Showing posts with label new farm. Show all posts
Showing posts with label new farm. Show all posts

Sunday, June 18, 2017

REIQ Quarterly Report

The real estate agent's industry group, REIQ, released a report this week into the Queensland residential property market.  From the REIQ press release, which is always somewhat optimistic:

"THE house market has rebounded from a period of low listings with a surge of stock, in some markets as much as 100 per cent more in the March quarter, according to the REIQ’s March Quarter Queensland Market Monitor.

Looking at southeast areas where the market is performing well, the Gold Coast and Sunshine Coast were the two strongest performing markets in Queensland again this quarter, outperforming Brisbane (as they did last quarter).

The Sunshine Coast continues to grow and, along with the Gold Coast, these centres formed the top two most popular migration destinations for people moving within Australia in 2016.   More than 12,000 people moved to these two coastal destinations (excluding overseas immigration) last year, according to ABS data.

Noosa was the top annual median house performer with an annual growth of 9.2 per cent compared with March 2016. This has positioned Noosa as the second-most expensive house market with an annual median sale price of $615,000.

The unit market over the past 12 months has begun to show signs of easing, with the annual median unit price falling 1.9 per cent to $445,000.  However, that slight easing doesn’t represent the whole story for Brisbane’s unit and townhouse market.

There are suburbs that have done well this quarter, including Albion (up 5 per cent since December), Bulimba (up 26.8 per cent this quarter), Indooroopilly (up 18.5 per cent), New Farm (up 7.5 per cent), Rochedale (21.1 per cent), Taringa (4.8 per cent) and Toowoong (up 3.2 per cent since December).  [Editor note:  this is likely because of new apartments being sold for the first time, not price increases in existing apartments.]
  
Brisbane LGA suburbs where units have done well over 12 months and five years include:
  • ·       Annerley
  • ·       Balmoral
  • ·       Bridgeman Downs
  • ·       Coopers Plains
  • ·       Coorparoo
  • ·       Darra
  • ·       Greenslopes
  • ·       Highgate Hill
  • ·       Manly
  • ·       Manly West
  • ·       Mount Gravatt
  • ·       Norman Park
  • ·       Red Hill
  • ·       Richlands
  • ·       Rochedale
  • ·       Toowong
  • ·       Wakerley
  • ·       Wynnum

Units are becoming more popular with Queenslanders. CoreLogic has reported that 17 per cent of Queenslanders live in an apartment, just behind New South Wales’ 22 per cent and ahead of Victoria’s 15 per cent.

“The REIQ is confident the long-term future of apartments is secure and particularly in the inner-city where such exciting projects as Queen’s Wharf and the Howard Smith Wharves are adding to the night-time economy of inner Brisbane.  Added to South Bank, Milton’s Caxton Street and the Barracks, the West End, and Eat Street Markets, this is a diverse and vibrant inner-city and the demand for inner-city apartments will continue to grow over time,” Ms Mercorella from REIQ said.

Sunday, June 9, 2013

Top End Apartments

Some high end apartments for sale in Brisbane:
  • The Refinery at New Farm, 4 bedrooms for $3.65M
  • Pinnacle at Roma Street Parklands, 3 bedrooms, 291 sqm, auction
  • Pinnacle at Roma Street Parklands, 3 bedrooms, 229 sqm, auction
  • Hamilton Harbour, 2 bedrooms plus media room, auction
  • The Grosvenor, 3 bedrooms, about $1.4M
  • Riparian, 3 bedrooms, $7M.

Saturday, December 29, 2012

Brisbane Rents

Here is the median Brisbane rent for 2 bedroom apartments, as sourced from the RTA based upon information provided to the RTA when rental bonds are lodged or updated.  This does not distinguish between furnished and unfurnished apartments, and does not include lease renewals where the bond amount does not change.  This is for the September 2012 quarter.

Post Code 4000 (Brisbane City): $585 per week
Post Code 4005 (New Farm): $530 per week
Post Code 4007 (Hamilton): $420 per week
Post Code 4101 (South Bank/ South Brisbane): $510 per week
Post Code 4066 (Toowong): $395 per week
Post Code 4067 (St Lucia): $420 per week
Post Code 4068 (Indooroopilly/Taringa): $385 per week

There is a lot of good rental information on the RTA website at: Median Rents Quick Finder

Do not use WhatRentMyHome.  This "service" is operated by a real estate agency, and the information it provides is inaccurate and out-of-date, and is misleading.

