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Queensland leads the way in market recovery

Queensland leads the way in market recovery

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.”

 

 

Source: eliteagent.com

Brisbane

Olympic Village’s Green Bridge to City Revealed

Green Bridge

Plans for Brisbane’s newest pedestrianised Green Bridge have been finalised and lodged for approval, according to Lord Mayor Adrian Schrinner.

Construction of the bridge would be fast-tracked, subject to approval, according to the Brisbane City Council and work is to commence later this year.

Schrinner said it would provide a “critical connection” for the 2032 Olympics Athletes Village at Northshore Hamilton.

“Once complete the new bridge will provide a critical connection for people walking, cycling or scooting along our new Lores Bonney Riverwalk, and also the Brisbane 2032 Athletes’ Village at Northshore Hamilton, which is set to host more than 10,000 Olympians and officials, and 5000 Paralympians,” he said.

The commencement of construction would be subject to approval from independent planners. Schrinner said the construction would provide $67 million in local industry investment and about 140 jobs.

Schrinner said the investment in a green bridge would better connect the area for active transport users.

“The final design, which has been submitted as part of the application, has been refined following community feedback, and shows an 80m-long bridge with an arch design,” he said.

Schrinner said the colour palette reflected the area’s Moreton Bay fig trees and Newstead Park, and would include LED lighting, rest stops and a direct connection to the Riverwalk.

It is part of a $550-million green bridge program across the city, along with the Kangaroo Point green bridge, which has also been expedited.

Green Bridge

▲ An artist’s impression of the Athletes Village proposed for Northshore Hamilton. Image: Qld Government

Northshore Hamilton will be a key precinct in the delivery of the Brisbane Olympic Games in 2032 and it has been earmarked for a “transformation” similar to South Bank.

Deputy Premier Steven Miles said the plans would rejuvenate the existing industrial land

“The Olympics will do for Northshore Hamilton what Expo 88 did for South Bank,” Miles said.

“The Village will host more than 10,000 athletes and team officials for the Olympic Games and more than 5000 for the Paralympics.

“Our Athletes’ Village will be on Economic Development Queensland-owned land within the Northshore Hamilton Priority Development Area (PDA).

“Hosting the 2032 Games will mean a 10-year pipeline of construction jobs, trade and investment opportunities, and legacy projects that will benefit Queenslanders for decades to come.

“The legacy of the Village precinct is already incredibly important.”

After the Games the village would be reimagined for aged care, residential, retirement living, social and affordable housing, key worker, and build-to-rent accommodation.

The Northshore Hamilton PDA was in the final stages of review and would be released for public comment later this year.

A Vaxxas biomedical facility was also hedged for the Northshore precinct, where the manufacture of world-leading, needle-free vaccines would be undertaken, which, Miles said, could also be used for Covid-19 vaccines.

 

Article Source: www.theurbandeveloper.com

 

 

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Brisbane

Charter Hall leads the charge with $560m industrial deals

Charter Hall

Funds management and development juggernaut Charter Hall has swooped on $560 million worth of industrial properties as it builds its pipeline to service the explosive growth in the ecommerce, data and cold storage sectors.

Defying the pandemic-hit market conditions, it has acquired and settled 17 assets which have lucrative high-quality tenant covenants, with long lease terms ranging up to 16.9 years and located in large industrial precincts with proximity to major infrastructure and metropolitan areas.

Further boosting its $16 billion pipeline, Charter Hall has purchased a number of development sites that come with surplus land for expansion and development. The group has forecast the industrial portfolio will grow beyond $20 billion.

Charter Hall is an ASX-listed $7.75 billion diversified manager that specialises in assets with long leases across the traditional sectors of office, retail and industrial as well as fast-moving consumer foods, pubs, healthcare and childcare.

Charter Hall chief executive David Harrison said the acquisitions build on the group’s strong momentum in acquiring high-quality industrial assets in prime locations across Australia.

“We continue to lead the Australian market in deal volume, and our ability to secure high-quality assets off-market continues to deliver long-term value for the business and superior outcomes for our capital partners and investors,” Mr Harrison said.

Major tenant customers secured with the latest acquisitions include Australia Post, Toll, Border Express, Cleanaway, Zirconia (Iron Mountain) and state government agencies. One large site is the distribution centre in Lytton, Brisbane leased by Kmart.

Charter Hall industrial and logistics chief executive Richard Stacker said with a further $3 billion of investment capacity together with a captive development pipeline, “we would expect our $16 billion industrial portfolio to grow beyond $20 billion over coming years.”

The deals reflect how the country’s commercial property sales moved up a gear in the second quarter, with the industrial sector posting the strongest ever quarterly deal flow, the latest Australia Capital Trends report from Real Capital Analytics (RCA) shows.

Benjamin Martin-Henry, RCA’s head of analytics, Pacific, said quarterly sales of industrial stock outpaced offices and retail properties combined for only the second time since the start of 2020, having never achieved this feat in the previous two decades.

“This record was despite a relatively quiet first quarter for the industrial market. With a hefty deal pipeline of around $2 billion of industrial deals awaiting settlement, 2021 is highly likely to be a record-breaking year for the sector,” Mr Martin-Henry said.

Commercial property sales worth $13.4 billion were closed over the second quarter, up 15 per cent on the same period last year. For the first six months of 2021, volumes reached $21.2 billion, up 11 per cent compared to the same period in 2020.

Together with the Charter Hall deals, Blackstone completed the sale of the Milestone Industrial Portfolio to GIC and ESR for $3.8 billion, while LOGOS, together with partners Australian Super, Ivanhoe Cambridge, TCorp and AXA IM Alts, bought Australia’s largest intermodal logistics facility – Moorebank Logistics Park (MLP) in Sydney – for $1.67 billion from Qube.

 

Article Source: www.brisbanetimes.com.au

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Brisbane

Bridge to 2032 – Brekky Ck span approved, missing link for Games athletes’ village

Green Bridge

Brisbane is set to have another major infrastructure project underway by the end of the year after Lord Mayor Adrian Schrinner lodged the final design of the Breakfast Creek green bridge with planning officers for approval.

The $67 million project is likely to provide a smoother connection for pedestrians and cyclists moving between the fast-growing riverside development at Northshore Hamilton and the CBD.

The 80-metre arch will cross Breakfast Creek to connect Newstead Park with the existing Lores Bonney riverwalk which was part of the now completed Kingsford Smith Drive upgrade.

“This is a crucial step towards securing the final approvals we need to commence work on the green bridge that will provide a $67 million investment in local industry, deliver a new active transport options and create 140 local construction jobs,” Schrinner said.

“The Lores Bonney Riverwalk is currently used 2300 times a day, and this new green bridge will improve safety and increase capacity to the riverwalk by creating a continues walking and cycling connection.”

He said the Breakfast Creek project would join the now-approved Kangaroo Point green bridge as fast-tracked investments to create jobs as the city headed out of the coronavirus pandemic.

Brekky Ck

The council has also linked the project to the 2032 Olympics, saying it will be a “key connector” for the planned Athletes Village at Hamilton and provide a critical transport link for the Games.

Two other cross-river pedestrian and cycle links connecting Toowong to West End and St Lucia to West End remain on the council’s green bridge program books but are yet to be funded.

The council insists the remaining bridges need federal and state government funding to go ahead.

 

Article Source: inqld.com.au

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