Connect with us

Market Place

Someone paid nearly $1 million for this renovation nightmare

The property sold for nearly $300,000 above the suburb’s median price. Image: realestate.com.au

A house in the Queensland suburb of Kedron sold for nearly $1 million last month, but it could be beyond repair.

The property (complete with two bedrooms, one bathroom and no car park) was sold by the Public Trustee, and the deterioration of the house indicates that it may have belonged to a deceased estate.

Many investors look to Public Trustee auctions for a great deal, so you could be forgiven for raising an eyebrow when this house sold for $976,000 – almost $300,000 above the median house price for Kedron.

That is, until you realise that 22 Gail Street is actually set across two 405 square-metre lots and located just eight kilometres from Brisbane CBD.

When there’s an opportunity to subdivide a property and sell off multiple dwellings or plots, the value instantly increases. Especially if demolition of the existing property looks like it might one day be carried out by a stiff breeze.

The description for the property on realestate.com.au contains only a halfhearted attempt to position it as a renovation opportunity, suggesting ways that the property could be improved before stating that “the greatest worth may be to investigate with the local council authorities the ability to redevelop the site utilising the dual lots”.

The listing also recommends any prospective buyers get a head start on their due diligence, so one can only hope those who signed the papers had the go-ahead.

Close to Padua College, Kedron Primary and Stafford City Shopping Centre, and within easy reach of public transport, the Kedron location is ideal.

The new owners will have to check for any use of asbestos, given that the construction of the building occurred circa 1920. However, if none is present, the timber framework, pine floors and VJ interior are already leaning precariously, and might be easily knocked down with a well-placed kick.

Originally Published: https://startsat60.com/

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Market Place

The beach towns to look at when you can’t afford the most popular

beach towns

All eyes are on the bride, but often it’s the bridesmaids who really steal the show with understated elegance, poise and the freedom to have a good time with far fewer laced-up expectations.

And so it is with some of our favourite traditional holiday house destinations.

Demand has been so high for homes in many of them, particularly through the COVID-19 diaspora, prices have shot to the stars, putting many out of our pay grades.

So if you’ve fallen in love with Byron but can’t quite afford her? Check out nearby Lennox Head. You’d relish making a new life with Daylesford, but she’s just too pricey? Take a look at her attendant Kingston. And Noosa has stolen your heart but she could steal far too much of your income too? Then Mooloolaba could be the gal for you.

While these bridesmaid towns might not have as high a profile as the big, splashy stars of the region, they can more than make up for it with scenery that’s just as gorgeous, plenty of laid-back cafes and far cheaper prices.

When your heart says Byron, your pocket could say … Lennox Head

NSW’s Byron Bay … a playground for the bold, the beautiful and, these days, billionaires.

There’s been an incredible 51 per cent surge in the median house price over the last year, and a leap of over 120 per cent in the last five years, to a new all-time high of $1.96 million on Domain Group figures.

While we all adore the town for its stunning setting and cool, beachy vibe, that puts it out of the reach of many. So how about Lennox Head, just 20 minutes south, instead?

There, the median house price is a staggering 30 per cent lower, at a median of $1.14 million, having risen by 38 per cent on the last year, and 57 per cent – less than half of Byron’s rise – over the last five.

“So it offers a great alternative to Byron,” said Elders Real Estate Lennox Head agent Nick Bordin, who’s currently selling a two-bedroom home at 4/42 Byron Street, Lennox Heads, for $880,000 to $910,000.

“It has the same kind of laid-back surf lifestyle that most people in Bryon probably enjoyed 15 to 20 years ago but it just doesn’t have the traffic or the crowds. At the same time, though, it’s still got first-class restaurants, shopping and bars that are just as good as any you’d find in Byron.”

When your heart says Daylesford, your pocket could say … Kingston

Victoria’s Daylesford, in Hepburn, has seen a remarkable rise in its fortunes. Its median house price has risen 82.9 per cent since 2016, and 42.7 per cent in the last year to $800,000. “Some people have tripled their money in just two and a half years,” said Kim McQueen of McQueen Real Estate.

Instead, she suggested looking at nearby Kingston for a good buy, with many of the same pluses, and considerably lower prices.

