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Brisbane

Pellicano Pads Out Build-to-Rent Pipeline

Private developer Pellicano has broken ground on its latest build-to-rent project, this time in central Brisbane.

The SJB-designed project, in the inner-north suburb Bowen Hills, features 77 apartments and is due for completion in late 2022.

Pellicano will retain ownership of the project under its Pellicano Living banner.

Residents will have access to high-end amenities including hotel-style service, parcel management, dry cleaning, housekeeping, handyman services, bike rentals, car sharing and regular community events.

The $40-plus million project, dubbed Perry House, continues Pellicano’s recent move away from build-to-sell towards a long-hold rental asset as the build-to-rent model gains momentum in the housing sector.

It is familiar territory for the company, which in the early 1970s built a collection of 24 townhomes it still owns and manages called Clayton House in Victoria.

Pellicano

▲ The project will feature a communal rooftop space, a 10m lap pool and spa, gym facilities, and a “breakout space” to cater for the growing appetite for work-from-home amenities. 

Nando Pellicano, the managing director of the family-owned company, said the continued investment in the nascent sector made sense for the current market conditions.

“We have a long-standing interest in build-to-rent, which is an intrinsic part of our past and future,” Pellicano said.

“We are always working to redefine our offering; we conduct real-time research among our current members, which allows us to continually improve and refine our future projects, such as Perry House.”

Perry House, Pellicano’s third project to being construction in the past six months, takes the developer’s current build-to-rent pipeline past $170 million.

“In the past six months we’ve announced three additions to our growing build-to-rent pipeline, which signals our continued confidence in the sector and the value we place on these assets,” Pellicano said.

The developer’s other build-to-rent projects include 170 residences in its $85-million Stanley House project in South City Square, Woolloongabba, and 70 residences in a $46-million project in Brunswick, called Solarino House.

Pellicano now manages 600 residences across seven projects with more than 900 residents renting through the company.

The developer has a future pipeline of more than 1500 apartments on existing land holdings.

The Australian arm of Singaporean property giant Frasers Property is also forging ahead with its first Australian build-to-rent project in Brisbane.

Frasers Property Australia will develop 354 apartments on a 2000sq m site at 210 Brunswick Street in Fortitude Valley after successfully bidding on a $200-million pilot development offered by the Queensland government.

Construction of the 25-level tower is due to begin later this year.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Best and Worst Suburbs For Rental Properties Revealed

rental properties

Australia’s rental Properties is tightening, finally reaching pre-Covid levels, however some suburbs are faring better than others.

The vacancy rate fell in May for the second consecutive month and now sits at 1.7 per cent. The last time rates were this low was February, 2020 according to research by Domain.

The report showed Sydney’s vacancy was at March, 2020 levels and Melbourne, while considerably high, was rapidly falling from its 5.4 per cent peak in December last year.

Adelaide and Brisbane had the lowest level of vacancy since the records began in 2017 while Canberra and Perth were close to record multi-year lows.

Worst places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Paramatta 4.6% Melbourne City 8.6% Brisbane Inner 3.4% Perth City 1.4% Adelaide City 4.7%
2 Auburn 4.4% Stonnington-East 7.8% Sherwood-Indropilly 2.5% Cottesloe-Claremont 1.5% Prospect-Walkerville 0.9%
3 Strathfield-Burwood-Ashfield 3.9% Whitehorse-West 6.1% Brisbane Inner-West 2.3% South Perth 1.1% Holdfast Bay 0.9%
4 Canterbury 3.9% Stonnington West 5.8% Nathan 2.2% Belmont-Victoria Park 1.1% Norwood-Payneham-St Peters 0.8%
5 Ku-ring-gai 3.2% Boroondara 5.6% Mt Gravatt 2.1% Canning 1% Burnside 0.7%

Best places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Camden 0.3% Yarra Ranges 0.2% Capalaba 0.2% Kwinana 0.3% Gawler-Two Wells 0.1%
2 Blue Mountains 0.4% Nillumbik-Kinglake 0.4% Caboolture Hinterland 0.3% Wanneroo 0.4% Marion 0.1%
3 Wyong 0.4% Maroondah 0.4% Nerang 0.3% Serpentine-Jarrahdale 0.4% Playford 0.2%
4 Gosford 0.6% Cardinia 0.4% Coolangatta 0.3% Cockburn 0.4% Tea Tree Gully 0.2%
5 Campbelltown 0.6% Mornington Peninsula 0.5% Wynnum-Manly 0.4% Swan 0.4% Salisbury 0.2%

^Source: Domain rental vacancy report, May 2021

Despite performing relatively poorly, Melbourne vacancy rate tightened more than any other capital, from 4.2 per cent in April.

Domain senior research analyst Nicola Powell said extended lockdowns in the state would impact the city.

“Vacant rental listings may increase in regions with a high proportion of people working in the hospitality and tourism sectors,” Powell said.

“Those who have had a significant reduction in hours may be forced to cut costs and move in with family or friends.

