Sydney siders are looking to buy property in southeast Queensland more than anywhere else in Australia, new data shows.
Exclusive research from Domain into out-of-area inquiries made by people living in Sydney has revealed that, last year, more than 50 per cent were looking at buying property in Queensland.
That’s up 5 per cent on 2017 inquiries and, so far this year, that figure is increasing again.
The highest proportion of those inquiries was to Brisbane (21.5 per cent), followed by the Gold Coast (15.3 per cent).
Only 25.7 per cent of Sydney buying inquiries were made to Victoria and, moreover, that figure has been falling since 2017.
It’s in line with ABS figures released last week, which showed the top three areas with the biggest flow of interstate migration.
Brisbane had the most by far, followed by the Gold Coast, Sunshine Coast and then Melbourne – while Sydney had a net loss of -27,300.
Domain data scientist Eliza Owen said the figures pinpointed exactly where the growing interest was in Queensland.
“We can track where those inquiries are increasing and decreasing, and can see that the portion of people looking to buy in Queensland has increased over time and overtaken Victoria,” she said.
“The Gold Coast in particular has had strong growth over the past couple of years and we can see the increase in inquiries has grown at quite significant levels and is continuing well into this year.”
Kristi and Lance Burrows were happily renting a small townhouse in Mona Vale, in Sydney’s northern beaches, when Lance was offered a job in Brisbane last year.
“We originally turned it down because I was heavily pregnant with our second child but then we toyed with it a bit more … the lifestyle in terms of being right in the middle of Byron Bay, Noosa — and the property market, we could buy somewhere, which was a massive incentive,” Ms Burrows said.
The couple took a leap of faith and moved with their two small children, Kingston and Ruby, and settled in Balmoral, in Brisbane’s exclusive inner east.
After renting for a few months, they purchased a two-bedroom weatherboard cottage on 430 square metres of land — and plans are already in motion for an extension that will bring the footprint to four bedrooms, two bathrooms and a pool.
Mr Burrows, general manager at Howard Smith Wharves, catches the ferry to work every day and Kristi has just started a part-time job two days a week.
Achieving the equivalent in Sydney would have been a pipe dream, Ms Burrows said.
“If we were still in Sydney? We would have still been renting. For us to purchase in the northern beaches we would have had to put another $1 million in front of what we paid here,” she said.
“For us to buy in Sydney I would’ve had to work full-time and for a good five years with both our wages to save for a deposit. So the reach was really far; it was not something we could’ve realistically done.
“I had a friend who spent just under $1 million for a teeny townhouse in Narrabeen. We bought a free-standing house for well under that, and even after we renovate we will have only spent the same — and we’ll have four-bedroom home with a pool, four or five kilometres from the city. That’s why we’re still here.”
Demographer Mark McCrindle said it was clear that people were looking for alternatives to the cost of living, the congestion and the sheer size of the city.
“Sydney, while Australia’s largest and most global city, is losing numbers and the data shows it’s those in western Sydney that are more likely to move,” he said.
“Those southwest areas — Parramatta, even the inner west — that’s where the biggest exodus is coming from. It’s those who are the furthest out with the worst commutes who are questioning a lifestyle change.
“The buy data is fascinating — it’s a little more aspirational. They’re dreaming about their ideal new life and it’s all a story of southeast Queensland.”
Meighan Hetherington, director and buyers agent at Property Pursuit, said she saw two key groups of Sydney buyers in Brisbane.
“One of these groups is the buyers who want a lifestyle change and that mortgage relief,” she said.
“They’re selling out of their Sydney asset and looking for mortgage-free purchases, which allows them to step out of that corporate lifestyle, step back from working 60 to 80 hours a week to come back and focus on spending more time with family.”
The main other type of Sydney buyer was investors with a budget of $800,000 to $1 million, Ms Hetherington said.
“They’re sophisticated investors with a plan to invest in high-quality assets in Brisbane,” she said.
“They’re not the entry-level investors who we saw buying up cheap properties around Logan, Ipswich and Stafford around 2016 — a lot of these investors are buying in Brisbane on the advice of financial planners who have identified Brisbane as having a stable economic base and that steadier growth over the long term.”
She said they’re making conscious decisions to buy properties where the land value content is high.
“They’re buying in more of the key suburbs like Paddington, Wilston, Grange, Balmoral, Red Hill, and because of that, rental income or yield is a low priority,” she said.
“They’re focused on capital gains, so they want to buy low-density, entry-level character cottages on good land.”
Shannon Harvey of Place Estate Agents Bulimba sold the Burrows’ their Balmoral home and said it was more than just cheap housing that was drawing Sydneysiders to Brisbane.
“They can see the value and yes, Sydney isn’t performing well but there is more to it than that,” she said.
“Brisbane has become a really dynamic place to live, there’s a lot of infrastructure going on and there’s work here. It’s the lifestyle.
