- CoreLogic data shows where more than 90 per cent of homes sold for a profit
- These suburbs are also much more affordable than the city-wide median price
- Bargains can be found in Sydney, Melbourne, Brisbane in commuting distance
Young Australians hoping to make money on property have plenty of choices in suburbs with prices well below what’s typical.
More than 90 per cent of homes have sold at a profit in these areas of Australia’s biggest cities, yet they still have median values that are affordable enough for middle-income earners.
The options include living by the water or in the bush within commuting distance of a major city centre – with a much lower price tag.
House hunters can also grab a bargain in suburbs neighbouring more expensive and gentrified postcodes.
Bargain suburbs where prices have risen
FAULCONBRIDGE, Blue Mountains: median price $585,167 where 95.9 per cent of homes have sold at a profit
BLACKTOWN, western Sydney: median price of $633,930 where 92.9 per cent of homes have sold at a profit
ALTONA MEADOWS, Melbourne’s west: median price of $611,090 where 98.9 per cent of homes have sold at a profit
REDCLIFFE, Moreton Bay north of Brisbane: median price of $453,418 where 90.7 per cent of homes sold for a profit
Brisbane is the 17th most expensive city in the world for middle income earners in the Demographia list of pricey real estate.
Nonetheless, first-home buyers have more choice if they are willing to consider a house further away from the city centre.
Sydney, by far Australia’s most expensive property market, has a median house price of $983,262 despite five consecutive months of decline, CoreLogic data showed.
Those who can work from home or don’t mind a long commute to the city, have plenty of choices in the Blue Mountains, 62km west of Sydney, where house prices are well below the $1million mark.
An impressive 95.9 per cent of properties sold for a profit in the June quarter of 2020, CoreLogic’s Pain and Gain report found.
Houses at picturesque Faulconbridge have a median price of $585,167.
For a $640,000, it is possible to buy a 1920s cottage with a colourbond roof and a nice garden near the bush.
The western suburbs, a bit closer to the city, are also affordable.
Blacktown’s median house price stands at $633,630 and 92.9 per cent homes sold for a profit in this council area, 35km west of Sydney’s city centre.
The First Home Loan Deposit Scheme is available for Sydney homes worth up to $700,000.
The western suburbs, a bit closer to the city, is also affordable. Blacktown’s median house price stands at $633,630 and 92.9 per cent homes sold for a profit in this council area, 35km west of Sydney’s city centre. Pictured is a house selling for $650,000
In Melbourne, 98.9 per cent of homes sold for a profit in the Hobsons Bay council area on the western side of Port Phillip Bay.
First Home Loan Deposit Scheme thresholds
Source: National Housing Finance and Investment Corporation
This is only marginally more than the First Home Loan Deposit Scheme cut-off of $600,000 for Melbourne so it’s worth shopping around.
Altona Meadows, a waterfront suburb 23km from the city centre, is much cheaper than Melbourne’s mid-point price of $780,836.
Those wanting to be closer to the ocean have plenty of choices in the Mornington Peninsula, south-east of Melbourne, where 97.9 per cent of homes have sold for a profit.
Portsea and Sorrento are expensive but neighbouring Rye is relatively cheap with a median price of $658,118 for those who don’t mind commuting 100km to the city.
In Brisbane, the Moreton Bay area in the city’s north, saw 90.7 per cent of homes sell for a profit.
Redcliffe on the water, 41km from the city, has a median price of $453,418 – well below Brisbane’s median price of $559,646 – itself a level within the First Home Loan Deposit Scheme’s $600,000 cut-off for the Queensland capital.
A three-bedroom house was even on the market for $399,000.
Strathpine, 25km north of the city, has a median price of $401,754.
Capital cities have suffered more as a result of the coronavirus shutdowns, by virtue of previously being more reliant on immigration to fuel capital growth.
While suburbs like Williamstown and Altona have gentrified in recent decades, Altona Meadows is still affordable with a median price of $611,090. This waterfront suburb 23km from the city centre is much cheaper than Melbourne’s mid-point price of $780,836. Pictured is a house selling for $630,000
‘This reflects a broader trend of capital cities under performing relative to regional Australia amid the pandemic,’ the CoreLogic report said.
The government this week announced an extension of the $500million First Home Loan Deposit Scheme.
Instead of stumping up for a 20 per cent deposit, a property newcomer only have to save for a five per cent deposit with taxpayers underwriting the rest.
Another 10,000 places were offered as of Tuesday, whereby recipients have until June 30 next year to build a new home or a newly-built one.
In 2020, the program has helped 20,000 first-home buyers but the first tranche was not restricted to new or newly-built homes.
In Brisbane, the Moreton Bay area in the city’s north, saw 90.7 per cent of homes sell for a profit. Redcliffe on the water, 41km north of the city, has a median price of $453,418 – well below Brisbane’s median price of $559,646. Pictured is a three-bedroom house that was on the market for $399,000
This article is republished from dailymail.co under a Creative Commons license. Read the original article.
