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Buying a house in Queensland: Southern buyers pushing up state’s property prices

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Rob and Susan Shaw with daughters Libby and Pipa have sold their Castle Hill home in Sydney and are moving to the inner-city riverside suburb Bulimba in Brisbane.

Rob and Susan Shaw with daughters Libby and Pipa have sold their Castle Hill home in Sydney and are moving to the inner-city riverside suburb Bulimba in Brisbane.

QUEENSLAND has emerged as the most attractive property market in the country, as interstate buyers search for a better deal.

Property prices hit record highs this week, a feat experts say is no “flash in the pan”, with cashed-up buyers now flying in from southern states on weekends to view homes.

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Every second unit buyer in Brisbane was already an interstate investor, but Real Estate Institute of Queensland chief executive Antonia Mercorella said “extraordinary value” across the greater Brisbane, Gold Coast and Sunshine Coast was a factor.

Brisbane’s median house price is at an all-time high of $635,000, but the Gold Coast had cranked up significantly as well in the run-up to the 2018 Commonwealth Games.

The Queensland property market held “irresistible allure” for first-home buyers, especially the Greater Brisbane area where record low interest rates had made the traditional house and land dream viable for hundreds of people.

Dario and Lynette Rossotti with daughters Lucrezia and Alizia at their new home.

Dario and Lynette Rossotti with daughters Lucrezia and Alizia at their new home.

Ms Mercorella said there were twin effects happening in Brisbane, with the City Council area region hitting a record high, while the Greater Brisbane region remained one of the country’s most affordable areas, with median price of $495,000.

“That’s a really good, positive place to start,” she said. “When you compare to Melbourne and Sydney you simply would not be able to find a house with that sort of proximity to the city at that price.”

Place Advisory’s Lachlan Walker said that in the past two years half of the Brisbane units sold off the plan went to interstate buyers, with Brisbane 70 per cent more affordable than Sydney and 22 per cent more affordable than Melbourne.

“We’re seeing the biggest price difference since the early ’90s, so it’s showing there’s great opportunity for growth for Brisbane. When the big city benefits, there is a ripple effect.”

Urbis associate director Paul Riga said despite oversupply concerns, apartment values were so far “coming in without much of an issue”, though foreign buyers, especially, were asking for more time to settle.

“Many developers say previously they could settle in 14 to 28 days,” he said.

“Right now, they’ve seen that push out to around two to three months.”

Real estate agent Katey Comino of Place Bulimba said there was a “noticeable rise” in buyers from out of town.

“A lot of them are even flying up on weekends to see properties. Many feel they can have a beautiful home up here for a good price. They sell up in Sydney and when they come to Brisbane they can move into a high-end two-level home, with four bedrooms, two car spaces and a pool in the mid $1 million range.

“When we get contacted by a Sydney buyer we know they are not just looking.”

Food Festivals Help Sell Homes

West the new way to grow

FIRST-home buyer Dario Rossotti had to pay just $5000 to get into his brand new four-bedroom house in Providence, west of Brisbane.

That was after his builder matched the Government’s $20,000 First Homebuyers Grant.

All up the home cost $420,000 which included land – less than the greater Brisbane median house price.

For that Mr Rossotti, wife Lynette and daughters Lucrezia, 4, and Alizia, 6, have four bedrooms, two bathrooms, double lockup garage and were the first to move into their street last weekend.

They expect their closest neighbours next week.

“It’s great. We liked it because of all the plans they have for the community. I put $5000 down to secure the land, but other than that we’ve managed to get it done without immediate expense. We feel very lucky.”

Mr Rossotti is among the 90 per cent of buyers at Providence who were owner-occupiers and 59.7 per cent that were also firsthome buyers.

He was looking forward to seeing more families move in. He said he liked the location, its affordability and the fact that his family would grow with the area.

Original article published at www.couriermail.com.au  by Sophie Foster 23/9/16

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Top 68 suburbs for growth in Queensland revealed

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Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed. New data has shown the top 68 suburbs in Queensland for capital growth over the last 12 months to June, with the number one spot reaching triple digits.

