Brisbane Property Market Update March 2021

Brisbane Property Market Update March 2021

Brisbane Property Market Update March 2021

 

This article will highlight what has been happening in the Brisbane Property Market during March 2021.

 

Housing market values across Australia continued to surge throughout March 2021, and Brisbane was no exception.  With the fastest rate of monthly growth recorded in Brisbane for several years, perhaps it is finally time for Brisbane to shine?  There are a broad range of positive factors that continue to drive this rapid price escalation within Brisbane.  This update will unpack what is happening right now and why.

 

With record low interest rates as well as improving economic conditions that continue to beat forecasts, it certainly is looking a lot brighter in the housing markets throughout the country than what was predicted 12 months ago.  But what has happened in the last month that continues to support this rapid price growth in Brisbane?

 

Firstly, the Reserve Bank of Australia have clearly stated that interest rates will not be rising again until we have inflation back within the target range of 2 to 3%.  Interest Rates are at record low levels and for many property buyers, it has never been cheaper than now to borrow funds to buy.  During March we saw more big banks cut their fixed rates.  First home buyers are getting into the market because it is often cheaper to buy then rent.  Home buyers are upgrading due to cheap money, and investors are returning to the market – driven by cashflows not previously seen due to lower overall holding costs. 

 

We have now seen the end of the fiscal support provided by the Federal Government through Job Keeper arrangements.  Many predicted that this would mark the time when property values would plummet.  However, loans on deferral fell to just $14 billion (or 0.5% of total loans) in February, according to APRA’s latest figures.  It is fairly safe to assume that the systemic risk may have now passed.

 

Lending standards remain relatively tight also.  If you have tried to seek funding you would know how rigorous the process seems to be.  Whilst there has been a modest increase in the market share of higher LVR loans due to the success of the First Home Loan Deposit Scheme (FHLDS), lending is still much tighter than it used to be.

 

Also, job ads have surged to the highest level since 2008 according to ANZ.  ABS Data has confirmed that Queensland has outperformed many other states on the jobs front, with a record high 53,500 job vacancies, so it is a very opportunistic time for job seekers to be looking for work in our State.

 

Off the back on the Homebuilder stimulus provided by the Federal Government, which has now ended, we saw a high increase in dwelling approvals in Queensland in February, up by 40.5%.  This helps us to understand that more future supply is on its way, and it is important to understand where this is going to be built throughout Greater Brisbane so that we can understand the local impact on supply and demand in certain pockets around our city.

 

So overall, the economic outlook looks bright.  It is not surprising that this is translating into high buyer demand and strong property price growth in Brisbane.  Let’s take a closer look at what is happening through the city.

 

 

Brisbane Property Market Prices

 

According to the latest Hedonic Home Value Index data by Corelogic, dwelling values in Brisbane saw an overall median monthly price rise of a 2.4% over the month of March 2021.  The current median value for dwellings across Greater Brisbane is $548,260 which is $12,642 higher than just one month ago. 

 

The quarterly growth in dwelling values across Greater Brisbane is now 4.8% and annual growth for the last 12 months is now 6.8%. 

 

Brisbane Property Market Update March 2021

 

 

The premium end of the housing market is still leading the acceleration in capital gains throughout Brisbane.  Upper-quartile property values rose at nearly triple the rate (+3.1%) of lower quartile property values (+1.1%) throughout March, according to Corelogic data. 

 

Brisbane House Prices

 

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 2.6% across the month of March 2021.  The 12 month change in Brisbane house prices has been 7.9%.   The current median value for a house in Greater Brisbane is $607,969, the highest it has ever been and $14,737 MORE than one month ago.

 

Brisbane House Prices

 

Brisbane Unit Prices

 

The Unit Market in Brisbane saw some more positive growth in the median value this month with another increase of 1% in March 2021.  The 12 month growth for units across Brisbane is now 1.9%, which seems to confirm that this market is not in recovery stage.   The current median unit price in Brisbane is $400,866, which is $4,683 more than one month ago.

 

Brisbane Unit Prices

 

Brisbane Rental Market Movements

 

The Vacancy Rate in Brisbane as a whole, tightened yet again between January and February 2021, and now sits at 1.5%.    The table below highlights where vacancy rates across Brisbane sit at the end of February 2021.

 

Region Vacancy Rate February 2021

(change from January 2021)

Beenleigh Corridor 0.6% (-0.1%)
Brisbane CBD 5.2% (-0.4%)
East Brisbane 1.2% (-0.2%)
Inner Brisbane 3.1% (-0.4%)
Ipswich 0.9 % (-0.2%)
Northern Brisbane 0.7% (-0.2%)
South East Brisbane 0.6% (-)
Southern Brisbane 1.6 (-0.1%)
West Brisbane 1.3% (-0.2%)

Source: SQM Research

 

Vacancy rates are generally very tight through Greater Brisbane.  At a suburb level there are still some higher risk areas and the breakdown of regions shows where some of these locations might lie.  Vacancy risk within the Brisbane CBD continues to show a rapid recovery.  With every region showing a further reduction in vacancy rates between January and February 2021, except for South East Brisbane, it is clear that a rental crisis is pending.