RE/MAX expands Queensland presence with new North Lakes business
The Moreton Bay region north of Brisbane has a fresh real estate alternative, with RE/MAX Now expanding its footprint in the region to cater to North Lakes, Mango Hill, Murrumba Downs and surrounding suburbs.
The office will be led by experienced Brisbane sales agent David Kopelke, who said the business would offer a boutique and personalised service.
Mr Kopelke, a previous business owner, has been working as an independent agent with RE/MAX U for more than a year.
Having already made inroads into the region, he said the decision to move into business ownership with the franchise brand had been an easy one to make.
“Working with a company with a global presence which is constantly evolving and adapting with industry changes allows me to continue to focus on the day-to-day of my clients, while keeping my finger on the pulse of the industry,” Mr Kopelke said.
“The RE/MAX brand has come a long way and continues to grow in strength and I’m excited to be a part of it.”
Mr Kopelke has been selling property for more than a decade and still holds multiple street records throughout Brisbane’s northern suburbs.
“We tell our sellers ‘you are in safe hands’ and that is very much at the root of how we operate,” he said.
“The way in which we do business is very much about providing a quality service and I am excited to bring a new, fresh approach to sellers and buyers.”
Joining the RE/MAX Now team alongside Mr Kopelke is sales agent Camden Gale and office manager Kirrilee Pearson.
RE/MAX Australia’s managing director Joel Davoren was equally enthusiastic about bringing the RE/MAX brand back to North Lakes and surrounds.
“We are thrilled to have David take the step from successful agent with RE/MAX U into franchise ownership,” Mr Davoren said.
Article Source: remaxnow.com.au
Housing pressure escalates in south-east Queensland as Moreton Bay region to exceed Tasmanian population by 2032
South-east Queensland’s population is predicted to surge by more than 2 million people within the next two decades and residents living between Brisbane and the Sunshine Coast are already feeling the escalating housing pressures.
- Research finds Moreton Bay would need to build another 88,000 homes to accommodate a population surge
- The growth is sparking concerns about a lack of infrastructure and damage to the natural environment
- Experts say there needs to be a greater focus on community involvement in the planning stages
The Moreton Bay region is one of the fastest growing in south-east Queensland, according to a Queensland government research paper.
It is home to 470,000 residents, making it the third largest council in Australia.
The trend has no sign of slowing with the ShapingSEQ report forecasting an additional 240,000 residents will call the Moreton Bay region home by 2036.
The research found Moreton Bay would need to build another 88,000 homes to accommodate the population surge.
Critical infrastructure such as roads, schools and hospitals, along with the natural environment, have already felt the strain of population growth, with community groups reporting much of it is already at capacity.
The surge has sparked growing anxiety among the region’s long term residents, who fear proposed nearby, high-density developments could threaten their lifestyle and place further pressure on already overwhelmed infrastructure.
Planning experts said part of the solution might lie in ensuring developers’ infrastructure contributions were better targeted.
‘Horrendous’ traffic a sign of growing pains
The Presley family live at The Hideaway — a quiet, semi-rural housing estate in Burpengary East — where blocks average about 2,000 square metres in size.
Rebecca Presley said for the past 15 years the family had enjoyed the freedom of a semi-rural lifestyle, while still living close to amenities.
“We love the bush,” she said.
“We love the trees, and that we have a bit of space to live in rather than just a tiny block of land.”
Her two sons attend the local primary school less than 4 kilometres away.
It is a drive that should take five minutes, but it can sometimes take 15.
She and other local residents fear the nightmare could be about to get worse, with two small lot developments planned across the road.
The proposed estate will have 326 homes, with block sizes ranging from 400 to 600sqm.
“Where are these people going to shop, where are these people going to go to school?” Ms Presley said.
“There’s been no discussion on how they’re going to fix all the traffic bottlenecks in the area.”
Leah Campbell also lives at The Hideaway estate and has spearheaded a local action group opposing the development, arguing it was inappropriate for the area.
“To go from half an acre to 400sqm is just ridiculous,” Ms Campbell said.
“We’re obviously concerned about the increased density, potential for increased crime, the impact it’s going to have on our schools, the impact on the roads.”
Concerns for vulnerable wildlife
Ms Campbell said she also had grave concerns for the local wildlife.
While the developments have been approved by the Moreton Bay Regional Council, the area is a known koala habitat and still requires the Queensland government’s tick of approval.
The Powerful Owl — listed as vulnerable by Birdlife Australia — also nests in nearby trees and has increasingly been recorded in suburban areas.
Ms Campbell fears tree clearing to make way for new developments will force the birds out of their habitat.
“They feed on the possums and all those types of animals and if they’re pushed out of the area, there’ll be less of a food source for the Powerful Owl,” Ms Campbell said.
But the area’s proximity to public transport, schools and shops means it is ripe for future urban development.
Moreton Bay Regional Council Mayor, Councillor Peter Flannery, said the area has been “on the path” to urbanisation for some time.
“It’s just the process of addressing the concerns of residents who have lived there for many years,” he said.
“[We’re] trying to work on those buffers where their existing properties back on to this and how that interaction occurs.
