Why build a simple apartment block when you can build a neighbourhood?
These new Brisbane and Gold Coast developments have embraced lifestyle and leisure in their latest offerings.
This multi-stage development in Brisbane’s south is more than just a housing block; it’s a new neighbourhood.
As a budding urban village, Yeerongpilly Green comprises boutique apartments and townhomes, along with employment, medical and education facilities to be completed over the next 10 years.
Currently for sale off the plan are one, two and three-bedroom north-facing apartments, penthouses and terraced homes.
The project’s “village heart” will include a full-line Woolworths supermarket, retail shops and restaurants, and lifestyle amenities including a cinema, gym, healthcare and childcare facilities, alongside restored heritage buildings and three office blocks.
Neighbouring the development is the Ashley Cooper Riverwalk and historic Brisbane Golf Club, along with the Queensland Tennis Centre and Yeerongpilly train station.
The site is owned by the Queensland government, who partnered with the private sector to bring the desirable riverside land back into community use. So far, $70 million has been spent on core infrastructure.
Chief executive officer and executive chairman of Consolidated Properties Group Don O’Rouke said a key focus of the development was innovative architecture made for Brisbane.
“It’s high-quality architecture and it’s made to take advantage of the sub-tropical climate that Brisbane has, so an emphasis on cross-flow breezes, correct sun orientation – there’s definitely that focus on sustainability,” he said.
“We’ve paid particular attention to room sizes, ceiling heights; we really applied a fine-toothed comb to each element of the apartments from the outside down to the size of the broom closet.”
Mr O’Rourke said purchasers could have peace of mind knowing that the vendor was the state government and that the project had engaged Australia’s largest private contractor Hutchinson Builders.
“We have a sunrise date, so we have a guarantee to our purchasers that we will start construction of a stage on a particular date, so they’re not sitting in limbo,” he said.
Prices range from $460,000 for a one-bedroom apartment to from $975,000 for a penthouse, and from $1.275 million for a townhome.
Yeerongpilly Green is located at 28 Godiva Avenue, Yeerongpilly, Queensland.
For more information, contact the sales team on 1300 855 460 or visit https://www.domain.com.au/project/3707/yeerongpilly-green-yeerongpilly-qld/.
A sales centre is open daily from 10am to 5pm at 21 Queens Way, Yeerongpilly.
Estilo on Kittyhawk
In the north Brisbane suburb of Chermside, this new development offers one to four-bedroom apartments beside 73 hectares of lush parkland.
Three and four-bedroom apartments have already been snapped up, with only one and two-bedroom residences remaining and move-in ready.
The project has appealed to both owner-occupiers and investors, with 5 per cent yields on both one and two-bedroom apartments.
Estilo is located in the northern part of the suburb, with easy access to cycling and walking tracks in the nearby park and of course to Westfield Chermside, a major shopping centre and dining precinct.
Marketing and sales director Samuel Gardener said this proximity made for a key selling point.
“The site offers fantastic accessibility to both the parkland and Westfield [shopping centre], including the main bus hub for transport,” he said.
“Walkability is the key to the location, and peace and quiet with the parkside locale.”
On-site amenities include a heated pool and recreation or function space on the ground floor, a rooftop recreation space with dining and barbecue areas, and a community herb garden.
Interiors feature Ceasarstone benchtops, Bosch appliance and German tapware, porcelain tiles, noise-cancelling glazing, and wool carpets, as well as zoned and ducted airconditioning.
Mr Gardener said there were several aspects of the development that set it apart from others in the market.
“The design and quality of the interiors and exterior of the apartments is a key physical differentiating factor to other apartment complexes within Chermside,” he said.
“The parkside position and accessibility to Westfield Chermside are also valuable drawcards, but what is most impressive is the sense of community within Estilo on Kittyhawk.
“Since completion, we have seen the growth of this prospering community with resident-driven functions, wine tastings, fitness classes, vehicle and herb sharing platforms, and even a car washing service!”
Prices start at $344,000 for a one-bedroom apartment and $397,000 for a two-bedroom apartment.
Estilo on Kittyhawk can be found at 91 Kittyhawk Drive, Chermside, Queensland.
For further details, contact Sandra Gardner on 0413 430 896 or visit https://www.domain.com.au/project/2842/estilo-on-kittyhawk-chermside-qld/.
Situated in a prime waterside location on Hope Island, this retirement development will offer 300 apartments and villas, alongside 150 metres of water frontage.
