Demand has started to increase in the property market on the back of the recent federal election results and interest rate cuts, with Brisbane and Mackay in Queensland leading the road to recovery.
REA’s Property Outlook for July has revealed the “ScoMo bounce” and two interest rate cuts were breathing new life into Australian property, with demand starting to increase and slowly flowing through to many indicators.
Search activity has seen a bump, particularly in Melbourne and Sydney’s hard hit markets, clearance rates in premium suburbs are getting back to high levels, and many mining towns are returning to growth after five years of negative conditions, according to the report.
realestate.com.au’s Chief Economist Nerida Conisbee said rental growth in these areas started some time ago, but a recovery is now following suit.
“Queensland is leading the way in the recovery,” Ms Conisbee said in the report. “Brisbane has been the first capital city off the block in terms of price growth, and Mackay is right now the top regional growth area in Australia.”
She added that jobs growth is also driving rental demand, which continues to be highest in Hobart, Gold Coast and Melbourne, and while the extreme price growth in Hobart now seems to be over, Launceston is taking over. Regional Victoria was also doing well, with many suburbs in Ballarat, Bendigo and Geelong experiencing never before seen property demand.
But according to the report, any real uplift in the number of people listing properties for sale is yet to be seen and pricing data is yet to reflect a change in conditions, and Ms Conisbee warned that while much of this sounds promising, there are some dark clouds looming on the horizon.
“Although buyers love an interest rate cut (we see an increase in search activity onrealestate.com.au almost as soon as it is announced), the Australian economy isn’t looking particularly healthy,” she said in the report.
“While many economic indicators have been poor for some time now, the bright spark has always been low unemployment. With this creeping up and the Reserve Bank pushing through two interest rate cuts very quickly, the positive effect of cheaper finance may not be enough to offset the fact that people are beginning to lose their job. Could it be that the worst for property is still be to come?”
Ms Conisbee said if the interest rate cuts were enough to stimulate the economy and property prices continued to see a rebound, we were still looking at a very different property market to what it was like during the boom, with investor lending down 45 per cent from peak and unlikely to make a full recovery any time soon.
“Buyers from Asia, a key market for new development, have dropped dramatically,” she reported. “Over the past 12 months alone, property seekers from China have dropped by over 60 per cent to the lowest level we have ever recorded, and confidence in the new apartment sector is low following some high-profile structural issues.”
Aria Property launch South Brisbane apartments Trellis, their most sustainable development to date
Unabashedly green, as homage to it’s name,Aria Property have implemented environmentally forward practices across all aspects of the development
Aria Property Group continue to improve sustainability across their South East Queensland residential apartment developments.
Their newest tower, Trellis, in South Brisbane, is their most sustainable to date.
Unabashedly green, as an homage to it’s name, Aria have implemented environmentally forward practices across all aspects of the development, from the site itself, of which 60 percent is covered in greenery of some variety, as well as the trellises within which improve biodiversity, to solar technology and Tesla batteries.
All 110 two and three-bedroom apartments in the 12-storey building feature cross flow ventilated corridors, operable architectural screen doors, double-glazed glass and more. Residents will experience significantly cooler apartments compared to competitor projects, reducing reliance on air-conditioning and facilitating cost savings
With the growing scale of landscaping and greenery on Trellis, Aria is incorporating 60,000L of rainwater tanks to capture as much rainwater as possible to irrigate planting. This will assist in reducing Body Corporate water costs and recycle rainwater typically wasted in most buildings.
This is in line with Aria’s proven track record in more than just sustainability, recognised as the Best High Density Developer in Australia from 2017 – 2019 with Oxley + Stirling Residences, The Melbourne Residences and Botanica Residences.
ARIA say Trellis is one of their most liveable apartments to date. Designed by Rothelowman, they feature three metre high ceilings, Miele appliances, operable glazing and high-end contemporary finishes.
Reminiscent of an urban retreat, Trellis reflects a new style of resort living with 1,119 sqm of recreational amenity across the Temple of Wellness on the ground floor and the Residents’ Rooftop Club on level 13. That features magnesium baths and an infinity pool with views across Brisbane.
The development also offer a podcast/boardroom, serving as a multi-use space for working at home. There’s also a Residents’ Wine Cellar.
Apartments in Trellis start from $739,000 for an apartment with two bedrooms and two bathrooms. Three-bedroom apartments are priced from $1,084,000 to $1,224,000.
Completion is slated for mid-2023
Article Source: www.urban.com.au
Centuria Swoops on Charter Hall’s Adelaide Office Block
Fund manager Centuria Capital has swooped on a recently completed office tower in north-west Adelaide for nearly $63 million, struck on a yield of 4.6 per cent.
The 6500sq m commercial building at 21-25 Nile Street in Port Adelaide was completed in 2018 and is fully leased under a 15-year agreement to the South Australia government’s department of transport and infrastructure.
The building was sold by Charter Hall through a direct managed fund after it acquired the asset as a fund-through development in 2017, with a total completion value of $43.6 million.
Charter Hall’s direct business currently manages $7.5 billion in assets and cash inflow from retail investors has accelerated during the past two years to now enable the funds to be running between $90 million to $100 million a month.