“Bulimba State School had 25 new families join the school from interstate this year. I mean, it’s huge. People from Sydney love this area because it’s on the river, it’s got the original cafe strip culture and it’s tight-knit.”
Ms Burrows said there were certainly things she and her husband missed about Sydney.
“We miss the beach being so close, like on our doorstep. We were pretty spoilt with where we could go from where we lived. That’s the biggest miss for us, being by the water,” she said.
“And having our friends close by as well. That said, everyone is so busy in Sydney. We miss our friends but how often would we have seen them?”
Mr McCrindle said despite the negative flow away from Sydney to interstate locations like southeast Queensland, it was still Australia’s global city.
“People haven’t quit on Sydney. It’s still Australia’s economic gateway — but it’s almost a victim of its own success,” he said.
“We’ve had a fair bit of catch up on infrastructure the past five years and it will take another 15 to get there but if we fast forward another couple of decades, we’ll see Sydney shine again.
“With that international brand and a nation-leading economy, it will get back there.”
Waterfront wonder: see why this rare Pelican palace is going to be irresistible to lifestyle lovers
A rare, palatial waterfront beauty is about to become someone’s new dream home on the Sunshine Coast and smash the sale price record for its coastal suburb.
The private oasis that is 43 Pelican Waters Boulevard, Pelican Waters, commands attention among other resplendent homes in the coveted area.
The five-bedroom, three-bathroom property sits on the largest waterfront allotment in Pelican Waters at 2492m2.
It has everything grand property wishes are made of, ticking all the boxes for desirable coastal living – space, privacy, convenience and location – with the added bonuses of being north-facing, with absolute water frontage on the widest canal.
Adams & Jones is marketing the property in an Expressions of Interest campaign that closes at 5pm on June 7.
While agent Karen Jones did not wish to pre-empt the success of the campaign, she expects the final sale price to be the talk of the town.
“We certainly expect it to be a record sale for Pelican Waters, deservedly so,” she said.
“So far, the response has been very positive.
“I am organising private inspections by appointment only for this home.
“Given the size of the land and all the extras, some of the private inspections I have had so far have taken an hour-and-a-half.”
Lifestyle and luxury are taken to the next level. This is more like your own tropical resort complete with enviable recreation facilities.
The colossal in-ground infinity pool is joined by a full-size flood-lit tennis court and mini putting green.
This boat owner’s paradise also has about a 49m frontage with private pontoon to the ocean-access canal to glide around pristine Pumicestone Passage or cruise out into the deep blue.
The water-fun possibilities are endless for those with SUPs, jet skis, kayaks or surfboards.
And there’s room for four cars plus a motorhome, or boats and trailers.
Unwind beneath the canopy of the trees, sit back and take in the breathtaking water views across the canal, dine in a romantic setting at the water’s edge or reconnect with loved ones in the large outdoor living zone complete with weatherproof roofing.
But the elegantly remodelled and beautifully styled, two-storey residence also offers grandly proportioned interiors behind the gated entrance and long and winding walkway to the front portico.
A statement chandelier over the central table is an eye-catching addition to the entertainer’s kitchen that also boasts stunning engineered stone, integrated appliances and expansive storage solutions, including a separate bar area.
While all five bedrooms are well-proportioned, beautifully appointed and offer French doors to private balconies with sparkling water views or a private outlook over the estate, the master retreat is a stand-out in comfort.
And its luxurious ensuite has a free-standing bath to soothe weary souls that looks out to the waterfront landscape.
French Oak flooring, luxe finishes and inviting spaces to relax and entertain help define the home’s immediate sense of warmth and comfort.
The separate air-conditioned office with independent access is ideal for a home business, with its own shady outdoor lounging area and meeting table.
Other features include: ducted air-conditioning, vacuum system, security and intercom.
“For me, I love the space and privacy provided by all the established trees and gardens,” Ms Jones said.
“It really makes it feel like an oasis on the water.
“Although you are walking distance to Golden Beach and Pelican Waters shopping centre and the coming marina, it doesn’t feel like you are in the suburbs.
“It is very rare to have 2492m2 of north-facing waterfront. That is very hard to find anywhere on the Sunshine Coast.
“The home was designed by Trevor Reitsma and the current owners have done a beautiful renovation, keeping true to the style and grandeur of the home but giving it a lovely relaxed, coastal vibe.”
Ms Jones said the current owners previously were living in the hinterland on more than 40ha (100 acres), and while they had “loved their time” on the largest waterfront block in Pelican Waters, they wanted to return to acreage living.
In their time by the water, they had seen the potential of the “faded beauty” they had purchased and completely remodelled and renovated the property to their own grand designs with luxury finishes.
With the property’s immaculate presentation, interest had been strong from prospective buyers.
“We have had an ex-pat with a family very interested, as well as a couple returning from working in the US for 20 years, families from Brisbane and families from other parts of the Sunshine Coast,” Ms Jones said.
