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OMEGA APARTMENTS IS HOT PROPERTY FOR INVESTORS LOOKING TO QUEENSLAND AS A SAFE INVESTMENT OPPORTUNITY

OMEGA APARTMENTS
Omega Apartments is setting the benchmark for liveability in Brisbane’s inner-city, appealing to local and interstate investors looking at southeast Queensland’s property market for solid investment opportunities.
The apartment building in Brisbane City’s property hotspot of Bowen Hills meets key investment criteria, including strong gross rental yields of around 6% attributed to its prime location, spacious apartments and proximity to jobs and public transport networks.
OMEGA APARTMENTS
As the Brisbane property market continues to strengthen following a stronger-than-predicted 2020, investors are becoming increasingly active across all price points at Omega Apartments, with added confidence gained by the building’s healthy balance of owner-occupiers and permanent tenants.
Luxury apartment marketing agency TOTAL Property Group is managing the sales of the remaining apartments at Omega Apartments and has reported multiple sales to single investors who have identified the value of Omega as a solid investment opportunity.
TOTAL Property Group Managing Director and Omega Apartments Marketing Manager Adrian Parsons said recent sales to owner-occupiers and investors indicated that confidence had been building towards a promising 2021, with Bowen Hills well-positioned as one of Brisbane’s most attractive suburbs for investment property.
“Queensland’s property market has been experiencing a swelling in confidence, driven by home buyers and investors from southern states looking north for lifestyle and affordability, infrastructure spending and the way we handle the Covid crisis,” Mr Parsons said.
“There are a number of contributing factors lining up at Omega Apartments to stand out to investors, with some purchasing more than one apartment.
“Omega Apartments appeals to owner-occupiers and rental tenants who are attracted to the building because it offers greater lifestyle opportunities with larger-than-average apartments, resort-style facilities and a location in one of Brisbane’s most sought-after inner-city suburbs.
OMEGA APARTMENTS
“The affordability of Omega’s stylish apartments and their capacity to achieve high rental returns, plus the growing demand for rental accommodation in the area gives investors the confidence to take advantage of the low interest rates and property market growth expected for Brisbane in 2021.
“Brisbane has some of the highest rental yields in the country, averaging four to five percent and Bowen Hills is currently topping this average with a gross rental yield of 5.84% according to CoreLogic data. Another significant benefit of buying a new apartment at Omega Apartments is that the purchaser can immediately rent it out and not have to wait for the property to be developed.
“There is high demand for property in Bowen Hills, with rental supply falling over the past year and limited new residential developments across Brisbane’s inner-city. Such strong demand for rental accommodation is not surprising given that around two-thirds of all households in Bowen Hills are renting.
“Appealing to such a wide range of potential renters is important, as it insulates investors from a slow-down in any one particular market segment.”
According to Broad Property Research this large pool of potential tenants includes employees at the Royal Brisbane Women’s Hospital just six minutes up the road, people working in Brisbane’s CBD and many other businesses in the immediate locality or studying and working at major education facilities nearby.
The research states that the median weekly household income in Bowen Hills is around 50% higher than the Queensland average, providing a pool of quality tenants willing to pay high rents for well-positioned property.
Omega Apartments’ tenant Tenika Davies leases a two-bedroom, two-bathroom apartment offering the type of living environment she had ultimately hoped to find.
OMEGA APARTMENTS
“I was looking for an apartment in Brisbane’s inner-city with a spacious design that would allow me to share comfortably with my cousin and we were excited to discover Omega Apartments,” she said.
“The apartments are beautifully appointed, and the residential facilities are such a huge bonus, especially the amazing rooftop skygarden with the pool overlooking Brisbane City and the entertaining area. I really couldn’t believe my luck when we moved in.
“Bowen Hills is such a good location, so close to the city and all the popular places to dine out and do some shopping, grab a movie or meet up with friends at a bar. I absolutely love living at Omega.”
All apartments at Omega have generous open plan living spaces and quality high-end features including stainless steel Miele appliances, stone benchtops, marble look splashbacks, ducted air conditioning and timber floors.
OMEGA APARTMENTS
Omega residents have exclusive use of expansive recreational areas, including a solar-powered subtropical roof-top sky garden with a horizon-edge pool with city skyline views, a gas fire pit, three separate barbecue areas, plus a two-level gymnasium and music room.
Featuring 130 spacious apartments across 17 levels, Omega Apartments consists of 42 one-bedroom apartments, 10 one-bedrooms plus multi-purpose rooms, 52 two-bedroom – two-bathroom apartments and 26 two-bedrooms – two-baths plus a study.
Ideally positioned at 61 Brookes Street just 1km from Brisbane’s CBD in the high-demand RNA Showgrounds precinct of Bowen Hills, Omega is also within walking distance of the burgeoning King Street hub, Gasworks precinct and neighbouring James Street’s café and restaurant scene.
Omega Apartments is a 12-minute drive from Brisbane Airport and is well serviced by significant transport infrastructure, including the existing Bowen Hills train station and the new Exhibition train station being built as part of the State Government’s $5.4 billion Cross River Rail project.
To arrange an inspection of the display apartments, open by appointment every day including after-hours and weekends, phone TOTAL Property Group on 1300 393 855 or go to www.omegabrisbane.com.au.