Top 68 suburbs for growth in Queensland revealed

Outlined in the Real Estate Institute of Queensland’s Queensland Market Monitor report, REIQ CEO Antonia Mercorella said despite the ‘doom and gloom’ of the property market, there are still locations that are seeing large gains in profitability.

“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” Ms Mercorella said.

“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”

While south-east Queensland saw a lot of attention, there were some high growth suburbs found in central and northern Queensland.

The area with the strongest growth was Blackwater, which saw a rise of 151 per cent growth, which Ms Mercorella attributed to the resurgence of coal prices.

Aside from Blackwater, 10 other suburbs saw growth over 20 percent. These included:

  • Spring Mountain with growth of 103.6 per cent;
  • Collinsville with growth of 46.2 per cent;
  • Minyama with growth of 45.8 per cent;
  • Hamilton with growth of 32.9 per cent;
  • Hollywell with growth of 30.5 per cent;
  • Miles with growth of 23.5 per cent;
  • Mount Coolum with growth of 21.9 per cent;
  • Dundowran beach with growth of 21.5 per cent;
  • Boonah with growth of 21.3 per cent; and
  • Idalia with growth of 21.3 per cent.

Ms Mercorella said the top 11 suburbs were indicative of steady growth across the state, but warned against calling it a ‘boom’.

“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak,” she said.

It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon.”

South-east Queensland

While the top 11 suburbs show a spread of high growth suburbs through the state, 41 suburbs out of the 68 are located in the ever-popular south east corner of Queensland.

Of these, 15 suburbs were located in the Sunshine Coast region, with the highest growing being Minyama, which ranked fourth overall.

The Brisbane region also saw a large number of high performing suburbs at 13. Hamilton was the region’s best performer and fifth overall.

Next was Ipswich with six suburbs, then the Gold Coast with four, Moreton Bay with three, while Redland and Logan suburbs did not rank.

Regional Queensland

Outside of south east Queensland, 27 regional suburbs ranked on the list, with the Townsville region recording four suburbs. Its highest performer was Idalia, which ranked 11th overall.

Next were the Cairns and Gympie regions, both recording three suburbs each. Cairns’ top performer was Palm Cove, which ranked 26th overall, while Cooloola Cove was Gympie’s top performer, which ranked 42nd overall.

While only recording one suburb, the Whitsunday region’s Collinsville ranked third overall.

The Bundaberg and Toowoomba regions both recorded two top suburbs, while the Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs regions all had one top suburb each

The top 68 suburbs which experienced double digit growth over the last year to June 2018, according to the REIQ, are:

RankSuburbMedian priceCapital growth over 12 months (as a percentage)
1Blackwater$94,250151.3%
2Spring Mountain$450,000103.6%
3Collinsville$95,00046.2%
4Minyama$1,310,00045.8%
5Hamilton$1,442,00032.9%
6Hollywell$810,00030.5%
7Miles$148,25023.5%
8Mount Coolum$670,00021.9%
9Dundowran Beach$607,00021.5%
10Boonah$324,50021.3%
11Idalia$485,00021.3%
12Rasmussen$347,50019.9%
13Yaroomba$749,00019.7%
14Biloela$272,75018.6%
15Burnett Heads$317,00018.1%
16Tivoli$295,00018.0%
17Cashmere$690,00018.0%
18Walloon$370,00016.7%
19Sunshine Beach$1,400,00016.7%
20Noosa Heads$1,070,00016.0%
21Hope Island$739,75015.7%
22Ripley$374,00015.4%
23Sandgate$705,00015.2%
24North Ward$575,00015.0%
25Paddington$1,150,00014.7%
26Palm Cove$606,00014.3%
27Charters Towers City$142,50014.0%
28Pelican Waters$761,00013.9%
29Cooee Bay$313,00013.8%
30Mount Ommaney$944,00013.7%
31Fernvale$357,50013.5%
32The Range$380,00013.4%
33Landsborough$432,50013.4%
34Sunnybank$832,50013.3%
35North Mackay$270,00013.2%
36Whitfield$540,00013.1%
37Graceville$932,50013.0%
38Hendra$1,100,00012.7%
39Shorncliffe$840,00012.4%
40Moranbah$185,00012.1%
41Coes Creek$442,50012.0%
42Cooloola Cove$317,50012.0%
43Battery Hill$578,00012.0%
44Seven Hills$940,00011.9%
45Nundah$755,00011.9%
46Monkland$240,00011.6%
47Bongaree$470,00011.6%
48Clifton Beach$557,50011.5%
49Maroochydore$639,00011.2%
50Twin Waters$823,00011.2%
51Cambooya$322,50011.2%
52Tewantin$572,50011.2%
53Coolum Beach$675,25011.2%
54Kedron$744,50011.1%
55Sunrise Beach$820,00011.0%
56Oakey$241,50011.0%
57D’aguilar$416,00010.9%
58Mountain Creek$610,00010.9%
59Flinders View$371,50010.9%
60Highland Park$570,00010.7%
61Rosewood$291,00010.7%
62Bulimba$1,300,00010.6%
63Kirkwood$353,50010.5%
64Woodgate$402,50010.3%
65Railway Estate$309,50010.1%
66Auchenflower$1,070,00010.0%
67Rainbow Beach$489,50010.0%
68Ormeau Hills$530,00010.0%

