Buyer demand favours apartments with more bedrooms, as a new report warns buyers and developers alike to stay away from one-bedroom apartment stock.
Brisbane’s apartment market has been quite the talking pointsince 2015, with high levels of apartment development concentrated in Brisbane’s inner-city causing temporary oversupply in the market.
The Queensland capital city market is tipped to outperform Sydney and Melbourne this year. During 2018 house values in Brisbane saw a modest 0.4 per cent rise, while apartment prices dropped by 0.7 per cent.
In its analysis of Brisbane’s development pipeline, PRD Nationwide says there is a current estimated shortfall of up to 15,500 apartments come the end of 2023.
“A potential undersupply of apartments exists in the medium-term within Inner Brisbane,” the report said, measuring suburbs within three kilometres radially from the CBD.
The report also found Brisbane has an oversupply of one-bedroom apartments, along with a growing consumer appetite for three-and four-bedroom apartments, which are currently undersupplied.
“At the same time, demand for two-bedroom apartments is quite well met, though developers appear to be shifting away from these to favour one-bedroom apartments,” the report said.
Analysis of demographic found the typical inner Brisbane resident is more likely to be single, without children, aged 20-39, have lower income, are more highly-educated, and are renting — compared to those living further from the CBD.
“This information is expected to further equip both developers and landlords to develop and acquire appropriate apartment configurations and volumes to best meet the changing demand for apartments in inner Brisbane,” the report said.
Why it’s all about Broadbeach in 2022
The central, always in demand Broadbeach is the next Gold Coast hotspot set to see a wave of new apartments.
It’s been one of the busiest spots in 2022 already, with a number of prominent developers, both local and interstate, seeking to build apartment towers in the sought-after spot south of Surfers Paradise.
Mosaic Property boss Brook Monahan says Broadie is the centre of the Gold Coast now.
“A lot of people talk about Surfers Paradise in the Gold Coast as the hub, but really for actual residents, it’s definitely Broadie,” Monahan said.
“Surfers is heavily weighted toward investors, whereas Broadie is very much a local market, either local owner-occupiers or those with a secondary home.”
Monahan says there’s a lot of nostalgia to Broadbeach for a lot of residents in South East Queensland.
“It’s a very nostalgic place for a lot of people who would have come to Broadbeach and holidayed as kids,” Monahan says, adding that the walkability factor puts Broadbeach ahead of other Gold Coast suburbs.
“You can walk to 75 coffee shops/resultants, the light rail, or the surf club in minutes, as well as being on the doorstep of Pacific Fair shopping centre and the casino, which makes it one of the most appealing areas up and down the coast.”
This year Mosaic will launch their first luxury Broadbeach project to the market.
The 29-level tower, designed by Plus Architecture at 146 Surf Parade, will have 96 apartments, starting from large two-bedders, some with multi-purpose rooms, to three-bedroom apartments and skyhomes.
Broadbeach was a no brainer for the Sydney-based Iris Capital’s first Gold Coast apartment development, Victoria & Albert.
“It was the first and only location that I would consider undertaking such a spectacular residential/resort with coastal luxury as its core design focus,” Iris Capital Chief Executive Sam Arnaout says.
“Only Broadbeach and this current Neicon Plaza redevelopment site offered us the opportunity where everything is at our buyers fingertips.
“Choosing Broadbeach as the address for our V&A project in the lively heart of its dining and retail precinct has allowed us to put our brand on our first luxury foray into Queensland,” Arnaout says.
David Higgins, Colliers Director of Residential who is handling the sales at V&A, says Broadbeach is recognised as the heart of the Gold Coast lifestyle precincts.
“The walkability of the location to over 30 restaurants, GC Convention Centre, Pacific Fair, The Star Casino, the Beach and Kurrawa SLSC makes it the most lifestyle rich village locations to undertake a premium development,” Higgins says.
“Being from Sydney, I often think that Broadbeach is our Double Bay with the dining, high end retail, laneway cafes, beautiful Kurrawa parkland, the beach, and the amenity that is uniquely Broadbeach all within five mins walk.”
Evan Raptis, co-Managing Director of the family-ran Raptis Group, says that while economic conditions have been good, Broadbeach has been among the most sought-after addresses in Australia.
“The pandemic has made a lot of people reset their priorities: with a laptop and good WiFi, they can live where and how they want, and that’s underpinning much of the demand for Broadbeach right now.”
Raptis has had a longstanding connection with Broadbeach, developing projects in the suburb for over four decades, their most recent being The Gallery Residences, completed late last year.
They have a solid work book in the area too, with plans in 2022 to launch three projects; a 40-level Koichi Takada-designed tower dubbed The Sterling at 6-8 George Avenue, a 41-level tower on Chelsea Avenue, and a 35-level tower at 5-9 Anne Avenue.
Raptis says the buyer demographic is quite eclectic, which is representative of all the different amenities that Broadbeach offers.
