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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

Downsizer Development offers stylish living with lots of space

Downsizer Development offers stylish living with lots of space

They say that size matters – and for some, it certainly is when it comes to buying property.

The privacy, storage and contemporary design of the Velocity Property Group’s Parque on Oxford apartments and townhouses give downsizers good reasons to put Taringa on the coveted location list. The sales were already made in the recently launched development.

With the completion of the 3-room apartments, the emphasis on warehousing was well received by buyers.

A focus on large, open living and dining areas and an airy, bright ambience thanks to clever design that makes optimal use of the urban view were also a success.

The Parque on Oxford Apartments were designed in a modernist style to create sophisticated, large executive residences that could be anywhere in the world.

The building designed by HAL Architects in Brisbane appears solid, slim and solid and has a sculptural design piece that anchors the two sides.

The Parque on Oxford Apartments offer pergolas for natural light and shade as well as privacy, great views and a captivating breeze.

Five of the seven apartments are still available in the housing estate on Oxford Terrace. The focus is on privacy as well as the low-maintenance design and the beautiful surfaces. The apartments range in size from 183 to 254 m² and cost USD 995,000. Most have a media room or an office.

Next door, the Parque on Oxford townhouses are due to be completed early next year. They are 225 to 313 square meters in size and cost $ 1,099,000.

The 11 townhouses were designed with a subtropical, modern Queensland feel to capture the height and elevation of the place.

With three levels, excellent surfaces and plenty of storage space, thanks to forward-looking planning and architecture in some residential buildings, they also offer the option of including elevators for the future.

In addition to the Parque on Oxford, the Velocity Property Group also built condominiums in Ellerslie Crescent in Taringa to take advantage of the city view and elevated location. Only two of them are left.

Velocity Property Group’s national sales manager, Caroline Humbert, has been selling real estate projects for over 15 years and now sells luxury apartments, townhouses and condominiums to Velocity’s primary downsizer audience.

Ms. Humbert said there were four main ingredients that downsizers were looking for in townhouses or apartments, all of which would be delivered at the Parque on Oxford.

“The first ingredient is storage, storage and more storage. Downsizing is not about sacrificing everything you have collected over many years to move to a smaller residence. It’s about bringing what you really love to your new home and storing it comfortably, ”said Ms. Humbert

“The second thing that downsizers are looking for is the best possible results. Many downsizers consider this phase of their lives to be their final home forever. They therefore want to enjoy the best kitchens and bathrooms they have ever had.

“The third ingredient is to lock yourself up and lose your life. Downsizers have time to pursue their interests and travel, and ensuring that their home is safe and does not require maintenance while they are away is a priority.

“The last ingredient is the location. Downsizers want to be close to the services, stores, and lifestyle factors they enjoy. Taringa ensures proximity to the city and a wealth of dining, shopping and more options in the heart of Brisbane’s Inner West.

“The Velocity Property Group is reviewing a number of locations in Brisbane in 2020 to create more desirable residential homes for downsizers, just like those in Parque on Oxford, Taringa.”

 

 

Source: themediatimes.com

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Brisbane

USC Moreton Bay Campus attracts property buyers

USC Moreton Bay Campus attracts property buyers

The USC Moreton Bay campus, scheduled to open in Petrie this year, is helping to increase interest in the Pine Rivers property market and buyer activity will only increase, according to a local real estate expert.

According to data from Core Logic, more than half of the suburbs in the Pine River Press catchment area saw average growth in property prices in 2019, while everyone except Dakabin has seen an increase in average property prices in the past three years.

The outstanding performance of 2019 was achieved by Dayboro, where the average property price rose 16.9 percent to $ 591,000.

Clear Mountain ranked second, up 16.3 percent to $ 802,250, while cashmere rose 5.4 percent to $ 769,450.

Mark Rumsey, sales manager at David Deane Real Estate Strathpine, said the real estate market at Pine Rivers was solid in 2019.

“It was hit by the impact of the royal banking commission’s actions and the federal election earlier this year, but has grown steadily since then,” he said.

