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Renters Seek Out Lifestyle in South-East Queensland

Lifestyle in South-East Queensland

For the first time on record renters are paying more to live in a unit in Brisbane than their urbane Melbourne counterparts.

Brisbane rental prices have soared to a new high with residents of southern states migrating north not only for the sunshine, but a less Covid-impacted lifestyle.

Data from Domain’s Rent Report for the fourth quarter of 2020 shows that the median unit rental price in Brisbane was $400, compared to Melbourne’s median rental price of $388, a four-year low, making Melbourne a tenant’s market.

Domain senior research analyst Nicola Powell said the increased rental demand was largely driven by people relocating to Brisbane during Covid-19 and the resumption of local and interstate short-term travel.

“Tenants are seeking liveability, affordability, and are no longer tied to a specific location in the work-remote era,” Powell said.

“A rebounding jobs market and lifestyle locations will continue to see accelerated demand, factors that are likely to drive significant rent rises.”

The Sunshine and Gold Coast outperformed Brisbane in unit rental yields with a median price of $430 and $445 respectively.

“It is clear lifestyle locations are experiencing an increase in demand from local travellers and those working from home opt to relocate,” Powell said.

Median house rent prices

Lifestyle in South-East Queensland

Nationally house rental prices have continued to surge ahead with rents now at a record high, following the steepest annual gain in more than a decade.

But this is in stark contrast to the unit rental market, which experienced its steepest decline in price to 2014 levels.

This steep decline in unit rental markets has largely been driven by Melbourne and Sydney who are heavily exposed to the cessation of international migration, international students and local and international tourism.

There has also been an increase in first-home buyer numbers.

Across the rest of the country the story is not as bleak.

Sydney house rental prices reached a record high with a quarterly increase of 1.9 per cent to $550 per week.

This has been largely supported by a migration to the outer suburbs, the Blue Mountains and the Central Coast.

Median unit rent prices

Lifestyle in South-East Queensland

Adelaide is now the most affordable city to rent a house or unit, despite a strong growth in house rental prices last quarter.

Canberra is officially the most expensive place to rent either a house or a unit, and with a less transient population with travel restrictions in place this is likely to continue.

“Tenants will find securing a lease remains competitive and some may have to resort to offering above advertised asking rents,” Powell said.

“The estimated number of vacant rentals is 24 per cent lower annually.

“This lack of vacant rentals will continue to drive up rent prices.”

Rental vacancy rates have plummeted 63 per cent compared to the previous year in Perth, where it is now a landlords’ market, and the city has posted the biggest rental recovery over the December quarter.

House rental prices have increased 6.3 per cent to a median rental asking price of $420, and units increased by 2.9 per cent to a rental price of $350.

Hobart’s rental prices remained steady, and it continues to be the tightest rental market in the country.

Darwin posted significant increases in rental prices, now at a peak last seen in 2017.

 

Article Source: theurbandeveloper.com

 

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Brisbane

AMP Capital Adds Office Tower to Milton Green

AMP Capital

AMP Capital plans to build a 14-storey commercial tower near the Brisbane River as part of the Milton Green precinct on Coronation Drive.

The recently-approved plans for Milton Green Building 7 add a new office tower to the 1.3ha inner-city site at 6, 12 and 18 Little Cribb Street, Milton.

It is part of the larger four-hectare precinct formerly known as Coronation Drive Office Park with six A-grade commercial towers and several smaller buildings jointly owned by AMP Capital Funds Management and Sunsuper.

The design by Hassell and Richards & Spence adds a “more contemporary and subtropical” design to the previously approved 2012 plans.

Two extra storeys were added to the design to accommodate a pre-committed tenant’s requirements for “campus style facilities”.

Despite added levels, the commercial space will be slightly reduced to 29,530sq m and retail to 320sq m with large end of trip facilities to be built on the ground floor taking advantage of employees using the Bicentennial Bikeway.

The multi-level carpark and child care centre on the site will be retained while a tennis court will be transformed into an urban common area.

“AMP Capital’s continued engagement and commitment to transform a commercial office park that once reflected values of an era past into an active and vibrant and green village neighbourhood,” the application said.

“Establishing four new activated and covered pedestrian axis that is alive with multiple offerings, this project will be a catalyst for future development of adjacent sites and establish a new streetscape identity for the precinct.”

The Milton plans are are the latest in a wave of development approvals by Brisbane City Council along the river.

