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‘They come, and just never go home’: Why the Sunshine Coast’s prestige market sees a spike in winter

Sunshine Coast’s prestige market sees a spike in winter

It’s the annual winter prestige property pilgrimage from the southern states to the Sunshine Coast that leading local agent Vicki Stewart has come to know so well.

“People from Sydney and Melbourne come up the first year and fall in love with the climate and the area,” says Ms Stewart, the director of Stewart Property. “They return the next year and don’t want to go home again, so start looking at places to buy.

“And by the third year, they come, and just never go home.”

Sunshine Coast’s prestige market sees a spike in winter 1

She did exactly the same thing too, 34 years ago, on a visit from Sydney, and says that migration from daydreamer to new owner causes a dramatic spike this time every year in the market.

Real Estate Institute of Queensland chief executive Antonia Mercorella agrees. “Many travel for a holiday and fall in love with our world-class beaches, fine dining and luxury retail shopping precincts,” she says.

“The seeds are planted and while our prices are high compared with the rest of Queensland, when compared with Sydney or Melbourne prices they’re an absolute bargain.”

Sunshine Coast’s prestige market sees a spike in winter 2

At the same time Noosa, at the top of the Sunshine Coast market, has been performing exceptionally well and in the 12 months to March 2019 has hit 8.7 per cent growth, making it Queensland’s strongest area, as against Brisbane’s one to 3 per cent, and the Gold Coast’s 2 to 3 per cent. Since 2014, Noosa prices have risen 44 per cent.

There have been some stellar sales too in the past 18 months, including the $15.2 million sale of tennis ace Pat Rafter’s mansion on Noosa’s Sunshine Beach, followed by the Sunshine Coast record-breaking $18 million purchase of a seven-bedroom trophy home nearby. “But as a general rule of thumb, what you’d buy in Sydney for $20 million will cost you just $8 million here,” says Ms Stewart.

Sunshine Coast’s prestige market sees a spike in winter 3

Domestic tourism – of which this coastal region is “the Australian rock star” according to Visit Sunshine Coast chief executive Simon Latchford – always sparks the property market, while its “Hamptons-style cool” continues to drive it on and up.

“The market does leverage off tourism but, often, as soon as people arrive they realise its strengths,” Mr Latchford says. “There are two airports, lots of new infrastructure, a laid-back lifestyle, an extraordinary climate with no cyclones, crocs or box jellyfish, a community atmosphere in a place that hasn’t been allowed to develop too fast, and Brisbane is only an hour and a half away.

“If you want to savour life as it was back in the ’70s, then this place can offer that environment.”

Sunshine Coast’s prestige market sees a spike in winter 4

The prestige market from $5 million to $12 million is particularly strong at the moment, with demand surging and stock so tight that one buyer bought a home at Noosa Heads in the past few weeks for $2.9 million over the phone, sight unseen.

“We now have a lot of buyers making multiple offers and there’s not much stock as people are making generational purchases; they’re planning to keep it long-term and hand it down to family rather than sell it,” says agent Nic Hunter from Tom Offermann Real Estate.

“Noosa has always been the pinnacle of that prestige end of the market, and people just love the relaxed lifestyle and village atmosphere.”

Four homes in the area

Noosa Waters

Sunshine Coast’s prestige market sees a spike in winter 5

For sale by informal tender with a guide of more than $4 million, this five-bedroom home has a spectacular waterfront position, with beautiful mountain views and a peaceful position.

“As with all the best homes on the Sunshine Coast, you have to consider the cost of not buying now,” says agent Adrian Reed of Reed & Co.

Mooloolaba 

Sunshine Coast’s prestige market sees a spike in winter 6

With deepwater access and an upgraded pontoon to allow the owner to keep anything up to a 58-footer safely moored at home, this family house was designed by Frank Macchia to have a true north aspect.

The home has an in-ground pool and a steam-room, while a recently-installed solar system generates over 100kWh of power in summer and is fitted has battery storage.

It’s going to auction on July 14 through Loren Wimhurst of Next Property Group, with a guide of $4.5 million to $5.5 million.

Noosa Springs 

Sunshine Coast’s prestige market sees a spike in winter 7

Floor-to-ceiling windows in almost every room make sure that the stunning views are maximised and that this house is flooded in natural light.

