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The Brisbane suburbs where it’s best to sell by auction

The Brisbane suburbs where it’s best to sell by auction

The best suburbs in Brisbane to sell under the hammer have been revealed, with new data showing the hotspots where vendors are making the most of a thriving auction market.

Brisbane, not traditionally an auction-led city like Sydney and Melbourne, has long had institutionalised low clearance rates but the appetite for auctions has grown in recent years, particularly in suburbs where buyer demand is high.

New data from Domain has drilled down to the number of auctions held in each suburb in the 12-month period to August this year, as well as the number of properties sold by auction and its correlating clearance rate.

Kenmore, in Brisbane’s leafy south west, and Wishart, 14 kilometres south east of the CBD, had the highest auction clearance rates of any suburb in Brisbane – 62 per cent of properties there sold under the hammer over the 12-month period.

Their clearance rate was more than double Brisbane’s average of 30 per cent during the same 12 months.

Kosma Comino of LJ Hooker Sunnybank Hills said Wishart’s low turnover and strong demand from parents wanting their children in the Mansfield school catchment had seen properties selling under the hammer sometimes for up to $200,000 over their reserve.

“I started doing auctions here because the demand was so huge from buyers that properties were selling within a day and I thought we could do better,” he said.

“When you’ve got demand in a suburb like this, you get such great results. Some properties have gone for $200,000 to $300,000 over reserve – for somewhere out in the suburbs to get those results is absolutely crazy.

The Brisbane suburbs where it’s best to sell by auction 1

“I honestly reckon this would be one of the best suburbs to sell via auction.”

It was a similar story in Kenmore, where a shortage of stock, coupled with its affordable prices for young families, made it an area in high demand.

“Kenmore has been the place over the past 12 months that I have recommended to young families as value for money because there’s over a 10 per cent price difference between it and Chapel Hill,” said Reuben Packer-Hill of McGrath Paddington.

“High clearance rates are always going to come down to supply and demand. The big benefit of an auction campaign is you have a deadline, so when there’s a slower market with low confidence, as Brisbane’s has been, you go for auctions because buyers have to make a decision.”

Other suburbs with strong clearance rates included Kallangur (60 per cent), Chapel Hill (57 per cent), Chermside West (55 per cent) and Wavell Heights (54 per cent).

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However, it was important to note the strong clearance rates in these suburbs, including Wishart and Kenmore, were based on a relatively low number of auctions in each area, said Domain research analyst Eliza Owen.

“A higher clearance rate doesn’t necessarily mean the most robust auction market. The other side of a robust auction market is that vendors are willing to participate, and the number of auctions is relatively high.”

Brisbane’s most auction-heavy suburb was prestigious Camp Hill in the inner east, which had 104 auctions listed in the 12 months to August this year. Camp Hill also had a healthy clearance rate of 34 per cent.

Other suburbs that held a lot of auctions included Sunnybank Hills, Paddington, Calamvale, Wynnum, New Farm, Bardon and West End.

Some of these suburbs reported lower clearance rates, although Bardon, West End, Hendra and Indooroopilly all managed to clear in excess of 40 per cent of their auction stock – a very strong result for suburbs that also had a high number of auctions, Ms Owen said.

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“Bardon is a great example,” she said. “I think it is fair to say that suburbs with a strong performing auction market don’t always have the highest clearance rate, but may also have a decent number of listings.

“Bardon has an above average clearance rate of 45 per cent, compared to Brisbane at 30 per cent; and it had a decent number of auctions results collected [62] – and, importantly, it has seen a rise in the annual clearance rate.”

Shane Hicks of Place Bulimba auctions most of the properties he sells at Camp Hill and said it was the best way to nut out the serious buyers.

“What I found was that in Camp Hill, which had a reasonable market but lacked a sense of urgency from buyers, we’ve been able to successfully use the auction method to decrease sellers’ days on market and create a sense of urgency among buyers,” he said.

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“We are dealing with so many interstate buyers – one in three of our transactions would involve an interstate buyer at the moment – and they are so used to the auction process. They find the private treaty process bizarre and often laugh at it. At an auction they feel they are paying fair market value.

“Because of this, we’re finding the appetite for auctions has increased with our local buyers too.”

Ms Owen said it was important to look at all of the factors that impacted on a suburb’s auction figures.

Over the past 10 years, an average of 9.8 per cent of property listings were campaigned by auction, as opposed to about 30 per cent in Sydney and Melbourne.

