Brisbane’s fast-growing reputation as a COVID-19-free haven brimming with bargain homes could spark a sizzling spring selling season despite dwindling auction numbers and decade-low property stock levels.
While home listings typically surge across the city during September, property punters believe cautious vendors will do little more than trickle back into the market over the coming months in direct contrast to skyrocketing buyer activity across the city.
McGrath Paddington’s Alex Jordan said expats and interstate buyers were particularly leading the charge coming into spring, fuelled by a desire to live in a pandemic-free metropolis with well-priced homes and an outstanding lifestyle.
“There’s a real appetite for purchasing and that’s unique [to Brisbane],” Mr Jordan said.
“Melbourne and Sydney are just not as resilient … and we are noticing a strong trend of expats coming back – in fact, it’s unprecedented.
“They look at us as a safe haven … and that’s adding to the buyer pool. But sellers are lagging.
“I think typically we see an increase in listings starting in September and normally that’s a noticeable trend but this year has been strange because we haven’t had that volume … in fact it’s the lowest in a decade.”
Only 42 homes will go up for auction across Brisbane on the first weekend of spring, compared to 59 at the same time last year, Domain research shows.
Despite the seller lag, the property pinch is being felt far more acutely in Melbourne, where 679 homes were put up for auction this time last year, with a mere 14 set to go under the hammer this weekend.
Christine Rudolph, of Ray White New Farm, said despite thin listings in Brisbane, home hunters were gearing up to pound the pavement during this weekend’s open homes and auctions, with the sheer buyer appetite sparking a domino effect of purchases and sales that would continue into spring.
“We are heading into the spring selling season with great confidence and, in fact, Eddie McGuire has done huge favours for Brisbane overnight by packing up his bags to move up here,” Ms Rudolph said.
“There is a national focus on Brisbane and [home hunters in] southern states are begging us for properties … and there are strong fundamentals driving the economy with the state government fast-tracking billions of dollars of infrastructure projects.
“People can see we have been a well-run and managed state and people just want to be here … we are in an enviable position. I expect that momentum to continue.”
Darren Piper, of Universal Buyers Agents in Brisbane, said while buyers were frustrated over the lack of stock on the market, he was quietly surprised at the stability of the real estate sector, with a growing number of property punters turning their gaze towards the Queensland capital.
“Brisbane is on the map now … and I think we will have an exciting couple of years,” Mr Piper said.
“You are getting a lot more bang for your buck [here] and it’s a really competitive market … I’m predominantly seeing interstate buyers from Victoria and that’s going to continue to grow because it’s not a case of if but when [the pandemic will end] and I think Brisbane is the place to be.”
Simon Caulfield, of Place Kangaroo Point, said while low stock levels would prevent a spring selling boom, he expected Brisbane’s market to mimic a slow burn right up until Christmas.
“We’ve never seen this lack of quality stock in the market … but [despite that], even in the past week we’ve had eight contracts under negotiation within 5 per cent of the asking price and some of those are in the $4 million range,” Mr Caulfield said.
“We could be on track to have our best September in four years – and I wasn’t expecting that.”
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$130 million Wynnum CBD apartment development proposed
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.
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.
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
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
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