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How Brisbane’s new infrastructure could affect property prices in the middle-ring suburbs

Brisbane’s infrastructure

House prices in key pockets of Brisbane’s inner and middle rings are set to climb even further off the back of major precinct renewals and transport infrastructure projects.

According to property experts, the hot spots earmarked for major growth over the next four years include suburbs in and around Albion, Woolloongabba, Yeronga, Nundah and Clayfield thanks to the Cross River Rail and Brisbane Metro — with these suburbs already clocking price growth of up to 20 per cent in the 12 months to December last year.

CoreLogic property research director Tim Lawless said houses in those prime patches were poised to reap major benefits by 2025 – growth that could be further fuelled by record-low stock levels and interstate migration.

‘’Having a detached house in an inner-city precinct that is undergoing renewal is a little piece of gold,’’ Mr Lawless said.

‘’Houses are generally showing a much stronger performance than apartments which highlights two things – one is the scarcity.

‘’The other is the land value which is likely to keep going up, more so than apartments because it will have the development potential behind it.”

Mr Lawless said the ripple out effect along the Cross River Rail and Metro spines meant middle-ring neighbourhoods would also benefit from improvements to transport and amenities – factors that were not just set to spark soaring prices, but increased liveability in the city’s once sleepy pockets.

According to the latest data from Domain, which clocked house price growth over the 12 months to December last year, median house prices in Yeronga led the charge after they rose an incredible 20.8 per cent to $960,000. Clayfield house prices rose by 9.5 per cent to $1.15 million while Nundah clocked growth of 12.5 per cent to bring house prices up to $762,000.

Precincts surrounding Boggo Road, Dutton Park and Woolloongabba stations have also been pegged for a major revamp (that will fuel house prices), alongside six railway stations on Brisbane’s southside – including Yeerongpilly, Yeronga and Fairfield. In the city’s inner-north ring the year-round Ekka station at Herston will further provide more trains to nearby Albion.

The $1.2 billion Brisbane Metro’s 21-kilometre route, with 18 stations from Eight Mile Plains to Roma Street, will link with Cross River Rail at Boggo Road and Roma Street, with the $5.4 billion Cross River Rail including high-capacity stations situated within key inner-ring suburbs.

‘’Suburbs like Moorooka, Salisbury and Rocklea are really well positioned for medium density developments that capitalise on the transport upgrades, because there are big working populations in those areas,” Mr Lawless said.

Ray White Metro North principal David Treloar said while these key suburbs were poised to soar, the rapid rise was already under way with buyer demand surging in the past two months.

“A really good example of that growth is we sold a house in Grove Street in Albion recently for $967,000 that had 30 registered bidders and this was a home that would have sold for $150,000 less than 12 months ago,” Mr Treloar said.

Brisbane’s infrastructure

Albion used to fly under the radar but not anymore. Photo: Tammy Law 

“Lack of supply and low interest rates (have fuelled that growth) but also the new developments that have further increased the liveability.

“Before that Albion was flying under the radar and it wasn’t a destination suburb but it’s only three stops into the CBD and thanks to the new the precincts such as Collingwood Street it’s going to continue to grow.”

He said home-owners in that patch were indeed sitting on a pot of gold, with Windsor and Lutwyche two other suburbs that were “sleeping giants” set to soar thanks to the bus network and tunnels.

Mr Treloar tipped Wavell Heights and Virginia as two other hot spots to watch, thanks to increased infrastructure and easy access to the train lines.

Jane Elvin, of LJ Hooker Annerley/Yeronga, said major growth had already been clocked in her two suburbs in the past year and showed no signs of slowing.

“2020 was my biggest year in 10 years of real estate. I had the highest amount of sales,” Ms Elvin said.

“And, I particularly saw that in Yeronga and Fairfield. Yeronga has been off the radar and not that prominent (for many years) because we didn’t have big restaurants like Bulimba and the river stops that connecting traffic, but now things are happening with the Yeerongpilly Greens and the Cross River Rail.

“My volumes of calls are 10 times what they were even from just two months ago.”

Brisbane’s infrastructure

28 Hewitt Street Wilston QLD 4051 

Wilston, another hot suburb that’s set to benefit from the Wilston Village Precinct project, has already witnessed a surge in buyer demand. Long-time local Matt Hitchcock said the leafy pocket, which was once just dairy farms, was now a thriving neighbourhood still brimming with untapped potential.