Touted as “the Gold Coast’s most luxurious retirement community”, Esperance offers bountiful amenities, proximity to nature and picturesque surroundings.
On offer in the first stage of development are two-bedroom, two-bathroom homes and three-bedroom penthouses with water and island views.
The project will be home to a host of amenities, including a cinema, bar, cafe, library, private function and dining rooms and outdoor entertainment spaces.
For health and wellness, residents will have access to indoor and outdoor pools, a gym, yoga studio, hair and beauty salon, and outdoor exercise spaces.
The development also plans to incorporate aged care living options.
Outside Esperance, residents will be close to the shops and eateries of Hope Island Marketplace, as well as jetties and beaches for keen boaters or kayakers.
Reside Communities chief executive Glen Brown said the development stood apart from standard apartment or townhouse living in its services, facilities and social opportunities for older residents.
“Esperance has been uniquely tailored to meet the needs and expectations of today’s generation of active and independent retirees based on research undertaken by Reside,” he said.
“Our research has found top priorities for Gold Coast retirees include proximity to the water, independence, convenience, security, privacy, freedom of choice, social connections, and an experienced and trustworthy operator.
“Travelling, health and fitness, volunteering, and spending quality time with families and grandchildren are among their most desired leisure time activities.
“Esperance has been carefully created to offer all this and more right in the heart of the highly sought-after Gold Coast North Shore.”
Construction of the project’s first stage is due to begin in early 2021, with a build time of 12 to 15 months.
Prices start at $550,000. Esperance is located at 2 Sickle Avenue, Hope Island, Queensland.
For more details, contact Esperance Sales on 0490 003 162 or visit https://www.domain.com.au/project/4150/esperance-hope-island-qld/.
A sales suite is open on-site between 10am and 3pm, Tuesday to Saturday.
This article is republished from https://www.domain.com.au/ under a Creative Commons license. Read the original article.
Unit oversupply remains an issue in Brisbane CBD: RiskWise’s Doron Peleg
The inner-city Brisbane unit market, already hit hard by unit oversupply, continues to remain a huge danger zone for investors since the advent of COVID-19.
Not only is equity risk the major issue for investors, increased vacancy rates and risk to cash flow are also heavily impacting the market.
According to RiskWise Property Research CEO Doron Peleg, things have not improved in the market since the pandemic hit and, if anything, have become worse.
“RiskWise reported in July 2018 that there were 14,813 units in the pipeline in inner-city Brisbane for the next 24 months, being an addition of 20.1 per cent of the current stock,” Mr Peleg said.
“Two years later and there is still a very high level of supply with 5,431 units in the pipeline, making up an addition of 5.9 per cent of the current stock.”
Pete Wargent, co-founder of Buyers Buyers, a national marketplace now offering affordable buyer’s agent services to all Australians, said that rental demand had been weak for CBD apartments for some time.
“The trend has been exacerbated by the pandemic, and CBD rents have been very soft” Mr Wargent added.
Analysis by RiskWise in 2018 showed unit over-supply in inner-city Brisbane had created weakness in the market leading to an elevated level of risk for investors and, therefore, lower valuations and rising defaults on settlements.
“The issue of oversupply is not a new problem and has been there for a few years and the continuous weakness of the unit market in inner-city Brisbane should raise red flags for developers and lenders,” Mr Peleg said.
“Defaults have been rising and will continue to do so.
“One of the key factors has been developers’ lack of foresight regarding unit oversupply as well as the impact of lending restrictions introduced from 2014. It seems there has been no methodological and structured risk-management approach including identification, assessment, and mitigating action plans to address those risks.
“This takes us back to the feasibility stage which includes the assessment of the projected fair market value and the likelihood of defaults and their potential consequences. Developers and lenders must find the right balance between taking risk and making profit.
“COVID-19 has only served to increase the risk. Currently, there are many high-rise properties being offered to a smaller number of investors. This is because there are less investors in the market due to the pandemic.
“The point is that if developers and lenders had put more proper risk-management practices in place, this could all have been avoided.”
Mr Peleg said it must also be remembered the value of off-the-plan property could decrease between the original contract date and settlement resulting in capital loss, as the equity in the home could be reduced, and this was well known in inner-city Brisbane.