“Vacancy rates are also likely to remain particularly weak in areas with a higher proportion of short-term rentals as ongoing outbreaks affect interstate travel and sentiment towards travelling to Greater Melbourne.”

Home owners in Melbourne were trying to get ahead of the curb with the rate of homes selling before auction doubling.

Meanwhile, in a rare occurrence, house prices were on the rise in every capital city during May and 97 per cent of sub-regions.

 

Article Source: www.theurbandeveloper.com

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Brisbane

House Prices Up Again in Synchronised Upswing

House Prices

House prices are continuing to surge with prices up 14.3 per cent in a year as the national market has a rare “synchronised upswing”.

The only things that could slow the market are affordability constraints and tighter credit policies, according to Corelogic’s monthly home value index.

In May, dwelling values rose 2.2 per cent across capital cities, however, this was slightly weaker than March when prices increased 2.8 per cent, breaking a 32-year record.

Sydney had the strongest price growth at 3 per cent while Perth lagged behind at 1.1 per cent and the Melbourne market held on at 1.8 per cent as the state went into lockdown again.

Corelogic house prices: May

Month Quarter Year
Sydney 3.0% 9.3% 11.2%
Melbourne 1.8% 5.5% 5.0%
Brisbane 2.0% 6.2% 10.6%
Adelaide 1.9% 5.4% 11.8%
Perth 1.1% 3.8% 8.5%
Hobart 3.2% 7.7% 16.5%
Darwin 2.7% 7.9% 20.3%
Canberra 1.7% 6.5% 15.6%
Capitals 2.3% 7.1% 9.4%
Regional 2.0% 6.5% 15.2%
National 2.2% 7.0% 14.3%

^Source: Corelogic home value index May 2021

Corelogic research director Tim Lawless said of the 334 sub-regions analysed, 97 per cent recorded a lift in the past three months.

“Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” Lawless said.

“Despite the consistently strong headline results, the underlying trends have shifted during the past year.

“The most expensive end of the market is now driving the highest rate of price appreciation across most of the capital cities, whereas early in the growth cycle it was the most affordable end of the market that was the strongest.

“It was the smaller capital cities that led the housing market out of the Covid-19 slump, but now Sydney has risen through the ranks to record the largest capital gain during the past three months with values up 9.3 per cent.”

However, the increased prices are continuing to put pressure on affordable housing in Sydney with the NSW productivity commission finding a lack of housing was limiting the number of workers available.

Lawless said that for now, Australia remains firmly entrenched in a housing boom and will continue to rise in 2021 but will slow down as affordability affects market participation.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Brisbane Airport’s $1bn Third Terminal

Brisbane Airport

Brisbane Airport has unveiled plans to build a $1-billion third terminal that will connect its dual runways.

The proposed terminal will be a 250,000sq m integrated L-shaped building that services both domestic and international operations, positioned between the two runways.

While the airport’s design hasn’t been finalised it will be put before Brisbane Airport Development and Design Integrity Panel as well as up for community consultation before being signed off on.

Brisbane Airport Corporation (BAC) said the development would be marked for completion in 2032, however, the timeline would be moved forward if Brisbane was confirmed as the host of the 2032 Olympic Games.

“Brisbane Airport has been blessed with two great pieces of terminal architecture in the current domestic and international terminals,” a Brisbane Airport Corporation (BAC) spokesperson said.

“[The new terminal] will be a modern, sustainable green building that harnesses the best of Queensland—its sunshine—alongside engaging retail options and touchless, self-service operations.

“It will also open up new international route opportunities like we saw with Chicago and San Francisco pre-Covid.”

Brisbane, currently Australia’s third-busiest airport spanning a 2700-hectare site, recently completed the construction of its $1.3-billion, 3.3km second runway.

The new runway has now given the airport the largest aviation capacity of any city in Australia, allowing for up to 110 aircraft movements per hour, comparable to major international hubs like Singapore Changi Airport and Hong Kong International Airport.

Brisbane Airport Corporation is also set to spend another $2 billion on major projects over the next five years.

“The aviation industry is resilient and has weathered many storms,” head of infrastructure development Paul Coughlan said.

“Air travel will bounce back, as it did after the 11 September 2001 terror attacks and the global financial crisis. It has always rebounded, and it rebounds strongly.

“Now more than ever, it is crucial that we have the infrastructure and mechanisms in place to allow our great city and state to recover from Covid-19.

“As we emerge from the pandemic, Brisbane Airport will be in the best position possible to attract new airlines and new routes, connecting Brisbane to the world more than ever before.”

Along with a new northern integrated domestic and international terminal, BAC wants to connect the airport precincts together with a new Australian-first airport mass transit system.

As part of the Brisbane Airport 2020 masterplan, BAC is planning a mass transit system that could handle the forecasted 50 million passengers and 50,000 workers that will transit through the Airport precinct by 2040.

According to BAC, an elevated air-train transit system could handle 3200 passengers per hour and take no longer than five minutes.

 

Article Source: www.theurbandeveloper.com

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