Brisbane

April 2021: Four homes to secure in Queensland’s City of Logan from $230,000

The City of Logan is situated in a thriving growth corridor between Brisbane and the Gold Coast, with abundant amenities, good schools and a burgeoning health precinct

Queensland is in the midst of an exciting period of growth and Logan City is well-positioned in the centre of this change.

The City of Logan is situated in a thriving growth corridor between Brisbane and the Gold Coast, with abundant amenities, good schools and a burgeoning health precinct.

More and more home buyers are purchasing their first property in Logan thanks to its fresh and contemporary residential neighbourhoods, new estates and bushland acreage.

The adjacent Griffith University Logan campus, Queensland TAFE and the $145 million Logan Hospital expansion provides the opportunity for Meadowbrook to evolve into a major health and educational hub.

Given its central geographic location in south-east Queensland and available young workforce, Logan is ideally placed for continued growth in the region and provides great opportunity for families and investors.

Urban takes a look at four homes to secure in Logan City from just $230,000.

1. Brookhaven, Bahrs Scrub
Address: 33 Menora Road, Bahrs Scrub QLD 4207
Four-bedroom townhome from $475,000

City of Logan

Brookhaven 33 Menora Road, Bahrs Scrub QLD 4207 

Brookhaven is a new master planned community in Logan City, balancing safety, amenity and liveability amongst picturesque natural surrounds.

Situated just 4.3-kilometres from Beenleigh Town Centre, Brookhaven is connected to Brisbane and the Gold Coast.

Developed by Frasers Property Australia, the homes achieve a five-star green star communities rating and up to 5km of multi-use trails promoting walking, running and bike riding.

2. Aquila Lodge, Eagleby
Address: 10 Bishop Street, Eagleby QLD 4207
One-bedroom townhome from $230,000

City of Logan

Aquila Lodge 10 Bishop Street, Eagleby QLD 4207

Located near train stations, the Pacific Motorway and Logan Motorway, Aquila Lodge offers an 18-townhome development in the City of Logan’s Eagleby.

Each residence features one bedroom, one bathroom and a single-car lock-up garage.

The 42sqm homes include stone benchtops, stainless-steel appliances and air-conditioning to present comfortable living to its residents.

3. Clearwater Junction, Bethania
Address: Clearwater Street, Bethania QLD 4205
Three-bedroom townhomes from $335,000

City of Logan

Clearwater Junction Clearwater Street, Bethania QLD 4205 

Clearwater Junction is an established townhouse complex located in the hidden away suburb of Bethania.

Located in a cul-de-sac street, the peaceful residential development is bordered by farmland and situated within walking distance to the train station and shops.

Three and four-bedroom townhomes are available at the project, with a mixture of designs and layouts, including both single and double storeys.

Amenities include a well-appointed gym, in ground swimming pool, and picnic area.

