Seven properties sell above $1 million in bumper Brisbane auction weekend - Queensland Property Investor
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Seven properties sell above $1 million in bumper Brisbane auction weekend

Seven properties sell above $1 million in bumper Brisbane auction weekend
It was a busy weekend for auctions in Brisbane, with seven properties selling for more than $1 million. These results came from 121 auctions and a healthy reported clearance rate of 49 per cent.

The modern six-bedroom, three-bathroom house at 20 Hatherton Crescent, Carindale, in Brisbane’s east, sold at a well-attended auction. More than 100 people beat the Brisbane heat in the home’s spacious living area and watched five registered bidders battle it out for about 15 minutes.

Seven properties sell above $1 million in bumper Brisbane auction weekend 1

Bidding opened at $1 million, and worked its way to $1.5 million. The price continued to rise, pausing briefly at $1.85 million and then finally settling at $1.98 million.

Selling agent Joanna Gianniotis, of Place Estate Agents Bulimba, said more than 100 groups saw the house during the four-week campaign, with the majority of interest coming from families looking for their forever home.

The buyers themselves fit that bill: they have children in primary school, and were looking for a house that would allow their family to grow comfortably.

“[The buyers] had been five times. All the family had been through,” Mrs Gianniotis said.

“They had fallen in love with the property from the first visit, and just kept coming back to confirm their feelings, and walked in each time feeling convinced that property was for them.

“The owners have lived at that property for 20 years, and then they were looking around to go into a new home but they couldn’t find any other position they liked better than there. So, they demolished their existing home and built this home.”

Mrs Gianniotis said the result spoke to the market’s desire for strong stock that didn’t look and feel like everything else on the market.

“Buyers appreciate quality and appreciate somebody building a property that’s outside of the normal square. Something different, unique,” she said.

“The owner every week put in such a huge effort in styling and creating a beautiful lifestyle aspect, which was noticed by buyers. So, it all added to the atmosphere.”

Elsewhere, the beautifully renovated Queenslander at 11 Nelson Street, Coorparoo, in Brisbane’s south-east sold under the hammer for $1.19 million. About 40 people watched as three registered bidders attempted to walk away with the keys to the four-bedroom, three-bathroom home on 407 square metres.

Seven properties sell above $1 million in bumper Brisbane auction weekend 2

Bidding opened with a vendor bid, which was followed by a two more vendor bids as all the registered parties were waiting for the property to go on the market to start bidding. The auctioneer eventually got a bid that put the property on the market, the hammer was dropped, and the house was sold.

Selling agent Jonathan Harper-Hill, of Belle Property Coorparoo, said about 50 groups viewed the property throughout the four-week campaign, speaking to the quality of the house itself.

“[It’s a] well-presented character-renovated Queenslander,” he said. “It was quite secluded, really good sized yard, and in a good area of Coorparoo.”

Mr Harper-Hill said the house was also unusual because  it appealed to a broad group of potential buyers.

“From young couples to young families to families with older children to downsizers; it was a very broad demographic,” he said.

The buyers were moving from an apartment in the city and wanted a house. Mr Harper-Hill said both parties were satisfied with the result.

On the other side of the city, a six-bedroom, two-bathroom family Queenslander on 810 square metres at 34 Gladstone Street, Indooroopilly, sold under the hammer for $1,392,500. Three registered bidders attempted to stake their claim on the property in an auction that lasted about 20 minutes.

Seven properties sell above $1 million in bumper Brisbane auction weekend 3

Bidding opened at $1 million and began with some competition between the parties. At that point, the process stalled because the price was short of reserve, so negotiations began between the highest bidder and the vendors. After a few minutes, the house was put on the market and sold for the final price.

Selling agent Daniel Lee, of Plum Property, said the majority of the interest in the house, unsurprisingly, came from families.

“All three parties there were families,” he said. “Investors don’t typically go for properties of that value. You’re not going to get as good a rental return or yield on an expensive home. So, investors tend to look for your medium-priced home, which in that area is anything up to $900,000.”

The buyers themselves have a young family with two children, and were looking for a nice house to grow into. Meanwhile, the vendors had lived in the house for 35 years, and raised five children in that time. Mr Lee said both parties were happy with the result.

“They’re pretty stoked to be passing it onto a new young family,” he said. “There were tears from the wife of the seller. Tears of joy, but tears of sadness of a chapter ending. They actually met afterwards when signing the contract and were getting on like a house on fire.”




