Brisbane to lead the nation in house price growth as property market finally heats up

first_imgAnalysts are forecasting big things for Brisbane’s housing market. Photo: Jodie Richter.That’s a phenomenal improvement for a city that saw just 0.3 per cent growth in home values in the past 12 months, according to property researcher CoreLogic.The sunshine state is finally starting to see a boost in interstate migration — particularly from New South Wales — with prospective buyers lured by its comparative affordability.The latest Australian Bureau of Statistics figures show Brisbane had the highest internal migration rate of any Australian city during 2016-17, with 10,500 Sydneysiders and more than 6400 Melburnians making the move here. 10 PRICIEST SUBURBS TO RENT IN QLD BIS expects Brisbane house prices to grow around the level of inflation (2—3 per cent per annum) to 2019/20, before stronger growth of six per cent is forecast in 2020/21. “Some green shoots look like they are starting to emerge in the Brisbane market,” BIS senior manager Angie Zigomanis said.“However, any upturn is likely to be delayed until economic conditions pick up and excess stock is further absorbed.” Brisbane house price growth is set to lead the nation in three years, according to BIS Oxford Economics. Picture: Richard Walker.‘PATCHY’, ‘flat’, ‘tepid’ — these are just some of the less than flattering buzz words used to describe Brisbane’s housing market in recent years.How does ‘hot’ sound instead?While the powerhouse property markets of Sydney and Melbourne have been basking in the glory of unsustainable house price growth, the Queensland capital has been waiting calmly in the shadows for its time to shine.And that time has come. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Analysts are forecasting big things for Brisbane’s residential property market, thanks to a slowdown in construction coupled with a boost in interstate migration and economic growth. In its latest report, industry forecaster BIS Oxford Economics predicts Brisbane will experience the highest house price growth of all capital cities over the next three years — jumping 13 per cent, or $70,000, to a median of $620,000. A house for sale in the Brisbane suburb of Stafford. Image: AAP/Glenn Hunt.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoSome areas are set to perform better than others, with the latest CoreLogic-Moody’s Analytics report forecasting a rise in home values in Brisbane’s inner and west markets and a modest decline in the southern suburbs of Carindale, Holland Park and Sunnybank, where values have already run hard — up 40 per cent since mid 2012. MILLIONS CHANGE HANDS DURING HUGE AUCTION WEEK CoreLogic found Brisbane’s middle valued suburbs recorded the strongest growth in the 12 months to March this year, while local prestige real estate agents say 2017/18 has been one of their strongest years ever when it comes to the top end of the market.They’ve noticed more properties selling above $4 million, as Sydney and Melbourne buyers recognise they can get a lot more bang for their buck in Brisbane.center_img This home in the Brisbane suburb of Ascot just sold for $4.25m.BIS Oxford Economic’s analysis follows reports last week where ANZ, Macquarie Securities and UBS issued favourable assessments of the Brisbane residential market, while the global ratings agency Moody’s Analytics declared the worst was over for Brisbane home values.ANZ sent east coast homeowners into a panic last week when it predicted Sydney and Melbourne house prices would likely slump 10 per cent, but it had no such bad news for Brisbane. WHAT QUEENSLANDERS WANT IN A HOME ANZ senior economist Daniel Gradwell said Brisbane’s improving economy and population growth would keep it “insulated” from the impending property correction in its neighbouring cities.“We’re seeing demand is picking up now because Brisbane and the rest of Queensland’s population growth is really improving and confidence is pretty strong and that’s likely to accelerate,” Mr Gradwell said.In good new for property investors, rental vacancy rates are also declining, marking a significant turnaround in Brisbane’s rental market.“We believe that a rise in interstate migration is lifting population growth rates in Brisbane plus the peak in unit completions is creating this turnaround,” SQM Research managing director Louis Christopher said.Both the Gold Coast and Sunshine Coast have experienced significantly stronger house price growth than Brisbane since 2012, according to BIS Oxford Economics.That price growth is expected to slow due to rising supply, but BIS still expects house prices to increase another 6 per cent in both markets by 2021.It appears the downturn has finally stabilised in the wake of the mining boom in Townsville, with the median house price on track to rise by 9 per cent over the next three years thanks to an improving unemployment rate and rising tourism arrivals.The Cairns market looks to be running out of steam after steady price growth to 2017, with price growth set to remain flat in the near term.last_img read more