“It’s a gorgeous little village, only 10 minutes from Daylesford, and very, very pretty with lovely views of the hills and pastoral lands,” Ms McQueen said. “It has a fabulous main street too and one of the oldest pubs in the area that’s just reopened.”

beach towns

35A Ocean View Avenue, Mooloolaba QLD 4557 

At the moment, she has a two-bedroom-plus-study cottage in Kingston for sale, at 422 Kingston Road, complete with a white picket fence and picturesque gardens.

Its price guide is $720,000 to $760,000. “But if the same cottage was in Daylesford it could easily be $900,000,” she said.

When your heart says Noosa, your pocket could say … Mooloolaba

We all know and love Sunshine Beach in Noosa, Queensland, but she only has eyes for the most well-heeled of suitors, having posed a current median house price of a staggering $2.2 million, up 161.1 per cent in the last five years.

But if that’s beyond your means, then try somewhere else on the Sunshine Coast that can offer just about as much of everything, like Mooloolaba, 50 kilometres south.

It has gorgeous beaches, including its main Mooloolaba Beach – recently voted the sixth-best beach in the country – over 100 cafes, restaurants and bars, and a host of outdoor activities.

In addition, it’s only 15 minutes from the Sunshine Coast Airport and an hour’s drive from Brisbane.

“It’s absolutely perfect, and locals all like it more than Noosa,” said Sarah Roberts of Define Property Agents. “It’s a magical place, really. There’s so much to do and see – and eat – and it’s so much more affordable than Noosa.”

In fact, it’s less than half-price, with its median now sitting at $1.075 million. Roberts has a home for sale, a three-bedroom duplex at 35A Oceanview Avenue, Mooloolaba, just a short stroll to the beach, for offers over $1.1 million.

When your heart says Kiama, your pocket could say … Mount Pleasant

The NSW south-coast town of Kiama has been a stellar performer over the past year, with a 44.1 per cent rise in the median price to an astounding $1.305 million, up 72.8 per cent over the last five years.

Many of the nearby areas like Gerringong and Gerroa have gone up by similar amounts too, making bargains on the south-coast surroundings hard to find, and listings few in places inland.

So those in the know suggest travelling 40 minutes north, back towards Sydney to find a nice spot close to the beach, with a lower median price. Mount Pleasant is one option, with a median price of $900,000.

“It would be a great place to choose,” said Troy McNeice of agents Molenaar and McNeill in Wollongong. “It’s an area that’s quite secluded, a 10-minute drive to Towradgi Beach, and a short drive into the city of Wollongong. It’s peaceful but still close to everything, and a great family place, with a lovely relaxed feel.”

One home for sale there is a five-bedroom house at 188 Brokers Road, for sale with a guide of $1.4 million to $1.5 million.

When your heart says Port Elliot, your pocket could say … Victor Harbor

South Australia’s scenic Port Elliot on the south coast of the Fleurieu Peninsula is a favourite of everyone who knows it.

A dreamy little seaside town, sitting on the splendid Horseshoe Bay, it’s been one of the state’s standout performers of the last few years, with a median price now at $575,000 but with waterfront homes easily hitting the $2 million mark.

But a cheaper alternative is only a jump, hop and skip away, at Victor Harbor itself, which has risen healthily from a lower base to hit a median much lower at $475,000.

A cute 1800s two-bedroom whaler’s cottage at 31 George Main Road is for sale for $420,000, through Angie Hooper of South Coast Realty.

“We might be underselling it, who knows?” she said. “But Victor Harbor is a lovely alternative to Port Elliot. It’s got lots of lovely little beaches, there are bike rides and walks, wineries nearby and it’s a great place to relax. It’s just wonderful.”

When your heart says Broome, your pocket could say … Derby

Western Australia’s resort town of Broome has seen its prices rise by 33.6 per cent over the last year, as a result of being the state’s most popular destination.

Its median house price of $581,000 might seem small change for some living in Byron Bay or Sydney, but it feels like a small fortune to locals.

Many consider the nearest town, the Kimberley gateway of Derby, to be a more affordable alternative. Its median price is considerably lower – less than half of Broome’s – at $264,500.

