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The richest streets in Brisbane, revealed

richest streets in Brisbane

There is always a lot of attention on Sydney and Melbourne’s affluent areas and property markets, but what about the wealthy Australians in Brisbane?

Where do they live?

Brisbane’s property market were very resilient during the challenges of 2020 and now Brisbane housing values are going gangbusters.

The recent increase has pushed dwelling values to a new record high for the area.

With median prices in Brisbane, at around $520,00, being far less than those in Sydney or Melbourne the ‘affordability factor’ of lower property prices is driving more investment into the area and more interest from highest-earners who are able to get more bang for their buck.

Unfortunately Queensland postcodes didn’t feature on the ATO’s recent top 10 suburb rich list, but there is an abundance of wealthy residents and high priced properties, so with the help of realestate.com.au, Domain Group and census data, I’ve put together my own list of exclusive areas where Brisbane’s richest call home and then I’ll reveal the top 10 Brisbane streets.

4005 (Teneriffe, Inner Brisbane)

richest streets in Brisbane

Population: 5,341

Median income: $127,972

Median house price: $1.962 million

According to Corelogic data, the Inner Brisbane suburb of Teneriffe has the highest median house price of any area across the Queensland capital.

Despite being an industrial town in the past, the proximity to the city and riverside views has made it ideal for affluent, young Australians with average ages of just 20-39 and median annual incomes of $127,972.

With few houses in this inner city location, the median house price comes in at a whopping $1,962 million.

However, even units in Teneriffe are more expensive than the rest of Brisbane with a median of $570,000.

4155 (Chandler)

richest streets in Brisbane

Population: 1,453

Median income: $128,752

Median house price: $1.6 million

The exclusive suburb of Chandler is a high-demand market with an impressive median property price of $1.6 million to match its median resident income of $128,752 per year.

The peaceful and secluded semi-rural suburb consists largely of bushland and residential properties on acreage and is close to Brisbane’s major commercial precincts of Carindale and Capalaba and the CBD is just 20 minutes away.

4171 (Bulimba)

richest streets in Brisbane

Population: 6,851

Median income: $126,516

Median house price: $1.31 million

Builmba’s leafy streets and large blocks attract the Queenslanders able to spend big on impressive houses and an elegant lifestyle.

Sitting just 4km from the city and with all the amenities you could ever need, Bulimba is popular with young and established professionals.

Bulimba houses are seeing an impressive amount of interest with an average of 432 visits per property listing, way about the state average of 374.

With its close proximity to the city and gorgeous waterfront cottages, Bulimba has a median house value of $1,31 million and residents earn an average $126,516 per year.

4007 (Hamilton)

richest streets in Brisbane

Population: 6,984

Median income: $98,488

Median house price: $1.48 million

Despite a slightly lower median resident income of $98,488, Hamilton houses alone have grown 9% over the last five years to a median of $1.48 million.

The affluent and upscale postcode is popular for riverside high-end dining and a hip weekend food market with live gigs attracting a young average resident age of 20-39.

4005 (New Farm)

richest streets in Brisbane

Population: 12,534

Median income: $93,704

Median house price: $1.6 million

Once the humble home of immigrants and workers, New Farm is now popular and low maintenance living for people who like food, fun and farmer’s markets right on their doorstep.

Thanks to the increasing desirability of the area, New Farm has enjoyed an enormous 442% price growth in its property in the last 20 years as some of Brisbane’s high-income earners flock to take advantage of the exclusive lifestyle.

Like Bulimba, property demand in New Farm is strong, with realestate.com.au recording 674 visits per property for listings in the area, nearly double the Queensland average of 374.

Here are the top 10 most expensive streets in Brisbane.

richest streets in Brisbane

Article Source: propertyupdate.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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Brisbane

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.

 

 

Article source: www.theurbandeveloper.com

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