Townsville’s rental market remains one of the most affordable in the state

first_imgREIQ Townsville Zone Chairman Wayne Nicholson, is urging southerners to move up North where it is more affordable to rentTOWNSVILLE is one of the most affordable places to rent in Queensland, according to a new report that compares household income with rent prices.The 2018 Affordable Housing Income Gap Index by non-government social housing provider Compass Housing Services revealed Townsville as the seventh most affordable place to rent in Regional Queensland.According to the report, communities where the median rent was more than a third of the median household income were in rental stress.The median rent in Townsville is $295 a week compared to the median weekly income of $1300 meaning on average Townsville renters are only using 23 per cent of their income to pay the rent.Gladstone was the most affordable in Regional Queensland with a median rent of $200 compared to the median income of $1513 with rent only taking 13 per cent of the household budget.In comparison if you want to live in the Brisbane suburb of Eatons Hill you’ll need to be earning $1700 to pay the weekly rent of $510 however residents are only earning $1312 meaning 39 per cent of income is being used to pay the rent.Further south Sydneysiders renting have ti even worse with residents living in some suburbs having to use more than 40 per cent of their income for rent.REIQ Townsville zone chairman and First National Nicholson principal Wayne Nicholson said southerners struggling to pay their rent should consider a move to North Queensland.“We offer great value both in rentals and purchasing property,” he said.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“We have very cheap accommodation her compared to the southern markets although our unemployment is also high.“With vacancy rates sitting at just over 3 per cent we are starting to get a bit tight on the ground but a lot of agents still have properties with four or even five bedrooms for $400 or $500 a week.”Mr Nicholson said residents could expect rents to rise if unemployment continues to fall but Townsville had a long way to go before rent prices reached the levels of Sydney and Brisbane.Charters Towers also made the top most affordable places to rent with the median rent $230 compared to household income of $938.Townsville MP Scott Stewart said Townsville was a great place for residents format he south — east to move to if they were considering a sea change with affordable housing, a laid back lifestyle and more employment opportunities on the horizon as major projects kick off.“When you look at the quality of housing, the cost of living and the lifestyle Townsville is head and shoulder above anywhere else,” he said.“We came here as a family because it has everything you could want without the coats and congestion of the south-eats corner.“Boom times are certainly come for Townsville … we’ve been predicting an avalanche of jobs and it’s certainly on the way.”last_img read more

Townsville’s most expensive homes

first_img3 The Point, Castle Hill26 Cleveland Terrace came in at fourth place selling in March for $1.9 million.Ms Mahoney said high end buyers in the $1.5 million plus price bracket wanted top quality properties in a prime location with ocean views.“When you’re in paradise you want the best of paradise so most of these homes have massive open-plan living areas with a segregated media room, room for guests and views,” she said. “Both of these sales were to families that were intending them to be a long-term investment in Townsville and they wanted a great lifestyle within walking distance to The Strand and proximity to schools.“For homes to sell in that high price bracket they have to be spot on and they have to be something spectacular.”The home at The Point has some of the best views in Townsville and is in a prestigious pocket of Castle Hill while 5 Fryer St has an infinity pool and basketball court. 5 Fryer St, North Ward More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 20203 The Point, Castle Hill. 5 Fryer St, North WardA NORTH Ward penthouse has topped the list of Townsville’s most expensive homes sold in 2018 after Clive Palmer bought the luxury property for a whooping $2.7 million.The controversial billionaire bought 9/88-90 Mitchell St in an off market sale in July through Helen Munro Property. Clive Palmer bought the penthouse in this unit complex at 9/88-90 Mitchell St for $2.7 million.It’s known as being one of Townsville’s most luxurious penthouses and takes up the entire top-floor of the apartment complex.It’s 600sq m in size, has sweeping ocean views and fronts on to Strand Park.The second most expensive residential sale recorded in Townsville in 2018 was 5 Arundel Crt, Castle Hill. It was sold by Janice Gallagher form Janice Gallagher Real Estate for $2.4 million in February. A couple from regional Queensland bought the three-level home which has six bedrooms, sweeping views, an indoor heated pool and wet bar.3 The Point, Castle Hill, was sold for $2 million in January by Julie Mahoney owner of Ray White Julie Mahoney. Ms Mahoney also sold the fifth most expensive home at 5 Fryer St, North Ward, for $1.75 million. 5 Fryer St, North Ward26 Cleveland Tce is the most historic of the top five dating back to the Federation era. It was meticulously renovated before it was sold. The home has a wraparound veranda, character details and swimming pool. It’s on a 1879sq m block in one of Townsville’s most coveted location with views out to Magnetic Island and the Palm Island Group. 26 Cleveland Terrace, Townsville Citylast_img read more

