The cost of renting a house in most capital cities hit record highs in the March quarter, according to Domain’s latest rent report.
Melbourne, Perth and Darwin were the nation’s exceptions to the trend.
Melbourne’s rental market has recorded price falls for house and unit rents during the past year and quarter, which means Melbourne is now tied with Perth as the second-most-affordable capital city to rent in.
Domain senior research analyst Dr Nicola Powell said inner Melbourne unit rents dropped by $110 a week.
“This is good news for renters as it firmly remains a renters’ market,” she said.
Domain data shows that all other capitals have seen median rental asking prices hold steady or increase during the quarter and year, except units in Sydney.
House weekly asking rent
^ Rent report, Domain.
Sydney units recorded the steepest annual fall since Domain records began in 2004, with a 9.6 per cent drop, or $50 a week reduction, compared to the same period last year.
“Sydney’s rental market remains varied depending upon property type and location. House rental conditions are tighter compared to units and prices have become more competitive in the outer suburbs,” Powell said.
Following three strong consecutive quarters of rent gains, Brisbane rents are at record highs, showing the steepest annual increase in house rents since 2008.
Annually, the biggest jump in asking rent was recorded for houses in Brisbane’s north and Moreton Bay North, up 6.8 per cent and 6.7 per cent annually respectively.
“Queensland has always been a preferred destination for those moving interstate. However, the pandemic has made remote working a possibility and may have fast-tracked the decisions,” Powell said.
Powell said Gold Coast and Sunshine Coast rental markets continued to outperform Brisbane with rents rising at a faster pace.
“Sunshine Coast house rents have surged $80 above last year and $50 higher on the Gold Coast, to $580 and $560 respectively,” Powell said.
“Unit asking rents on the Gold Coast have risen $25 during the year to $465 a week. On the Sunshine Coast they are $40 higher at $460.”
Units weekly asking rent
|Capital City||Mar 21||Dec-20||Mar-20||QoQ||YoY|
^ Rent report, Domain.
Perth and Darwin recorded the greatest median asking rent increases for houses and units during the year with rental prices increasing by $70 a week in some areas.
“In half a year, Perth has moved from the most affordable capital city to more expensive than Adelaide. House rents are now on par with Melbourne,” Powell said.
Perth rents have now risen for three consecutive quarters.
The report found that Hobart rents jumped by $20 during the March quarter, pushing house rents to a record high. Asking rents for houses are now at $480 a week and $420 for units.
“It was only about five years ago that Hobart was the most affordable capital city to rent—it is now the fourth most expensive city to rent a house and unit,” Powell said.
Latest SQM Research shows vacancy rates remain tight in Australia’s cities, with exception in Sydney and Melbourne, creating a surge in rents in Perth, Adelaide and Brisbane.
Article Source: theurbandeveloper.com
Investors Eye Gold Coast Infrastructure Boost
In a huge boost for economic growth and jobs on the Gold Coast, the Queensland government has released details of its four-year, $52.2-billion infrastructure spend and the draft State Infrastructure Strategy, a vision for the State’s infrastructure needs for the next two decades.
These significant investments will play a vital role in growing the health, sciences, technology and innovation sectors necessary for the rapid growth predicted on the Gold Coast, driven by a growing local population.
In prime position to benefit from these investments is Lumina, a premium life sciences commercial cluster within the 200ha Gold Coast Health and Knowledge Precinct, a spokesperson said.
The precinct is already home to established health and science leaders Gold Coast University Hospital, the Gold Coast Private Hospital, Griffith University and Cohort Innovation Space.
State government investment in the precinct’s infrastructure is driving even greater connectivity and opportunities for co-location with hospitals, which is ideal for healthcare services, health tech, and health-related industry stakeholders to connect with clinicians and their patients, the spokesperson said.
One development already taking advantage is Proxima, an $80-million children’s health and education centre of excellence within Lumina.
While Australia, like most developed nations, has an ageing population this is not the case for the Gold Coast and Proxima is set to meet the needs of the growing numbers of children and young families in the region.
It is estimated that there are more than 80,000 children (0-9 years old) currently living on the Gold Coast, with 34 per cent forecasted growth by 2041.
As more than 60 per cent of the Gold Coast’s projected population growth is expected to occur within the northern Gold Coast, Proxima, other developments within Lumina and services in the precinct are ideally placed to meet their medical needs.
“Boosted by favourable market conditions, the next round of the planned developments at Lumina are taking shape, demonstrating the strong demand for life sciences, health and technology on the Gold Coast,” the spokesperson said.
Key drivers of growth
Population and Industry data from the Australian Bureau of Statistics reveal the Gold Coast as one of Australia’s fastest growing regions in both current and future growth.