“It’s a good place to buy a home if you can’t afford Broome,” said local agent Tony Hutchinson, of Hutchinson Real Estate, who sells property in both towns. “A lot of people love Derby. It’s close to the Gibb River Road, and it offers great barramundi fishing.

“There’s also a good hospital and it’s a laid-back kind of place. The only thing it’s missing, really, is the beach. Broome has Cable Beach; Derby has mudflats. It really can’t compete there.”

Currently, he’s selling a three-bedroom house at 6 Archer Street, Derby, for $275,000.

Article Source: www.domain.com.au

 

Continue Reading

Brisbane

Brisbane’s best property buys: Six must-see homes under $780,000

Brisbane’s best property buys

It’s a tough property market out there for buyers, with lots of competition and not much for sale. Here are six homes for under $780,000 – but you’ll need to be quick.

26/128 Merivale Street, South Brisbane 

Brisbane’s best property buys

26/128 Merivale Street, South Brisbane QLD 4101 

It is unsurprising more than one in two local residents in this neighbourhood had not been born in 1981. This stylish apartment holds big appeal for first-home buyers wanting to live within blocks of local bars, cafes, shops, myriad education campuses and the riverside buzz. It has two bedrooms and two bathrooms, and a car space on title. Right in the thick of the inner-south riverside action, 52 per cent of residents are aged between 20 and 39.

$530,000

Private sale

Place, Michael Hatzifotis 0414 048 604

1/118 Railway Parade, Norman Park

Brisbane’s best property buys

1/118 Railway Parade, Norman Park QLD 4170 

In the inner-east suburb bearing the name of Queensland governor Sir Henry Norman, this three-level townhouse has a fittingly blue-chip, elevated vantage over three levels. A garage, carport and porch form the ground level. Level two is all about socialising, with a breezy front balcony and a private rear courtyard accessed via glass sliders from the open-plan living, dining space and a modern kitchen. Level three holds the sleeping quarters and another balcony. The local primary is about 300 metres north. Two city train stations are within 500 metres.

$699,000-plus

Private sale

Place, Chris Frangi 0481 113 362

52 Violet Street, Hemmant 

Brisbane’s best property buys

52 Violet Street, Hemmant QLD 4174 

A striking renovation of a humble original house set on 405 square metres of land. Today the three-bedroom weatherboard features a sassy stained-timber deck with slat screening and covered area at its rear, ready for all-season entertainment with lofty views. Bulimba Creek, park walking tracks and the city train station are within two blocks. There is a double garage, fences and European kitchen appliances.

$779,000

Private sale

First National, Brad McDonald 0404 418 220

21/2 Little Street, Albion 

Brisbane’s best property buys

21/12 Little Street, Albion QLD 4010 

A Little apartment with a big personality, thanks to its warm decor and semi-circular front balcony. The floor plan is fluid. The 3.3 metre-by-5.1 metre balcony flows to an open dining-living space and the kitchen with bench and storage, before reaching two bedrooms, including the main with en suite and walk-in wardrobe. Its complex is listed as “pet-friendly”.

$445,000-plus

Private sale

One Percent Property, David Sullivan 0447 070 595

59 Folkstone Avenue, Albany Creek 

Brisbane’s best property buys

Brisbane’s best property buys 

Families scouting houses with room to give each other space will get it at this double-storey residence. Its clever design creates four living zones: two indoors, including a large rumpus downstairs and a more formal lounge upstairs; and two outdoors, including a covered patio and an upstairs timber deck. There are three bedrooms and 610 square metres of land. The bathrooms are modern and the kitchen has timber benches.

$679,000-plus

Private sale

Coronis, Josh Quinn 0429 945 847

185/293 North Quay, Brisbane City 

Brisbane’s best property buys

185/293 North Quay, Brisbane City QLD 4000 

Anyone who has skydived knows its amazing weightless feeling when nothing separates you from the world around you. This neat sky home gives its occupant a similar sense of boundless space, with uninterrupted views of the inner bends of Brisbane River and cityscape. Think ideal city getaway pad or first home with one bedroom, one bathroom and one car space.

