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The city where house rents are growing fastest in Australia

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Rental prices for Brisbane houses have again skyrocketed to record heights, with new data revealing the Queensland hot spot outpaced every other capital in the country for annual growth last year, with experts warning there’s more to come.

Released today, Domain’s December 2021 Rental Report shows house rents rose on average by $20, or 4.3 per cent, over the quarter to $480, and by 12.9 per cent over the year to cement what is now the longest period of continuous house rent growth in the city’s history.

The second-best performing city was Canberra, where house rents rose by 12.5 per cent over the year to $675 per week.

For the Queensland capital, it’s also the biggest quarterly price jump in 15 years, with unit rents also rising by $10 over the past three months to reach a record high of $420 per week.

Brisbane is more expensive than Melbourne, Adelaide and Perth for house rents, with Canberra remaining the nation’s most expensive hub for tenants.

The report sums up a bumper year for Brisbane, with unprecedented rates of interstate migration fuelling record property price hikes that led to several suburbs across the city joining the million-dollar-median house price club.

Domain chief of research and economics Nicola Powell said the rate of migration, particularly from working families, placed pressure on the house rental market, and suggested the March 2022 quarter would likely mark yet another price milestone.

“Tenants could be staring down the barrel of weekly house rents of $490 or $500 over the next quarter,” Dr Powell said.

“We’re now in the busiest change period of the year and landlords can re-negotiate and they will be moving their rents to market rate.

“And with the international border re-opening hanging over our property markets, and with it the volume of overseas migrants moving into Australia … it’s going to place further demand on our rental and sales market.”

Dr Powell said all regions across Greater Brisbane climbed to record high house and unit rents over the December quarter, with a record rent price gap also clocked between house and unit asking prices.

“Families in their prime working years are the biggest demographic in terms of positive net influx into Brisbane and they want a family home,” she said.

“But I think this report really shows that Brisbane is in the spotlight. It’s got the highest rate of growth compared to any capital and it just pips Canberra. When you look at the other growth cycles like Perth, they’ve come off their peak.”

The report further revealed that house rents in the Queensland capital’s inner-city east region are now the most expensive, after prices climbed 3.2 per cent to $640 per week.

Houses featuring a pool and a big backyard with space to work at home are particularly hot property, Place Estate Agents Bulimba joint managing director Paul Curtain said, with tight vacancy rates pushing prices up by as much as 10 per cent in the past three months.

“At this time of year, you usually have tenants moving out leading up to Christmas, so maybe per 500 properties you’d have two or three per cent available for re-let but that’s now basically zero,” Mr Curtain said.

“So there’s the domino effect … but also there’s the need for people to have accommodation that has greater flexibility than normal … somewhere they can work, live and entertain from.

“And with the explosion of the current COVID variant, we’ve seen even greater numbers of inspections for both sales and rentals [for spacious family homes].”

Despite the pandemic sparking a lifestyle shift towards bigger homes with a backyard, Domain data released last week showed Brisbane’s inner-city region claimed the nation’s largest monthly decline in vacancy rates over December.

“For inner-city apartments it’s been a much better last three months. Vacancy rates have come down and rents have risen and we’re starting to see more investors come into the market place,” Ray White Inner City Brisbane principal Dean Yesberg said.

“There are a lot of Sydney investors and a lot of people from the Sunshine Coast. Their property prices have increased dramatically, so they are looking to invest here.

“The fact that development has been put on hold means I think we’re going to definitely see a supply issue and a shortage of new properties being built which will increase if we get international students back in soon.”

The Domain December Rental Report revealed houses in Greater Brisbane’s Moreton Bay North region collected the largest quarterly rent rise of 12.5 per cent (or $50) to $450 per week.

At the other end of the spectrum, units in Logan’s Springwood/Kingston region topped the list for affordability, after prices remained stagnant at $285 over the quarter.

