- 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.
Smooth Sailing for $2.74bn Brisbane Marina Plan
A $2.74 billion marina, residential and recreation precinct just north of Brisbane is set to be streamlined under Queensland’s priority development area scheme.
The 570-hectare development site in Burpengary East received bipartisan support to be declared a PDA following the state election on 31 October.
The North Harbour Marina Precinct consists of a 400-berth marina, retail village, 600 new apartments and 600 detached homes as part of the marina village, and 800 dwellings in a waterfront estate.
The masterplanned community also includes 319 hectares of recreational and regional open space and is expected to be home to around 10,000 residents along Caboolture River.
Joint project developers North Harbour Holdings and Trask Land Corporation will work on the project which is expected to be complete by 2035.
North Harbour has already received support from Moreton Bay Regional Council mayor Peter Flannery and councillor Mark Booth.
North Harbour project director Bryan Finney welcomed the bipartisan commitment to declare the site a priority development area.
“The PDA will pave the way for North Harbour to become a state-of-the art marine industry hub,” Finney said.
“The North Harbour team has extensive experience with waterfront development and are well placed to attract a significant portion of Australia’s $68 billion marine industry to the region.”
Trask Land Corporation managing director David Trask said with key enabling infrastructure already in place, they are ready to create an exciting legacy project once planning approvals are received.
“The North Harbour Marina Precinct is a vital project which will benefit this rapidly growing area for many generations to come,” Trask said.
“The timing of this announcement could not be better as it will also underpin our region’s post Covid-19 recovery.”
The site adds to the existing North Harbour development which is at stage 45 of land releases and includes 30 display homes.
The Moreton Bay region is attracting a number of large-scale residential projects.
Stockland recently submitted plans for a $388 million residential projects across the Bruce Highway in Caboolture West.
Further north, the Sunshine Coast lifestyle has been a major drawcard during the Covid-induced “Zoom boom” .
The region recorded a 0.8 per cent increase in the second quarter of 2020, meanwhile greater Brisbane prices went up by 1.7 per cent.
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
Stockland Submits Plans for $388m Greenfield Project
Stockland has submitted an application for a $388 million Caboolture West residential development of a substantial 175-hectare parcel of land.
The application seeks subdivision approval for the first precinct—206 lots of a total 1,939 dwellings—planned for 60-172 and 67-177 Litherland Road, Upper Caboolture as well as establishing the intent of future development over the next 30 years.
There are five precincts planned for the site located 51km north of Brisbane, including a residential care facility, child care centre, club, educational establishment, hardware shop, businesses, office, place of worship, retirement facility and restaurants.
Meanwhile the ASX-listed group has removed its lot and revenue projections for the nearby Twin Waters West development which was refused by council on 23 July.
The two developments are part of Stockland’s 6,285-lot Queensland development pipeline, which also includes a $541 million development at Ellida, Rockhampton, a $65 million project at Hope Island, Gold Coast and a $585 million community at Paradise Waters, Deebing Heights.
Stockland acquired the Caboolture West development site in 2008 within the emerging community zone in the Moreton Bay Regional Council district.
The project is specifically designed to promote an active lifestyle-based sustainable community, leveraging a significant open space network including Caboolture River and Small Creek, according to the development application.
“An integrated convenience, community and district sporting area completes the vision aimed at providing a benchmark in residential development within the Caboolture West expansion area and in proximity to the Morayfield and Caboolture CBD.”
Around 24 per cent of the site will be dedicated to the conservation of natural habitats as well as a network of passive open space areas.
“The proposed development includes rehabilitation and offset planting of key areas and proposes revegetation of the Caboolture River Creek environmental corridor to provide a flora and fauna passage ,” the application states.
“Other vegetated areas along Litherland Road are intended to be preserved within an offset sub-arterial road corridor design.”
House and land sales improvements as a result of new government stimulus packages have sparked something of a mini-boom in Australia, improving the outlook for Stockland and other REITs in recent times.
Despite this Stockland’s overall performance has been impacted by its retail portfolio which has suffered due to ongoing restrictions and the bricks and mortar downturn.
Planning decision protects jobs at Narangba Innovation Precinct
Treasurer and Minister for Infrastructure and Planning Cameron Dick has signed off a Temporary Local Planning Instrument (TLPI) for Narangba Innovation Precinct (East) to drive economic recovery through business growth and greater job creation.
The precinct is a major contributor to the Moreton Bay economy and is one of very few industrial areas in the region that caters for large-scale, hard-to-locate industries like waste handling, recycling and agricultural manufacturing.
Mr Dick said the TLPI would not increase the footprint of the precinct but will instead allow businesses to build new office or storage space on existing land within the precinct to expand their operations.
“These are sensible amendments to ensure local businesses can grow and thrive, which will help in our state’s battle against the worst global economic crisis since the Great Depression,” Mr Dick said.
“We need to keep our economy’s engine humming, and to do that we need to keep Queensland working.
“Our government’s COVID recovery strategy, Unite and Recover for Queensland Jobs, recognises the importance of supporting businesses and industry during this tough time.
“And as we deliver this strategy we want to make it easier for operators to employ more Queenslanders in industrial hubs like the Narangba Innovation Precinct.
“Potential impacts on nearby residential areas will also be managed for any new development, providing appropriate safeguards for local residents such as land buffers,” he said.
“The TLPI is an interim step that will provide certainty to businesses while Moreton Bay Regional Council amend their planning scheme in consultation with the community.”
Member for Bancroft Chris Whiting said protecting jobs in the Moreton Bay region has never been more important.
“These local businesses create a huge amount of local jobs, and I want to thank council for helping us protect these local jobs and create new jobs,” Mr Whiting said.
“Queensland has led the world in managing the impacts of COVID-19, and changes like this put our communities in a much stronger position.”
Sixth-generation family-owned manufacturers Packer Leather are just one of the businesses in the precinct who will now be able to act on plans for expansion.
“We’ve been proudly operating for over a century now and want to ensure our manufacturing can continue at the highest standard,” owner Lindsay Packer said.
“The first stage of upgrading our operations includes development of a leatherwork hub and makerspace, which will support extensive TAFE Queensland training.”
Mr Dick said maximising industrial land will remain a priority as the government implements its Unite and Recover economic plan.
“We will continue to work with industry, councils and communities to unlock new opportunities for Queensland businesses,” Mr Dick said.
“We’ve made strong investments in industrial precincts and State and Priority Development Areas around Queensland, and we’ll keep leveraging this to generate long-term benefits for local economies during this challenging time.”
The TLPI will be in place for up to two years as council make necessary changes to their planning scheme.
You can view the TLPI on the Queensland Government’s Planning System website via the tab ‘Planning for emergent issues – TLPIs’.
This article is republished from www.miragenews.com under a Creative Commons license. Read the original article.
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