$315,000

Private sale

Ray White, Benjamin Williams 0412 067 016 

 

Article Source: www.domain.com.au

Continue Reading

Brisbane

Brisbane Housing Market Insights: September 2021

BrisbaneBrisbane Housing Market Insights

The Urban Developer’s latest Brisbane housing market insights, looking at the month for August, reveals the city was the third-fastest nationally for price growth during the month.

This resource, to be updated monthly, will collate and examine the economic levers pushing and pulling Brisbane’s housing market.

Combining market research, rolling indices and expert market opinion, this evolving hub will act as a pulse check for those wanting to take a closer look at the movements across the market.

Type Month Quarter Annual Median
All 2.0% 6.1%▲ 18.3%▲ $612,377▲
Houses 2.1%▼ 6.7% 20.2%▲ $691,214▲
Units 1.4%▲ 2.9%▲ 8.9%▲ $425,777▲

^Source: Corelogic – August 2021

The rate of price growth has remained stable in Brisbane after reaching a peak in March this year after values rose 2.4 per cent across the month.

The city ranked third-fastest city nationally for August behind the much smaller markets of Canberra, up 2.2 per cent, and Hobart up 2.3 per cent.

August’s dwelling prices growth was unchanged from July, while house prices moderated over the month losing a bit of steam as the apartment market surged.

The latest Corelogic figures, for August, reveal property values rose 2 per cent, and are now up 18.3 per cent over the year.

The current median value for a dwelling is $612,000 after further advancing an additional $14,000 during August.

Brisbane house prices grew by 2.1 per cent, a slight dip from the 2.2 per cent increase in July, to be up 6.7 per cent for the quarter and 20.2 per cent for the year.

Brisbane’s median house price of $691,000, which rose by $13,000 in August, is still less than half of Sydney’s but is now on par with that for Adelaide and Hobart.

The average unit in Brisbane is now selling for $425,000, a gain of $6000 over the month, however, the growth gap between houses and units continues to widen.

Experts now say this post-pandemic boom could fuel a further 15 per cent rise in house prices in the coming year and more than double, with a likely median of $1.5 million, by the time the 2032 Olympic Games begin.

Brisbane’s housing market: policy updates

Olympics to push Brisbane market’s limits

Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.

Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.

Queensland border to remain closed until 90pc vaccination rate

Queensland may not reopen to the rest of Australia until it gets to a 90 per cent vaccination rate.

Despite New South Wales and Victoria outlining a roadmap to opening up, based on an 80 per cent double vaccination rate, Queensland is yet to commit to any blueprint for going forward, even with the population likely to hit 80 per cent double jabs by December 5.

Queensland budget announcement

Queensland faces a “hard road” during the next four years as the state recovers from the coronavirus pandemic, Treasurer Cameron Dick says.

Property tax concessions are notably absent from the Queensland budget as the state details its plans for the year to come.

Instead 86,000 interstate migrants, health and education investments, as well as infrastructure spending, are expected to boost the state economy.

What the experts are saying about Brisbane’s housing market

Louis Christopher

Louis Christopher
Managing Director
SQM Research

“Regardless of the Olympics, Brisbane is likely to outperform the market as it’s due for a surge after years of sluggish growth,” he said.

“So the probability is that outperformance could go on for longer than one or two years post-Games.

“Developers are likely to position themselves early, looking to secure development sites with the intention of capitalising on increased investor demand in key areas.

“I think developers will be aiming to position themselves in key precincts early.

“We are likely to see increased competition among developers for prime development sites, especially around the inner south where so much of the infrastructure activity is taking place.”

Eliza Owen, Head of Research, Corelogic


Eliza Owen
Head of Residential Research
Corelogic

“Migration figures over the past year show there has been an uplift in movement from Melbourne to Queensland.

“So that may have helped ease rental pressures across Melbourne and put upward pressure on Brisbane rents.

“The other factors come back to income. So where you’ve had less lockdowns across Brisbane, Adelaide and smaller capital cities, that means that incomes have been less disrupted, which has supported rental growth.”

Steve Mickenbecker Home Loans Expert Canstar


Steve Mickenbecker
Home Loans Expert
Canstar

“The runaway property prices seen since the end of the first Covid lockdown have blown the deposit-saving timeline further out, making the task all the more challenging.

