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The Queensland properties defying price expectations

Queensland properties

As we head towards the end of the year, the Queensland property market is showing no signs of slowing down with the latest CoreLogic index results showing that the Brisbane market is back in positive territory, up 0.5 per cent.

Agents on the ground are seeing a similar trend with many reporting a frenzy of interstate buyer interest resulting in properties selling very quickly and often above reserve.

We spoke to some agents to find how these properties achieved incredible results and their advice for those considering putting their property on the market.

Burleigh Heads property garners international interest

On the Gold Coast, the lifestyle suburb of Burleigh Heads has experienced a dramatic increase of interest from interstate buyers.

According to Mick Brace, Principal of Realty Blue Burleigh, the stalling of buyer activity earlier in the year has turned around with buyers now in full force with demand now outstripping supply.

“We’re seeing buyers that were slowing down and not looking in March/April that are looking now and so we’re seeing a doubling and tripling of buyer enquiries because of that backlog,” he said.

Mr Brace recently sold a five-bedroom architecturally-designed home at 93 Skyline Terrace for $2,250,000, some $50,000 above reserve.

The stylish property garnered both local and international interest.

Queensland properties

Recently sold 93 Skyline Terrace is a stylish lifestyle property boasting stunning skyline and ocean views. Source: Realty Blue Burleigh Heads

“We basically were inundated with enquiries.

“There was a mixture of local, interstate and international interest. Buyers from New Zealand, Tasmania, Sydney and Melbourne,” he said.

Despite border closures restricting physical viewings of the property, Mr Brace says that the key factors in the successful sale was to establish trust and good communication with the buyers through utilising technology.

“We basically were inundated with enquiries.”

“We had a lot of run throughs – it wasn’t just one inspection but multiple through different times of the day.

“There was even videoing outside of the house, like driving into town to showcase how long it takes to get there and showing the gradient of the hills coming in and out of the property.

“It was giving the buyer a first-hand feel through the video screen,” he said.

The buyers purchased the property sight unseen from Sydney and plan to move up when borders open.

Mr Brace expects a busy few months ahead as borders reopen and interstate migration resumes.

“My prediction is that the market will be strong through to Christmas and beyond because interstate buyers are not going to be coming in their usual time which would have been in September/October.

“They’re going to come up as soon as borders open so we probably won’t see that slowdown over Christmas like we’re used to,” he said.

For those considering selling, Mr Brace says the most important thing is to talk to an agent in order to get a first-hand snapshot of what is happening in your local area.

“The best time to be selling your house is when not much else is on the market, because the supply is in your favour, and that’s we currently have now.”

“I think the way the market is at the moment, it’s important to talk to an agent and get a first hand understanding of what the market is doing.

“A lot of the information available to sellers on the internet is retrospective so it can actually be two or three months old and may not reflect what is happening in the market right now.

“Properties that were selling six months ago would be selling completely differently now,” he said.

As for when it’s a good time to sell, Mr Brace says it’s all about supply and demand.

“The best time to be selling your house is when not much else is on the market, because the supply is in your favour, and that’s we currently have now,” he said.

Ipswich property market “best I’ve ever seen”

Moving closer to Brisbane and further inland, properties in Ipswich are also receiving a high amount of interstate interest according to real estate agent Jordan Strudwick from NGU Real Estate.

“On the supply and demand side of things, at the moment, the market is super-duper hot.

“We’re getting a lot of buyers from Brisbane, Sydney and Melbourne coming up here,” he said.

Mr Strudwick says that the numbers coming through the agency are astounding.

“The numbers we’re doing at the moment are really unheard of. Last month we sold 54 homes as a business.

“Personally, I sold 14 properties and listed 21 houses, so there’s a lot of properties coming onto the market,” he said.

According to Mr Strudwick, it’s not only listings and sales that are picking up, but the number of buyers attending open homes as well.

“It just keeps getting better and better. I can say this is the best I’ve ever seen the market.”

According to Mr Strudwick, in the Ipswich area, good stock is currently attracting an average of 10-15 buyers inspecting properties during the first weekend on market.

However, with numbers trending up, he’s taken 15-20 groups through multiple open homes, with the highest garnering 25 groups.

Mr Strudwick says that the biggest change he’s seen in the current market is really strong consumer confidence and competition.