“There are a lot of young professionals in the suburb as well as a lot of early-stage retirees. We’re seeing a lot of interest for three-bedroom apartments. Young professionals are seeking a third bedroom for when they may start a family, while retirees want to have the space for the children and grandchildren to visit,” Raptis says.
“But beyond age groups, the common bond between buyers is their interest in leading a healthy life. Parks, bike and walking trails and the beach are all outside the doors of residents, keeping them fit without the need for a gym membership.”
The local developer Anthony Quinn of QNY Group, who is plotting a boutique owner-occupier tower on his recently acquired 511 sqm block at 21 Broadbeach Boulevard, says Broadbeach is the live, work and play Mecca of the Gold Coast, which is endorsed by its number one ranking walk score.
“Broadbeach has always been in demand,” Quinn says.
“Through each good property cycle Broadbeach delivers a large share of the projects for the Gold Coast.”
Quinn says it’s not so much about Surfers, but more about what each of the suburban pockets offer.
“Both Main Beach and Broadbeach are unique in their offering and cater to different demographics and markets,” Quinn says, adding that the buyers are a healthy mix of downsizers and young professionals, with a strong market for owners and renters
A recent entrant to the Broadbeach market is the Brisbane-based West Homes.
West Homes Director Brett Kennedy says they chose that part of town because it has always had higher quality apartment buildings, great access to the beach, restaurants, Pacific Fair, and a much quieter and calmer pace of living that Surfers doesn’t offer.
“There’s less tourist trade in Broadbeach, and a lot more owner-occupiers,” Kennedy says. “People actually live there, they’re not just visiting like most of the Surfers Paradise market.”
Kennedy grew up on the Gold Coast, and has always been aware of the value of Broadbeach. “It has always been a go-to destination,” he says.
West Homes has just lodged plans for a 22-level tower of just 20 apartments at 75 Old Burleigh Road, a site they secured late last year.
Each apartment will have nearly 400 sqm of internal living space, unprecedented even for the whole-floor apartment trend that has swept the Gold Coast over the last 12 months, as developers pivoted toward more high-end, owner-occupier friendly stock. One apartment, on level three, will have 430 sqm.
Inarc Design describe the sculpted tower as an “urban lighthouse.”
GV Property Group’s Antonio Mercuri, who sells amalgamated sites to apartment developers up and down the coast, says Broadbeach is a suburb for everyone.
“It’s a beachside coastal city suburb by the ocean, surrounded by parklands, and is in the pinnacle of three Gold Coast city locations; the Star Casino precinct, the Gold Coast convention centre, and Pacific Fair.
Mercuri is marketing a prime 1,294 sqm site on Armrick Avenue, with approved plans by Rothelowman for a 22-level, 84-apartment tower.
“Armrick Avenue (park front) is the next best thing to beachfront because of the expansive views over the bowls clubs / parks lands, while still being located beside the beach,” Mercuri says.
“The attraction of Broadbeach to developers is the mixed buyer pool, alongside the blue sky value add (which going up), and taking advantage of the favourable high density zoning (unlimited height potential subject to council approval).
Mercuri says there are three areas of Broadbeach which all have high demand, value, and attraction to both developers and buyers.
“The northern pocket of Broadbeach is a huge catchment area for locals (coming from suburbs like Broadbeach Waters, Isle of Capri etc). It’s just outside the fringe of Broadbeach hub area and close enough to enjoy but still be in an area of it own.
“Then there’s central Broadbeach, the hub of Broadbeach which incorporates the Anne Avenue precinct, while the southern pocket is popular due to its closer proximity to the Broadbeach Primary School.”
Article source: www.urban.com.au
You Should Check These 4 Things Before Buying a Used Car
It is no secret that the Global Economy is in a bad shape with growth projected to slow down from 6.1% in 2021 to 3.6% in 2022 and 2023. From the COVID-19 pandemic to the war in Ukraine, coupled with rising food and fuel prices you have to ask yourself: Is it really a good time to buy a brand new car? I know you’ve worked hard and you deserve the best bang for your buck, however, buying used cars instead of new ones can be the solution!
First of all, those eye-catching lower price tags are the main benefit. But there is a catch to everything, you can’t buy used cars carelessly. You need to ensure that your money is invested into four wheels that will relieve your headaches, not give you one. You can follow the guidelines below to ensure that you are on the right track in your checklist.
1. The Exterior
You can’t judge a book by its cover, however, assessing the exterior can discover scratches, dents, or rust. Look out for cracks on the windshield, find out if the headlights need fixing and if the rear and side-view mirrors are working. You can also look at the wheels for dents and holes in the tires.
2. Under the Hood
The engine is one of the first things that you need to look at to ensure that it is working properly. It needs to be clean with no leaking fluid or gas. Depending on your location, some countries/ cities/ provinces require used cars to pass a safety and smog test. The wiring harnesses & looms are other critical things to look out for in order to ensure that the electrical circuit in your car is intact. A damaged electrical circuit can cause accidents; I’m sure you don’t want that.