“Many commentators have speculated that reduced numbers around migration, overseas student intakes and tourism have created an unsustainable property price bubble that will inevitably correct.

“However, prices have risen so far that any correction is now going to be from a very high base.

“First-home buyers will be hoping for a price correction, but the easing of the release valve in a post-vaccination Australia could mean another price eruption before we see correction.”

Peter Burgin Chief Auctioneer Place Estate Agents


Peter Burgin
Chief Auctioneer
Place Estate Agents

“Everything about August was unprecedented. In terms of volume, it was unprecedented; the number of buyers was unprecedented.

“We’re now averaging eight people for every auction. That number last year would have been three, possibly four.

“There are so many powerful forces working in the Brisbane market.

“Brisbane as a city is a very desirable place to live. The locals are getting that—there’s more and more interest in our market. I think we’ve got every right to see that Brisbane’s future is bright.”

Brisbane housing market forecasts

NAB is forecasting Brisbane house prices to rise by 19.5 per cent over the next 18 months with a 4.4 per cent rise across 2022.

ANZ has tipped house prices to jump by more than 21 per cent this year in Brisbane, lifting its forecasts despite the lockdowns, off the back of the stronger than expected property market.

CBA now expects Brisbane house prices to increase by 16.6 per cent to December 2022 compared to 13.7 per cent in Sydney and 12.4 per cent in Melbourne.

Westpac has also updated its property forecasts, with Brisbane real estate prices tipped to surge 20 per cent between 2022 and 2023.

Week Clearance rate Total Auctions
Week ending 9 August 2021 67.4% 164
Week ending 16 August 2021 74.6% 163
Week ending 23 August 2021 71.9% 130
Week ending 30 August 2021 81.3% 161

^Source: Corelogic – August

Auction clearance rates across the country’s capital cities dropped to their lowest levels since April last year in the final week of August.

Most housing withdrawals occurred in Melbourne, which saw 867 homes taken to auction, and 64.3 per cent withdrawn.

Property inspections are banned under public health orders in Victoria, weighing heavily on the preliminary clearance rate, which was 34.7 per cent.

In comparison, 48 per cent of auctions were withdrawn over the previous week and a final auction clearance rate of 49.1 per cent was recorded.

Sydney recorded a preliminary auction clearance rate of 82.7 per cent, with 421 properties sold. Under the public health orders, one-on-one private home inspections are permitted, which has been helping to prop up the market.

Canberra’s primary clearance rate fell sharply to 63 per cent, its lowest level since April last year.

Markets not under lockdown are outperforming Sydney, Melbourne and Canberra. Adelaide was the best performer, boasting a preliminary auction clearance rate of 81.3 per cent.

Brisbane recorded a preliminary auction rate of 81.3 per cent. In Perth, 72.7 per cent of auctions were successful, across 11 results.

City Vacancy rate Monthly change Vacacies Net
Brisbane 1.3% 0.0% 4732▲ 81▲

^Source: SQM Research – August

Brisbane’s rental markets, unlike Sydney and Melbourne, remain strong with lower vacancy rates, house rentals rising strongly and apartment rentals rising for the first time in five years.

Corelogic’s head of residential research Eliza Owen said stock numbers for houses and units available for rent in Brisbane remains tight, and would now be placing upward pressure on prices.

With national housing values rising by 18.4 per cent and rents rising by a lower 8.2 per cent, ongoing yield compression is likely.

Nationally, gross rental yields have now fallen to an all-time low of 3.32 per cent.

It is no longer just Sydney and Melbourne where rental yields are plumbing historic lows. Brisbane has also seen gross rental yields fall to new record lows in August, now 3.9 per cent.

According to REA Group, renter activity is also on the rise with rental inquiries for greater Brisbane properties up almost 30 per cent year-on-year.

Type Rent Monthly % change Annual % change
Houses $526.50▲ 2.1%▲ 13.4%▲
Units $396.10▲ 0.2%▲ 5.0%▲

^Source: SQM Research – August

Rocklea, where a typical house will set a renter back $427 a week, was found to be the most affordable, while Kalinga was the cheapest for smaller homes with a median unit price of $303 a week.