So much so that since the start of November, he is nearly selling a house everyday bar Sundays.

“It just keeps getting better and better. I can say this is the best I’ve ever seen the market,” he said.

Queensland properties 1

17 Darlington Court recently sold for $590,000. Source: NGU Real Estate

Mr Strudwick recently sold a 4 bedroom house at 17 Darlington Court in the tightly held area of Flinders View for $590,000.

The owner put the property on the market prior to Covid with another agent but the sale of the property was unsuccessful when the contract fell through.

“I had missed out on the listing because we charge for marketing and have a more expensive commission compared to the agent she chose to go with.

“I took over the property, and sold it the first weekend on the market for $5,000 more than what she originally had listed it for,” he said.

Mr Strudwick says that when choosing an agent, you get what you pay for.

“The cheapest agent isn’t always the cheapest agent. The cheapest agent isn’t the one that’s going to get you the best price for the property,” he said.

Three-bedroom Bald Hills property sells within three days

Further north in Bald Hills, Sales Specialist Jack Harvey from Coronis North says that his market has been flat out since April.

“We’ve sold 42 homes since July and have an average Days On Market of 16 days.

“Average people through the homes would be around 10-12, with multiple offers 90 per cent of the time.

“I’ve been selling real estate for 6 years and I’ve never seen it like this before,” he said.

Mr Harvey says that there are a range of factors that are driving buyers into the market.

“I’ve been selling real estate for 6 years and I’ve never seen it like this before.”

“Stock levels, interest rates, incentives for homeowners are really good.

“I think I saw an interest rate that was 1.98 per cent the other day – which was ridiculous. Money is so cheap, it’s cheaper to buy than rent at the moment.

“We’ve just sold three and listed today. Any stock we’ve got is going pretty quickly,” he said.

Mr Harvey recently sold a three bedroom property at 21 Hearne Street, which sold in three days.

Recently sold property in Bald Hills settled this month for $490,500. Source: Coronis Real Estate

Having sold the property to the owner in 2017 for $409,000, Mr Harvey was looking for offers over $475,000 for the family friendly home.

Once listed, the property sold incredibly quickly and over $20,000 above reserve.

“The property settled this month for $495,500, selling within three days.

“That’s a 20 per cent increase in price in three years,” he said.

Another sold property by Mr Harvey at 85 Brighton Terrace, Brighton was on the market for $999,000 and was sold sight unseen.

“I talked to a buyer on Sunday via FaceTime and pretty much after the inspection they said that they would pay the asking price of $999,000 and bought it,” he said.

The buyers are planning to move up from Melbourne in December.

The post “The Queensland properties defying price expectations” by Emily Ng appeared first on the openagent.com.au Blog

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Brisbane

New apartment developments pop up in prime locations in Brisbane, Gold Coast, Sunshine Coast

apartment developments

Location is everything for these luxurious new developments, whether overlooking the Brisbane River or a stone’s throw from glamorous Surfers Paradise.

Buyers in the market for an apartment well may be spoiled for choice.

Boutique Chevron Island

Even if you’re not a Gold Coast local, you’ve probably heard of Surfers Paradise, famous for its glitz and glamour.

You’re perhaps less likely, however, to be familiar with Chevron Island, an exclusive and slower-paced urban island in the very same neighbourhood.

This boutique development offers 42 luxury apartments on the north-east corner of the island, surrounded by the Nerang River.

The 14-storey building, designed by award-winning BDA Architects, hosts several floor plan options, from two-bedroom homes to four-bedroom penthouses.

The majority of apartments available in the project are two and three-bedroom stock, starting from $499,000.

The development will be home to several high-end amenities, including a pool and spa, gym, rooftop yoga centre, residents’ lounge, barbecue facilities, zen garden and a specialised co-working space.

CEO of Draycon Building Howard Dabit said the project’s design had been responsive to lifestyle changes brought about by the pandemic.

“What we’ve done, which makes this building very unique compared to a lot of the others that are being built at the Gold Coast at the moment, is we adopted the co-work space environment, right from day one,” he said.

“A lot of people are saying because of covid, they want to work from home, they feel more comfortable, and it’s giving them a lot more flexibility.”

The communal space will feature free internet, meeting booths, lounges, a kitchenette, and an array of snacks and drinks. Residents will also have the option to work outside, and to socialise within the space.