Friday, October 5, 2012

Apartments v. Houses

"The apartment market is not just more affordable to enter than the detached housing market but apartments are growing in prevalence in inner city areas and along the transport spines of many large cities. These unit markets are typically located close to major working nodes and nearby to entertainment and dining facilities as well as being close to public transport amenity. This week’s Property Pulse looks at the median ‘value’ of houses and units across suburbs nationally and determines the suburbs where you can make the greatest savings if you choose to purchase a unit rather than a house."



Saturday, February 18, 2012

A Reader's Response

Here is a note from a reader:

I read with interest your article “Positive sign for Brisbane Property market.”. When an individual or some organisation with an interest in selling real estate starts telling the world (or anyone else that will listen for that matter), that race is on again and property sales are going just short of gangbusters, you can bet they are not.  

The sellers and marketers of real estate need to understand that the market of potential buyers has changed and we are not fools this time round. We’ve all seen someone close by with mortgage stress trying to pay for something they paid an inflated price for in the first place.  And those properties that have now become liabilities as they continue to fall in value. Just go and ask your bank for a loan to buy “off the plan”, you won’t even get an interview. What does that tell you?

About 24 months ago, a New Farm/Valley real estate agent told me he expected 2006 prices by Jan 2012.  Now he’s revised that to saying year 2000 prices and dropping. That’s no gain in 12 years.  A really good investment isn’t it.  

Take a drive around at night to any of the big new apartment complexes now on the market. Either they can’t afford electricity or they are empty, take your pick – the lights are out on half the block or more, every night. To say the rental market is tight  - well I disagree.  Down Teneriffe and Newstead way, the signs are out day and night offering 1, 2 and 3 brm apartments to rent.  There’s no shortage and dozens to choose from.

Your writer may indeed have seven positive signs to offer from a seller perspective.  Let me offer rule Number One in commerce: The smart money is made upfront during the purchase process, not at sale time 30 years later (if one is lucky enough to be able to keep up the payments with interest for all that time and, by sheer luck, the market is up at the time one wishes to sell).  

In simple terms, it’s made upfront buying at below market value. Real estate in Australia is grossly overpriced and regardless of the spin put by real estate marketers, developers the Treasurer et al, let me say to you all, stop wasting your breath, we know the joke.  Money in the bank on-call earning interest with no risk and renting beats buying at inflated prices and a life time of serfdom paying off a mortgage for an overpriced piece of real estate.  When prices fall by at least another 40%, then perhaps a property may be a consideration. Now that’s a more positive outlook.  

Please don’t come back with “investment” property with rental income or negative gearing.  Rents are already at their peak, the ability to pay will set the market, not the owner’s idea of what rent should be.  It doesn’t take too many weeks of no income to ruin an investment.  Rent is insufficient to fund an investment property. I’ve done the sums dozens of times recently. It doesn’t stack up unless you can exclude the ATO’s share of the deal, and that’s not recommended. And let’s not forget CGT later on. Need I continue.  

As mentioned, when prices fall by at least another 40%, then perhaps a property may be a consideration. The smart money unloaded in 2008 and now rent. We’re laughing at the property market now days.

Wednesday, November 2, 2011

Luxury Brisbane Units

"As units go, there are a few very nice projects mostly on the river, with views and close to the city that have experienced good money, but sales have been rare. Scott Street, Kangaroo Point as well as the Tom Dooley projects are the places to find serious unit money but even these have seen a slower sale pace. The problem is that many buyers are empty nesters looking to purchase subject to the sale of their own riverfront homes which, of course, creates problems."

See HTW Report

Saturday, March 19, 2011

Top End Brisbane Apartments

Here is a story about Scott Street Apartments and Aquila New Farm in The Australian. They do not seem to be selling fast.

Friday, October 29, 2010

New Farm Apartments

The AFR had an article last Friday about New Farm, titled "Grunge to groovy", that says:

"... Back from the river are art deco apartment blocks, Queenslander houses, and a few rather ugly residential developments. ... But prices are well and truly off their peak. ... Unit prices also fell, but only 6.8 per cent, to a median of $451,000. Some apartment buyers off the plan have made substantial capital losses. ..."

Friday, September 11, 2009

REIQ June 2009 Report