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The Brisbane suburbs where house prices are higher than last year

The Brisbane suburbs where house prices are higher than last year

The historic suburb of Windsor in Brisbane’s north has seen the biggest growth in median house prices in the last year, with a 17.2 per cent increase year-on-year.

New figures from Domain have revealed the top 10 suburbs whose median house price has risen the most year-on-year. Despite a largely flat market, there are still plenty of suburbs where prices are surging.

Windsor had the highest increase in median house price at 17.2 per cent year-on-year, followed in second place by the leafy inner-western suburb of Auchenflower which saw a 11.4 per cent increase.

Other suburbs in the top 10 include Queenslander paradise Newmarket (10.9 per cent increase), the massive blocks at Bridgeman Downs (9.8 per cent increase), and the outer-western suburb of Heathwood (8.3 per cent increase).

Ray White Wilston principal Allistair Macmillan said the massive increases in price at top performer Windsor were likely due to the suburb not always getting the recognition it deserved.

“For a long time Windsor has been slightly undervalued,” he said. “It’s so close to Wilston and Grange. [They’ve] always been supremely popular with families, I think Windsor was dragging the chain a little bit with those values.

“When you look at values in Windsor, they can vary quite a large degree depending on whereabouts in Windsor they are positioned. What we’ve found is that now the difference between the two sides of Gympie Road is nowhere near as prevalent as it once was.

“Of late, people have really come and been able to see the value Windsor does offer.”

Mr Macmillan said other contributing factors include the recent multimillion-dollar redevelopment of the Albion public transport exchange. Buyers on the eastern side of the suburb in particular have expressed interest in the plan.

The Brisbane suburbs where house prices are higher than last year 1

The vast majority of buyers in the area are younger families who are looking to be in the Windsor State School catchment area, and are attracted to the many local parks, bikeways, and public transport options.

“Stock is incredibly tight,” Mr Macmillan said. “Generally speaking if you look at the volume of properties, there’s not a lot that are for sale in Windsor. It’s still a very tightly held suburb.”

Elsewhere, the northern suburb of Northgate also fared very well, with a median house price increase of 8.9 per cent year-on-year. Local agent Dwight Colbert at Ray White Aspley said the location and amenities were the big drawcards.

“[We’ve seen] popularity due to the proximity to the Brisbane CBD, Brisbane Airport, and also an array of public transport,” he said. “You are on the Northgate train line, which is the main one on the north side, and the hub.

“You’re between Nundah Village, you’ve got Banyo Village, you’ve got good access to the Gateway [Motorway], Toombul Road, Sandgate Road, Gympie Road. It’s quite a desirable locality to get in and out of everywhere.”

Mr Colbert said the area was traditionally seen as a haven for older buyers, but in recent years many young couples and professionals had taken the plunge.

The Brisbane suburbs where house prices are higher than last year

“There is a lot of property development going on in Northgate as well,” he said. “So a lot of the older, bigger blocks are being subdivided. Which is also certainly going to help with the average house price.”

West Brisbane family-favourite Auchenflower pulled out a particularly impressive result, posting a 11.4 per cent increase in median house price year-on-year. This makes it the third-most expensive suburb in the city, up from 12th last year.

Place West principal Andrew Degn credits the suburb’s massive gains to the recent completion of major infrastructure in the area.

“Five or six years ago they finally finished gentrification of the old Milton tennis centre and turned it into a park called Frew Park, which is adjacent to [Milton State School], and the playground, and that goes through to the Rosalie village,” he said.

Auchenflower also features the Wesley Hospital, the recently upgraded Milton State School, and various inbound and outbound public transport options. Mr Degn was so passionate about the area he decided to buy and live there himself.

“Real estate people are supposed to know good real estate, and I live in Auchenflower,” he said with a laugh. “So there you go, I’m personally responsible for pushing the price up.”

Top 10 suburbs with the largest house price increase since last year

1. Windsor – 17.2%
2. Auchenflower – 11.4%
3. Newmarket – 10.9%
4. Yamanto – 9.9%
5. Northgate – 8.9%
6. Heathwood – 8.3%
7. Brassall – 8.1%
8. Toowong – 7.6%
9. St. Lucia – 7.4%
10. Hendra – 7.1%
11. Karana Downs – 7.1%
12. Indooroopilly – 6.9%




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Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Australia’s ultra-luxury residential market, largely unaffected by the impact of recent lending restrictions, has continued to record positive growth in the prestige sector of the market.

