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.”
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.”
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.
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.”
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
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.
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.
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.
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.
How much it costs to buy in Brisbane’s school catchment zones: Domain report
House prices in some Brisbane school catchments have skyrocketed by almost 30 per cent over the past 12 months, proving education is not only golden but worth far more to families than a big pool and river views.
The dramatic price hike comes amid reports of fierce buyer competition and an airtight rental market in the city’s key family hotspots, as growing hordes of home hunters place primary and secondary school access at the top of their wish list.
According to the latest Domain School Zones Report, which measures median prices within school catchments over a 12-month period, prices in a majority of both primary and secondary school catchments rose significantly higher than their respective suburb, with families appearing to place more onus on secondary school placement.
Across Greater Brisbane, a whopping 72 per cent of secondary school zones experienced a price rise, compared to a slightly lower 61 per cent of primary school catchments.
Domain senior research analyst Dr Nicola Powell said prices in some secondary school catchment zones increased an incredible nine times faster than that of prices in Greater Brisbane, with the sunshine state capital further featuring heavily in the national combined cities top 10, with five primary school catchments making the list.
She said the figures also revealed just how much importance families placed on education – no matter their property budget.
“These catchments are a fundamental driver for property decisions because education is hugely important … And one of the things I have seen [within the data] is those positive rates of growth were dotted around the city,” Dr Powell said.
“In fact, when you look at the top 10 [school catchments], it spreads from expensive pockets to more affordable.
“Because it doesn’t matter what price point [buyers are shopping at], they place equal importance on education and that’s what this report highlights.”
While the report revealed secondary school zones outstripped their junior counterparts in overall performance, it was primary school catchments that claimed the highest property price hikes, with the highly desirable Rainworth State School catchment, in Bardon, undergoing one of the biggest spikes of the year.
Median house prices there soared by 27.8 per cent to a bank-breaking $1.15 million.
It’s a figure that comes as no surprise to mother-of-three Megan Matthew, who purchased a home there 12 years ago for the sake of her and her husband’s children, only to recently sell 49 Outlook Crescent with the ambitious plan of upgrading into the same hotspot.
Since then she admitted to spending countless hours combing websites and walking the streets in the hopes of finding the perfect family home before Christmas, with a severe lack of stock forcing them into the rental market in the interim.
“My partner and I bought here in Bardon a long time ago … and we bought our home understanding that it was in a fantastic area for schooling … particularly for Rainworth State School,” Mrs Matthew said.
“We wouldn’t have sold it if it had had a bigger footprint … but now I am finding it really tough to find the perfect place [to purchase].
“It’s a matter of low stock, competition [for the area] and prices rising … in fact I can see the prices rising in front of my eyes.
“Even getting a rental was really challenging. It’s a landlord’s market and it’s a seller’s market right now.”
Mrs Matthew said what made the Rainworth State School catchment in Bardon so special was more than just the school itself, but the fact it was located close to top secondary schools.
“That´s why Bardon is so great … you’ve also got Brisbane Girls Grammar or St Joseph’s in Gregory Terrace as well as great secondary state schools. In fact, a good family home needs to be two-fold, it has to be in a good catchment for primary schools but also close to those secondary schools. It forms a big a part of the buying decision,” she said.
“Bardon is also only 10 minutes to the city so if you were there and if you want to go out, it ticks all the boxes.”
While Mrs Matthew’s two eldest children are now in secondary school (attending Brisbane Girls Grammar and St Joseph’s Gregory Terrace), it’s her three-year-old who is now dictating their property options, and a prime reason why her and her husband are so desperate to buy back into the Rainworth State School catchment.
Ray White Paddington agent Judi O’Dea sold the Matthew family home and said in her experience, the top property ingredient for Brisbane families was often the local primary school – with Rainworth State School catchment being an enormous drawcard for years.
“It’s always been extremely important and motivating for families to get into that catchment and they’ll do anything not to be just in that zone, but part of that community,” Ms O’Dea said.
“I call that zone the ‘happiness triangle’ and so many people try to live in it because it’s a short distance from Rainworth or St Joseph’s in Bardon … and considering families spend 15 years of their life going back and forth from their children’s school … well, it’s something you buy for.
“And because you’re often there in that catchment for 10 to 15 years, those properties are so tightly held.”
Cannon Hill State School catchment also earned a spot in the city’s top 10 zones for price rises, with houses jumping by 25.8 per cent to $755,000 over the past year.
Meagan Muir, of Place Estate Agents Bulimba, said the area was fast becoming a family hotspot thanks to the community and the zone’s central location, with prices noticeably soaring over the past five years.
“At the moment, houses in that Cannon Hill State School catchment are taking between just seven to 14 days to sell … and if a home ticks those boxes, it gets snapped up very quickly,” Ms Muir said.
Byron Freeborn, of Raine & Horne Wynnum Manly, said homes in the incredibly popular Wynnum West State school catchment (which ranked second on the School Zone list) were now so popular buyers were increasingly trying to snap them up off-market.
He said the catchment, which experienced a median price rise of 28.8 per cent to $547,500 over the past year, was now a magnet for young couples and families who had been previously renting in Bulimba and Morningside, but were unable to buy in those pricier patches.
Bald Hills State School was a top performer on the Domain report, with prices soaring by 29.2 per cent over the year to $675,000. The top performing secondary school catchment was for Rochedale State High School, where median prices rose by 20.5 per cent to $750,000.
Article Source: domain.com.au
Yeronga trophy home fronting the Brisbane River listed
A riverfront Yeronga, Queensland trophy home has been listed without a price guide.
The five bedroom, five bathroom abode is being marketed by Heath Williams and Nick Hurwood of Place.
Situated at 363 Brisbane Corso, the tri-level home fronts the Brisbane River.
Set on 916 sqm, it features two swimming pools and a private boat pontoon.
Other features include full-height stacked glass sliding doors opening out to a covered balcony which capture sweeping Brisbane River views as well as a ground-level rumpus or games room equipped with a bar, a projector and a linked balcony.
It is located seven kilometres from the CBD.
The post “Yeronga trophy home fronting the Brisbane River listed” appeared first on the propertyobserver.com.au Blog
Brisbane houses solid but inner-city unit market oversupplied: RiskWise
The impact of COVID-19 on the property market is greatly varied across this large state.
COVID-19 has significantly increased the unemployment rate in Queensland with a greater impact on regional areas, particularly those with a heavy reliance on tourism. As of August 2020, the unemployment rate was 7.5 per cent.
The sustained period of the border closure between Queensland and other states has been a contributing factor to the already substantial impact of COVID-19. This is due to the strong connection between Queensland and New South Wales and, to a lesser extent, Victoria.
COVID-19 has helped strengthen ‘work from home’ opportunities, meaning owner-occupiers can take advantage of ‘lifestyle’ prospects instead of being tied to employment hubs.
Before COVID-19 hit, there was already a strong trend of sea- and tree-change homebuyers looking for the best of all worlds – lifestyle, accessibility to employment hubs and affordable housing.
In Queensland, the areas that attract those lifestyle buyers include the Gold Coast and Sunshine Coast.
Beachside suburbs especially outperform the market as they offer fantastic lifestyle opportunities.
However, while solid house price growth may be experienced in Brisbane, the inner-city unit market remains oversupplied and, therefore, high risk.
The post “Brisbane houses solid but inner-city unit market oversupplied: RiskWise” appeared first on the propertyobserver.com.au Blog
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