“There was a lot of investor activity due to the university and the first home buyers were solid with interest rates at such record lows.”

According to Rumsey, Strathpine, Lawnton, Bray Park and Petrie were the top-selling suburbs in 2019. The university and subsequent development that it supported met with keen interest.

“We are so close to the bay, rural areas, the north and south coasts, 25 minutes from the city, and have an average house price of only $ 425,000 for properties with large blocks and great value,” said he.

Mr. Rumsey predicted that 2020 would be an even better year for real estate in the region.

“The new first incentives for home buyers, possible rate cuts, the opening of Petrie University and Brisbane’s second runway will make our region and Brisbane have a very good year of growth overall,” he said.

“We are very excited about the development of our region and some of the exciting new projects that are being put into practice.”

 

 

Source: themediatimes.com

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Brisbane

Six-storey proposal for heritage seaside suburb sparks protest

Six-storey proposal for heritage seaside suburb sparks protest

A quiet seaside suburb in Brisbane’s north could see six-storey buildings rubbing shoulders with single-storey heritage-listed buildings under a neighbourhood plan being drafted by Brisbane City Council.

The Sandgate Neighbourhood Plan, which sets requirements for development and zoning in the suburbs of Sandgate, Shorncliffe and Deagon, proposes increasing height limits along the town centre shopping strip on Brighton Road to six storeys.

But the plan has become a point of contention, with about 500 residents forming a group to protest some of the draft changes which they say could damage Sandgate’s heritage facade and character.

Once Brisbane’s seaside retreats, the coastal suburbs are full of heritage-listed buildings in low-lying streets close to the picturesque foreshores, also heritage listed.

Much of Sandgate is zoned low-density residential, or low-medium with a two-storey height limit.

The council’s proposed neighbourhood plan would also allow the six-storey building height limit behind Brighton Road, between the state school and overlooking the heritage-listed Einbunpin Lagoon.

A similar proposal to allow three-storey buildings around Deagon train station was removed by the council after strong feedback from residents.

Sandgate property owner Theresa Dow has been at the forefront of many protests against the six-storey proposal, arguing allowing mixed-use commercial development would destroy Sandgate’s picturesque appeal and heritage aspects.

She also said residents only discovered the potential for six-storey buildings in a document uploaded to the council’s website.

Ms Dow said she and others in the group were working on their own suggestions for the area.

They submitted petitions to the council asking for extended time for community consultation from the prescribed 20 business days that ended in early November, arguing the council had not advertised the proposed changes widely enough.

“We’re going to do the people’s plan and then hand it to the council,” she said.

“We know we’ve got to change but we just think they need to be talking to us, all of us … not just property owners, but all the people that have lived here. [We] choose to live here because of its beauty, and the way it is.”

Ms Dow said she and others had no problem with change, agreeing the area needed new life and focus, but the council should have consulted more widely and listened more closely to resident concerns.

But, she said, some residents supported the proposal, calling for new shops and upgrades to the area’s commercial centre.

City planning committee chairman Matthew Bourke said hundreds of residents had attended community consultation sessions.

“From the feedback received, lord mayor Adrian Schrinner announced that the proposed changes to zoning around the Deagon train station would be excluded from the neighbourhood plan going forward,” Cr Bourke said.

“Feedback received on the revitalisation of the Sandgate Town Centre will be considered as the draft plan is prepared.

“This was only the first step in the consultation process and residents, businesses and community groups will again have the opportunity to have their say on a revised plan.”

Cr Bourke said the next stage of consultation would be on the draft plan to be released this year.

The local councillor Jared Cassidy, also Labor opposition leader, spoke at length during December’s final council meeting about the frustrations of residents who attended council’s consultation sessions.

“… Earlier on I stood up and said, yes, my community does need a renewed Sandgate neighbourhood plan, but I didn’t for one second think that we would have such a hollow process of consultation and such a poor outcome even in this very first stage of the neighbourhood plan,” Cr Cassidy told the chamber.

Cr Cassidy said the council’s consultation with the suburbs was “not good enough” and he was “not going to take this lying down”.

Source: www.brisbanetimes.com.au

 

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