Sydney, Melbourne, Brisbane, the Gold Coast and Perth make up the five Australian cities which rank in the world’s top 30 cities for luxury residential price growth.

The major east coast cities of Sydney, Melbourne, Brisbane and the Gold Coast have now recorded 25 quarters, or more, of positive annual growth for luxury property, according to Knight Frank’s Prime Global Cities Index for the third quarter 2019.

Defined as the most desirable and expensive property in a given location, prime property is generally the top 5 per cent of each market, by value.

Sydney ranks 17th in the global rankings, with 2.6 per cent annual growth, Melbourne at 21st spot recording 2 per cent growth.

Brisbane followed closely ranking 22nd with 2 per cent growth, the Gold Coast which was included in the Index for the first time earlier this year moved up the rankings to 26 with a 1.3 per cent increase, and Perth ranked at 30th recording a 0.7 per cent rise.

Knight Frank’s Prime Global Cities Index

City12-Month Change (Q3 2018 -Q3 2019)
1. Moscow11.1%
2. Frankfurt10.3%
3. Taipei8.9%
4. Manila7.4%
5. Berlin6.5%
6. Guangzhou6.2%
7. Geneva5.6%
8. Zurich4.5%
9. Delhi4.4%
10. Madrid4.2%
17. Sydney2.6%
21. Melbourne2%
22. Brisbane2%
26. Gold Coast1.3%
30. Perth0.7%

Knight Frank’s head of prestige Residential Deborah Cullen says the top end of the market is showing more consideration and time in transacting.

“There is still strong interest from local and expat buyers for blue ribbon areas and for “best in class” assets, in particular the waterfront areas of Sydney,” Cullen said.

“Growth in prime property prices closely follows the performance on the stock exchange,” Knight Frank head of residential research Michelle Ciesielski said.

“And there have been some significant gains made on the Australian sharemarket in 2019.

“Collectively the Australian prime market has continued to see sustainable growth of 2 per cent in the year ending September 2019, whilst the sharemarket recorded a 7.7 per cent return,” Ciesielski said.

Slowdown gathers pace in top-tier cities

The global cities index increased by just 1.1 per cent in the year to September 2019, down from 3.4 per cent last year, with slower prime price growth attributable to mounting economic headwinds.

Despite a longer-than-expected period of loose monetary policy and steady wealth creation, the report notes that luxury sales volumes are at their weakest for several years in many of the first tier global cities.

“Slower global economic growth– the IMF lowered its 2019 forecast from 3.3 per cent to 3 per cent in October – along with escalating headwinds: US-China trade relations, Hong Kong’s political tensions, a US presidential election in 2020 and the Brexit conundrum are influencing buyer sentiment,” the index notes.

Moscow recorded the highest rate of growth with an 11 per cent increase over the year to September.

The report notes that Moscow leads the index largely due to strengthening demand and the completion of a number of high-end projects in prime areas like Ostozhenka and Tverskoy.

The prime global cities index is a valuation-based index that tracks the movement in prime residential prices in local currency, using data, across 40 cities.




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Brisbane Plans CBD Riverfront Renewal

Brisbane Plans CBD Riverfront Renewal

New plans to revitalise Brisbane’s CBD riverfront, a 1.2 kilometre stretch of river frontage from the City Botanic Gardens to Howard Smith Wharves, has been released.

New ferry and CityCat terminals are included in Brisbane City Council’s draft master-plan, which aims to improve river access and cement the CBD river frontage into “a world-class employment and lifestyle precinct”.

The draft plan includes an increase of the current pathway to an eight-metre-wide promenade which would span the riverfront, and includes an increase of green-space, trees, and public art.

“This is just one of the ways we are making the Brisbane of tomorrow even better than the Brisbane of today,” Brisbane City Council said of the draft plans released on Thursday.

Brisbane Plans CBD Riverfront Renewal 1

The riverfront precinct is currently home to more than 30 dining destinations and 1.6 hectares of parkland.

The draft plan also includes a proposed new green bridge connection at Kangaroo Point.

“It’s part of our bigger plan to connect people and places,” City Planning Chair Matthew Bourke said.

Bourke says the draft plan took cues from well-known waterfronts, including the likes of San Francisco’s Fisherman’s Wharf and Singapore’s Marina Bay.

Property giant Dexus is under way on its $1.4 billion Waterfront project transforming Brisbane’s Eagle Street Pier.

Council’s draft masterplan for Brisbane’s riverfront will be open to public consultation from Monday 11 November through to early December.

The final masterplan will be released in 2020.




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