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Vistas St Lucia apartments popular with first home buyers as construction finishes

The development has been a hit with first home buyers so far, who have been taking advantage of the one-bedroom apartments

The construction of Barber Property Group has finished the construction of Vistas St Lucia, its newest apartment development in the leafy Brisbane suburb.

And the development of 32 apartments has been a hit with first home buyers so far, who have been taking advantage of Vistas one-bedroom apartments, the first one-bedroom apartments built in the suburb for five years.

The rest of the apartment sales so far has been to investors who are looking to leverage the prominent student rental market given Vistas proximity to the University of Queensland.

 home buyers

Vistas St Lucia 9 Austral Street, St Lucia QLD 4067 

Barber have a solid case study in the area, having completed Eton, a boutique development of just nine apartments, nearby. Investors are now seeing seven per cent rental yields.

“The numbers stack up very well for investors looking to capitalise on St Lucia’s unique market, as it benefits from a range of buyer types at different stages of their lives,” Barber Property Group boss Paul Barber says.

“Although the student market has sat dormant for the last 12-months, with the current roll out of the COVID-19 vaccine, interest is picking up, so we anticipate a rush of international students at the end of the year, ahead of the first semester in 2022.

“Still, with many international students out of the equation, demand in St Lucia’s has remained high with recent occupancy rates as low as 1.7 per cent.”

Raymond Barber Architects, in collaboration with CG Design Studio, designed the apartments with earthy colour palettes and natural timbers that integrate with the St Lucia aspect.

There are nine one-bedroom apartments, 14 two-bedroom apartments and nine three-bedroom apartments, as well as communal facilities including a large open-air terrace and BBQ area with city views.

Barber said the company anticipates strong demand for Vistas St Lucia, as the area’s lifestyle factors play a big drawcard, with the proximity to the city and river, abundance of cafes and restaurants, and quintessential ‘Queensland feel’ high on buyers’ wish lists.

“Prior to completion, approx. 40 per cent of the luxury apartments had sold, really reiterating the market’s desire for new inner-city stock,” Barber said.

“We’re noticing a resurgence in demand for one-bedroom apartments, with a mix of downsizers and young professionals wanting to get into the inner-city suburbs, as well as demand continuing for larger two and three-bedroom properties.

 

Article Source: www.urban.com.au

 

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Brisbane

Locals snap up Gardner Vaughan Group’s Monterey apartments in Kangaroo Point

A Locals buyer who purchased the four-bedroom, three-bathroom penthouse at Monterey said the home ticks all the boxes

Locals are snapping up apartments in Gardner Vaughan Group’s latest Brisbane apartments, Monterey at Kangaroo Point.

The development, which looks out to Brisbane CBD’s skyline and beyond to the mountains, has seen increased interest from locals searching for properties in a premium location.

Monterey

Monterey Kangaroo Point 9 Lambert Street, Kangaroo Point QLD 4169

With its beautiful tree-lined streets, Mowbray Park, Raymond Park and the Kangaroo Point Cliffs all on your doorstep, the home is set amongst an ideal backdrop.

A local buyer who purchased the four-bedroom, three-bathroom penthouse at Monterey said the home ticks all the boxes.

“Our family has resided in Kangaroo Point for the past few years, and we love the location!”

“Monterey offers amazing amenities with the rooftop and pool and gym on level one. The Northern aspect, boutique building and high-quality construction with Cross Laminated Timber [CLT] made it an easy decision to purchase the penthouse”, they said.

The use of radiata pine in the CLT method is an innovative wood product developed in Europe over 30 years ago, according to the developers.

The choice of CLT for Monterey was a carefully considered decision, providing benefits to the construction process and its residents, including high strength-to-weight ratio, low embodied energy and reduced stress impacts.

The renewable resource also sequesters carbon and enhances thermal properties.

“As long-term residents in Kangaroo Point, there is a real shortage of modern, luxury boutique buildings available”, said another local buyer, who purchased a four-bedroom, three-bathroom residence on the sixth floor.

“The developer has a great track record and we have confidence in them pioneering this new CLT design,” they added.

Designed by architects Hayes Anderson Lynch, the riverside development features full-height glass, sustainable principles and is the first timber multi-story construction in Kangaroo Point.

Derived from a response to the subtropical climate, the form of the building considers the orientation of the sun, prevailing summer breezes and winter winds.

Monterey

Monterey Kangaroo Point 9 Lambert Street, Kangaroo Point QLD 4169

“Recessed, shaded balconies are skirted by brass perimeter screens that provide both sun shading and added privacy. At the ground floor, the driveway and services are tucked to one side, giving way to the light filled, glazed lobby”, said Hayes Anderson Lynch’s Elizabeth Anderson.

The angles and ribboning of the balustrade design maximises views and delivers a residence that embodies the synergy between design, sustainability and natural beauty.

“Monterey not only offers the North-East aspect and river views, but it affords the privacy and security with fewer neighbours in the building”, a third local buyer said, who is downsizing from their sub-penthouse in Macleay Towers.

Monterey truly encompasses Brisbane’s vision for “buildings that breathe.”