 

Rents in the unit market in Brisbane are now on the way up, stimulated by tight supply.  We are seeing upward pressure on rents with the annual change in unit rents now at 1.1% across the city. 

 

Housing rents continue to see strong growth, due to the tightening vacancy and also due to higher levels of interstate migration.  Everyone needs a place to call home and we are seeing high competition for quality rental properties throughout the City.  The annual increase in rents for Brisbane Houses is now 5.2% according to Corelogic Data.

 

Brisbane Rent Prices

 

 

What did we see on the ground across Brisbane during January 2021?

 

Open homes were still heavily populated with strong attendance observed throughout the month of March.  Line ups were still evident at most properties at the first open for inspection.  Most properties listed by private treaty only required one inspection before it became a multiple offer situation with so many properties selling fast with more than 10-12 offers for vendors to consider.

 

It really is crazy out on the ground!  Competition is fierce and many buyers are taking big risks just to secure a property.  We have seen buyers putting forward unconditional offers in an attempt to beat the competition.  Being I a position to move fast and with good conditions is a huge advantage in the current market.

 

We are also seeing the timeframe for Auction campaigns reduce.  Traditionally we would see 4-week auction campaigns in Brisbane.  Now we are seeing some Agents run 2-week campaigns.   There seems to be enough buyers to justify this without waiting for all buyers to obtain finance approval to be in a position to bid under auction conditions. 

 

It certainly is interesting times.

 

The months ahead …

We believe it is Brisbane’s time to shine.  There are simply too many buyers in the market to see any slow down in price growth any time soon.  We would need to see a huge increase in the number of listings to see a slow-down in price growth.  This is because there is a lot of buyer demand that needs to be absorbed before there is a better balance between supply and demand in our city.

 

Brisbane buyers are feeling optimistic and confident.  They are making huge property buying decisions very quickly.  Brisbane is currently a strong seller’s market and prices are on the rise.  In fact prices are rising, but they are also accelerating with more rapid price growth every month since the start of 2021. 

 

Will this slow down?  It has to slow down eventually because this rate of price growth is unsustainable.  But we are seeing no signs of slow down on the ground yet so only time will tell.

 

 

 

 

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Why is Unimproved Land Value Important?

Why is Unimproved Land Value Important?

You have probably heard the term unimproved land value a few times now but are not sure what it means or why it is important.  In this article, we are going to explore everything there is to know about unimproved land values and how you can use this to your advantage when purchasing your own property.  We will also be talking about retail or site value and comparing the difference between the two.

 

What is unimproved land value?

 

unimproved land valueEach year, land valuers review land values in selected local government areas around the state. Land value is just one of the many factors used to calculate local government rates as well as state land tax and state land rental.

The land valuations also hold information about the property market, which allows you to monitor the movement in the value of your land.

Land valuations are conducted in accordance with the Land Valuation Act 2010, and are completed on all properties in Queensland that are rate-able. When land gets valued, there are a number of considerations taken into account, which I will outline below.

  • Property market Research
  • Considering the land zoning under the relevant planning scheme
  • Physical attributes for example, city views, slope of the land, size and shape of the block
  • Considering recently sold properties in the area

Unimproved land value is simply the valuation of the land with no improvements. Improvements can mean things like, fencing, houses, clearing, leveling or earthworks.

 

Where can you find the unimproved land value of a property?

 

The most up to date and current platform to search for a property’s unimproved land value is via the Queensland Government website.  Click HERE to start searching today.

Once you have entered the address and selected from the drop down menu the property details will show along with the current land value amount.

Unimproved land value

 

Underneath the land value information there is also a map which you can select surrounding properties to see what the land value is for properties close by, and how it compares to your land value.

Unimproved land value

 

There may be instances where the neighbouring properties have a superior and inferior land value to the site you are searching and this can be due to the following factors.

  1. Valuation Methodologies – this is more common if the surrounding property is rural, they use a different methodology to calculate the land value
  2. Physical Attributes – the neighbouring property could have inferior views, steeper typography or may be a triangle shaped block which restricts access in comparison to a rectangular block
  3. Constraints of the use of the land – This relates directly to zoning, there may be some restrictions on what the land can be used for or the neighbouring land may be flood impacted or have registered easements.
  4. Land use – the neighbouring land may be used for a different purpose (residential vs commercial use)

There may be instances where your land is less than neighbouring properties do not be too concerned, as it doesn’t always equate to retail land value when you go to sell. A positive is you will have lower council rates as the rates are calculated based on the unimproved land value.

 

What is retail land value?

 

Retail land value is very different to the unimproved land value and affects the sale price of a property.  The retail land value is the retail price that buyers are willing to pay for a site in the current market.  Retail land value is driven by scarcity, demand and the number of buyers who are active in the current market. 

The retail value is what people are prepared to pay to secure that location which is typically more than the unimproved land value.

 

What is the difference between retail value and unimproved land value?

 

When talking about the difference between retail land value and unimproved land value there are a few key factors that separate the two. Unimproved land value is simply the land with out taking into consideration the market demand for a site.