“The clearance rate is not the only indicator of a thriving auction market. It’s also important to consider how many auctions are being held, how many get withdrawn from auction, and how many properties sell post-auction,” she said.

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“When considering the auction method, you may also think about how many similar properties have sold in the area. This will affect the amount of information available about what a property is worth.”

She said it was not always easy to get a clear picture of Brisbane’s auction market.

“Low clearance rates across south-east Queensland are partly institutional. Queensland agents cannot provide a price guide for auctions, which might prevent potential buyers devising an optimal strategy for the day,” she said.

“The auction might be more about drumming up awareness or urgency around a property than selling on the day.”

 

 

Source: www.domain.com.au

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Brisbane

Downsizer Development offers stylish living with lots of space

Downsizer Development offers stylish living with lots of space

They say that size matters – and for some, it certainly is when it comes to buying property.

The privacy, storage and contemporary design of the Velocity Property Group’s Parque on Oxford apartments and townhouses give downsizers good reasons to put Taringa on the coveted location list. The sales were already made in the recently launched development.

With the completion of the 3-room apartments, the emphasis on warehousing was well received by buyers.

A focus on large, open living and dining areas and an airy, bright ambience thanks to clever design that makes optimal use of the urban view were also a success.

The Parque on Oxford Apartments were designed in a modernist style to create sophisticated, large executive residences that could be anywhere in the world.

The building designed by HAL Architects in Brisbane appears solid, slim and solid and has a sculptural design piece that anchors the two sides.

The Parque on Oxford Apartments offer pergolas for natural light and shade as well as privacy, great views and a captivating breeze.

Five of the seven apartments are still available in the housing estate on Oxford Terrace. The focus is on privacy as well as the low-maintenance design and the beautiful surfaces. The apartments range in size from 183 to 254 m² and cost USD 995,000. Most have a media room or an office.

Next door, the Parque on Oxford townhouses are due to be completed early next year. They are 225 to 313 square meters in size and cost $ 1,099,000.

The 11 townhouses were designed with a subtropical, modern Queensland feel to capture the height and elevation of the place.

With three levels, excellent surfaces and plenty of storage space, thanks to forward-looking planning and architecture in some residential buildings, they also offer the option of including elevators for the future.

In addition to the Parque on Oxford, the Velocity Property Group also built condominiums in Ellerslie Crescent in Taringa to take advantage of the city view and elevated location. Only two of them are left.

Velocity Property Group’s national sales manager, Caroline Humbert, has been selling real estate projects for over 15 years and now sells luxury apartments, townhouses and condominiums to Velocity’s primary downsizer audience.

Ms. Humbert said there were four main ingredients that downsizers were looking for in townhouses or apartments, all of which would be delivered at the Parque on Oxford.

“The first ingredient is storage, storage and more storage. Downsizing is not about sacrificing everything you have collected over many years to move to a smaller residence. It’s about bringing what you really love to your new home and storing it comfortably, ”said Ms. Humbert

“The second thing that downsizers are looking for is the best possible results. Many downsizers consider this phase of their lives to be their final home forever. They therefore want to enjoy the best kitchens and bathrooms they have ever had.

“The third ingredient is to lock yourself up and lose your life. Downsizers have time to pursue their interests and travel, and ensuring that their home is safe and does not require maintenance while they are away is a priority.

“The last ingredient is the location. Downsizers want to be close to the services, stores, and lifestyle factors they enjoy. Taringa ensures proximity to the city and a wealth of dining, shopping and more options in the heart of Brisbane’s Inner West.

“The Velocity Property Group is reviewing a number of locations in Brisbane in 2020 to create more desirable residential homes for downsizers, just like those in Parque on Oxford, Taringa.”

 

 

Source: themediatimes.com

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Brisbane

USC Moreton Bay Campus attracts property buyers

USC Moreton Bay Campus attracts property buyers

The USC Moreton Bay campus, scheduled to open in Petrie this year, is helping to increase interest in the Pine Rivers property market and buyer activity will only increase, according to a local real estate expert.

According to data from Core Logic, more than half of the suburbs in the Pine River Press catchment area saw average growth in property prices in 2019, while everyone except Dakabin has seen an increase in average property prices in the past three years.

The outstanding performance of 2019 was achieved by Dayboro, where the average property price rose 16.9 percent to $ 591,000.

Clear Mountain ranked second, up 16.3 percent to $ 802,250, while cashmere rose 5.4 percent to $ 769,450.