 

Article Source: www.brisbanetimes.com.au

 

 

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Brisbane

Chelmer: Why locals won’t leave this riverside Brisbane suburb

Chelmer riverside

It’s a telling sign when families stay put in a certain place over multiple generations, where one’s childhood is made so complete, those who grow up there yearn to pass down this same upbringing to their own family.

This is certainly the case for Chelmer, a scenic suburb encased by the Brisbane River on three sides and known for its grand, quintessential Queenslander homes and laurel tree-lined streets.

According to Alex Jordan of McGrath Paddington, many locals in the area have been living in their homes for more than 40 years.

Often these homes are bought by the younger families who grew up in the area and are drawn back by the fond memories they hold.

“It’s very much a family-focused suburb; it’s the type of place where children still ride their bikes around the neighbourhood and families go for walks to simply admire the charming streets,” says Jordan.

Chelmer riverside

Median house prices in Chelmer have increased by 47.1 per cent year-on-year. Photo: Supplied

“The natural beauty, varied demographic, and desirable lifestyle are the key factors in Chelmer’s desirability, along with the great local schools and its own train station.”

Domain’s latest House Price Report reveals Chelmer’s median house price is $1.765 million, rising 47.1 per cent year-on-year.

In Jordan’s opinion, the suburb’s wonderful sense of community and growing amenities are what keep the buyers strong and unwavering.

“There are many restaurants and cafes to enjoy – such as Botellon Tapas & Wine Bar, Boucher French Bistro, Hunter & Scout Cafe – with most businesses being owned by locals who live in the area,” Jordan explains.

“The number of nice parks, including Graceville Memorial Park and ​​Gordon Thomson Park, leads many local families to become members of a variety of sporting clubs, ranging from cricket to rugby, which of course only adds to the area’s team spirit.”

Originally from country Victoria, Andrew Thomson has lived in Chelmer virtually all of his adult life, moving to the area 20 years ago, where he would buy a house and raise his family.

Having grown deep roots in the area since, Thomson is now the president of the local Australian rules football club – the Sherwood Magpies – a great hub for kids and adults alike, regardless of whether they play football.

“Chelmer’s strong sense of community is an integral part of this area, particularly during the devastation of the 2011 floods and the recent repeat of that on a lesser scale in 2022. When the clubhouse was threatened by rising floodwater, all it took was one quick post on social media and 100 people were there within 30 minutes ready to lend a hand,” recalls Thomson.

“It was amazing, though unsurprising to see, and it goes hand in hand with living in such a connected community and being part of a sporting club that sits at its heart.”

Given Chelmer’s abundance of green space and the clear separation thanks to the winding Brisbane River, Thomson notes how the area is akin to a peaceful peninsula, seemingly a world away from the city, but in reality, just a 10-minute drive from the Brisbane CBD.

“Ideal mornings may include a bike ride on the river loop or a stroll along the riverside, followed by a coffee stop at one of the many fantastic cafes,” says Thomson.

“Spring is particularly delightful, with great weather, the excitement of footy finals, and the smell of freshly cut lawns and suburban barbecues – it doesn’t get any better.”

 

 

Article source: www.domain.com.au

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Brisbane

Developers to swoop on one of the largest sites in the Woolloongabba Olympic precinct

Developers to swoop on Woolloongabba Olympic precinct

A large development site in the heart of the Woolloongabba Olympic precinct is up for sale, with price expectations in excess of $45 million.

The 1.28-hectare rectangular shaped development site at 73 Ipswich Road in Woolloongabba is expected to attract apartment developers given its central location at the heart of the planned infrastructure in the precinct.

The site has three street frontages, to Ipswich Road and Henry Street and offers multiple development outcomes including residential, commercial, medical and hotel, subject to council approval.

Knight Frank agents Blake Goddard, Christian Sandstrom and Matt Barker in conjunction with Nathan Moore of Ray White Commercial Bayside on behalf of the vendor, a local private.

Goddard said the property was one of the largest privately owned infill sites within a two-kilometre radius of the Brisbane CBD and was expected to be hotly contested by buyers.

“We expect a wide range of developers to be interested in this site, including residential, commercial, mixed-use and build-to-rent developers, due to its flexible zoning allowances,” he said.

