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$10 million worth of property sells at mega Sunshine Coast auction event



Big crowds turned up for Sunshine Coast's biggest auction event.

Big crowds turned up for Sunshine Coast’s biggest auction event. Photo: Rachel Clun

Fifty agents, two auctioneers, and three and a half hours – that’s what it takes to auction 45 properties in one sitting.

The colossal Sunday event put on by the Sunshine Coast’s five Ray White offices attracted a crowd of 400 people, 100 of whom registered to bid.

A whopping $9,945,000 worth of property was purchased on the day.

$10 million worth of property sold under the hammer on Sunday.

$10 million worth of property sold under the hammer on Sunday. Photo: Rachel Clun

There were a variety of properties on offer, ranging from rural holdings, to investment apartments, stand-alone homes and one commercial property.

Four of the homes sold prior to the event, and 15 properties sold under hammer, in what auctioneer Haesley Cush said was a great result.

“We were pleasantly surprised by the number of bidders and the way they participated,” he said.

19/3 Pacific Boulevard opened the event off with a $1.24 million sale.

19/3 Pacific Boulevard opened the event off with a $1.24 million sale. Photo: Supplied

“We expected a lot but no where near that many, the sales prices were higher and the number of bidders was also higher than we expected.”

Auctioneer Dan Sowden said it made sense to hold a large auction event at this time of year.

“Spring is the busiest time of the year and the best real estate is coming onto the market so we wanted to tie it in,” he said.

Apartments were in hot demand with 11/14 Mary Street selling for $362,000.

Apartments were in hot demand with 11/14 Mary Street selling for $362,000. Photo: Supplied

The Maroochydore crowd was mostly made up Baby Boomers, but Mr Sowden said there was a high proportion of owner occupiers interested in the properties as well as investors.

Both auctioneers kept things moving at a clip, with properties selling for large sums in a matter of minutes.

The first property on the market, an apartment with 360-degree views  at19/3 Pacific Boulevard, Buddina, sold for $1.24 million in less than five minutes.

The second property to go was a more modest apartment at 11/14 Mary Street, Alexandra Headland, which sold for $362,000.

Four bidders battled for the apartment, with a local investor coming out on top.

Selling agent Pam Thomas said the property sold well above the vendor’s reserve price, and they were “over the moon” when they heard the result.

Ms Thomas said the beauty of in-room auctions is that you always know there are going to be plenty of investors there on the day, and they could be the “wildcard” who ends up buying the property.

While there was some fierce bidding, there was one truly stand out auction.

14 Koel street was one of stand out auctions.

4 Koel street was one of stand out auctions. Photo: Supplied

About seven people fought for 4 Koel Street, a modest three-bedroom deceased estate in a prime Noosaville location. Within minutes, bidding rose from $482,000 to a final price of $557,000.

Selling agent Nat King said he had expected it to sell, but the auction itself was better than hoped.

“Inquiry was really strong… I had over 100 enquiries, and 61 people through,” he said.

While interest had been from a real mix of people – investors, owner occupiers and first home buyers – the property sold to a young couple who will likely keep it as an investment for at least 12 months, before renovating and possibly moving in themselves.

Mr King said the property had attracted such attention due to it’s prime location in a secluded pocket of Noosaville.

Mr King said the result was fantastic, and the vendors “couldn’t believe it” they were so happy. A second property from the same vendors at 2 Buna Street, Maroochydore, sold for $505,000.

Original article published at  by Rachel Clun 25/9/16

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Market Place

Home in blue-chip street sells for $4.1 million



Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million


The canal-front home at 59 Witta Circle, Noosa Heads, sold on April 30 for $4.1 million through Tom Offerman Real Estate.


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Market Place

Queensland’s population hits 5 million people today



Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.

Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.

“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.

“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”

Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.

Queensland's population hits 5 million people today
 The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)

“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.

ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.

Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.

Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.

The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.

Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.

ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.

 Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.

“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.

But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.

Queensland could be leading growth state in future

Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.

‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.

Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.

“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.

Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.

“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.

“Perhaps we could do more to encourage people to move outside the south-east corner.

“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”


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Market Place

APRA to end cap on property investor loan growth



APRA to end cap on property investor loan growth

APRA is removing the 10 per cent ‘speed limit’ on investor loan growth.
Photo: Louise Kennerley

The banking regulator is axing a 10 per cent speed limit on bank lending to property investors, saying the cap has served its purpose and improved credit standards.

With Sydney house prices falling and credit growth slowing, the Australian Prudential Regulation Authority on Thursday said it would remove the cap for bank boards that could prove they had been following its guidelines on prudent lending.

In late 2014, amid a surge in borrowing by property investors and rapid house price growth, APRA took the rare step of setting a 10 per cent limit on the annual growth in banks’ housing investor loan portfolios.

The measure has rocked the mortgage market in recent years, prompting banks to jack up interest rates for housing investors, and demand borrowers stump up bigger deposits.

But on Thursday, APRA chairman Wayne Byres said it was prepared to remove the measure because there had been an improvement in lending standards and a slowdown in credit growth.

“The temporary benchmark on investor loan growth has served its purpose. Lending growth has moderated, standards have been lifted and oversight has improved,” Mr Byres

Even so, the regulator will retain a separate 2017 policy that requires banks to limit their new interest-only lending to less than 30 per cent of all new home loan approvals.

APRA also said there was “more to do” in improving other aspects of banks’ lending, including how they assessed borrowers’ expenses, their existing debts, and the approval of loans that fell outside of banks’ formal lending policies.

APRA said it expected banks to introduce limits on the proportion of new lending that could be done at “very high” debt-to-income levels.

“In the current environment, APRA supervisors will continue to closely monitor any changes in lending standards,” Mr Byres said.

“The benchmark on interest-only lending will also continue to apply. APRA will consider the need for further changes to its approach as conditions evolve, in consultation with the other members of the Council of Financial Regulators.”


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