 

Article Source: www.urban.com.au

 

 

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Brisbane

Best and Worst Suburbs For Rental Properties Revealed

rental properties

Australia’s rental Properties is tightening, finally reaching pre-Covid levels, however some suburbs are faring better than others.

The vacancy rate fell in May for the second consecutive month and now sits at 1.7 per cent. The last time rates were this low was February, 2020 according to research by Domain.

The report showed Sydney’s vacancy was at March, 2020 levels and Melbourne, while considerably high, was rapidly falling from its 5.4 per cent peak in December last year.

Adelaide and Brisbane had the lowest level of vacancy since the records began in 2017 while Canberra and Perth were close to record multi-year lows.

Worst places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Paramatta 4.6% Melbourne City 8.6% Brisbane Inner 3.4% Perth City 1.4% Adelaide City 4.7%
2 Auburn 4.4% Stonnington-East 7.8% Sherwood-Indropilly 2.5% Cottesloe-Claremont 1.5% Prospect-Walkerville 0.9%
3 Strathfield-Burwood-Ashfield 3.9% Whitehorse-West 6.1% Brisbane Inner-West 2.3% South Perth 1.1% Holdfast Bay 0.9%
4 Canterbury 3.9% Stonnington West 5.8% Nathan 2.2% Belmont-Victoria Park 1.1% Norwood-Payneham-St Peters 0.8%
5 Ku-ring-gai 3.2% Boroondara 5.6% Mt Gravatt 2.1% Canning 1% Burnside 0.7%

Best places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Camden 0.3% Yarra Ranges 0.2% Capalaba 0.2% Kwinana 0.3% Gawler-Two Wells 0.1%
2 Blue Mountains 0.4% Nillumbik-Kinglake 0.4% Caboolture Hinterland 0.3% Wanneroo 0.4% Marion 0.1%
3 Wyong 0.4% Maroondah 0.4% Nerang 0.3% Serpentine-Jarrahdale 0.4% Playford 0.2%
4 Gosford 0.6% Cardinia 0.4% Coolangatta 0.3% Cockburn 0.4% Tea Tree Gully 0.2%
5 Campbelltown 0.6% Mornington Peninsula 0.5% Wynnum-Manly 0.4% Swan 0.4% Salisbury 0.2%

^Source: Domain rental vacancy report, May 2021

Despite performing relatively poorly, Melbourne vacancy rate tightened more than any other capital, from 4.2 per cent in April.

Domain senior research analyst Nicola Powell said extended lockdowns in the state would impact the city.

“Vacant rental listings may increase in regions with a high proportion of people working in the hospitality and tourism sectors,” Powell said.

“Those who have had a significant reduction in hours may be forced to cut costs and move in with family or friends.

“Vacancy rates are also likely to remain particularly weak in areas with a higher proportion of short-term rentals as ongoing outbreaks affect interstate travel and sentiment towards travelling to Greater Melbourne.”

Home owners in Melbourne were trying to get ahead of the curb with the rate of homes selling before auction doubling.

Meanwhile, in a rare occurrence, house prices were on the rise in every capital city during May and 97 per cent of sub-regions.

 

Article Source: www.theurbandeveloper.com

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Brisbane

House Prices Up Again in Synchronised Upswing

House Prices

House prices are continuing to surge with prices up 14.3 per cent in a year as the national market has a rare “synchronised upswing”.

The only things that could slow the market are affordability constraints and tighter credit policies, according to Corelogic’s monthly home value index.

In May, dwelling values rose 2.2 per cent across capital cities, however, this was slightly weaker than March when prices increased 2.8 per cent, breaking a 32-year record.

Sydney had the strongest price growth at 3 per cent while Perth lagged behind at 1.1 per cent and the Melbourne market held on at 1.8 per cent as the state went into lockdown again.

Corelogic house prices: May

Month Quarter Year
Sydney 3.0% 9.3% 11.2%
Melbourne 1.8% 5.5% 5.0%
Brisbane 2.0% 6.2% 10.6%
Adelaide 1.9% 5.4% 11.8%
Perth 1.1% 3.8% 8.5%
Hobart 3.2% 7.7% 16.5%
Darwin 2.7% 7.9% 20.3%
Canberra 1.7% 6.5% 15.6%
Capitals 2.3% 7.1% 9.4%
Regional 2.0% 6.5% 15.2%
National 2.2% 7.0% 14.3%

^Source: Corelogic home value index May 2021

Corelogic research director Tim Lawless said of the 334 sub-regions analysed, 97 per cent recorded a lift in the past three months.

“Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” Lawless said.

“Despite the consistently strong headline results, the underlying trends have shifted during the past year.

“The most expensive end of the market is now driving the highest rate of price appreciation across most of the capital cities, whereas early in the growth cycle it was the most affordable end of the market that was the strongest.

“It was the smaller capital cities that led the housing market out of the Covid-19 slump, but now Sydney has risen through the ranks to record the largest capital gain during the past three months with values up 9.3 per cent.”

However, the increased prices are continuing to put pressure on affordable housing in Sydney with the NSW productivity commission finding a lack of housing was limiting the number of workers available.

Lawless said that for now, Australia remains firmly entrenched in a housing boom and will continue to rise in 2021 but will slow down as affordability affects market participation.

 

Article Source: www.theurbandeveloper.com

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