4. Acacia Waters Estate, Eagleby
Address: Fryar Road, Eagleby QLD 4207
Two-bedroom apartments from $305,000

City of Logan

Acacia Waters Estate Fryar Road, Eagleby QLD 4207 

Surrounded by gardens, walking paths and numerous amenities, Acacia Waters Estate presents nine contemporary designed buildings in Eagleby.

Residents who secure a home in the development will benefit from 24-hour on-site management, undulating lawns and ample visitor parking.

Other amenities include a swimming pool and barbeque pergolas, as well as essential amenities in close proximity, including parks, public transport and shops.

 

Article Source: www.urban.com.au

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Brisbane

Bid to Open Up Student Accommodation to Workers

Student Accommodation

Scape Australia plans to open up its student accommodation to essential workers and interstate travellers as it waits for international students to return to the country.

The group applied for a temporary change of use for its Atria South Brisbane property until the end of February 2023, providing accommodation for non-students in the 88 Ernest Street building.

This will “allow the applicant to effectively manage the impact Covid-19 has had on their Brisbane assets [six buildings in total]” according to the application.

“Prior to Covid-19 [December 2019], building occupancy in Brisbane was at 75 per cent currently the assets have an occupancy rate of 28 per cent as Scape’s primary market is international students,” the report stated.

“The proposed ‘other change’ will allow Scape to use the vacancies in its buildings to offer the Brisbane housing market an alternative to typical renting models [share houses and the like].

“Scape are hoping to host like-minded occupants within the building who are not students.

“Examples include interstate travellers who do not want to sign a six- or 12-month lease elsewhere but need to remain in Brisbane for three-plus months or hospital workers who are assisting in the nearby Mater with the Covid-19 response.”

This is the second time Scape has tried to change the use of the building—that proposal was rejected by the council in August last year due to parking and transport issues.

Overseas arrival numbers remain at record lows, according to the Australian Bureau of Statistics, which recorded a 99.1 per cent drop in visitor arrivals in February compared to the same period last year.

Student Accommodation

▲ Scape have multiple properties in Brisbane and more than 18,000 beds across the globe in development or operation. 

To shape a recovery for the industry, federal education minister Alan Tudge announced a 10-year, whole-of-sector international education.

In 2019 there were 750,000 international students studying in Australia, accounting for a third of university enrolments.

“In 2019, we started the year with around 480,000 continuing international students, while another 150,000 entered Australia to study in the first half of the year, and a further 130,000 in the second half,” Tudge said.

“Closing the borders, of course, had a significant disruption on the international student sector.

“That normal pattern was not possible last year. While some started online, many also deferred their studies, preferring to wait until travel is again possible.”

Despite a lack of international students in 2020, Scape continued to expand its Australian portfolio, purchasing 252 serviced apartments in the Aurora Melbourne Central building for $125 million in November.

The group also lodged plans for four student towers on each corner of an intersection in Kensington and Kingsford near the University of New South Wales.

 

Article Source: theurbandeveloper.com

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Brisbane

The cost of renting in Brisbane reaches record levels, outstrips Melbourne prices

For the first time in years, it now costs more to rent a home in Brisbane than Melbourne, with mass migration and a near two-decade low vacancy rate shooting median asking prices to record heights.

Amid tales of tenant bidding wars and rejected applicants reduced to tears, the latest Domain Rent Report, released Thursday, revealed the average weekly asking price for a house in the Queensland capital soared by almost 8 per cent to an unprecedented $440 per week over the past 12 months – and by 3.5 per cent over the past quarter alone.

The price hike means the average Brisbane tenant is now paying $10 more a week than their Melbourne counterpart for a house, and $25 more a week for a unit after prices for the latter rose by a slightly more modest 3.9 per cent over the year to a record-breaking $400 per week.

Domain senior research analyst Nicola Powell said the report marked a sharp turnaround for the city, with houses, in particular, marking the steepest annual increase in rent prices since 2008 following three strong consecutive quarters of rent gains.