“We’re working through council officers with the developer and I think we’ve had some good wins with vegetation to remain on the front of those streets … and property access is also going to change.”
Cr Flannery said the council had begun work on a strategic plan “so residents can see what the big picture will look like at the end”.
“There’ll be improvements to the amenities and protection of green corridors and koala habitat that may not be seen in that particular application,” he said.
88,000 homes needed in population surge
There has been growing disquiet among residents right across the region about planning decisions.
Ms Campbell said since she started campaigning against developments in the region a year ago, she had been inundated with complaints from residents in other areas.
“On our Facebook site we have so many people who have joined from other areas of Burpengary, Narangba and Caboolture who say the same thing is happening to them,” she said.
While local councils are largely responsible for development applications, the Queensland government’s ShapingSEQ plan has provided the framework for managing growth and keeping urban sprawl in check.
The plan revealed the Moreton Bay region would need another 88,000 homes to accommodate the population surge, which could be built on a 6,600 hectare area, west of Caboolture.
That would deliver homes for 70,000 people, which Cr Flannery said was “three times the size of [the Moreton Bay suburb of] North Lakes”.
“We’re getting to the stage now where people are putting applications in and developers have sewn up a lot of that land,” he said.
But it will take both levels of government to ensure the infrastructure that is needed is delivered.
“It’s no good having 20,000 people out there in the first stage without public transport, so these connections back to Caboolture are very important,” Cr Flannery said.
Involving community in planning
Urban planning expert Dr Mark Limb said directing developer infrastructure contributions into affected communities could help.
“Unfortunately, there isn’t a connection between the payment of those monies and the location from which it is paid,” he said.
“So that those monies can be spent anywhere with the local government area.”
Dr Limb said timing the delivery of infrastructure was complex.
“The idea of providing a full highway long before there’s real demand for that affects the balance sheet,” he said.
“If it’s to be fully resolved, it requires governments to step up and pay for the excess, and maybe deliver things ahead of what might normally be demanded.”
Dr Limb also said a greater focus on community involvement in the planning stages would help alleviate residents concerns.
“For many members of the community, they have had little to do with the planning system until it directly affects them,” he said.
“I think governments could put more effort into ensuring the process is widely understood by the community.”
Finding the balance will be a challenge, but getting it right will be important for generations to come.
Article Source: www.abc.net.au
Development Upside for Former Entertainment Hub
A prime development opportunity for two adjoining freehold sites along a busy arterial road has hit the market.
Ray White Commercial Northern Corridor Group are marketing the former food and entertainment hub, 403-407 Elizabeth Avenue, Kippa-Ring for sale.
Located 18 minutes from the fast-growing North Lakes, the 13,093sq m site comprises three buildings including two drive-thru buildings and a once-bustling bowling alley, creating a total building area of 2,472 square metres.
The suburban neighbourhood-zoned site boasts a large car park area providing 86 car parks and a highly-exposed 140m wide street frontage to Elizabeth Avenue. This exposure includes three driveways for access.
Ray White Commercial Northern Corridor Group commercial director and principal Chris Massie said the site is among one of the stronger sites for potential development.
“The two-existing drive-through sites will be an obvious drawcard for value-add developers to generate immediate income while they reposition the main building,” Massie said.
“Due to this site’s proximity to Kippa-Ring Station and Kippa-Ring State School, the development has the opportunity to service a daily transport patronage of 2,000 people travelling inbound and outbound, as well as capture the attention of more than 30,000 daily vehicle movements.”
In its 2019-20 budget, the Moreton Bay Council confirmed it will provide more than $227 million for capital works with a focus on community infrastructure and healthy and active lifestyle opportunities.
This includes $112 million on road and transport networks to improve connectivity, travel time and transport options, increasing vehicle movement through the area.
While the addition of the $1 billion Redcliffe Peninsula Rail Line is set to service 618,000 residents by 2036 and 39 new residential developments.
“Strong infrastructure investment and growth projections for the Northern Corridor mean this confidence is likely well placed.” Ray White Commercial Northern Corridor Group associate director Aaron Canavan said.
“We are seeing more confidence from traditionally passive investment groups, who are now willing to look at value add properties like this.”
The site is located within walking distance of the Peninsular Fair Shopping Centre, Kippa-Ring Station and Kippa-Ring State School and within 10 minutes of the Redcliffe Hospital, Clontarf industrial estate and the stunning Redcliffe waterfront.
Expressions of interest close 4pm, Thursday 18 March 2021 if not sold prior.
Article Source: theurbandeveloper.com
Property Management6 years ago
7 Common GST Mistakes On Property
Residential5 years ago
Ipswich Proves Frontier In Affordable Housing
Infrastructure3 years ago
Decision on horizon for key marina section of huge North Harbour development at Burpengary
Market Place3 years ago
How to make $1 million ‘flipping’ houses
Market Place3 years ago
Moreton Bay makes top 10 list of places to invest in property
Developments3 years ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct
Infrastructure2 years ago
Watch: Route of Gold Coast’s new ‘M2’ motorway revealed [video]
Brisbane2 years ago
Queensland leads the way in market recovery