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Brisbane’s hot property market ignites auction weekend

Brisbanes hot property 5

Brisbane’s red hot property market has overflowed into the city’s generally sleepy auction scene with more than $10 million in homes and land sold under the hammer on Saturday, including an empty block in Kedron that fetched almost $1 million and the chic Camp Hill Queenslander of an AFL player that cleared almost $1.5 million.

Although hordes of home-hunters pounded the property pavement to a reported 29 auctions, it was the character home of former Brisbane Lion Alex Witherden, at 57 Burn Street, that clocked one of the top results.

His home achieved a reserve-topping $1.43 million – $230,000 more than he paid for the property 18 months ago.
Brisbane’s hot property

The stellar result comes amid a raft of multimillion-dollar sales in the past few weeks alone as Brisbane house prices continue to climb to record heights and home-hunters battle it out for a piece of the dwindling property pie.

Ray White Metro North principal David Treloar, who sold the four-bedroom house for the 22-year-old AFL player, said 84 groups flocked to the home’s manicured lawns in the first week alone, with the auction moved forward by a week because of the sheer level of buyer interest.

“Alex loved that house and, while he tended it to be a long-term home, he got transferred over to Perth (to the West Coast Eagles), and so he had to sell,” Mr Treloar said.

“But the auction result is an indication of just how desirable these larger blocks of land are at the moment. I think people just want more space,” he said.

“The market is extremely strong.”

Perched on a 885-square-metre lot, the home features two bathrooms and a lavish backyard and was in a patch of Brisbane that Mr Treloar said was becoming nothing short of hot for local buyers.

On the other side of the city a 607-square-metre block at 52 Seventh Avenue, Kedron, sold for an incredible $992,000 to a young couple, after 31 registered bidders battled it out for the prime slice of dirt.

Brisbane’s hot property

Selling agent David Lazzarini, of Ray White Lutwyche, said the severe lack of stock coupled with the record low interest rates had fuelled a buying frenzy – with home-hunters feeling more confident than ever to buy amid reports interest rates would remain at record lows for another three years.

“While I wasn’t expecting this (top) result, it’s the same story everywhere in Brisbane (right now), there’s just a severe lack of stock and there’s a lot of buyers that are ready to rock and roll. We are typically getting 50 to 80 groups through in the first week (of a home or block hitting the market),” Mr Lazzarini said.

Back in Camp Hill, Shane Hicks, of Place Estate Agents Bulimba, sold a quaint four-bedroom cottage at 2 Lewis Street for $972,000 under the hammer in front of a more than 120 people.

Brisbane’s hot property

“We had seven registered bidders and just a massive crowd. It was a young couple from New Farm (who secured the winning bid) and it sold for well over the reserve,” Mr Hicks said.

“It was a very busy weekend and our office ran five auctions and four of those sold under the hammer while the fifth sold within two hours.

“I think the competitive market has helped the auction trend to grow and while it has always been strong in those inner suburbs for the first time I’m hearing buyers say they’d prefer to buy at auction.”

Within the Place Bulimba office, Carla Haddan also clocked a top result for 73 Lancaster Street, Coorparoo, that fetched $1.32 million after six registered bidders battled it out before a local downsizing couple secured the winning bid.

Brisbane’s hot property

Wrapping up the top results was a stunning four-bedroom abode at 54 Linton Street, Kangaroo Point, which Simon Caulfield, of Place Estate Agents Kangaroo Point, sold under the hammer for $1.85 million following strong bids from four buyers.

The home sits on a 577-square-metre block and features a fresh-water pool and an expansive deck with soaring city views.

Brisbane’s hot property

Across Brisbane 59 per cent of the homes slated for auction were sold, compared with 45 per cent this time last year.


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Brisbane’s Office Market Greenlit for Business

Brisbane’s Office Market

Brisbane’s office market continues to shake off the pandemic doldrums with two new commercial towers approved in the CBD and fringe suburbs.

Property owner PGIM and development partner Indema’s plan for a bold adaptive reuse of a 1970s commercial building at 444 Queen Street has won approval.

The bronze 22-storey tower opposite Customs House will be stripped back to its core structure and completely remodelled with a new podium, curtain wall facade and an additional two-storey sculptural canopy.

Indema director Michael Bruderlin said they would be targeting a net zero certification for the building upon completion in the first quarter of 2024.

Bruderlin said Hutchies had been engaged in an early contractor design and construct contract to help de-risk the project and better understand the technical requirements.

The Fender Katsalidis-designed tower follows in the footsteps of another of its commercial adaptive reuse projects in Brisbane, Ashe Morgan’s Midtown, now the headquarters for Rio Tinto.

Bruderlin said retaining and repurposing the existing building is 400 per cent more environmentally friendly. Retaining the existing concrete structure provides a 70 per cent saving in embodied carbon.

The project will rejuvenate a 48-year-old building at the end of life into an A-grade commercial office asset and increase the net leasable area 40 per cent.

Bruderlin said the project would have a quicker turnaround than a normal demolish and build project and it would use clever design initiatives to increase floor plates and create a better value proposition for the asset.

PGIM purchased 444 Queen Street for $54.4 million from the Public Trustee of Queensland and Abacus Property Group in October last year.

Cornerstone has also won approval for a commercial development in the city fringe suburb of Fortitude Valley.