“Melbourne house rents have been higher than Brisbane’s since about 2016 so what we’ve really seen in Brisbane since mid-2020 is an acceleration in asking rents and this really goes against what was happening in the lead up [to the pandemic],” Dr Powell said.

“They had relatively flatlined since 2013.”

Dr Powell said while Queensland had always been a hot destination for interstate migrants, the pandemic and the possibility of remote working had fuelled the trend with the annual number of Australians moving to the state hitting its highest level since 2006.

“Tenants will find less choice, with the pool of available rentals shrinking by one-third compared to last year, pushing Brisbane’s vacancy rate to a multi-year low,” she said.

“House and unit rents held steady or increased in all regions across Greater Brisbane over the March quarter, apart from unit rents in Ipswich sliding a mere $5 a week. Annually, the biggest jump in asking rent was recorded for houses in Brisbane’s north and Moreton Bay North, the steepest annual increase since 2008, up 6.8 per cent and 6.7 per cent annually.”

While rent prices indeed soared across most parts of the city it was the capital’s family-friendly pockets in the middle and even outer rings that shone brightest, with houses in Bald Hills and Everton Park enjoying the biggest annual price rise after surging 10.6 per cent to $520 per week.

Hot on their heels were Kenmore, Brookfield and Moggill, where median asking prices for houses shot up by 8.2 per cent over the same period to an unprecedented $595 per week – a rental price equal only to houses in the inner-city west region.

It’s a rare rental boom that Aurora Realty Brisbane leasing manager Abi Harrington said was reaching eye-watering levels – with their agency currently managing 100,000 tenants actively seeking a home.

“We’ve gone from houses taking three weeks to rent out, to three days and even down to three hours [in the past quarter],” Ms Harrington said.

“You wouldn’t believe the gifts I have received (from desperate tenants) from gin, to flowers to cheesecake and even a bottle of champagne.

“We used to have the policy that a tenant mustn’t apply before they’ve seen the property but now we say apply first if you like the photos … and if you get approved we’ll arrange a private inspection after [because rentals are being snapped up so quickly].”

As for the soaring rents in Everton Park and Bald Hills, Ms Harrington put the increase down to tenants being simply priced out of Brisbane’s more expensive inner pockets, with houses in quiet suburbs boasting a good school catchment the number one lure.

“I’ve just listed a property in Everton Park … and in less than 24 hours I have five inspections booked in … but sometimes we get up to 15 people in the first few hours,” she said.

“This is the height of it and it’s absolute chaos. On average tenants are offering $20 to $30 dollars over the asking price but some people are surpassing that. People from Sydney and Melbourne are cashed up and headed this way because buying a house is far cheaper here and Queensland is the obvious choice as the office doesn’t exist anymore.”

Ms Harrington said soaring interstate migration was a major contributor to rising rent prices, with some southern home hunters willing to fork out $90 per week more in a move that was causing much anxiety among Brisbane residents.

cost of renting in Brisbane

Properties for rent in suburbs like Chapel Hill and Kenmore are sparking bidding wars.

“Locals feel like they’re being pushed out … and I see this getting worse. And it’s not fair on locals living here struggling to meet that price range … and we don’t encourage [bidding wars] because we’re trying to manage expectations,” she said.

Ray White Metro West property manager Stephanie Budrodeen said with rental wars now a common occurrence in hot spots such as Chapel Hill and Kenmore, median prices, in reality, had soared beyond eight per cent to as high as 30, creating a scene more akin to an auction, with the charge being led by Melbourne families particularly desperate to bag a house in a top school catchment.

She said the pandemonium was further fuelled by the “nuts” sales market with some tenants pushed out by owners desperate to sell in a booming market, while others were forced to rent purely because there was nothing to buy.

“Two weeks ago, we just had one property [a two-bedroom unit] left on our rental roll … and that’s never happened before. But the downfall to all of this is owners think their properties are worth more than they are and this is going to make problems for the future when prices are no longer inflated,” Ms Budrodeen said.

“Tenants are in panic mode right now … and in my opinion this a ripple effect from the housing market.”

 

Article Source: www.domain.com.au

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