Unimproved land valueFor example, a recent sale in Power Street, Wavell heights of a block of land sold for $625,000, the land value for this site is $530,000.

Another example is land sold on Fingal Street in Tarragindi, this site sold for $935,000 whilst the land value sat at $710,000.

Desirability of a block of land drives the price especially when in areas that have highly desirable school catchment zones, parks, lifestyle precincts and block of land with city or mountain views. Even though unimproved land value takes into consideration city views it can no accurately determine the real market demand of a site.

It is also common for retail land to sell higher due to being in a ready to build stage, unimproved land values do not take into consideration improvements to the land however retail land value will take into considerations any improvements made to the land including earth works completed, fencing, underground services prep and infill.

 

How land value should be used when purchasing a property

 

Unimproved land valueWhen it comes to investing in property, or buying your home, it is always wise to take the land value into consideration when assessing a site to purchase.

You may find that land values reduce as you move further out of the CBD.  This is because land is more scarce (land banked), often more desirable and more conveniently located when it is close to the CBD.  Therefore the unimproved land value is generally higher.

When you are further away from the CBD, there is a lot of available land, and it is less conveniently location, so the land values are lower.

When assessing sites we look at the land to asset ratio.  This is calculated as a perceptage of the purchase price.  We like to understand what percentage of the purchase price is made up of the land component versus what percentage is make up from the house itself.  

This is how to work out the land to asset ratio:

Land value – $475,000

Times by 100

Divided by Purchase price – $620,000

Equals = 76.6% land to asset ratio.

This means 76.6% of the purchase price is attributable to the land value.

Property investors often target a higher land value as a percentage of the purchase price.  The reason this is so important when investing is because the land appreciates over time and the house depreciates over time.

Sometimes, you may find a much lower land to asset ratio, even when close to the CBD.  This often occurs when the value of the house is much higher.  For example the house might be a brand new build or the house might be freshly renovated.  Obviously when a property is newly completed, the finishes have not depreciated in value, which is often why some properties have very low land to asset ratios.

Now that you understand more about unimproved land values, you can use this tool to help you find where the value lies in each property that you look into.  Whether you are purchasing your own home or for and investment property, Streamline Property Buyers are able to assist you in your property purchases.  Please check out our blog for further educational content or subscribe to our podcast HERE where we share a lot of valuable content each week.

 

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Brisbane Property Market Update February 2021

Brisbane Property Market Update February 2021

Brisbane Property Market Update February 2021

 

This article will highlight what has been happening in the Brisbane Property Market during February 2021.

 

Like most locations around Australia the Buyer activity in Brisbane has escalated rapidly as the weeks of 2021 continue to roll around.  Each week we are seeing line ups get longer at open homes around the city.  More Buyers are active in the market and this is also reflected through the fact that most quality properties sell after the first open home with multiple offers and high prices.  This month we will explore why this is happening throughout Brisbane and what this might mean for the future.

 

With the roll out of the Covid-19 Vaccine in Australia it seems the worst of the pandemic might be behinds us.  Our economic environment seems to be a lot better right now than what governments predicted and consumer confidence has returned.

 

The level of unemployment peaked at 7.5%, far better than what was expected.  The unemployment rate is now falling with 93% of the job that were lost, now recovered.  It is expected that unemployment will return to the 4-5% range a lot sooner that what was predicted. 

 

Even the loan deferrals data up to 31 January 2021 is positive with 91% of deferred loans now resuming their repayments leaving only 0.5% of all loan facilities in deferral.

 

Domestic migration has been accelerating into south-east Queensland out of the southern states further increasing the demand for housing throughout Brisbane.  It seems this trend is set to continue, at least for the foreseeable future.  REA Insights shows that demand for housing is at record highs in Queensland, and compared to the same time last year is up 45.1%.

 

Brisbane Property Market Update February 2021

 

ABS figures this month showed that building approvals and construction volumes in the higher-density unit market in Queensland seems to have bottomed out.  Attached dwellings data has shown a slight increase in activity, whereas the data for detached house approvals is surging.  This, in part, has been driven by the HomeBuilder grant stimulus.  The figures suggest that the current supply shortage off the back of peak oversupply in 2016, may start to slowly recover in the years ahead, but time will tell. 

 

Stock levels are still very low in Brisbane, with total listing volumes down nearly 30% year on year.  No wonder it is a frenzy out there with more buyers and fewer properties to purchase.

 

 

Brisbane Property Market Update Listing Volumes

 

 

And of course, interest rates are low.  There are plenty of cashed up buyers in the market.  With the RBA not expected to increase rates “until 2024 at the earliest” there is a lot of confidence and people ready to spend.

 

With these positive news stories, more positive outlooks for the Housing Market are being published.  Westpac have now forecast 20% price growth for Brisbane across 2021 and 2022, a big change from their dire predictions less than 12 months ago.

 

And let’s not forget the big news this month.  Brisbane is officially the top choice for the 2032 Olympic Games!  This is game changing – it is the best opportunity Brisbane has had in generations.  It will turbocharge investment into the city and boost our economic activity.  We will see the fast tracking of major infrastructure projects, which will have a knock-on effect for the property market.  It really an exciting time for our City!