The Bureau Proberts-designed tower will capture the heritage brick character of the Fortitude Valley centre “borrowing from the intent of these buildings but with a stridently different and contemporary expression”, planning documents said.

“This approach is a deliberate counterpoint to the strong and solid brick structures of the immediately adjacent 47 Warner Street and McWhirters buildings.

“Brickwork or masonry is not used as a material in deference to these neighbouring buildings allowing them to become more evident and make a clear statement about the era of their inception.”

The 28-storey commercial tower at 251 Wickham Street features a stepped slanting facade fronting Warner Street, with a four-storey lobby, and an inverted podium.

There will also be a rooftop terrace, 20m pool and open-plan gym in the commercial tower, with retail offerings at the base of the building.

Brisbane’s metropolitan office market vacancy was at 16.3 per cent at the end of March and there were few transactions across the quarter, according to Colliers research.

But yields remained steady, and well above other capital cities, while incentives remained stagnant at 40 per cent.



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Developer Pitches for $130m Shop-Top Housing on Bayside

$130m Shop-Top Housing on Bayside

Brisbane’s bayside could be going up in the world with plans for $130-million highrise shop-top housing in the heart of the seaside suburb of Wynnum.

Brisbane-based developer Hambros has lodged plans for a 21-storey apartment tower on the vacant lot neighbouring the Wynnum Central Shopping Centre, after winning approval for an small extension to the retail centre late last year.

The development comprises a 6-storey retail and commercial podium, with a 275-apartment tower above, backing on to Wynnum Central Park.

Hambros has reportedly spent about $14 million on revamping the Wynnum Central Shopping Centre on Bay Terrace, as part of a $74-million plan to rejuvenate Wynnum, including cinemas.

According to planning documents lodged with the Brisbane City Council, the tower will be made up of 54 one-bedroom apartments, 148 two-bedroom apartments, and 67 three-bedroom apartments, with six penthouses, which will have private rooftop space and their own pools.

The building height is well in excess of the allowable five to eight storeys in the Wynnum Manly Neighbourhood Plan, but town planners Gateway Survey and Planning argued the plan was “outdated” and should be overhauled.

The six-storey podium would contain two levels of parking, a retail tenancy at ground level, a floor of retail, with two storeys of commercial space for office, healthcare and events space on levels 5 and 6.

Developer Pitches for Shop-Top Housing on Bayside Brisbane

▲ Shayher Group won approval for its redevelopment of Wynnum Plaza last year, which included 184 apartments across eight residential buildings.

In a statement to the council Hambros director Justin Ham said the Wynnum CBD had been left behind “with no development occurring in the last 20 years”.

“Our project is designed to put Wynnum CBD on the ‘open for business’ map,” Ham said.

“This landmark development, with a construction cost estimated at $130 million will have a huge financial and community positive impact on the Wynnum CBD and surrounding areas.

“It’s a once-in-a-lifestime opportunity to create a beautiful space overlooking the best bay in the world.”

Ham said the development would bring much-needed foot traffic to the heart of the Wynnum CBD and help bolster businesses and landowners he said were struggling to remain profitable.

Taiwanese developer Shayher Group won approval for a masterplanned retail precinct at Wynnum Plaza with plans for 184 apartments across eight residential buildings as well as boutique cinemas and increased retail space, reportedly worth more than $100 million.

Work on the Wynnum Plaza redevelopment was due to commence later this year with a completion date hedged for 2024.



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More room in the Brisbane property price bubble but get ready for a reckoning, says bank

Brisbane property price bubble but get ready for a reckoning

Brisbane’s house prices would continue to outpace the nation this year but a significant slump was near, according to the ANZ.

The bank’s economics team has revised its outlook for house prices and now tips a fall of about 3 per cent nationally this year followed by an 8 per cent fall next year. It had previously tipped a rise of 8 per cent this year and a fall of 6 per cent next year.

In Brisbane, the monthly growth rate has slipped down to about 2.5 per cent and ANZ expects a yearly rate this year of about 6 per cent with a fall of about 9 per cent next year.

The higher end of the market in Brisbane was also continuing to outpace the middle and lower price bracket in growth rates.

The downturn was being caused by higher interest rates and affordability issues and ANZ said the “wealth effect” would come into play which would spread the housing downturn to other areas of the economy.

“Falling house prices will weigh on consumer spending through the wealth effect, but high savings will provide a solid buffer,” ANZ said.

It expects the RBA cash rate to get to 2.35 per cent by mid-2023 while the market is tipping a 3.25 per cent. A cash rate of 2.35 per cent meant a variable rate mortgage of 4.75 per cent and a 3.25 per cent rate would increase variable loans to 5.65 per cent.

It said some people may struggle but forced selling because of higher interest rates was a low risk.

Meanwhile, CoreLogic said the Coalition’s plan to allow first home buyers to access their superannuation accounts to help pay for a house had some merit but there were downsides, including the possibility that it would only stimulate demand for housing and increase the cost “eroding some of the benefit of dipping into their super”.
CoreLogic worked out that under the scheme the median amount that could be accessed would be about $10,000, the equivalent of state-based first home buyer grants.
“CoreLogic data shows the current median dwelling value in Australia is $748,635, meaning the scheme could help increase the size of a standard deposit by around 1 per cent,” the company said.
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