Source: brisbaneinvestor.com.au

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Qld home values rise in 12 months

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Queensland

HOME values rose in seven of Queensland’s nine subregions in the past year, despite widespread fears of a cooling housing market.

It comes as Brisbane is ranked 20th on a global list of cities measuring residential property price growth over the past year, with the city recording above average 3.5 per cent growth.

Research from property data supplier CoreLogic reveals the Sunshine Coast recorded the biggest rise in home values over the past 12 months – increasing 6 per cent.

Queensland
Homes on the Sunshine Coast recorded a 6 per cent rise in value over the past year. Photo: Lachie Millard.

Homes in Brisbane’s western suburbs increased in value by 4.4 per cent in the same period, followed by Moreton Bay South, with a gain of 2.5 per cent and inner Brisbane with a rise of 2.1 per cent.

Home values in Logan, Brisbane’s eastern suburbs, Gold Coast, Wide Bay, Brisbane’s north and Moreton Bay North also rose marginally.

At the same time, only one of Sydney’s 15 subregions recorded an annual rise in home values.

Queensland
Seven out of Queensland’s nine subregions recorded growth in home values in the past 12 months, according to CoreLogic. Photo: Glenn Hunt/Getty Images.

CoreLogic head of research Tim Lawless said that with property values falling across four of the eight capital cities over the past twelve months, it was easy to forget some housing markets around the country were actually seeing relatively healthy and sustainable growth.

Almost half of Australia’s 88 SA4 subregions recorded a rise in dwelling values over the past twelve months.

Regional areas of the country are more likely to be showing positive growth conditions, with 57 per cent of all regional areas recording a rise in dwelling values over the year, compared to only 39 per cent of the capital city subregions.

Mr Lawless said the ‘healthier’ conditions across the regional markets could probably be attributed to more sustainable growth conditions during the growth phase, compared to the likes of Sydney and Melbourne.

Related article: Mortgage holders rejoice most Qld homes rose in value over the past year

Queensland
CoreLogic head of research Tim Lawless, pictured in Sydney.

“The more sustainable history of price growth has kept a lid on housing affordability and made these markets attractive to migrants, particularly those areas where economic conditions are buoyant,” Mr Lawless said.

“A ripple of demand has been emanating from the largest capitals towards the satellite cities where housing is generally more affordable and lifestyle factors can be appealing.

“Many coastal and lifestyle markets have benefited from a rise in buyer demand, either from those looking for a new residence, second home or investment option.”

Mr Lawless also said many of the hard hit mining regions had now levelled out and were starting to show growth.

He said the data highlighted the diversity across Australia’s housing markets.

“While conditions are broadly slowing, especially around Sydney and Melbourne, many areas of the country are benefiting from a history of more sustainable growth rates, improving demand and reasonably strong economic conditions,” Mr Lawless said.

It comes as Knight Frank ranked Brisbane 20th on its Prime Global Cities Index.

Sydney came in 17th place, Melbourne sits in 21st place and Perth sits in 24th place.