Charter Hall Direct chief executive Steven Bennett said the divestment would provide an opportunity for the fund to realise returns for investors and re-deploy capital into new acquisitions and fund existing developments, such as 60 King William Street, in the Adelaide CBD.
“We have continued to curate the portfolio via selective divestments and importantly upgrade the portfolio through investments in core CBD and emerging precincts,” Bennett said.
For Centuria the asset will now provide a compelling investment proposition, with strong tenant covenants and resilient revenue streams.
As well, the suburb of Port Adelaide is a gateway for the federal government-backed Osborne naval shipyard, which will deliver $90 billion of naval defence infrastructure with a 50-year pipeline.
Centuria joint chief executive Jason Huljich said the group had been drawn to the “young property” within Adelaide’s commercial real estate market, which is currently underpinned by strong employment, regeneration and infrastructure projects.
“The A-grade office building is situated in the heart of the state-backed Port Adelaide Rejuvenation Project, a 20-year regeneration initiative that is anticipated to attract up to 8000 additional residents and 1500 construction jobs,” Huljich said.
“[We] remain confident in Australia’s metropolitan and near city office markets, especially those that benefit from long-term government-backed infrastructure projects.”
The property will be held within Centuria’s unlisted real estate fund, Centuria Government Income Property Fund No. 2.
Centuria has been in a strong growth phase, expanding its funds management platform through corporate deals such as its takeover of Primewest.
It has also been active with direct deals, including its recent $224 million acquisition of a Footscray office tower from the Grollo family.
In August, Centuria picked up another recently 18,000sq m completed office tower, this time in South Melbourne, from the ell-known property clan the Deague family for $200 million.
Article Source: www.theurbandeveloper.com
Is this Brisbane’s best art deco home? Historic house draws buyers nationwide
Money can’t buy you love, but it can buy you Brisbane’s best art deco home with a back story so romantic it’s making buyers swoon.
Once the residence of award-winning Australian author David Malouf, the three-level abode at 19 Arran Avenue, Hamilton, hit the market just days ago for the first time in 15 years – and it’s offering more than just double brick and mortar, but the memories of a celebrated writer who penned his best works from within its walls.
Mr Malouf, whose father commissioned the exquisite three-level property back in 1947, wrote the semi-autobiographical novel Johnno before writing the prize-winning epic The Great World in 1990. He penned several other novels at his beloved Hamilton home before engraving his signature into one of the cabinets.
It’s a tantalising tale that has mesmerised dozens of home-hunters from across the country ahead of the September 8 auction, selling agent and Place Estate Agents Ascot director Drew Davies said, with the rooftop terrace, bespoke features and an exquisite renovation further igniting appetite for the house that’s being dubbed an architectural marvel.
“It’s hard not to get wrapped up in the romance of that story,” Mr Davies said.
“But buyers also love the fact that it retains all the characteristics of a true art deco home … and it’s had more interest from Melbourne and Sydney people than any other home I’ve listed.”
With art deco brick homes as rare as hens’ teeth in Brisbane, Mr Davies said, savvy home hunters could fully appreciate the incredible opportunity – an opportunity he said was enhanced by the home’s high-end renovation that in today’s market was worth a small fortune.
“Any time you’re dealing with a renovation for a brick house, the price can skyrocket. This renovation by architect Philip Horwood has been done to the highest level – from the bespoke kitchen, the feature skylights in … and the rooftop terrace that has glass panelling – it’s just stunning, and it’s hard for me not to fall in love with it,” Mr Davies said.
“You would need to be having very serious chats with the bank to build something like that today.”
The art deco dream abode is bound to fetch a pretty penny at auction amid a property boom that’s catapulting prices in high-end homes across the city, ensuring a tidy profit for the current owner who snapped it up for just $950,000 back in July 2006.
And considering the home’s list of features, there’s no doubt the next custodian will feel it was money well spent.
Perched on a hill, the secluded property boasts gun barrel views of the Brisbane River – best seen from that full-floor rooftop terrace that’s accessed via a spiral staircase.
Then there are the leadlight windows, double terrace doors and a stunning kitchen styled by Darren James that features rosewood cabinetry and Brazilian granite benchtops.
Defying the struggles of many a light-challenged brick abode, Mr Davies said the home was luminescent thanks to the eight skylights, with additional features including an opulent main suite with a dual shower, inset spa and a bidet.
“[At 637 square metres] it’s a big chunk of land, too, and it’s an extremely private location as well … that’s been a big drawcard,” Mr Davies said.
With buyer interest from couples and downsizers growing by the day, he said it was tough to say just how many bidders would throw up their hands next Wednesday, however with soaring interstate interest, there was a good chance the home’s next owner could hail from one of the nation’s two biggest cities.
“I continue to see a massive shift towards interstate buyers. Since Friday last week, I have transacted three sight unseen sales to interstate buyers alone,” Mr Davies said.
“The market couldn’t be hotter.”
The auction of 19 Arran Avenue will be held at a special Place Estate Agents in-room event at the Revival Art and Design Gallery at 3/17 Greg Chappell Street, Albion, at 6pm.
Article Source: www.domain.com.au
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