Unlike the madness we saw throughout last year, the property market headlines in 2022 have been littered with talk of growth slowing, stagnating or even reversing.
While that may be the case in some locations, there are still hundreds of suburbs scattered all around Australia where median house prices have soared more than $100,000 in the first three months of the year alone.
Here we highlight some of the surprising suburbs that have delivered outstanding house price growth for 2022 so far.
Brisbane & Queensland
As the top-performing state over the past six months, it’s no surprise that there have been close to 80 Queensland suburbs where house prices have risen by more than $100,000 in the first quarter of 2022.
Whether it’s regional or metropolitan areas, the state’s South East has been the major hotspot for growth.
In Brisbane, house prices in the riverside Hamilton soared above +62 per cent in the three month period. Enoggera, Seven Hills and Kenmore also hit massive new highs.
Buddina and Mooloolaba on the Sunshine Coast exemplified the region’s huge demand while Ormeau Hills and Burleigh Heads delivered stellar growth for the Gold Coast.
Even rural Woodford was one of the state’s biggest movers with gains of more than +42 per cent.
As the data shows, there are plenty of locations in every state that have continued to turn in remarkable levels of growth in 2022.
With interest rates tipped to rise within months and new listings increasing all the time, though, the number of suburbs experiencing gains of that magnitude may begin to dwindle as the year goes on.
While there’s no knowing for sure what the future holds, sellers considering listing at some point in 2022 may be best positioned to do so sooner rather than later.
Getting a free estimation of your home’s value and speaking with a top local agent to understand current and future market conditions in your suburb are two of the best ways to start the process on the right footing.
Article Source: www.openagent.com.au
Brisbane’s Office Market Greenlit for Business
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.
Article source: www.theurbandeveloper.com
Developer Pitches for $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.
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
More room in the Brisbane property price bubble but get ready for a reckoning, says bank
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.
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