“It is one of the largest privately-owned properties situated in the heart of the Woolloongabba Olympic precinct, close to the Cross River Rail and the redevelopment of ‘the Gabba’ stadium, and one of the most significant development opportunities to have hit the market in the last few years.

“Quality development sites are sought after in the current market, but this site will be even more attractive to a wide range of buyers due to the rarity of size and location. The Gabba stadium and surrounding precinct is set to undergo major transformation in the coming years with over $1 billion allocated to the precinct.”

Moore said the property benefitted from its three-street frontage, easy access to major. arterial roads including Ipswich Road and the M1 Pacific Motorway, and the fact that a majority of it was undeveloped.

“The property is set to benefit from its prime location underpinned by exceptional future development opportunities in the area surrounding the 2032 Olympics,” he said.

The site is surrounded by nearby  amenity including The Gabba, the Logan Road dining precinct and the Cross River Rail station upon completion.

“The three-street frontage site enjoys a strategic location within Woolloongabba, offering unrivalled amenity along with extensive surrounding transport infrastructure and development,” he added.

 

Article source: www.urban.com.au

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Brisbane

Residential Landscaping Ideas to Increase Your Brisbane Property Value

Residential Landscaping Ideas to Increase Your Property Value

One of the top trends in home renovations this year is to improve outdoor living – transforming spaces into inviting areas to maximise outdoor living and entertainment activities.  Residential landscaping, which can boost the value of a property in Australia, is one of those important transformations.

If done right, it can even increase the value of your real estate by up to 28%. From planting grass to creating a vegetable garden, there are several landscaping ideas that could make your backyard a delightful green oasis.

Residential Landscaping -Increase Your Brisbane Property Value

Well-Maintained Turf
A well-maintained landscape offers several benefits. It improves the curb appeal of a home and is pleasing to the eye.  In addition, it immediately increases the value of a home. Landscaping involves planting and maintaining grass on your lawn.  A manicured lawn is not only a sight for sore eyes, but it also enhances the overall appearance of a property.

However, before planting anything on your property, it is vital to prepare a coherent design and plan because a landscape that is assembled in piecemeal looks cluttered and unappealing. Hence, if you can afford to hire a professional landscape designer, do so because they can come up with a master plan that will make your yard look organized and beautiful.

It is also possible to do the landscaping yourself if you’re willing to do the extra work and effort. Even with a small budget, you can present a lovely landscape that looks well put together. Once you identify where to put your grass, ensure that it remains verdant and properly maintained.

Regular mowing, watering, weeding, and fertilisation are what it takes to keep your turf lush and green. Having the right type of grass also matters. For example, Buffalo and Couch are some types of grass that grow well in Australian conditions.

Trees and Shrubs
Second to a well-manicured lawn, potential buyers will also look at the maturity of a garden. Thus, plant trees and shrubs in strategic places, but before choosing the vegetation, ensure that you know which locations are sunny and shady in the garden. You can then choose the appropriate plants for those conditions. It’s also a good idea to opt for native plants.

They are easy to grow and are suitable for the challenging Australian climate. In addition, local plants support a healthy environment because you won’t need fertilisers and pesticides to keep them healthy, not to mention preserving biodiversity through a native garden.

Trees also make your home look fabulous in addition to providing shade, offering privacy, attracting bees, and creating shelter for birds. Consider planting a crepe myrtle, a hardy tree that gives stunning summer flowers and bright autumn foliage. It can be grown in the ground or pot.

Other species that will give a gorgeous vibe to your garden include the ornamental prunus, evergreen magnolias, frangipani, and blueberry ash. Don’t forget to make flower beds which can be a mixture of annuals and perennials to make your garden pop with colour.

Landscaping your property entails a concerted approach and effort to ensure a harmonious outcome. Maintaining a verdant lawn, planting trees and shrubs, and including flower beds are some ideas to improve the look of your outdoor space.

Article source: www.yourneighbourhood.com.au

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