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Pat Rafter’s $18m Coast home proves hot property

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NOOSA is expected to smash its $9.3million house sale record this year when the home of tennis ace Pat Rafter at Sunshine Beach finally sells.

It is on the market for $18million and Noosa prestige real estate agent Tom Offermann believes it will easily surpass his company’s 2016 sale of another beachfront home to a Brisbane buyer.

“It’s a record for our company and for the Sunshine Coast,” Mr Offermann said.

“Another former world number one player Thomas Muster sold his $5,900,000 riverfront home through our company to a Sydney couple as a holiday home.

“Thomas Muster’s former county estate on 88 acres on the Noosa Tableland which is now owned by songwriter Mike Chapman OAM, is being sold through us for $6,000,000, $2,000,000 less than he paid for it and proves there is plenty of value buying remaining in Noosa.”

Mr Offermann said Noosa is back in vogue for visitors and investors with “every measure confirming bubbling confidence and prosperity throughout the town.”

He said apartment managers are consistently reporting high occupancy rates up around 90%, and rental “property owners are enjoying the highest income they ever have.”

“These tourism dollars are flowing through the entire local economy including hospitality, trades, and every local business,” he said.

The International Visitor Survey has recently reported a 73% increase in international visitor spending, seven times the Queensland average, with New Zealanders spending 104% more than last year.

“Our full year auction clearance rate for 2016 was 87%, rivalling even the strongest capital city agencies,” he said.

“Sydney buyers have featured strongly among our buyers more than ever before, splashing out on holiday homes and apartments.”

He said Sydney people have their own great beaches and harbour with warmer weather than Melbourne, which is why until now they had a relatively low profile in our market.

“For some reason that has changed and Noosa is right on trend for them,” he said.

“Noosa has always been served well by Victorians, who treat Noosa as their own beach haven and escape from the cold.”

Mr Offermann said the Real Estate Institute reports that Noosa has Queensland’s lowest permanent rental vacancy rate of just 1.2% due largely to Noosa’s long standing “population cap” town planning policies.

“There is intense buyer competition for the existing housing stocks from four distinct quarters,” he said.

“There are owner occupiers, there are people buying for their future intended relocation to Noosa, investors who rent out their properties for holidays or permanents, and buyers who lock up and leave their second homes.

“Noosa’s mayor Tony Wellington told me our population growth is next to zero.”

Mr Offermann said there is nothing on the horizon that will relieve that pressure and prices will go through a strong growth phase into the near future.

 

Originally Published: http://www.chinchillanews.com.au/

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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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