 

Brisbane Property Market Prices

 

According to the latest Hedonic Home Value Index data by Corelogic, dwelling values in Brisbane saw an overall median monthly price rise of a 1.5% over the month of February 2021.  The current median value for dwellings across Greater Brisbane is $535,618 which is once again, the highest it has ever been. 

 

The quarterly growth in dwelling values across Greater Brisbane is now 3.5% and annual growth for the last 12 months is now 5%. 

 

 

Brisbane Dwelling Values

 

Of particular interest is the fact that the upper-quartile properties are leading the growth in Brisbane.  These properties represent the most expensive quarter of the market.

 

Brisbane Property Price Growth

 

Brisbane House Prices

 

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 1.6% across the month of February 2021.  The 12 month change in Brisbane house prices has been 5.9%.   The current median value for a house in Greater Brisbane is $593,232, the highest it has ever been.

 

Brisbane House Price Growth

 

Brisbane Unit Prices

 

The Unit Market in Brisbane saw some more positive growth in the median value this month with an increase of 1% in February 2021.  The 12 month growth for units across Brisbane is now 1.1%, so it seems this market has bottomed out and is starting to recover.   The current median unit price in Brisbane is $396,183.

 

Brisbane Unit Price Growth

 

Brisbane Rental Market Movements

 

The Vacancy Rate in Brisbane as a whole, tightened further between December 2020 and January 2021, and now sits at 1.7%.    The table below highlights where vacancy rates across Brisbane sit at the end of January 2021.

 

Region

Vacancy Rate January 2021

(change from December 2020)

Beenleigh Corridor 0.7% (-0.1%)
Brisbane CBD 5.6% (-0.4%)
East Brisbane 1.4% (-0.1%)
Inner Brisbane 3.5% (-)
Ipswich 1.1% (-)
Northern Brisbane 0.9% (-)
South East Brisbane 0.6% (-0.2%)
Southern Brisbane 1.7 (-0.2%)
West Brisbane 1.5% (-0.1%)

Source: SQM Research

 

Vacancy risk continues to recover rapidly within the Brisbane CBD this month with currently vacancies now similar to the peaks between 2016 and 2018.  This is a remarkable recovery given the extremely high vacancy risk in this area during the peak of Covid-19.  Vacancy Rates across most other parts of Greater Brisbane remain tight, and in fact are tightening even further as the demand for rental properties increases.

 

Rents in the unit market in Brisbane have now recovered and we are seeing some upward pressure on rents with an annual change in unit rents of 0.5% across the city. 

 

Housing rents continue to see growth, due to the tightening vacancy.  The annual increase in rents for Brisbane Houses is 4.2% according to Corelogic Data.

 

Brisbane Rent Growth

 

 

Anecdotally we are seeing strong rent increases in the inner-city locations, especially in the premium housing sector.  Large shifts in the rents achieved when properties are advertised, are being demonstrated.  Property Management firms that we work with are also confirming this trend

  

What did we see on the ground across Brisbane during January 2021?

 

The Saturday inspection run in Brisbane is becoming chaotic.  Line ups at open homes are to be expected.  We are seeing some Agents extend the inspection timeframe from 30 minutes to 1 hour – purely to get the volume of people through the door.  We can’t ever remember a time when we experienced this level of demand in our City.

 

Quality properties are continuing to sell after the first inspection, when listed for sale by private treaty.  Buyers need to be prepared to submit offers on the same day as they inspect in most cases.  Thankfully, some Sales Agents are providing slightly longer timeframes for buyers to submit offers, but this usually means more buyers have time to get an offer in before the closing timeframe.

 

We have been in the running for properties alongside more than 20 other buyers under multiple offer several times this month.  This level of demand is madness!  At auctions we have attended there have been several registered bidders and properties are selling well above our appraisal range based on settled sales data.

 

Of course, in a rapidly appreciating market, relying on settled sales data is a mistake.  We are coaching our buyers through the process, so they understand how much “stretch factor” needs to be applied to the settled sales data.  Depending on the location right now, this is between 3-10%.  Whilst the median data for Greater Brisbane shows price growth over the quarter of 3.5% across the region as a whole, we know for a fact that many locations have grown significantly faster than this.  So as a buyer it is important to understand the “real-time” information for an area or you may simply keep missing out.

 

The months ahead …

 

We have no doubt that the future for Brisbane property prices looks positive.  For once we actually agree with the predictions that the economists have made.  In fact, there are some areas in Brisbane where I’d argue we could see growth exceed the forecasts over the next 2 years.

 

Property prices are driven by the balance between supply and demand.  We break down these two elements to understand, at a local level, what this dynamic looks like.  Right now the demand in Brisbane is being fuelled by so many things.  Demand for housing comes from both Owner Occupiers and Investors and right now there are different motivations from these two groups.  Our own enquiry tells us that investors are rapidly coming back into the market, but they are competing fiercely with Owner Occupiers who are still the main drivers of the current demand in Brisbane.  We expect this demand to continue to increase in the coming months.  For how long it lasts, no-one knows.   But for now, we do know that for those who own Brisbane property, the future looks bright!