Mark Rumsey, sales manager at David Deane Real Estate Strathpine, said the real estate market at Pine Rivers was solid in 2019.

“It was hit by the impact of the royal banking commission’s actions and the federal election earlier this year, but has grown steadily since then,” he said.

“There was a lot of investor activity due to the university and the first home buyers were solid with interest rates at such record lows.”

According to Rumsey, Strathpine, Lawnton, Bray Park and Petrie were the top-selling suburbs in 2019. The university and subsequent development that it supported met with keen interest.

“We are so close to the bay, rural areas, the north and south coasts, 25 minutes from the city, and have an average house price of only $ 425,000 for properties with large blocks and great value,” said he.

Mr. Rumsey predicted that 2020 would be an even better year for real estate in the region.

“The new first incentives for home buyers, possible rate cuts, the opening of Petrie University and Brisbane’s second runway will make our region and Brisbane have a very good year of growth overall,” he said.

“We are very excited about the development of our region and some of the exciting new projects that are being put into practice.”

 

 

Source: themediatimes.com

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Brisbane

Six-storey proposal for heritage seaside suburb sparks protest

Six-storey proposal for heritage seaside suburb sparks protest

A quiet seaside suburb in Brisbane’s north could see six-storey buildings rubbing shoulders with single-storey heritage-listed buildings under a neighbourhood plan being drafted by Brisbane City Council.

The Sandgate Neighbourhood Plan, which sets requirements for development and zoning in the suburbs of Sandgate, Shorncliffe and Deagon, proposes increasing height limits along the town centre shopping strip on Brighton Road to six storeys.

But the plan has become a point of contention, with about 500 residents forming a group to protest some of the draft changes which they say could damage Sandgate’s heritage facade and character.

Once Brisbane’s seaside retreats, the coastal suburbs are full of heritage-listed buildings in low-lying streets close to the picturesque foreshores, also heritage listed.

Much of Sandgate is zoned low-density residential, or low-medium with a two-storey height limit.

The council’s proposed neighbourhood plan would also allow the six-storey building height limit behind Brighton Road, between the state school and overlooking the heritage-listed Einbunpin Lagoon.

A similar proposal to allow three-storey buildings around Deagon train station was removed by the council after strong feedback from residents.

Sandgate property owner Theresa Dow has been at the forefront of many protests against the six-storey proposal, arguing allowing mixed-use commercial development would destroy Sandgate’s picturesque appeal and heritage aspects.

She also said residents only discovered the potential for six-storey buildings in a document uploaded to the council’s website.

Ms Dow said she and others in the group were working on their own suggestions for the area.

They submitted petitions to the council asking for extended time for community consultation from the prescribed 20 business days that ended in early November, arguing the council had not advertised the proposed changes widely enough.

“We’re going to do the people’s plan and then hand it to the council,” she said.

“We know we’ve got to change but we just think they need to be talking to us, all of us … not just property owners, but all the people that have lived here. [We] choose to live here because of its beauty, and the way it is.”

Ms Dow said she and others had no problem with change, agreeing the area needed new life and focus, but the council should have consulted more widely and listened more closely to resident concerns.

But, she said, some residents supported the proposal, calling for new shops and upgrades to the area’s commercial centre.

City planning committee chairman Matthew Bourke said hundreds of residents had attended community consultation sessions.

“From the feedback received, lord mayor Adrian Schrinner announced that the proposed changes to zoning around the Deagon train station would be excluded from the neighbourhood plan going forward,” Cr Bourke said.

“Feedback received on the revitalisation of the Sandgate Town Centre will be considered as the draft plan is prepared.

“This was only the first step in the consultation process and residents, businesses and community groups will again have the opportunity to have their say on a revised plan.”

Cr Bourke said the next stage of consultation would be on the draft plan to be released this year.

The local councillor Jared Cassidy, also Labor opposition leader, spoke at length during December’s final council meeting about the frustrations of residents who attended council’s consultation sessions.

“… Earlier on I stood up and said, yes, my community does need a renewed Sandgate neighbourhood plan, but I didn’t for one second think that we would have such a hollow process of consultation and such a poor outcome even in this very first stage of the neighbourhood plan,” Cr Cassidy told the chamber.

Cr Cassidy said the council’s consultation with the suburbs was “not good enough” and he was “not going to take this lying down”.

Source: www.brisbanetimes.com.au

 

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