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Sydneysiders head to Brisbane as exodus continues

Sydneysiders

It’s official. Changing consumer preferences have seen Aussies ditch the cities for regional dwelling, with the regions said to profit from solid economic growth, new research has revealed.

Provisional internal migration data from the Australian Bureau of Statistics showed that the nation’s capital cities had a net loss of 11,200 people during July, August and September last year, which was the largest on record.

The net loss was the result of 41,800 arrivals (down from 46,800 in the September 2019 quarter) and 53,000 departures (up from 52,400 in September 2019) to non-capital city areas. According to ABS, Brisbane gained the most people through net internal migration (3,200), while Sydney lost the most (7,800).

Similarly, CoreLogic’s latest data showed the property market as a whole had reached a new peak, with regional towns outpacing Australia’s capital cities.

The numbers revealed that capital city increases ranged from 0.4 per cent in Sydney and Melbourne to 2.3 per cent in Darwin.

Regional areas recorded an average 1.6 per cent increase last month, and were up 7.9 per cent over the year, while the combined capitals rose only 1.7 per cent over the past year.

Propertyology’s head of research, Simon Pressley, explained that, while the capital cities are being hampered by the COVID-19 pandemic, regional Australia has not suffered the same fate on the health front.

And while certain regional towns may have emerged as the big winners, Mr Pressley encouraged investors to consider every town and city in Australia.

“You owe it to yourself, not to me or anybody else, you owe it to yourself to consider 100 per cent of your options. I’ve invested in capital cities before. I live in a capital city. I’ll invest in capital cities again. But there are a lot more regional options for me than capital cities.

“You’ve only got eight capital cities. So, the reason I guess we talk a lot about regions is because there are 200 of the bloody things,” he noted.

Mr Pressley is bullish the regions will continue to dominate the property game for years to come.

“I am absolutely certain that just as we saw in the last five years before COVID, the best-performed property markets were not capital cities – they were regions and there [were] lots of them. And I’m absolutely certain that in the next five years, the best-performing property markets will again be regions. Maybe not the same ones as the last five years, but they will be regions. Mark my words,” he said.

 

Article Source: www.smartpropertyinvestment.com.au

Brisbane

Two green bridges underway, Brisbane City Council seeks feedback on two more

Construction on two green bridges linking Brisbane’s inner-city suburbs is slated to begin this year, but the location of three other planned bridges remains unclear.

In 2019, Lord Mayor Adrian Schrinner made a $550 million pledge to build five new green bridges, catering for pedestrians and cyclists, to reduce vehicle traffic and improve the city’s connectivity.

At Tuesday’s public and active transport committee meeting, Brisbane City councillors were given an update on the progress of the green bridges program.

Public and active transport committee chairman Ryan Murphy told the committee the council wanted state or federal funding support alongside the $550 million already committed.

The $190 million Kangaroo Point green bridge will be 470 metres long and 6.8 metres wide, with separated cycling and pedestrian lanes, linking the inner-city suburb with the City Botanic Gardens.

Construction on the Kangaroo Point and Breakfast Creek bridges will begin this year, with the council now out to tender for both.

Consultation for two West End bridges

Community consultation on the bridges from West End to St Lucia and West End to Toowong was extended following concerns the December-January consultation was too short.

For the West End bridges, suggested locations put forward by Brisbane City Council would either place the landing pads on public parks, such as Orleigh Park in West End and Guyatt Park in St Lucia, or on private property.

Two green bridges

A concept image for the St Lucia to West End green bridge(Supplied: Brisbane City Council)

Greens councillor Jonathan Sri, in whose ward both West End bridges would sit, said it appeared the third option for the St Lucia bridge — between Keith Street in St Lucia and Boundary Street in West End — was most supported.

“I’ve heard from several residents who’ve said they think the Option C location for the St Lucia bridge is preferable from a transport perspective, but they have concerns about the scale and design of the exact alignment proposed by council, and the associated home resumptions,” Cr Sri said.

“The vast majority of residents seem to prefer alignment Option A for the Toowong Bridge, and it seems like the Toowong bridge in general has a lot more support.”

Two green bridges

A concept image for the Toowong to West End landing pad for a green bridge(Supplied: Brisbane City Council)

Option A for the Toowong bridge would see the bridge land at 600 Coronation Drive — the former ABC Towoong site now owned by developers Sunland, but put up for sale late last year.

Last year, Cr Schrinner ruled out purchasing the 600 Coronation Drive site saying the cost would be prohibitive, but said the council would consider resuming a portion of the land for a green bridge if needed.

LNP councillor James Mackay, in whose ward of Walter-Taylor the two bridges would land, recently spoke at a rally for a group opposed to a possible Guyatt Park alignment for the St Lucia to West End Bridge.

Cr Mackay referred queries about his community’s opinions to the lord mayor’s office.

Fifth green bridge site unknown

In mid-2020 a fifth proposed bridge, from Belbowrie to Wacol, was scrapped after several rounds of community consultation found little support.

The council is preparing options for a fifth bridge location, the committee heard.

Two green bridges

A concept image of the Breakfast Creek green bridge linking Kingsford Smith Drive and Newstead House(Supplied: Brisbane City Council)

Deputy Labor leader Kara Cook in a statement said she had lodged a petition with more than a thousand signatures calling for a bridge on the eastern side of the river.