Brisbane builder’s Gold Coast holiday home hits the market

first_imgThe Mermaid Beach apartment at 5/121 Hedges Ave will go to auction next month.A BEACHFRONT apartment that was a Gold Coast escape for a high-profile Brisbane builder is up for grabs.The fifth floor apartment in Mermaid Beach’s Solano building was used as a holiday home by Fardoulys Constructions founder Peter Fardoulys until he died in 2017.Robin Fardoulys, who now heads up the family’s Coorparoo-based construction company, said the family had decided it was time to sell the property on Millionaires’ Row. It is a blank canvas waiting for new owners. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenTop tips for sellers in Spring00:50 MORE NEWS: Andrew Winter taking home to auction this spring It is right on the beach and close to popular cafes and restaurants.“The apartment has a modern kitchen, three good-sized bedrooms, including a master suitewith an ensuite, and a study nook, three balconies and secure parking in the basement,” Mr Henderson said.“The apartment is light and bright but the best thing is that the beach is just a few stepsaway.”It also has panoramic views that stretch from Coolangatta to Stradbroke Island. MORE NEWS: Popular pad more than an online phenomenon It will go under the hammer at John Henderson Professionals’ spring auction event on September 10.Agency partner and marketing agent Luke Henderson said a renovation had breathed new life into Solano, which was on the corner of Venice St and Hedges Ave.More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“It’s a boutique building that has undergone a major refurbishment in recent years,’’ he said.“Because there are only six apartments in the building, they have been tightly held and thereis always strong demand from buyers when one of the apartments becomes available.”He said the Fardoulys’ apartment was a blank canvas waiting for its new owner to add their personal touch to it.last_img read more

Crowd expected as mega estate goes under the hammer

first_img1525 Riverdale Dr, Hope Island.A grand Hope Island estate goes under the hammer tomorrow in what is shaping up to be the biggest auction on the Coast so far this year.Hundreds of spectators are expected to watch the bidding play out on 1525 Riverdale Drive where a waterfront mansion occupies a point position on 11 titles.MORE: Bidders line up for Gold Coast apartmentBuy your own chapelLandmark mansion sold off marketFitness mogul snaps up Gold Coast mansionGilt columns, high arches and ornate ballustrading feature inside.“It will be one of the biggest auctions on the Gold Coast this year, if not Queensland,” said marketing agent Mark Carew of Professionals Vertullo Real Estate.“It’s scheduled for the 8th of the 8th which symbolises good luck for the Chinese owners.”It is the first time the .4982ha holding has been open to the public in 18 years, with previous deals having been done off market.“You can’t even see the house from the street as it’s hidden at the end of a driveway,” Mr Carew said.“It took some convincing for the owners to agree to a public auction, but the campaign is already generating a lot of interest.”The house wraps around a resort-style pool.The current owners bought the Mediterranean-style mansion known as Harbour Point during the GFC in 2009 for $9 million, $390,000 less than billionaire property developer Lang Walker paid in 2004.The house was built by national car-warranty business owner Gary and Suzanne Chuck who purchased the prime plot in 2001 for $2.1 million.The estate is surrounded by manicured gardens.The global campaign has attracted local, interstate and overseas inquiries ahead of the onsite auction which could see a new benchmark in the exclusive resort.“This will be an auction record for Hope Island if sold under the hammer,” Mr Carew said.“I really won’t know exactly who will be bidding until the day of the auction as last-minute registration is not uncommon.”The current record for Hope Island is $16.5 million, paid in 2017 for a waterfront mansion built on three blocks in Virginia Drive.The auction is scheduled for 1.30pm tomorrow.More from newsHard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020Manly property has gone from shack to chic12 Sep 2019Auctions on Saturday, August 84 Cabana Boulevard, Benowa Waters.4 Cabana Boulevard, Benowa Waters Kollosche’s Josh Mana is driving the campaign on this stylish single-level sanctuary on a 1180 sqm block with 24.69m of water frontage to the Nerang River. The auction is set down for 1.30pm.20 Pipit Parade, Burleigh Waters.20 Pipit Parade, Burleigh WatersRay White’s Troy Fitzgerald is marketing this four bedroom house on 656 sqm with a pool and self-contained guesthouse leading up to auction on Saturday at 10am.132 Port Jackson Boulevard, Clear Island Waters132 Port Jackson Boulevard, Clear Island Waters Ray White’s Sam Guo and Julia Kuo are showcasing this three-level resort-style home with 29m of wide water frontage and skyline views. Online auction is on at Saturday 12pm.last_img read more

