borrowers can take on relative to incomes, to reassure the regulator, he said.

Keen investors with multiple properties had been affected, although not dramatically yet, and were hoping to get in before the changes, Mint Equity director and finance broker Zac Peteh said.

One client already had a $900,000 budget reduced to $850,000, he said.

“The strategy that some of the investors had of waiting for the market to return, in terms of stock levels … there’s a little bit of a push with the investors to try and get something done now, rather than waiting until early next year,” he said.

Ray White chief economist Nerida Conisbee said the APRA changes were likely to affect real estate sentiment far more than how much buyers could or couldn’t borrow.

“For the majority of people it doesn’t make much difference and it won’t hit all parts of the market. It’s a pretty light touch overall and will make a minimal impact,” she said.

“I do think that deadline will see prices calm a bit though if only because the APRA changes are signalling that they are watching, they are not going to let it get out of control, and there will be a limit.”

Melbourne buyer’s advocate Wendy Chamberlain has not yet seen any impact on her clients, but expects that soon buyers may not be able to borrow as much money and will look at homes at a lower price point.

“I don’t’ know if it’s going to take the wind out of the market,” she said. “If you can’t afford to buy that house you’ll just drop into a lower price bracket.

“[Also,] the bank of mum and dad aren’t going to be affected by the APRA changes, are they.”

Ray White NSW chief auctioneer Alex Pattaro has not seen any impact on buyers from the announcement, with confidence at auctions still high.

“People are more keen to secure a home and get in simply because of the property prices rather than because of APRA,” he said.

“People are prepared to pay over for a property when there’s competition on auction day.”

Davidson Property Advocates’ Tonya Davidson has not seen the change directly affect her clients yet but is anticipating a flow-on effect.

“It’s been a topic of discussion and I think what that really relates to is perhaps a small shift in market sentiment,” she said.

“There’s a number of properties that have had price adjustments. I had an auction on Saturday [in which] I was the only bidder.

“A little bit of the shine has come off.”

 

Article Source: www.domain.com.au

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Gold Coast

The Monaco, Main Beach secures sell-out as one of Gold Coast’s most expensive apartment towers

The Monaco

Construction is now underway by McNab Builders, with an estimated completion date of 2023

The Monaco, the luxury Main Beach apartment development by the local developer Ignite Projects, has secured a sell-out.

The Rothelowman-designed, 24-level tower, with just 24 half and full-floor apartments, sold with an average sale price of $4.6 million. The penthouse secured $9.5 million when bought by a Sydney buyer, who was in lockdown at the time of purchase.

The tower will rank as one of, if not the most expensive on the Gold Coast, not counting the smaller, boutique beachfront projects that might only rise five or six levels.

It’s not the first time Ignite boss Josh Foote has seen stellar results recently, having quickly knocked over his apartment development at Palm Beach.

They sold out Cabana, a collection of 32 beachfront apartment, in six weeks, one of the quickest sell-outs the Gold Coast had seen for a long time.

The Monaco Main Beach

The Monaco Main Beach 2-4 MacArthur Parade, Main Beach QLD 4217 

“The Monaco naturally took a little longer, given the near $5 million average apartment price”, Foote says.

“The buyer pool is considerably smaller, less than one per cent of buyers can spend that much.”

“The building is setting a new standard for the suburb, which is getting a well-deserved facelift thanks to the $205 million revitalisation of the Spit to turn it into the Gold Coast’s version of Hyde Park and a 300-berth marina at The Southport Yacht Club.”

The Monaco saw a mix of local buyers, and those interstate from Sydney and Melbourne, NPA Projects Director Andrew Erwin, who exclusively handled the sales, said.

“It will be a second home for a lot of the buyers, but some will be calling it home”, Erwin told Urban.

The Sydney-based buyer of the expansive two-level 630 sqm penthouse was impressed by the design and unrivalled location, and plans to use it for his ‘forever home’.

Construction is now underway by McNab Builders, with an estimated completion date of 2023.

Foote says there’s no surprise to see the heightened demand for the Gold Coast, which he expects to continue now the country has seen what locals have seen for years.

“It’s just all about lifestyle, 100 per cent”.

The developer worked on a few projects with a friend in his native Auckland before moving to the Gold Coast.

“It wasn’t the value of the Gold Coast that brought me here, it was the lifestyle, and then the value become apparent.”

Foote expects to be heading back to the Southern end of the Gold Coast for his next development, but like many in the industry, is finding it difficult to find a suitable site, for the right price.

“I like developing down there. It’s where I live, and it’s probably the most beautiful part of the Gold Coast.

“But it’s that competitive at the moment, it’s hard to find a site that will stack up. Land value is so high due to the demand for houses in desirable locations, even really old houses where an interstate buyer can knock down and rebuild and still see value.”

He reckons great sites with any development potential have nearly doubled in price in the last 12 months or so. Crazy times.

 

Article Source: www.urban.com.au

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