 

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Suburbs to Benefit from Brisbane Infrastructure Projects

Suburbs to Benefit from Brisbane Infrastructure Projects

There’s no denying it – Brisbane is booming! There are currently billions of dollars of Major Brisbane Infrastructure Projects either underway or well into the planning stages. These infrastructure projects are not only providing vital employment, now and in the future, but are also changing the face of Brisbane.

Brisbane Infrastructure ProjectsOur city is currently experiencing what has been described by some as a “once in a generation” infrastructure boom. Whilst in the short term there will be disruptions for residents, once these projects are complete they will improve our transportation options, lifestyle options, employment opportunities and tourism offerings.

The Major Brisbane infrastructure projects include the Cross River Rail, Brisbane Metro, Queen’s Wharf, Brisbane Live, Victoria Park, Waterfront Precinct, Herston Quarter, International Cruise Terminal, West Village. There are so many projects which are also discussed on the Brisbane Property Podcast. You can listen here.

Already completed major projects are the new Brisbane airport runway and the redevelopment of Howard Smith Wharves. The new runway officially opened mid-July after 8 years of construction. This $1.1b project aims to bring the most efficient runway system in Australia to Brisbane. Once air travel is back up and running this will enable Brisbane to be the hub to the Asia Pacific.  

Brisbane Infrastructure ProjectsLocated under the Story Bridge Howard Smith Wharves has given Brisbane locals and tourists another picturesque riverside destination for picnics, restaurants, bars and functions.  “Weekends on the lawn” are popular and relaxed family friendly events.

 

Now, let’s have a look at what the current infrastructure projects are and which suburbs in Brisbane are going to benefit from them.

 

Brisbane Infrastructure Projects

 

Cross River Rail

 

“Cross River Rail is a new 10.2 kilometre rail line from Dutton Park to Bowen Hills, which includes 5.9 kilometres of twin tunnels under the Brisbane River and the CBD.”

As our population increases we are experiencing more strain on our public transport system. We need faster access for suburban residents to access major employment hubs including the CBD.   Currently Brisbane only has one river crossing for trains and only 4 stations in the CBD. This creates a bottleneck and impedes the number of trains that can run and cross the city at any one time. 

The Cross River Rail will bring 4 new stations at Albert St, Boggo Rd, Wooloongabba, and Roma St plus upgrades to rail stations that already exist including Exhibition Station in Herston.  You can read more information on these stations here. As well as benefiting Brisbane residents and visitors, the Cross River Rail will shorten travel time to and from the Gold Coast enhancing the connectivity between the tourist and employment hubs. 

Brisbane Infrastructure ProjectsOn Brisbane’s south-side 6 stations will benefit from significant upgrades and therefore the greater communities of these areas. They are:

  • Salisbury
  • Rocklea
  • Moorooka
  • Yeerongpilly
  • Yeronga
  • Fairfield

 

You can keep up to date with current progress on the Cross River Rail Facebook Page.

 

Brisbane Metro

 

The Brisbane Metro was originally proposed to be a high-frequency subway but has now progressed to an electric busway system. The buses will be 24 metres long and split into three carriages. Services in peak hours will be fast with a bus every 3 mins and outside of these hours there will be 5 minute services. This will be a drastic improvement to the current public transport services available.

There will be two different lines for the Brisbane Metro. Line 1 will run from Eight Mile Plains to Roma Street.  Line 2 will run from the Royal Brisbane and Women’s Hospital in Herston to the University of QLD in St Lucia.

There are plans to extend to Chermside and Carindale in the future. All of these suburbs will benefit greatly from the completion of this infrastructure.

Although separate to the state governments’ Cross River Rail project they will share interchanges at Boggo Road and Roma St stations. The Brisbane Metro is expected to start services by the end of 2023. Suburbs that will benefit directly from the metro are below and their neighbouring suburbs will also benefit.

  • Eight Mile PlainsBrisbane Infrastructure Projects
  • Upper Mt Gravatt
  • Mt Gravatt
  • Nathan
  • Holland Park
  • Holland Park West
  • Greenslopes
  • Buranda
  • Wooloongabba
  • West End
  • Southbank
  • Kelvin Grove
  • Red Hill
  • Herston
  • Dutton Park
  • St Lucia

 

 

 

 

 

Brisbane Live

 

In alignment with the Cross River Rail Project and building the new underground station at Roma Street, a new entertainment arena complex will be constructed in place of the old transit centre.

Brisbane Infrastructure Projects

This $2 billion redevelopment will revitalise this part of the city with the arena and retail shops and “unlock under-utilised land in the heart of the city”. The multi-purpose arena complex with proposed 17,000-18,000 seat capacity has been designed in the New York Madison Square Garden style and will allow greater accessibility to big sporting, music and arts events in Brisbane.

There will be retail spaces on the Roma Street side as well as a “Sky Lounge” that can operate as a function area when there are no events taking place.

This project will benefit all Brisbane residents who like to attend events and will no longer have to travel to the Boondall Entertainment Centre north of Brisbane. You can access updates on Brisbane Development’s project page here.

 

Queens Wharf

 

Brisbane Infrastructure ProjectsThe old non-heritage buildings have been demolished and development of the $3.6 billion dollar Queen’s Wharf integrated resort development is underway. Covering more than 26 hectares across land and the river, the development will merge contemporary architecture with restored heritage buildings. There will be four integrated resort towers with luxury hotels, residence apartments, restaurants, cafes, bars, retail shops, a casino and a Sky Deck.  

A new pedestrian bridge – the Neville Bonner Pedestrian Bridge – will be built to link this revitalised area of the city to South Bank. This will be a major drawcard for tourists to come to Brisbane and also provide a new area for all locals to explore and shop.

Watch the fly through video here.

Already redeveloped and opened as part of the Queen’s Wharf project are Mangrove Walk and the first section of the bicentennial bikeway opening up a 500 metre stretch of land underneath the Riverside Expressway.

Maritime work at The Landing has already started in the Brisbane River for the construction of the piled suspended concrete slab that will provide 6,500m2 of new public space. The scheduled completion date for the Queen’s Wharf Development is 2022. You can keep up to date with construction progress on their Facebook page or here.

 

Victoria Park

 

The current 18-hole Victoria Park golf course will be closing in June 2021 to make way for Brisbane’s biggest new park in 50 years. The Victoria Park Vision will create 45 hectares of public parkland space which is more than double the size of the Brisbane City Botanical Gardens. The current putt putt course, driving range and function centre will remain. Plans are yet to be finalised but you can have a look at the visual representation of the draft vision here.

Feedback has been gathered after a 6 month consultation period and final plans will be released at the end of this year.

Brisbane Infrastructure Projects

Victoria Park will become a natural retreat, an urban park for adventure, discovery and reconnection.

A Cultural Hub will celebrate Brisbane’s heritage and natural environment. The park will feature native bushland pockets and waterholes where visitors can enjoy kayaking and swimming lagoons.

Architecture will mimic the landscape with suspended canopy walks and a tree house so visitors can connect with nature, day and night.

This prime inner-city location will include a community garden, giving visitors more to see and do.

It will be culturally authentic, celebrating the many layers of human contact with the landscape and the site’s significance to Aboriginal people.

Waterfront Brisbane

 

Waterfront Brisbane will deliver on quite a few key items from the City Reach Waterfront Master Plan (Brisbane City Council’s plan to revitalise the waterfront from the City Botanic Gardens through to Howard Smith Wharves).

Brisbane Infrastructure Projects

The $2.1billion dollar project will redevlop Eagle Street Pier and open up 7,900m2 of space, increase the size of the current Riverwalk (including extending the width to 6 metres) to a 1.2km waterfront promenade for pedestrians and cyclists.

The old Eagle Street Pier building will be demolished and in its place there will be two new towers which allow better access to the river and its views.  There will be improved linkages from the city to the river for pedestrians and cyclists.

The plan also details space for a proposed public riverside lap pool, relocation of the current city cat terminal and integration with the proposed Kangaroo Point green bridge.

For more details here’s the link to the Brisbane Development website. You can download the full Master Plan here.

Kangaroo Point Pedestrian Bridge 

 

This is another key project to deliver on the City Reach Waterfront Master Plan. The proposed green bridge, connecting City Reach to the Kangaroo Point peninsula, will dramatically improve access to and along the waterfront and fundamentally re-shape City Reach’s profile.

Connecting to the City Botanic Gardens Riverwalk and River Access Hub, this bridge will be for pedestrians and cyclists only. To have a look at the proposed design click here.

Wooloongabba Precinct

 

In alignment with the new station being built at Wooloongabba for the Cross River Rail project,  there is an area set aside for redevelopment above the underground station including the GABBA stadium. The renewal plan can be accessed here.  Below is the video of the concept.

 

International Cruise Terminal

 

The Port Of Brisbane has a brand new international cruise terminal in development worth $177 million. It has been designed to cater for the biggest cruise ships in the world which although aren’t currently running will increase Brisbane and Queensland’s tourism capacity once COVID-19 is under control. For information and videos on construction updates click through to the Port of Brisbane’s website here.

 

Other projects to link in with existing or planned Brisbane infrastructure projects are:

Herston Quarter – in March 2017 the $1.1b redevelopment of the 5 hectare site began. This is located within the Herston Health Precinct and is proposed to be a mixed-use community which will cater for health, residential, commercial and retail development.  For more information click here.

West Village – stage 1 and 2 are already complete of the new West Village. This project is rejuvenating an industrial area in West End bringing more public green space and retail opportunities to the community and restoring heritage buildings. 

Lamington Markets Lutwyche – a large integrated mixed-use transit development is proposed for a vacant site in Lutwyche. The proposal includes a large fresh food market hall, boutique cinema complex, retail stores and residential apartments. You can read more about this and see artists impressions of the Lamington Markets Lutwyche here

Howard Smith wharves ferry terminal –  The Howard Smith Wharves ferry terminal will provide new access for residents and visitors to Howard Smith Wharves and further enhance the existing ferry network. It will also provide connection to the New Farm Riverwalk and surrounding areas as well as proposed to link to North Stradbroke Island.

South Bank Ferry Terminal upgrade – for information click here.

There are many more Brisbane Infrastructure Projects planned for the city. For access to information and updates on these projects go the the Brisbane Development website.

QPAC Arts Theatre upgrade at the Playhouse Green – for details click here.

Brisbane Infrastructure Projects

So as you can see there are billions of dollars worth of Brisbane infrastructure projects either underway or in planning. These projects will have a direct positive impact on the suburbs mentioned above, increasing their livability and their growth potential.

To make an informed decision about choosing the best suburb to invest or buy your home in, you can cross check the suburbs that benefit from these projects against those that are affected by adverse risk factors. Our blog on noise from the runway and flight paths can be read here. You can also read about 9 Due Diligence Checks to take into consideration before buying.

We hope this has helped you understand the suburbs that are going to benefit from the current and planned Brisbane infrastructure projects. Please get in touch if you would like further help with your property search.

 

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Brisbane Property Market Update January 2021

Brisbane Property Market Update January 2021

Brisbane Property Market Update January 2021

 

This article will highlight what has been happening in the Brisbane Property Market during January 2021.

 

The New Year has seen very strong buyer activity throughout Brisbane.  After a small Covid-19 scare causing Greater Brisbane to go into lockdown on the weekend of January 9-10, buyers have since been out in force inspecting and buying properties around the City.  This article will explore in more detail what we are seeing on the ground and also what the market indicators are telling us.

 

The latest Australian Bureau of Statistics (ABS) figures show that new loan commitments for housing and the value of owner occupier home loan commitments each reached records highs in December 2020.  Figures show an increase of 31.2% in new loan commitments compared to December 2019.  This type of data is usually a leading indicator for what is happening in relation to housing demand in the market.

 

According to APRA’s latest figures the number of deferred loans across Australia continued to decline to 1.9% in December, with Queensland’s portion of housing deferrals currently at a lower level than both Victoria and New South Wales.

 

Brisbane Property Market Update January 2021

 

Additionally, ABS data showed Queensland saw a monthly increase of 1.4% in the number of employed people in December, a sign of a strengthening local economy and a stand out performance at a national level.  Also, the number of total job advertisements jumped in Queensland by 2.5% over December, representing an increase of 20.8% over the last 12 months.  Encouragingly, the reduction in JobKeeper wage subsidies has not resulted in a negative shock to employment in Queensland as many had predicted.  The unemployment rate is still 7.5% across Queensland so there is still more work to do in this area, however the indicators are extremely positive for the future.

 

In terms of population movements, Queensland seems to be benefiting from strong interstate migration and the rate of growth has not been this high in annual terms since 2006.  Corelogic calculated that approximately 25,350 residents relocated from other Australian States to settle in Queensland over the last financial year.  Estimates from Corelogic suggest that Queensland’s interstate migration rate is 90% above the decade average.  Although the lifestyle drivers are causing some buyers to show interest in Queensland’s tourism centres, the majority of interstate buyers are looking for properties in the metropolitan areas.

 

Of course, as more people migrate to a given location, the demand for properties will increase and in the absence of rapidly increasing new supply, sale prices will rise.  Looking at the total number of listings in Brisbane according to Corelogic Data, compared to 12 months ago we are down -28.4%.  This provides an indication of the current market conditions.  It is a strong Seller’s Market right now in Queensland’s State Capital.

 

Brisbane Property Market Update January 2021

Let’s explore this further by looking at what the data is now showing us.

 

Brisbane Property Market Prices

 

According to the latest Hedonic Home Value Index data by Corelogic, dwelling values in Brisbane saw an overall median monthly price rise of a 0.9% over the month of December 2020.  The current median value for dwellings across Greater Brisbane is $527,826 which is once again, the highest it has ever been.

The quarterly growth in dwelling values across Greater Brisbane is now 2.5% and annual growth for the last 12 months is now 4%.  Brisbane continues to outperform the national combined capital city average for annual growth over the last 12 months, which is currently 1.7%.

 

Brisbane Property Market Update January 2021

 

Regional markets have performed well recently, however according to Corelogic’s research director, Tim Lawless, “the divergence between metro and regional housing demand in New South Wales and Victoria is more substantial than in other states.”

 

Brisbane House Prices

 

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 1% across the month of January 2021.  The 12 month change in Brisbane house prices has been 4.9%.  Based on the median price growth, a house in Brisbane that was purchased in January 2020 for $750,000 would now be worth $786,750.   The current median value for a house in Greater Brisbane is $583,902, the highest it has ever been.

 

Brisbane Property Market Update January 2021

 

Brisbane Unit Prices

 

The Unit Market in Brisbane saw some more positive growth in the median value this month with an increase of 0.4% in January 2021.  The 12 month growth for units across Brisbane is now slightly positive again at 0.4%.   The current median unit price in Brisbane is $393,177.

 

Brisbane Property Market Update January 2021

 

Brisbane Rental Market Movements

 

The Vacancy Rate in Brisbane as a whole remained consistent between November and December 2020, at 1.8%.    The table below highlights where vacancy rates across Brisbane sit at the end of December 2020.

 

Region Vacancy Rate December 2020

(change from November 2020)

Beenleigh Corridor 0.8% (-)
Brisbane CBD 6% (-0.9%)
East Brisbane 1.5% (-0.1%)
Inner Brisbane 3.5% (-)
Ipswich 1.1% (+0.2%)
Northern Brisbane 0.9% (-)
South East Brisbane 0.8% (-)
Southern Brisbane 1.9 (-0.1%)
West Brisbane 1.6% (+0.1%)

Source: SQM Research

 

Vacancy risk is recovering rapidly within the Brisbane CBD with a further reduction from 6.9% in November to 6% in December.  Whilst this is still relatively elevated, it is far better than the vacancy rates experienced at the peak of the pandemic.  Vacancy Rates across most other parts of Greater Brisbane remain tight.

 

Rents in the unit market in Brisbane have seen price falls -0.3% from February 2020 through to January 2021, whereas housing rents increased 3.4% across the same period.

See below the change in rents for Brisbane Units and Houses across the last 12 months according to Corelogic Data.

 

Brisbane Property Market Update January 2021

 

 

Tenants are finding stock levels tight for finding a rental property in many locations around Brisbane.  There are strong crowds at open homes for rent and multiple applications being submitted on properties that become available – often well above the asking weekly rent price advertised.  The current imbalance between supply and demand in the rental market, especially in detached housing, is causing rents to rise and this is likely to show in the data in the coming months.

  

What did we see on the ground across Brisbane during January 2021?

 

The buyer activity across Brisbane has been stronger throughout January that what we observed in the latter part of 2020.  It is now common to line up before entering a property at a Saturday Open Home.  Buyers must therefore factor this time delay into their inspection schedule on a weekend.

 

We have seen properties with more than 100 groups through in the first week of listing for highly sought-after properties.  This is unusually high demand, but not uncommon in the current market.  We are seeing very competitive offers being made and many buyers taking on high risk by submitting offers that are unconditional, even despite no building and pest inspections taking place.  This is not something we recommend, however with such short timeframes between properties being listed and then going under contract, buyers are doing what ever they can to be more competitive.  Multiple offers on properties listed for sale by private treaty is a given in the current market.  It is an extremely competitive property market across the city.

 

The months ahead …

 

2021 has started strongly as we predicted, but there is a lot of opportunity for the months ahead in the Brisbane Property Market.  The housing headwinds that were reported throughout the worst of the pandemic have dissipated.  The local economy is outperforming forecasts and the labour market is continuing to improve.

The low interest rate environment has been a catalyst for higher housing demand from buyers, and the record low rates are likely to remain low for the foreseeable future.  Interstate migration is also very strong.  We haven’t seen conditions like this in Brisbane for a long time.  Is now the time for Brisbane to really shine?  It all looks perfectly aligned for some solid price growth – that is for sure.

 

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6 Tips – Choosing the Best Buyers Agent in Brisbane

6 Tips – Choosing the Best Buyers Agent in Brisbane

Before we get into choosing the Best Buyers agent in Brisbane it is important to know what a Buyers agent is and what can they do for you.

A Buyers agent is a fully licensed property professional that has a strong network in the industry and is able to help you to find and buy property that is listed on the market, or that is off market, whether that be a home or an investment property.

Having a Buyers Agent to represent you can instil confidence in your decision-making and help you see where the value lies in a property. 

It can be daunting trying to find the right home for you and your family.  It can also be overwhelming to try and find an investment property, especially when you don’t know where to start.  And because the selling agent works exclusively for the seller, you can never be confident that the information they are sharing with you is for your benefit. 

The major role of a Buyers Agent is to help Clients purchase the right property for the right price. They work for you as the buyer!

Now that you know what a Buyers agent is, let us get into some of the things you should consider so that you work with the best.

 

1. Buyers Agents should have a lot of local knowledge and strong industry experience.

 

Best Buyers Agent in BrisbaneMost Buyers Agents offer a complimentary consultation.  It is wise to use this time to get to know what expertise the Buyers Agent has to offer. They will be sharing with you their experience and knowledge so make sure to ask questions about their time in the industry.

Look for Buyers Agencies that can offer a wide range of expert knowledge. This may be a Qualified Property Investment Advisor to assist with strategy, a licensed Builder to inspect a property initially and then check over building and pest inspections in detail, a home buyer or investment specialist who understands your needs and maybe someone with extensive experience in property management.

 

2. The Best Buyers Agents in Brisbane will be Qualified.

 

Every agent must be licensed to act on behalf of clients however real estate is still an industry that is not regulated in regards to what type of advice they can give.  Until the industry changes, you need to complete your own due diligence as there are qualifications buyers agents can obtain to ensure they are giving you accredited advice for your personal circumstances.

  1. QPIA: Qualified property investment adviser is a three-year accreditation course that property and finance professionals can take through the Property Investment Professionals of Australia. This course ensures they are informed and qualified to give unbiased, professional and proven advice to help you achieve your property goals. