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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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Home in blue-chip street sells for $4.1 million

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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

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

Source: www.sunshinecoastdaily.com.au

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Queensland’s population hits 5 million people today

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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
PHOTO:
 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.”

Source: brisbaneinvestor.com.au

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APRA to end cap on property investor loan growth

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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.”

Source: brisbaneinvestor.com.au

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