Cr Cook said a bridge in her area — around Bulimba and Hawthorne connecting across to New Farm or Teneriffe — had been mooted since at least 1925.

Technical challenges are greater for the eastern section of the river as any new bridge must be of a height to allow ships through and would span a wider section of water.

 

Article Source: www.abc.net.au

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Brisbane

Commercial Market Update – Brisbane Fringe Cityscope February 2021

The latest research from Brisbane Fringe Cityscope shows in the last three months property sale numbers have increased but sales figures have had a slight increase. The last three months to the beginning of February 2021 recorded 22 sales for a total of $114.2 million, with $23.7 million for commercial, $4.4 million for commercial strata, $4.2 million for retail, $4.3 million for retail strata and $77.5 million for other.

In comparison, the last three months to the beginning of November 2020 recorded 14 sales for a total of $98.9 million, with $86.2 million for commercial, $1.5 million for commercial strata, $800,000 for retail strata and $10.5 million for other.

The 12 months leading up to early February 2021 recorded 60 sales for a total of $323.5 million, more than $212.6 million less than the same time last year.

The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:

Commercial Market

Brisbane Fringe Sales Grid

Significant sales recorded this quarter total nearly $80 million, these sales include:

After a failed sale to iProsperity, interests associated with Amora Hotels & Resorts have purchased the 296-room Novotel Brisbane Hotel for just over $67.8 million; the hotel will be rebranded following Novotel’s lease expiring in late April this year. JLL Hotels & Hospitality Group negotiated the sale. The hotel last traded for $63.5 million in 2010.

A three-storey child care centre at 20-22 Marie Street, Milton has been sold for $8.435 million; it was purchased through The Trust Company (Australia) Limited. The property, formerly an office building, was extended and refurbished in 2018 for use by the a 120-space child care centre. It previously traded for $6.15 million in 2017.

Developer, builder and property managers, Pellicano, have purchased 68 Brunswick Street, Fortitude Valley for $8 million from Metro Property Group. The property was originally going to house stage 4 of the adjoining Central Village development. The 5,374 sqm site was sold through JLL Brisbane and has Council approval to demolish the existing buildings on site.

Commercial Market

Brisbane Fringe Sales Chart

Properties for sale include:

  • Lanmor House, 124 Brunswick Street and 52 Amelia Street – a two-storey office building and a two-storey warehouse/office building, with a combined area of 960 sqm and associated car parking. For sale by expressions of interest, closing February 24, 2021; agent, Colliers International (Hunter Higgins and Nick Wedge).
  • 29 Amelia Street, Fortitude Valley – two-strata units (the whole building) with a combined 828 sqm of office space over two levels, plus ground floor car parking for 20 vehicles. For sale by expressions of interest, closing February 18, 2021; agent, C Property Qld (Sam Callanan and Joe Kennedy).
  • 196 Wickham Street, Fortitude Valley – a two-storey retail/entertainment building with lower ground level to the rear. For sale by offers to purchase; agent, Commercial Brisbane (Glenn Corrigan and Tom Chan).

Properties under contract (conditional or unconditional) include:

  • 38 Warry Street and adjoining car parking at 41 Kennigo Street – 2,955 sqm of office space (the former Keatings Bread Factory site) and an adjoining carparking for 20 vehicles. Under contract; agent, Cushman & Wakefield Brisbane (Peter Court and Mike Walsh) and CBRE Brisbane (Jack Morrison and Peter Chapple).
  • 72 Costin Street, Fortitude Valley – a single-storey plus mezzanine, brick office building with car parking for 15 vehicles. Net lettable area, 507 sqm. Under contract unconditionally with a long, one-year settlement period expected; agent, Colliers International Brisbane (Hunter Higgins and Nick Wedge). The property was advertised with a potential leaseback agreement from 9-months to three-years.

 

Article Source: www.corelogic.com.au

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Brisbane

Brisbane, Gold Coast, Perth outstrip Sydney and Melbourne prestige property markets

prestige property markets

The hunt for a house that’s not just a home, but a COVID-free castle, has pushed up prestige property prices in Perth, the Gold Coast and Brisbane, with a new report revealing the three cities outstripped the nation’s two biggest capitals during 2020.

The Knight Frank Wealth Report 2021, released today, also revealed the trio made a global splash in the Prime International Residential Index (PIRI 100), which tracks the movement of luxury home prices across the world’s 100 best residential markets.

Off the back of surging buyer demand, low interest rates and a greater emphasis on lifestyle, the three cities, with Perth in the lead, were ranked in the top 44 of prestige markets, after they each clocked up annual price growth of more than 2.5 per cent.

Sydney was ranked 56 – after prestige home prices grew just 1.1% – while Melbourne came in at 63 after prices rose 0.9 per cent.

A roaring resources sector and a push towards relaxed lifestyle locations saw Perth not just top the national list and rank 34th globally, but dramatically leap from last place among Australian capital cities in 2019 after prestige property prices soared by 3.6 per cent last year.

Luxury home prices in the Western Australian capital had remained almost stagnant the year before, rising by just 0.9 per cent.

The Gold Coast achieved a global ranking of 36 after prices grew by 3.2 per cent – compared to 1.8 per cent growth the year before.

 

Article Source: www.domain.com.au

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