Interiors will feature sound-insulated timber floors, European appliances and for those on upper floors, the option to customise elements of the kitchen and butler’s pantry.

Mr Dabit said the superior quality of the project was aided by the fact Draycon was both builder and developer.

“The ideology of the building is the same, you don’t have the developer thinking one way and the builder trying to lessen the quality to ensure that he can make a bigger profit,” he said.

“Because we’re one, we get to integrate that and make it so that we’re happy with the profit levels that we’re making, and we want to provide the quality for the end user, and that’s the advantage of having a builder/developer in such a project.”

The project has begun construction, and is set to be completed about July 2022.

Brookfield Gallery House

apartment developments

Gallery House, 7-11 Wharf Street, Hamilton Photo: Supplied

This riverside development in the blue-chip Brisbane suburb of Hamilton is selling fast, with more than 90 per cent of apartments sold across the two towers.

With both stages completed last year, Gallery House offers 300 apartments, including one to four-bedroom homes, skyhomes and penthouses.

Many of the homes are afforded sweeping views of the Brisbane River, with others facing north to overlook the city’s inner suburbs.

Remaining on the market is a small cross-section of apartments on offer, starting from $387,000 for a two-bedroom unit and from $2,295,000 for penthouses.

Managing director of TOTAL Property Group Adrian Parsons said the development had attracted strong interest from local Brisbane residents.

“We’ve found that the development has been in very high demand since June, where people have either been buying their first home from our one and two-bedroom range, or people have been downsizing from larger homes into a prime riverfront two, three or four-bedroom apartment,” he said.

“People really just love the aspect of living on the river, and the location at Portside Wharf with the recent completion of the Kingsford Smith Drive upgrade makes accessibility from Portside into the city more convenient.

“With the River Walk that has been established, it’s added a new lifestyle element to living in the precinct.”

Mr Parsons said the apartments’ oversized design was perfect for the downsizer market.

“I think one of the main things when people are looking at downsizing from a house is they’re worried that they’re going to compromise too much by moving into an apartment in terms of space, so when these apartments were designed, it was clearly understood who the target market would be,” he said.

“Whether they’re a three-bedroom or a four-bedroom, they’ve got really large living areas, lots of open wide living areas that front onto the river, also with large balconies.

“Not only do the apartments have generous storage inside, but buyers can also buy basement storage areas for other things they may want to store.”

Market Lane

Located in the new CBD in Maroochydore, this Sunshine Coast development will offer 146 apartments in two towers.

Buyers will have the choice of two and three-bedroom configurations, along with a limited selection of penthouses, each offering sought-after views of the coastline and picturesque hinterland.

The development also encompasses six small office terraces, as well as retail and dining.

Embedded within the brand new City Centre precinct, the project is set to enjoy all the perks and amenity of the budding development hub, affording it a 90/100 walk score.

It is situated directly opposite the new town square and a two-hectare park, part of a sizeable chunk of the CBD site earmarked for open space.

Designed with investors and developers in mind, the mixed-use precinct will feature smart technology throughout, including technology-assisted parking, real-time public transport and community updates, wifi hotspots, safety systems and electric car charging stations.

Some 40 per cent of the 53-hectare site will be kept as open space, and waterways will be integrated throughout.

Market Lane itself will offer 450 square metres of ground floor retail and dining, along with a rooftop terrace on one of the towers, replete with an entertaining area and private dining room.

Other amenities available to residents will include a 25-metre resort-style pool and barbecue leisure space in the centre of the development.

The towers will also feature secure access, lifts, an above-ground car park, CCTV, and an on-site facilities manager.

 

Article Source: www.domain.com.au

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Brisbane

First home buyers flood back into market on low rates, rising house prices

house prices

First home buyers are flooding back into the property market lured by ultra-low interest rates and government support, with two of the nation’s biggest mortgage brokers experiencing a surge in loan applications from young buyers.

AFG, a major listed wholesale broker, reported a 30 per cent annual jump in its total home loan applications in the latest quarter, as other brokers including Mortgage Choice also said they had seen sharp growth during the summer.

But while the lending surge is underway, analysts are predicting a modest rise in foreclosures as banks stop offering automatic home loan deferrals for customers thrown into financial stress by the pandemic.