At the other end of the spectrum, Teneriffe had the highest median price for both houses and units at $920 and $560 a week respectively.

There are high vacancy rates in the inner city suburbs of Auchenflower, Dutton Park, Herston, West End and Brisbane.

Brisbane CBD has the highest vacancy rate at 6.6 per cent followed by St Lucia at 4.9 per cent.

Dwelling Approved Monthly % change
Houses 2300▲ 8.3%▲
Units 3328▲ 9.0%▲

^Source: Australian Bureau of Statistics – July

A significant dip in housing approvals has added fuel to the already hot property market, despite a lockdown softening.

Australian Bureau of Statistics data shows the number of private-sector houses approved dropped 11.8 per cent in June, following the downward trajectory since the end of the Federal government’s HomeBuilder stimulus package.

Across both houses and units the number of dwellings approved fell 6.7 per cent, compared to a 7.6 per cent decrease in May.

Queensland and Western Australia experienced the biggest decline in both house and unit approvals.

In Western Australia overall dwellings approvals dropped by 30.5 per cent, followed by Queensland at 18.4 per cent and Tasmania at 14.9 per cent.

In the 2020-21 financial year total dwelling approvals nationally were 27.3 per cent higher than in 2019-20 financial year, driven by a 42.8 per cent surge in private sector house approvals.

Dwelling approvals increased more than 88 per cent in Western Australia over the financial year, while in Queensland it was up 36.7 per cent and Tasmania experienced a 33.9 per cent increase.

Type Jul 2021 ($bn) Monthly % change
New loan commitments for owner occupier housing 3.87 -6.2%▼
New loan commitments for investor housing 1.63 9.3%▲
New loan commitments to first home buyers 2.49 -8.7%▼

^Source: Australian Bureau of Statistics – July

Investment mortgage loan growth outpaced lending to owner occupiers and first home buyers for a third month in July.

Investors are continuing to take advantage of record low interest rates and their extra wealth as rising prices put housing out of the reach of younger buyers.

The value of new loan commitments for owner-occupier housing decline -6.3 per cent, while property investor loans increased 9.3 per cent.

The value of loans to first home buyers declined by 8.8 per cent per cent in July, as the federal government’s HomeBuilder stimulus, continues to drop out of the system.

The latest Housing Industry Association measure of housing affordability also shows a sharp deterioration across the country over the past year.

Housing prices have risen almost 11 times faster than wages growth over the past year, creating a more significant barrier to entry for those who don’t yet own a home.

In dollar terms, Australia’s median property price has risen by around $103,400 in the past year (which equates to about $1,990 per week).

In comparison, Australian wages are growing at a much slower pace (about 1.7 per cent annually), underscoring the worsening affordability issues.

Region March (quarter) 2021 arrivals March (quarter) 2021 departures December (quarter) 2020 net
Queensland 28,500▼ 21,465▲ 7035▼

^Source: Australian Bureau of Statistics – March

Interstate migration into Queensland, growing at its fastest rate since late 2003, has remained a tailwind for housing demand.

Brisbane’s population grew by 1.9 per cent during 2019-20, recording the highest growth rate of all capital cities, according to Australian Bureau of Statistics data.

Queensland experienced a net gain of 28,500 people from interstate in the March quarter and 21,465 departures.

Queensland’s population is expected to surge by more than a quarter of a million people in the next four years according to forecasts in the federal budget, as people flood in from other states.

Treasury boffins have predicted Queensland is set to gain around 20,000 people from interstate each year for the next four years—amounting to almost 85,000 new residents by mid-2025.

Next year alone, federal treasury estimates see Queensland gaining 23,800 new interstate residents, while Victoria is set to lose 1200 and New South Wales is tipped to shed as many as 15,500.

With a population of roughly 3.7 million, Queensland’s southeast is Australia’s fastest-growing zone.

Queensland’s population is predicted to hit 5.44 million by mid-2025, up from 5.17 million as of June 2020.

 

Article Source: www.theurbandeveloper.com

 

Continue Reading

Positive Cashflow Property

duplex designs, dual occupancy homes

Property Investment Advice

gold coast property management

Trending

website average bounce rate