 

Article Source: theurbandeveloper.com

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Brisbane

The richest streets in Brisbane, revealed

richest streets in Brisbane

There is always a lot of attention on Sydney and Melbourne’s affluent areas and property markets, but what about the wealthy Australians in Brisbane?

Where do they live?

Brisbane’s property market were very resilient during the challenges of 2020 and now Brisbane housing values are going gangbusters.

The recent increase has pushed dwelling values to a new record high for the area.

With median prices in Brisbane, at around $520,00, being far less than those in Sydney or Melbourne the ‘affordability factor’ of lower property prices is driving more investment into the area and more interest from highest-earners who are able to get more bang for their buck.

Unfortunately Queensland postcodes didn’t feature on the ATO’s recent top 10 suburb rich list, but there is an abundance of wealthy residents and high priced properties, so with the help of realestate.com.au, Domain Group and census data, I’ve put together my own list of exclusive areas where Brisbane’s richest call home and then I’ll reveal the top 10 Brisbane streets.

4005 (Teneriffe, Inner Brisbane)

richest streets in Brisbane

Population: 5,341

Median income: $127,972

Median house price: $1.962 million

According to Corelogic data, the Inner Brisbane suburb of Teneriffe has the highest median house price of any area across the Queensland capital.

Despite being an industrial town in the past, the proximity to the city and riverside views has made it ideal for affluent, young Australians with average ages of just 20-39 and median annual incomes of $127,972.

With few houses in this inner city location, the median house price comes in at a whopping $1,962 million.

However, even units in Teneriffe are more expensive than the rest of Brisbane with a median of $570,000.

4155 (Chandler)

richest streets in Brisbane

Population: 1,453

Median income: $128,752

Median house price: $1.6 million

The exclusive suburb of Chandler is a high-demand market with an impressive median property price of $1.6 million to match its median resident income of $128,752 per year.

The peaceful and secluded semi-rural suburb consists largely of bushland and residential properties on acreage and is close to Brisbane’s major commercial precincts of Carindale and Capalaba and the CBD is just 20 minutes away.

4171 (Bulimba)

richest streets in Brisbane

Population: 6,851

Median income: $126,516

Median house price: $1.31 million

Builmba’s leafy streets and large blocks attract the Queenslanders able to spend big on impressive houses and an elegant lifestyle.

Sitting just 4km from the city and with all the amenities you could ever need, Bulimba is popular with young and established professionals.

Bulimba houses are seeing an impressive amount of interest with an average of 432 visits per property listing, way about the state average of 374.

With its close proximity to the city and gorgeous waterfront cottages, Bulimba has a median house value of $1,31 million and residents earn an average $126,516 per year.

4007 (Hamilton)

richest streets in Brisbane

Population: 6,984

Median income: $98,488

Median house price: $1.48 million

Despite a slightly lower median resident income of $98,488, Hamilton houses alone have grown 9% over the last five years to a median of $1.48 million.

The affluent and upscale postcode is popular for riverside high-end dining and a hip weekend food market with live gigs attracting a young average resident age of 20-39.

4005 (New Farm)

richest streets in Brisbane

Population: 12,534

Median income: $93,704

Median house price: $1.6 million

Once the humble home of immigrants and workers, New Farm is now popular and low maintenance living for people who like food, fun and farmer’s markets right on their doorstep.

Thanks to the increasing desirability of the area, New Farm has enjoyed an enormous 442% price growth in its property in the last 20 years as some of Brisbane’s high-income earners flock to take advantage of the exclusive lifestyle.

Like Bulimba, property demand in New Farm is strong, with realestate.com.au recording 674 visits per property for listings in the area, nearly double the Queensland average of 374.

Here are the top 10 most expensive streets in Brisbane.

richest streets in Brisbane

Article Source: propertyupdate.com.au

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Brisbane

Brisbane auctions: Ashgrove weatherboard sells for $1.27 million in strong weekend

A post-war cottage that last sold in the 1960s for just over $7000 has been snapped up for a whopping $1.271 million at auction, after 17 registered bidders battled it out for the Ashgrove four-bedroom abode adorned in weatherboard and Besser brick.

The “knock-down” property at 21 McCormack Avenue – which had been in the same family for five decades – sparked a feeding frenzy among home-hunters on Saturday, with 78 bids accrued after the bidding started at $800,000.