Two of the key drivers at play are population growth and a deliberate government strategy to drive diverse economic growth and knowledge job creation in the region.
The Gold Coast population is set to increase to around 1.1 million people by 2041. Much of this growth will occur in the northern Gold Coast, notably around the Southport region.
Interstate migration is a key factor, with more Australians relocating to the Gold Coast than any other region. This ballooning growth is creating demand for necessary infrastructure, as well as services to support the population’s needs.
Economic growth is also a key driver, particularly in the northern regions. The Gold Coast City Council’s vision is for diverse economic prosperity, beyond its traditional tourism industry. The region is focused on growing its health, research, education, and innovation economy.
This vision is already having an impact. Global property and investment firm CBRE in its latest analysis of the Life Sciences industry in Australia, reports that there is 10 per cent higher growth in health sector investment on the Gold Coast compared to south-east Queensland, and 14 per cent higher growth than the state overall.
In the professional scientific and technical services sector, there is also a 90 per cent growth forecast centred on the Gold Coast in 2020-21, the gain exceeding the growth rates of 75 per cent in south-east Queensland and 73 per cent in Queensland.
The tertiary education sector on the Gold Coast is being led by Griffith University, with strong enrolments in its Southport campus.
This expanding population and economic investment boom are key drivers for the need for new infrastructure, and with the planned infrastructure enhancements, savvy investors are seeing the opportunities offered by developments like Lumina in the centre of the action.
Infrastructure investment boosts accessibility
In 2020-21 financial year there has already been a $1.15 billion investment boost in Gold Coast infrastructure projects as part of the Queensland Economic Recovery Plan.
But this is just a part of the ongoing public infrastructure investment of more than $6.36 billion.
This has included targeted investments in transport infrastructure (including a $3.4 billion Gold Coast Light Rail extension), addressing accessibility and congestion. The rail extension will ensure convenient, direct public transport access around the Gold Coast and to and from its economic hubs.
Direct access to Brisbane is also being enhanced. There are planned improvements to the “Coomera Connector,” in addition to the existing M1 highway between Brisbane and Gold Coast.
Upon completion, stage one of the Coomera Connector is expected to remove up to 60,000 vehicles from the M1, which will reduce commuter travel times between the Gold Coast and Brisbane.
The airways are opening too, with a $370-million expansion of the Gold Coast airport under way to improve domestic and international airport access
Lumina is positioned to reap the benefits of infrastructure investment
Supported by over $5 billion in infrastructure investment to date, a world-class university, and two hospitals, Lumina is ideally positioned for those seeking to secure a place within its thriving community.
There is space for start-ups requiring coworking desks, and space for growing or established businesses seeking offices, multiple floors or even developers and occupants with a vision for a building of their own. Lumina provides solutions to businesses of all sizes, stages, and specialisations. Invest today in Queensland’s growing and diversifying life sciences, health and technology sectors.
Article Source: www.theurbandeveloper.com
The Monaco, Main Beach secures sell-out as one of Gold Coast’s most expensive apartment towers
Construction is now underway by McNab Builders, with an estimated completion date of 2023
The Monaco, the luxury Main Beach apartment development by the local developer Ignite Projects, has secured a sell-out.
The Rothelowman-designed, 24-level tower, with just 24 half and full-floor apartments, sold with an average sale price of $4.6 million. The penthouse secured $9.5 million when bought by a Sydney buyer, who was in lockdown at the time of purchase.
The tower will rank as one of, if not the most expensive on the Gold Coast, not counting the smaller, boutique beachfront projects that might only rise five or six levels.
It’s not the first time Ignite boss Josh Foote has seen stellar results recently, having quickly knocked over his apartment development at Palm Beach.
They sold out Cabana, a collection of 32 beachfront apartment, in six weeks, one of the quickest sell-outs the Gold Coast had seen for a long time.
“The Monaco naturally took a little longer, given the near $5 million average apartment price”, Foote says.
“The buyer pool is considerably smaller, less than one per cent of buyers can spend that much.”
“The building is setting a new standard for the suburb, which is getting a well-deserved facelift thanks to the $205 million revitalisation of the Spit to turn it into the Gold Coast’s version of Hyde Park and a 300-berth marina at The Southport Yacht Club.”
The Monaco saw a mix of local buyers, and those interstate from Sydney and Melbourne, NPA Projects Director Andrew Erwin, who exclusively handled the sales, said.
“It will be a second home for a lot of the buyers, but some will be calling it home”, Erwin told Urban.
The Sydney-based buyer of the expansive two-level 630 sqm penthouse was impressed by the design and unrivalled location, and plans to use it for his ‘forever home’.
Construction is now underway by McNab Builders, with an estimated completion date of 2023.