The media room has its own cosy fireplace, there are electric shutters and blinds and an openable roof to control light and temperatures, and underfloor heating on the ground level and in the bathrooms that service the master bedroom.

The home is for sale with a guide of $3.3 million, with Joe Langley of Universal Property Sales.

Alexandra Headland 

Sunshine Coast’s prestige market sees a spike in winter 8

Billed as a 6-star resort-style home, this home has great north-east ocean views and is just a short stroll to the beach, cafes and shops from its large 1,200sqm block.

There’s an internal lift to each floor, a grand entry foyer, a sound-proofed cinema, in-ground pool and pool room, with landscaped gardens.

It’s for sale with a guide of $3.3 million, through agent Craig Porter of Next Property Group.

 

 

Source: www.domain.com.au

Brisbane

Dog walkers and subsidised rent: Inside Qld’s first build-to-rent tower

Parking spaces will be offered separately to apartments and tenants will be able to book private areas or dog walkers through an app in one of the inner-Brisbane apartment towers to take shape under Queensland’s fledgling build-to-rent scheme.

The state government announced the land at Fortitude Valley’s 210 Brunswick Street as one of two pilot sites in October, including another within Mirvac’s sprawling Newstead development, more than two years after first floating the scheme to help boost affordable housing in the state.

Plans for a redevelopment of the valley site, which now houses a Lifeline store and the former Roxy and Arena nightclubs, were first approved by Brisbane City Council in 2017.

Frasers Property have now revealed changes to the 25-storey tower in amended plans lodged with the council last month, to make it “better suited” for the build to rent proposal, an application letter states.

As a concept, built to rent is well established internationally but still finding a foothold in Australia, with an estimated 54 projects planned, under construction or completed, the majority of which are in Sydney and Melbourne.

After a redesign process sparked by the October government announcement, the Brunswick Street development will now include an additional 11 units — for a total of 323 — 33 fewer car parking spaces and a more than doubling of communal areas.

The tower will include 144 affordable apartments throughout the building with subsidised rent, expected to about 25 per cent, the documents show. Others are aimed at professionals looking for inner-city living. A total of 43 units will be dual-key. All will be owned by the developer.

Communal areas will include a rooftop pool and “landscaped … recreation terrace”, bar and games room, dog off-leash area, along with retail, gym and co-working spaces on the ground floor and elevated podium level.

A “dedicated online app” would also give tenants the ability to book private event spaces and dog walkers, the minor change application documents state. Cosmetic changes including painting walls and hanging pictures will also be “encouraged”.

Extra visitor, motorcycle and bicycle parking will join the site’s 306 car spaces, which will not be allocated to units but able to be added or removed — along with storage options.

Dog walkers

Communal areas will include a rooftop pool and landscaped terrace, along with retail, gym and co-working spaces on the ground floor and elevated podium level. 

A Frasers Property Australia spokesman said work was expected to begin later in the year, subject to approvals, after responding to the government’s callout in 2018. The first residents are expected to move into the completed units in 2023.

Mirvac is yet to submit an amendment to its 60 Skyring Terrace application. But a spokeswoman said this was scheduled to occur “shortly”, with similar construction and occupation dates.

A Treasury spokesman would not be drawn on details of the contracts, citing commercial confidentiality, but said both would secure “affordable rental accommodation for eligible applicants through a rent subsidy”.

Of the 750 apartments slated for the two pilot sites, up to 240 will have reduced rent.

Treasurer Cameron Dick announced in January the private sector would be asked to develop the site of the old Queensland Children’s Court at North Quay in the CBD under the expanded program, along with a second additional site on privately owned land in the inner city.

About 34 per cent of privately owned dwellings in Queensland were rented in 2016, census data shows. Of these households, those with rental payments of equal to or more than 30 per cent of their income — considered to be rental stress — made up 12.8 per cent.

 

Article Source: www.brisbanetimes.com.au

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Market Place

Queensland house prices ‘through the roof’ as interstate migration at 20-year high

Queensland house prices

The latest monthly data on Queensland house prices has confirmed what buyers already know — prices are booming.

Figures released by property analysts CoreLogic showed prices grew in almost every region of Queensland in February.

Across Brisbane, prices rose by 1.5 per cent in one month, taking annual growth to 5 per cent.