DONG Continues Hornsea Project Three Tour in September

first_imgDONG Energy will return to Norfolk in September to exhibit new information and once again seek the community’s views on its proposed offshore wind farm, the 2.4GW Hornsea Project Three.This will be the third round of community consultation events held by DONG Energy to ensure the project develops in a way that is appropriate to the area and the people that live in the region.Seven consultation events will take place in September, at which the company will present findings of initial surveys and assessments in what is known as a Preliminary Environmental Information report (PEIR).This report will also form the basis of statutory consultation which will take place over summer 2017.“In the PEIR and at the upcoming events, we’ll share the proposed onshore HVAC booster station location and onshore substation location in the vicinity of Norwich Main National Grid substation, so we would encourage anyone who wants to know more to come along if they can, and if not to get in touch,” Stuart Livesey, Project Development Manager, said.“We’ve already listened to feedback from the public and made real changes both to the project plan and how we communicate with people. For example we heard local landowners’ concerns about the burial depth of the underground cables, and as a result we have extended the minimum depth to allow the farmers to comfortably plough their land once the cables have been installed. The proposed booster station location has been refined based on public feedback and technical assessments.”The summary of the views expressed at the March events is now online and also includes responses to frequently asked questions and sets out the next steps for the project.Hornsea Project Three is a proposed offshore wind farm which will be located 120km off the North Norfolk Coast, over three times the distance from Norwich to Cromer. If built to the full capacity, it would provide enough power for well over 2 million homes, DONG said.The project team is exploring an offshore area of up to 696km2, which is more than 17 times the size of Norwich.last_img read more

Saudi Aramco Inks Deal for King Salman Complex

first_imgSaudi Aramco has inked a contract with a consortium comprising Saudi Archirodon Company Ltd and Huta Hegerfeld AG Saudia Company for dredging, reclamation and marine structures for King Salman International Complex for Maritime Industries and Services in Ras Al-Khair.The contract is the first major undertaking for the maritime complex where contractors will conduct dredging and reclamation of approximately 37 million cubic meters of fill, in addition to ground improvement over an area of 7.4 million square meters, the company said.The agreement will also provide for constructing 4,500 linear meters of concrete quay walls and wharves, in addition to 12,000 linear meters of rock revetments and breakwaters to protect the integrity of the complex.“It is an important milestone for King Salman International Complex for Maritime Industries and Services, the largest of its kind in the region,” said Ahmed Al-Sa’adi, Saudi Aramco’s Senior Vice President for Technical Services. “The Complex is in line with the Kingdom’s economic diversification objectives, it will position the Kingdom as a strategic logistics hub and will create vast job opportunities.”Execution of the initial phase of the contract will be completed by 2020.last_img read more

Israel: Tamar resumes production after crack in pipe fixed

first_imgNoble Energy has restarted gas production from the Tamar gas field offshore Israel following last week’s shutdown.As previously reported, Noble Energy had discovered a crack on a pipe aboard the Tamar gas platform in the Mediterranean. The exhaust pipe in question is used to release natural gas and pressure aboard the platform.After finding the fault the company stopped production. According to Delek, a partner in the field, the repair works were completed on Tuesday, and the Tamar field was returned in production on Wednesday.Worth noting, Delek said, Noble is continuing to carry out the planned upgrade works on the Tamar platform.The Tamar field sits some 90 kilometers west of Haifa, in waters that are 1,700 meters deep. The field covers an area of 100 square kilometers, with the thickness of the reservoir layers reaching up to 300 meters.The field started producing gas and delivering it to the local market in Israel in 2013.Offshore Energy Today Stafflast_img read more

Shanghai Salvage Wins Kea Trader Removal Contract

first_imgFollowing a four-month tender process, Shanghai Salvage Company (SSC) has been chosen to remove the ill-fated containership Kea Trader from a rock reef near New Caledonia in the south Pacific.A detailed methodology for the recovery operation was approved by the authorities last month. Under the plan, the ship’s hull pieces would be lifted and removed intact from the reef as a way of protecting the marine environment.SSC expects to have resources on site within 30 days prior to an exchange of responsibilities with Ardent, which is presently undertaking cargo removal and anti-pollution operations to ensure the safeguards to the environment are maintained during the transition period, Lomar Shipping, the owner of the vessel, informed.The 2,194-TEU containership ran aground six months after its delivery from Guangzhou Wenchong Shipyard in China. It had been sailing from Papeete, in French Polynesia, to Nouméa in New Caledonia, loaded with 756 container units and a further 26 flat-racks, when it got grounded.last_img read more

Norway’s Equinor resumes production at Hammerfest LNG plant

first_imgLNG World News Staff Hammerfest LNG (Image courtesy of Equinor/Helge Hansen)Norwegian energy giant Equinor has brought back online its Hammerfest liquefied natural gas (LNG) export facility located on Melkøya Island in northern Norway.As reported by LNG World News last week, the LNG export facility was shut down on January 4 due to “technical challenges” with a compressor reinjecting CO2.“The plant came in operation again yesterday,” an Equinor spokesman told LNG World News via email on Monday.Hammerfest liquefaction and export plant uses gas from the Snøhvit development in the Barents Sea to produce about 4.3 million tonnes per annum of LNG.The chilled fuel produced at the facility mainly lands at LNG terminals in Europe but also in Asia.last_img read more