Foote says there’s no surprise to see the heightened demand for the Gold Coast, which he expects to continue now the country has seen what locals have seen for years.
“It’s just all about lifestyle, 100 per cent”.
The developer worked on a few projects with a friend in his native Auckland before moving to the Gold Coast.
“It wasn’t the value of the Gold Coast that brought me here, it was the lifestyle, and then the value become apparent.”
Foote expects to be heading back to the Southern end of the Gold Coast for his next development, but like many in the industry, is finding it difficult to find a suitable site, for the right price.
“I like developing down there. It’s where I live, and it’s probably the most beautiful part of the Gold Coast.
“But it’s that competitive at the moment, it’s hard to find a site that will stack up. Land value is so high due to the demand for houses in desirable locations, even really old houses where an interstate buyer can knock down and rebuild and still see value.”
He reckons great sites with any development potential have nearly doubled in price in the last 12 months or so. Crazy times.
Article Source: www.urban.com.au
Inside Cru Collective’s new luxury Kirra Beach apartment development, Sur Kirra Beach
The resident amenity occupies a whole level, and will home an oceanfront pool, a beachfront fitness centre, and a sauna
There’s a fresh opportunity for the luxury Gold Coast apartment buyer, with the local developer Cru Collective launching sales for Sur Kirra Beach, their hotly anticipated boutique residential tower on the Coolangatta dress circle Musgrave Street.
Cru, led by managing director Chris Bolger, are offering just the 10 apartment across the 13-level tower which has been designed by BDA Architecture. BDA was inspired by the longboards that established the Kirra surfing culture in the 1960s.
The unique site pocket at 2 Musgrave Street allows for a distinct floor plan that is fin like in shape, capturing views from every angle of the property.
Crowning the development will be a two-level penthouse.
Bolger expects buyers to be predominantly locals.
“The location is iconic and we have an extensive waiting list of people from the immediate area or those that have holidayed in Kirra or rainbow Bay for years,” Bolger says.
“It’s a very nostalgic location for loyal Kirra fans.”
Apartments in Sur, meaning above and beyond, will span 300 sqm apartments will have three ensuited bedrooms, including a huge master wing with walk-in wardrobe, two living areas, a kitchen with butler’s pantry, wine cellar, and a dry bar with built in ice maker.
Each apartment will have their own private foyer, direct from the lift.
Balconies have been oriented to face east, to capture views from Rainbow Bay to Stradbroke Island, with the rear balconies to look back to the hinterland, offering views that will never be built out.
Cru Collective decided to refine the already approved plans, which saw the levels, and in turn apartments, reduced.
Bolger said the size was dropped to make Sur more in-keeping with Kirra Beach.
“At the heart of Cru Collective’s design approach is the desire to create exceptional living spaces in extraordinary locations that meet the expectation of the sophisticated buyer,” Bolger said.
“By reducing the volume of apartments and raising ceiling heights of the original plans for the Kirra site we will deliver spaciousness and opulence that is typically reserved for high-end standalone houses.
Prices start from $4 million, with the price yet to be established for the penthouse.
The resident amenity occupies a whole level, and will home an oceanfront pool, a beachfront fitness centre, and a sauna.
“Sur Kirra Beach is our latest commitment to always producing premium quality homes that substitute the conventional high density apartment trope for a boutique approach to vertical living,” Bolger added.
“Over the past few months since we acquired the site, we have already received an astounding amount of local and national interest in what will be a striking addition to the Kirra beachfront. It’s such a unique and iconic location.”
Cru Collective is launching Sur Kirra Beach with a view to commencing construction in early 2022.
About the developer
The local Gold Coast-based Cru Collective have a proven track record, selling out Acqua in Palm Beach and Arcadia Rise in Currumbin.
The award-winning developer has more than a decade of experience in residential and commercial property across south-east Queensland, currently delivering a development pipeline totalling $150 million in projects.
Sur Kirra Beach follows the sell-out and completion of Cru Collective’s $40 million Siarn Palm Beach North apartment project.
Article Source: www.urban.com.au
Real Estate6 years ago
Millions going into Brisbane homes with Asia boom 2.0 well underway
Property Management6 years ago
7 Common GST Mistakes On Property
Residential5 years ago
Ipswich Proves Frontier In Affordable Housing
Market Place8 years ago
Affordable housing in Queensland coastal suburbs
Market Place4 years ago
Affordable acreage suburbs within 20km of the Brisbane CBD
Residential6 years ago
Best Brisbane suburbs for rental returns
Infrastructure4 years ago
Decision on horizon for key marina section of huge North Harbour development at Burpengary
Opinion3 years ago
Australia’s best place to invest is here in Queensland