He also stressed that investors buying rental apartments unsuitable for families were taking an enormous gamble, with both equity and cash flow risk expected to materially increase. Serviceability is also a major factor for investors who rely on a stable rental income to cover the costs associated with property and particularly the mortgage.
Mr Wargent of Buyers Buyers said houses for investors often carried significantly lower risk for those with the right budget because renters, especially in the more established suburbs, included families and, in many cases, those with permanent full-time jobs. They were also more likely to deliver good medium and long-term capital growth.
Additionally, as rental properties are not fully substitute products with owner-occupied dwellings, there is inherent risk associated with them as they do not appeal to families looking for three bedrooms, with outdoor space, close to schools, transport, and employment hubs.
This article is republished from https://www.propertyobserver.com.au/ under a Creative Commons license. Read the original article
Queensland commercial tenants impacted by the pandemic are set to get further relief, with the state government extending the ban on evictions until the end of the year.
The move means that to the end of 2020 commercial leaseholders can’t have their lease terminated if they fall into arrears as a result of the Covid-19 pandemic.
First introduced in March by the national cabinet, the six-month ban on evictions are due to expire at the end of this month.
Leaving out residential tenancies, the Queensland government’s latest announcement pushes the moratorium on evictions in the commercial space to the new date of 31 December 2020.
Queensland’s announcement comes as other states have extended eviction protection.
Last month, Victoria extended its own ban on evictions for both residential and commercial tenants until 31 December.
While Western Australia and South Australia have each put a six-month extension in place for residential and commercial tenancies until the end of March.
Attorney-General Yvette D’Ath said that landlords and tenants had been working together “in good faith” to “tackle the economic challenges”, describing the announcement as “a shot in the arm” for many small businesses still struggling because of the pandemic.
“This extension is about giving businesses, and the thousands of workers they employ, the certainty they need in these challenging times,” D’Ath said.
With no mention made about Queensland residential tenants, the end of the moratorium looks set to remain as 29 September.
The Queensland government’s decision has been criticised by three of the five members of its Covid-19 Housing Security Subcommittee; Queensland Council of Social Service (QCOSS), Q Shelter and Tenants Queensland.
“Since the Covid-19 crisis began, demand for the state’s tenant advisory services has increased drastically,” Tenants Queensland chief executive Penny Carr said.
“Particularly from tenants fearing eviction after losing their jobs or having their income reduced as a result of Covid-19.”
The code extension means that affected businesses can come forward to receive assistance under the code until 31 December.
Buyer demand has significantly jumped compared to last year across all capital cities aside from Melbourne.
The Domain buyer demand indicator shows that the market has rebounded in recent months—revealing the top suburbs piquing buyer interest.
Houses and apartments in the outer-suburban areas of Sydney, Melbourne, Brisbane and Perth, were the highest in demand for the month up to 6 September.
This follows a state of hiatus caused by caused by Covid which is ongoing in Victoria where restrictions have stopped inspections and dropped listings.
Domain senior research analyst Nicola Powell said they tracked people who were most likely to buy, indicated by shortlisting, sending inquiries, inspecting and frequently viewing photos.
“The current health crisis has changed the way we use our homes, and for some altered our purchasing decisions and property wish lists,” Powell said.
“And while Covid-19 lockdowns sent buyer demand into a state of hiatus, activity from people likely to buy has rebounded in all capital cities apart from Melbourne.”
Top greater Sydney suburbs
Hawkesbury demand increase since Covid
Rouse Hill-McGraths Hill
Rouse Hill-McGraths Hill
Top greater Melbourne suburbs
Macedon Ranges (Houses)
Mornington Peninsula (Units)
Yarra Ranges (Houses)
Top south-east Queensland suburbs
Noosa hinterland (Houses)
Gold Coast hinterland (Houses)
Meanwhile major gains have been made in national vacancy rates to pre-Covid levels with outer suburbs also showing the most improvements.
Residential property prices dropped by 1.8 per cent in the latest quarter according to the Australian Bureau of Statistics.
In Perth, Mundaring houses and Wanneroo units topped the list, Canberra’s Weston Creek was listed for houses and Gungahlin for units. Litchfield, Darwin topped the list in the Northern Territory for both houses and units.
Hobart was the only other city to record a fall in activity over the four week period to 6 September, along with Melbourne, where the most demand was seen for Sorrell-Dodges Ferry and Hobart.
#Greater Sydney#Domain#Covid-19#Top suburbs#Buyer demand#Greater Melbourne#South East Queensland