“The size of the home and the rare block size have both been very important aspects of the buyers’ interest so far.
“It will be very interesting to see who the lucky buyers will be.”
Article source: www.sunshinecoastnews.com.au
For sale: Inside Australia’s version of The Great Gatsby mansion
In the luxury stratosphere of real estate, privacy is even more valuable than glittering views, blue-ribbon street addresses and the imported flourishes that crown every surface.
And so it is with Australia’s version of The Great Gatsby mansion.
This unique estate, on the market in Queensland, has a cinematic quality.
Here, the water fountains in the vast grounds are controlled by Bluetooth. Flick a switch for instant cocktail-hour ambiance.
In the suburb of Robertson, with intentionally little else to pinpoint its location, is this an estate of epic scale and glamour.
The listing does not mention the street address, or provide a floorplan, and there are only eleven photographs (none of the living zones, and most of the exterior) which adds to the intrigue and sense of exclusivity.
The chandeliers are bespoke, the tennis court is “championship” size and the pool house has a kitchen for parties, “his and her bathrooms” and three options for a dip – a 25-metre pool with three lanes, a spa and a cold plunge pool.
Paths and driveways curl around impeccable, verdant gardens with razor edges, reminiscent of Jay Gatsby’s estate in Baz Lurhhman’s 2013 movie starring Leonardo DiCaprio. The exterior shots for the film were of St Patrick’s Seminary in Manly, Sydney.
The Robertson estate is on the books of Place Estate Agents’ Patrick McKinnon, inviting expressions of interest.
No price guide has been given.
Mr McKinnon told Nine the level of seclusion and privacy attached to the home – which he dubbed “Brisbane’s best-kept secret” – is what held “huge” appeal for prospective buyers in this level of the market.
Boomers a ‘Force of Change’ in Retirement Property Market
As teenagers they invented pop culture and now—much older, collectively wealthier and arguably wiser—they are defining a new age group and re-inventing retirement living.
Millenials may have surpassed them in numbers but baby boomers are still having significant influence on world economies and trends—not least in the property market.
“The baby boomers are coming through and have become a force for change in the seniors’ market,” said Cameron Kirby, managing director of Kirby Consulting Group, a retirement and aged care specialist.
“The more progressive operators are definitely getting their ducks in a line.
“And there’s a lot of developers interested in dipping their toes in the market for the first time, some of them with more than 30 years’ experience in the development industry, because they can see there is huge opportunity.
“[But] many developers that want to enter into this space are probably a bit reticent because they’re worried about the complexity of it, they’re worried about the unknowns.
“The opportunities, however, far outweigh any of their concerns.
“And if you’re offering what the market wants, you’re going to be successful.”
Kirby will be a speaker at The Urban Developer Developing For An Ageing Demographic vSummit on April 28.
“The sector is continuously changing,” he said.
“You’ve got land lease communities and over-55 developments that have been moving into the traditional retirement village space.
“And, at the moment, there’s a lot of talk about integrated care in retirement living with a greater weighting on having more retirement villages and less aged care.”
Last year, a survey by benchmarking firm StewartBrown showed 58 per cent of aged care homes were operating at a loss, up from 55 per cent the previous financial year, and 32 per cent made a cash loss.
“Aged care has got some major challenges … but in the meantime there’s also the baby boomers coming through,” Kirby said.
“What I’ve seen over the last 10 years is a bit of a slide where low-care people that used to go into aged care are more likely to go into retirement villages and, equally, people that used to go into more traditional retirement villages are now probably more interested in moving into land lease communities and over-55s concepts.
“Land lease communities are growing very fast and are hugely attractive, there’s no doubt about that … but retirement villages have upped the ante enormously as well, they tend to offer much more wellness and are moving more towards the care side of things.
“Certainly, operators who are offering care in retirement villages are going from strength to strength.
“There’s an increasing amount of quality retirement villages with hotel and resort-style living and state-of-the-art amenities coming online. Pools, gyms, spas, saunas, cinemas, you name it they’ve got it.
“But those retirement living operators that have a full continuum of care solution that’s what the market is demanding … [the boomers] know they’re going to need some support down the line so they’re planning for their future.
“It really doesn’t matter, however, whether you’re doing aged care, retirement, over-55s or land lease community … because demand is outstripping supply. There is a market for all of those and they attract very different types of buyers.”
Kirby said given Australia’s ageing demographic, the seniors and retirement market was a “much more defensive proposition” for developers.
“Just as healthcare is a defensive stock on the stock market, I think seniors living is a much more defensive play in the property sector,” he said.
“It tends to be more needs driven than what a straight-out residential property play would be.
“And so, I think if we are going to be headed towards a softer property market this is an area that can really shine because seniors will still have the wealth and will still want to move and look at downsizing opportunities.”
Article Source: www.theurbandeveloper.com
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