The February increase is the steepest rise since November 2007, when the monthly growth rate was 1.72 per cent.

In Brisbane’s east, house prices went up by nearly 10 per cent in 12 months.

The Gold Coast and Sunshine Coast also posted strong price hikes, rising 2.6 per cent and 2.5 per cent in February, which pushed the 12 month gains up to 10.5 per cent and 11.2 per cent.

Townsville was the only region to record a drop with prices falling 0.6 per cent in February.

But the north Queensland city still posted a 12-month increase of 6.2 per cent.

Queensland house prices

House prices around the state have increased according to current data from CoreLogic.(ABC News: Lewi Hirvela)

CoreLogic’s Head of Residential Research Australia Eliza Owen said there were several key factors pushing prices up.

“The main drivers are record-low mortgage rates and relatively low levels of stock on the market and that’s something that’s driving an upswing across most areas of Australia,” she said.

“The Gold Coast and Sunshine Coast have been top destinations for internal migration for years now.

“In an environment where there’s no international migration, that internal movement is really benefiting markets relative to other parts of the country.”

Ms Owen said prices were expected to keep rising in 2021.

“In terms of prices steadying or falling across Queensland, I wouldn’t expect to see that until we get a significant uplift in the amount of stock on the market which is unlikely as people aren’t really moving as much at the moment,” she said.

“Or we see the cash rate increase, and as such mortgage rates would increase, and again that’s not something we would expect until the inflation target is between 2 and 3 per cent.

“[We would then] see the unemployment rate being really tight at around 4.5 per cent.”

The CoreLogic data also revealed the increase in house prices was widely spread across Australia.

‘We’ve missed the boat’

Emma and Grant Parkin were planning to move out of their townhouse and into a slightly larger home with their two young daughters.

The couple was one of 17 registered bidders for a house at Indooroopilly in Brisbane’s west that went to auction in late February.

It sold for more than $1.5 million — well above what they were expecting.

“We thought we were in with a chance and in about 20 seconds it was already above what we had planned to spend,” Ms Parkin said.

Mr Parkin said prices “have gone through the roof” since the threat of the coronavirus pandemic eased in Queensland.

“You’ve got people who can’t travel, so where are they going to spend their money?” he said.

“People can now work from home a lot more … so people are spending money on property and motor vehicles and consumables.”

Mr Parkin said the young family would now do some renovations to their townhouse and try to buy a larger home in a couple of years.

“I feel like we’ve missed the boat this time around and the concern is how high does it go?” he said.

“Property prices seldom if ever slow down and stop and decrease.

“If anything, the rate of increase just slows slightly and I think with the interstate influx and people working from home, it’s just gone through the roof.”

Not a bubble, says academic

Finance professor from the University of Queensland, Shaun Bond, said a strong up-tick in demand was affecting house prices.

“We’ve had a lot of people moving back to Australia from overseas, we’ve had almost half a million people by the latest count, we see record low interest rates,” he said.

“Plus, we see a lot of people rethinking their options, people choosing not to be in inner-city apartments, they’re choosing to think about lifestyle areas, they’re going for coastal areas, sometimes they’re looking at regional areas, even within a city like Brisbane they’re starting to think about larger suburban properties.”

Professor Bond said while price growth was strong, he would not classify it as a bubble.

“Yes, we’re seeing a strong up-tick in demand, but I feel like that can be explained by several of the factors we’ve discussed, plus the strong economic recovery we’re seeing in Australia as well — Australia has weathered the COVID crisis very well.

“The underlying economy is actually in a much better place than people thought it would be at this stage.”

Professor Bond said the rollout of the Coronavirus vaccine in Australia could affect the housing market.

“One of the things may be that it suddenly gives people more choices, so maybe some of those expats who returned from overseas may decide that they’re going to go back to the US, back to the UK to work or resume their careers there — people might start to travel again.”

Interstate migration at 20-year high

Australian Bureau of Statistics (ABS) demographer Andrew Howe said over the last year Queensland had a net inflow of about 25,000 people.

“Although [it’s] still not quite as high as the peak years for interstate migration to Queensland in the early 1990s.”

Provisional internal migration figures from the ABS showed Queensland had a net gain of 7,237 people in the September 2020 quarter.