AFG chief executive David Bailey said the company’s latest figures showed 22 per cent of loan applications lodged by its brokers in the latest quarter were for first home buyers, compared with the historical average of about 12 to 13 per cent of loans going to first time buyers. Mr Bailey said government incentives for first home buyers and rising prices were helping to fuel the strong demand.

“As we are starting to see clearance rates improve and prices rise across the country, people are starting to worry that they might miss out. They are probably bringing their decisions forward … to take advantage of the incentives,” Mr Bailey said in an interview on Wednesday.

Investors made up only 21 per cent of AFG’s loan applications, the lowest percentage on records going back to 2013.

Australia’s property market proved to be surprisingly resilient to shock from the pandemic, with prices rising in late 2020 after official interest rates were slashed to just 0.25 per cent and banks allowed struggling property owners to put their repayments on pause.

Mortgage Choice chief executive Susan Mitchell said over the past two months the market had been “very buoyant,” with loan applications up by 25 to 30 per cent compared with a year earlier. Ms Mitchell also noted the surge in first home buyer activity, saying these buyers accounted for almost 25 per cent of applications, up from 13 to 15 per cent normally.

“We are seeing the first home buyers back at the same level that we saw back in 2009,” she said.

Mortgage broker Homeloanexperts.com.au said inquiries since December were more than 60 per cent higher than the same period last year, also citing strong interest from first home buyers and expats returning to Australia.

Alongside government support for first home buyers, banks have also cushioned the housing market by allowing customers to pause repayments temporarily, but most borrowers will have to make their usual payments from March, when several government stimulus programs also end.

The end of all these stimulus measures and supports simultaneously could result in a small lift in foreclosures, property data analysts SQM Research managing director Louis Christopher said, but he was not concerned about a “mass forced sale event”.

“The banks have done well in managing the loan deferrals. They have shrunk from their peaks at the beginning of the pandemic,” Mr Christopher said.

Starr Partners chief executive Doug Driscoll was “perplexed and bewildered” about the strength of the property market during the pandemic.

“The leniency and the patience of the banks is stopping there from being any tsunami of forced sales. There will naturally be a slight increase in foreclosures [at the end of the repayment holidays] but not a severe spike,” Mr Driscoll said. “Everything last year was pointing to foreclosures and price falls but it’s just business as usual.”

 

Article Source: www.brisbanetimes.com.au

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Brisbane

Tight rental market forces tenants to find their edge or risk losing out to competition

rental market

With vacancies rates dipping below 1% in parts of the region and a surge in demand, competition for rental properties is fierce in South East Queensland. Renters currently applying for properties are being forced to put their best foot forward to put them ahead in the eyes of landlords.

Managing Director of Solutions Property Management Laura Valenti said there had been a staggering increase in property demand over the past few months: “Demand is extremely high. In fact, I have never seen such high demand and low supply,” she said.

“We manage over 1000 properties in the greater Brisbane area and since the beginning of November 2020 our vacancy rate has been zero.”

With so few available rental properties, having an edge over other applicants is vital. While some people are offering more rent than advertised, some tenants are seeing better outcomes after completing a free, online tenancy skills course developed by the Tenancy Skills Institute.

The course was developed after extensive consultation with property managers, and covers the top four skill sets identified as crucial to a positive tenancy; communication, rights and responsibilities, maintaining a rental property and budgeting. Once complete, graduates are awarded a certificate to support future rental applications.

Tenancy Skills Institute State Manager, Mark Davidson explained tenants who complete the course will stand out from the crowd.

“Tenants who demonstrate an understanding of their rights and responsibilities, are effective communicators, budget well to pay the rent on time and maintain the property are at an advantage.

“The certificate might just make the difference on a rental application for some property managers.” said Mark.

Laura Valenti’s agency Solutions Property Management is just one of a growing number of industry supporters who agrees the course is of high value for tenants.

“It [the course certificate] would definitely put them above others who have a similar application,” said Laura.

Since it began, the Tenancy Skills Institute has given over 2000 Queenslanders a head-start in their rental journeys. Experienced renter, Wendy* believes that without the course she would still be searching for housing.

Wendy said: “The course did me great, I found it interesting, helpful and enjoyable.

“I was finally approved for a property after completing it and moved in at the start of January.”

 

Article Source: www.miragenews.com

 

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