“Despite a cooling mainstream market off the back of tighter lending practices, Australian prime markets continue to experience growth with buyers less impacted by these measures,” Knight Frank’s head of residential research Australia Michelle Ciesielski said.

Source: www.sunshinecoastdaily.com.au

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Maroochydore: ‘Connected yet quiet’ suburb growing fast

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sunshine coast
Experts are hailing the Sunshine Coast as Australia’s next property market hotspot, with the beachside suburb of Maroochydore set to reap the benefits.

According to Hotspotting.com.au, the Sunshine Coast is currently at the start of a long-term growth cycle.

“Momentum started building two years ago and has really been increasing over the past 12 months, and we’re now seeing that translate into solid growth,” founder Terry Ryder says.

In the housing market, many suburbs have had double-digit growth over the past year, with many others close to 10 per cent, he adds.

The growth is all due to the fundamental change that has taken place on the Sunshine Coast, with strong infrastructure spending and a broadening economy moving away from its reliance on tourism.

“It’s really all about infrastructure spending,” Ryder says. “The total list of projects recently completed or under construction is over $20 billion, which is huge for a city of this size.”

The $2 billion Sunshine Coast University Hospital, which opened in April 2017, was a significant project for the region, along with the $150 million private hospital built in association with it.

Current major projects include a $1 billion upgrade to the Bruce Highway, a $347 million expansion of the Sunshine Coast Airport and the creation of a new $430 million Maroochydore City Centre, which will include commercial, retail, entertainment and residential components.

“All of this brings new businesses into the Sunshine Coast, diversifies the economy and creates a lot of jobs,” Ryder says.

He says Maroochydore was the logical choice for a new CBD in the region, being not only at its geographical centre, but also its “nerve” or commercial centre.

The Milk Bar Coffee Co owner and chef Alex Cossell decided to open his business on Maroochydore’s Sixth Avenue, just one block from the beach, more than two years ago, identifying an opportunity in what he describes as a “central hub” filled with plenty of locals and tourists.

sunshine coast
Rise apartments will have unspoiled views of the ocean. Image: Supplied

“The cafe culture is epic,” Cossell says. “There are plenty of amenities within the area too, with great parks and playground areas for the young families.”

Cossell believes Maroochydore will be completely different in five years’ time.

“It is definitely growing at the moment, with so much more expansion in the works with the new CBD development just around the corner.”

Plenty of buyers, particularly locals, are also excited by what’s taking place in and around Maroochydore. They’re being drawn to the thriving area, taking advantage of the chance to buy before is it completely revitalised.

Rise Maroochydore Beach, a new luxury ocean-view development offering 48 apartments, is proving to be one popular opportunity.

The 12-storey building, situated on Sixth Avenue in the Cotton Tree neighbourhood of Maroochydore, received more than 700 expressions of interest prior to its launch, according to Colliers International.

Related article: What we need to future proof south east Queensland

sunshine coast
The development includes four-bedroom apartments. Image: Supplied

It appeals to owner-occupiers as it has generously sized two- and three-bedroom configurations, as well as two-level, four-bedroom penthouses, with prices ranging from $500,000 to $3 million.

“The Sunshine Coast used to be known for Mooloolaba and Noosa, but it’s becoming a lot more known for Maroochydore,” says Daniel Hirst of Colliers International, who is marketing Rise.

“Mooloolaba and Noosa are more holiday accommodation areas, while the Maroochydore and Cotton Tree areas are becoming a preferred residential choice for people who want to live in high-quality luxury apartments and have restaurants close to hand.

“They are professional couples in their mid-40s, people upgrading with young families, downsizers, retirees and semi-retirees.”

Rise offers a point of difference to other apartment developments, Hirst says, in that it benefits from Maroochydore’s growth but it’s not right in the hub of all the activity. Rather, it’s within easy walking distance.

“It’s connected to everything but it still has a quiet lifestyle,” he says. “You can walk a couple of hundred metres to the beach, restaurants and cafes, but you don’t have all the foot and vehicle traffic at your front door.”

Rise is also unique in that it offers the closest new apartments to the ocean in Maroochydore, with development of this scale currently not allowed any closer – which also means the views can’t be built out.

Source: www.domain.com.au

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