The number of people arriving in Queensland from other states fell in comparison with the previous quarter.

But, crucially, fewer people left Queensland, with departures at their lowest level since December 1994.

In net terms, Queensland gained more than 4,000 people from New South Wales in the September quarter.

Last week, Premier Annastacia Palaszczuk told parliament more people were moving to Queensland’s regional areas rather than to Brisbane.

“This is contributing to the highest investment in new houses in Queensland since 1994,” she said.

 

Article Source: www.abc.net.au

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Brisbane

The richest streets in Brisbane, revealed

richest streets in Brisbane

There is always a lot of attention on Sydney and Melbourne’s affluent areas and property markets, but what about the wealthy Australians in Brisbane?

Where do they live?

Brisbane’s property market were very resilient during the challenges of 2020 and now Brisbane housing values are going gangbusters.

The recent increase has pushed dwelling values to a new record high for the area.

With median prices in Brisbane, at around $520,00, being far less than those in Sydney or Melbourne the ‘affordability factor’ of lower property prices is driving more investment into the area and more interest from highest-earners who are able to get more bang for their buck.

Unfortunately Queensland postcodes didn’t feature on the ATO’s recent top 10 suburb rich list, but there is an abundance of wealthy residents and high priced properties, so with the help of realestate.com.au, Domain Group and census data, I’ve put together my own list of exclusive areas where Brisbane’s richest call home and then I’ll reveal the top 10 Brisbane streets.

4005 (Teneriffe, Inner Brisbane)

richest streets in Brisbane

Population: 5,341

Median income: $127,972

Median house price: $1.962 million

According to Corelogic data, the Inner Brisbane suburb of Teneriffe has the highest median house price of any area across the Queensland capital.

Despite being an industrial town in the past, the proximity to the city and riverside views has made it ideal for affluent, young Australians with average ages of just 20-39 and median annual incomes of $127,972.

With few houses in this inner city location, the median house price comes in at a whopping $1,962 million.

However, even units in Teneriffe are more expensive than the rest of Brisbane with a median of $570,000.

4155 (Chandler)

richest streets in Brisbane

Population: 1,453

Median income: $128,752

Median house price: $1.6 million

The exclusive suburb of Chandler is a high-demand market with an impressive median property price of $1.6 million to match its median resident income of $128,752 per year.

The peaceful and secluded semi-rural suburb consists largely of bushland and residential properties on acreage and is close to Brisbane’s major commercial precincts of Carindale and Capalaba and the CBD is just 20 minutes away.

4171 (Bulimba)

richest streets in Brisbane

Population: 6,851

Median income: $126,516

Median house price: $1.31 million

Builmba’s leafy streets and large blocks attract the Queenslanders able to spend big on impressive houses and an elegant lifestyle.

Sitting just 4km from the city and with all the amenities you could ever need, Bulimba is popular with young and established professionals.

Bulimba houses are seeing an impressive amount of interest with an average of 432 visits per property listing, way about the state average of 374.

With its close proximity to the city and gorgeous waterfront cottages, Bulimba has a median house value of $1,31 million and residents earn an average $126,516 per year.

4007 (Hamilton)

richest streets in Brisbane

Population: 6,984

Median income: $98,488

Median house price: $1.48 million

Despite a slightly lower median resident income of $98,488, Hamilton houses alone have grown 9% over the last five years to a median of $1.48 million.

The affluent and upscale postcode is popular for riverside high-end dining and a hip weekend food market with live gigs attracting a young average resident age of 20-39.

4005 (New Farm)

richest streets in Brisbane

Population: 12,534

Median income: $93,704

Median house price: $1.6 million

Once the humble home of immigrants and workers, New Farm is now popular and low maintenance living for people who like food, fun and farmer’s markets right on their doorstep.

Thanks to the increasing desirability of the area, New Farm has enjoyed an enormous 442% price growth in its property in the last 20 years as some of Brisbane’s high-income earners flock to take advantage of the exclusive lifestyle.

Like Bulimba, property demand in New Farm is strong, with realestate.com.au recording 674 visits per property for listings in the area, nearly double the Queensland average of 374.

Here are the top 10 most expensive streets in Brisbane.

richest streets in Brisbane

Article Source: propertyupdate.com.au

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