Selling agent Matthew Jabs, of Place Estate Agents Newmarket, said the auction was one of the most emotional sales he’d clocked, with more than 100 people turning out to witness the transaction of the 1960s abode.

“This home had been in the same family [for all those years] and it has all the key elements. It’s north-facing with city and park views and, in terms of the actual house, it can be knocked over,” Mr Jabs said.

“All the bidders wanted to build their dream home there and, in the end, it was a local family that bought it.

“It was very emotional because of how long the family had had the home. It belonged to an elderly lady and it’s the only home she’s ever owned.”

The cottage, which sits on a 607-square-metre block, was one of a handful of pre-war and post-war homes to transact for close to a million dollars or more over the weekend – alongside a handful of high-end sales, revealing the strength of the city’s market.

In total, 35 properties were sold from a reported 49 to deliver a clearance rate of 71 per cent, almost double the rate from this time last year.

Among those was a prime piece of land with a run-down original  two-bedroom Queenslander at 37 Pine Street, Hamilton, which clocked one of the weekend’s top results after it sold for $1.837 million to a local family through Dwight Ferguson, of Ray White Ascot.

The ageing home, which sits on a 1365-square-metre parcel in one of the city’s top blue-chip suburbs, features just two bedrooms and a bathroom. It attracted 23 registered bidders.

“Most of those bidders had a go so it was a bit of a frenzy initially,” Mr Ferguson said.

“We got down to three bidders at the end and then announced the home was on the market at $1.7 million, and the reserve was below that.

“This is the best level of auction activity I’ve seen in 30 years — buyers have a lot of confidence. I didn’t expect this [level of market action]. It’s just incredible.”

In Paddington, an old cottage at 19 Plunkett Street that was renovated into a glamorous four-bedroom masterpiece clocked the city’s top reported sale of the weekend, after it fetched $2.45 million under the hammer through Nick Penklis, of Space Property.

Mr Penklis said a mature couple from the Sunshine Coast won against six registered bidders, with interest being high throughout the campaign thanks to the quality of the renovation and the prime location.

“The sellers rebuilt the old cottage after they bought the home 10 or 11 years ago – and that old cottage is now the main bedroom,” Mr Penklis said.

“I think everyone in Brisbane is getting good results right now and more people are putting one step forward at auction.”

At a Ray White auction event in Bulimba, the very first home of sellers Brisbane Lions AFL player Ryan Lester and his wife, Emi, sold under the hammer for a reserve smashing $931,000, just over $300,000 more than they paid in 2014.

The modest three-bedroom, two-bathroom cottage, at 12 Princess Street, Camp Hill, attracted 151 groups over a two-week auction campaign, with nine registered bidders battling it out on the day.

Selling agent and principal ofRay White Metro North David Treloar said the bidding came down to two competitive parties, with the under-bidder being a Hong Kong expat, and the ultimate buyer being a Kangaroo Point local.

“All of our auction campaigns at the moment are only running for two weeks, because of the insatiable demand from buyers,” Mr Treloar said.

“And, this was a small home in a really ordinary street, but it was something a buyer could just move into.

“It was also the first home of Mr Lester, who was married last year. He and his wife have had a baby and he’s signed a new two-year contract, so he’s looking for something bigger.”

A pint-sized two-bedroom cottage on a 405-square-metre block at 51 Didsbury, East Brisbane, secured a top result on Saturday, after selling for $925,000 – $225,000 more than the vendors paid for it in 2014.

Selling agent Madi Roche, of Ray White Bulimba, said a first-home buyer secured the winning bid in what she described as an “insane auction”.

“We actually sold that property to the vendors in 2014 for $700,000, so they were over the moon. They weren’t expecting it to sell for so much.

“I think a year ago we still would have had a lot of interest on that home but maybe it would have sold for about $820,000, so that’s a big price jump.”

Wrapping up the hot weekend of auctions was the indoor/outdoor masterpiece at 23 Deramore Street, Wavell Heights, which Place Estate Agents New Farm agent Heath Williams sold for $1.2 million.

Mr Williams said the home, built by Owen Architectures director Paul Owen, had accrued enormous interest over just two weeks and was snapped up by a local buyer.

“We gave out 15 contracts prior to auction but it ended up being a two-horse race between two girls,” Mr Williams said.

“We’d set out with a four-week campaign, but we reduced it to two because the numbers were so high.”

 

Article Source: www.domain.com.au

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