Since his parents recently died, he and his brother have decided to sell their incredible family home at 28 Hewitt Street through Ian Cuneo, of Ray White Ascot, and since plating up the abode for auction just two weeks ago he said buyer demand for the grand old Queenslander had been strong.

“We’ve lived in that house since 1968, but in the past five years Wilston has been on the increase,” Mr Hitchcock said.

And, with the sprawling old abode, which was built in 1903, sitting on a rare 1113-square-metre block, he said buyers were nothing short of excited to pounce on the quintessential Queenslander in a patch of Brisbane that’s set to soar.

“We’ve had interest from well outside of Brisbane as far away as Melbourne,” Mr Hitchcock said.

“The house is literally a two-minute walk from the railway station the infrastructure there in the centre feels romantic to me (as well),” he said.

While he the popularity of the fast-growing suburb had fuelled demand for homes in the area, he said that this family home was infused with history on such a large block was a major drawcard.

 

Article Source: www.domain.com.au

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Brisbane

$130 million Wynnum CBD apartment development proposed

Wynnum CBD apartment development, Ora tower

The Brisbane-based property developer, HamBros, led by local developer Justin Ham, has lodged plans for a 27-level mixed-use development in the heart of Wynnum.

Ora, which will spread across a 7,278 sqm site at 74 Charlotte Street and 89 Bay Terrace, will be built behind the existing Wynnum Shopping Centre.

Ora, meaning ‘edge’ in Latin, has been designed by Ivory Collective and will comprise 275 apartments, with the amalgamation also planned to be home to retail space, as well as two-levels of commercial space.

“Ora is a development that intertwines the beautiful bayside environment of Wynnum with the ease and luxury of unit living,” architecture firm Ivory Collective noted in their design statement in the development application.

There will be 275 apartments in the development, made up of 54 one-bedroom, 148 two-bedroom and 67 three-bedroom apartments, along with six three-bed plus multi-purpose-room penthouses.

Ora’s floor plate is designed to orientate and capture as much of the East as possible, allowing for maximum exposure to the easterly breezes and bay views.

Wynnum CBD apartment development, Ora tower proposed

A full recreation level is planned for level five, with a 528 sqm restaurant and bar, set around an expansive pool terrace as well as a wet deck, space, sauna and steam rooms, private cabanas, a cinema, barbecues, meeting rooms, wine rooms and function spaces.

“The recreational level on Level 5 creates a space for both the public and residents alike to enjoy the beautiful bay views and surroundings,” the statement added.

Drawing inspiration from the Wynnum foreshore in both its material and palette and building form, Ora is made up of clean off-white concrete and bronzed feature cladding and batten, reflecting the warmth and clarity of the Wynnum/Manly beach front, Ivory Collective noted.

Article source: www.urban.com.au
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Brisbane

Barwon secures Princess Alexandra Hospital car park

Barwon secures Princess Alexandra Hospital car park

Barwon Investment Partners has snapped up a multi-level car park and medical centre on a site with significant development upside opposite Princess Alexandra Hospital.

The Woolloongabba asset at 250 Ipswich Road is setting the healthcare focused fund manager back around $95 million, reflecting a circa four per cent net passing yield.

The property contains an eight level, 773-bay garage attached to a two floor wellness centre with 21 tenancies, anchored to Gabba Dermatology, Brisbane Cardiology and Allied Health; the Weighted Average Lease Expiry is nearly seven years.

A pedestrian overpass connects the building to the Princess Alexandra Hospital, also a major teaching campus, employing 6810.

The 5106 sqm block has significant upside – up to 15 storeys based on its zoning, according to JLL’s Seb Turnbull, Elliott O’Shea and Simon Quinn, who marketed the asset with a Blight Rayner scheme.

BIP invests again

Established in 2006, BIP holds a property portfolio worth $2.3 billion.

Its medical related product, much held in a Healthcare Property fund, is priced at about $1.4b as at March, 2022.

Seven months ago, for the trust, the manager paid Forza Capital $34.7m for a South Brisbane medical centre – not far from 250 Ipswich Rd – and two Canberra assets including Belconnen’s Ginninderra Medical & Dental Centre on nearly a hectare.

Also late last year BIP spent $75m for a 12 level St Kilda Rd office majority leased to Alfred Health.

More to come.

 

 

Article source: www.realestatesource.com.au

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Brisbane

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.

 

 

Article source: www.theurbandeveloper.com

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