3. Vehicle History Report
There’s a lot of information in a report that can help you decide if you really want a used car. This includes mileage, accidents, and service history. Some vehicles (Honda) can accumulate large mileage figures without experiencing much wear and tear, however, others do not. Accident history is important because it is better to stay away from vehicles that have been in major wrecks and require a new engine or a lot of bodywork.
Most new cars can lose up to 60% of their value because of depreciation. This fact can be of great use to you when asking for lower selling prices because you can use the car’s age and how the make and model lose value over time as a negotiating point.
Buying a car is quite a big deal for most people. Used cars have become quite an affordable and reliable solution. Buying a used car that is just 2-3 years old is a wise move as you can save quite a penny and still get a virtually new car. After reading this article you are now equipped with what you should look out for. Good luck with your used car journey!
6 Main Steps For Anyone Who Wants To Migrate To Australia
Australia is one of the best countries in the world to live in. In addition to its strong economy, it has an amazing infrastructure as well as beautiful places to explore. All of the states provide a great lifestyle and a flourishing environment. Even though choosing to migrate to another country is difficult, Australia is worth it.
To migrate successfully and comfortably, a number of things need to be taken into consideration. To be able to migrate with relative ease, you need to know step-by-step what the procedures are. There’s no doubt that it can be overwhelming to leave your country and try to settle elsewhere. Moreover, it can be hard to find the best approach and know the right procedures for immigration. In this article, we’ll look at 6 main steps for anyone who wants to immigrate to Australia.
1. Research Your Options
Research plays a vital role if you’re looking to move to another country. To ensure that you thrive there, you need to have knowledge about their culture and the way people live their life. You need to research everything and find out which state of the country would suit you the most. Although researching can be difficult and potentially tiring at times, it’s of great importance. There are plenty of states in Australia, and all of them have different costs of living. Find out which state would be beneficial for you and where you can have a good lifestyle. You will need a job to be able to stay and thrive there. Employment opportunities also differ according to different states, so it is important to include this factor in your research.
2. Apply for a Visa
After you’ve researched thoroughly and you’ve decided which state you’d like to relocate to, it’s time to apply for a visa. The employment status and visa application go side by side. You can either get a job offer letter first and use that as a base to apply for the visa, or you can apply for the visa first and then look for employment afterwards. You’ll need to give the required information to the embassy to start this process. Usually, processing and approving a visa takes time. You can use this processing time to make some initial plans because moving to another country can be an overwhelming task.
3. Hire a Migration Agent
Moving to another country can be both physically and emotionally very challenging. If you have made up your mind to move, it’s imperative that you hire a migration agent. The process of migration to Australia can be tricky and it’s always helpful to have an agent by your side to guide you. Agents have up-to-date information and they’re well aware of the context in Australia. They offer the best advice and help with all sorts of legal problems and bureaucracy. Moreover, they’re experts at what they do so you’ll encounter few problems in your immigration process. Although they don’t guarantee that your visa will be approved, they make the process much easier and smoother.
4. Look for Employment
Most countries require specific reasons for immigration. If you’re an employee in that country, the process becomes much easier. You need to know about the opportunities that might be available. Melbourne and Sydney are the two most beautiful cities in Australia. Finding a job there might be much more difficult. You can try looking for employment opportunities in Victoria. Job security plays a crucial role in getting a visa. Australia welcomes skilled professionals, so if you’re a skilled individual, it won’t take long before you find a job. A good way to do that is secure a position on Australia’s Priority Migration Skilled Occupation List. It’s a list of skilled individuals that Australia welcomes with open arms.
5. Look For a Home
Once you find a job in a good state and city, the next step would be to look for a suitable and affordable home. Living expenses vary from state to state but overall, Australia can be a bit expensive to live in. Find a home that is affordable for you and where you can easily pay its mortgage. Initially, you can even rent and once you settle in properly, start looking for affordable homes to buy. Try to find somewhere close to your workplace so it can make your life a bit easier.
6. Plan Your Move and Hire a Moving Service
At this point, you’ve got a job and your visa has been approved. The next step is to immediately start planning your move. As mentioned earlier, preparing to move can be a hectic task and has many components. It demands a lot of time and can be tiring as well. You’ll need to pack all your essentials. After that, you’ll need to move your luggage to Australia. A good way to do that is to hire a moving service because they’re much more efficient and do things quickly. There are plenty of moving services, so you’ll have a variety of options. When everything is done and your visa has been approved, all you need to do is to get a plane ticket and be on your way to starting a new chapter in your life.
Moving to a new country to settle in and start a life can be scary. It’s a completely new chapter in your book. Even though it can be frightening to leave everything behind and immigrate to a new country, it has its perks. If you wish to immigrate to Australia, you’re going to have to go through a tough procedure. To be able to immigrate successfully, you need to research as much as you can about Australia and its states. Finding a job will be essential because the Australian government requires a reason from you to live there. After you get a job, things will get easier. All you need to do is head down to the embassy and apply for a visa. Once you have that, start packing and hire a mover to transport your luggage. Once everything is finalized, book a flight and say your farewells.
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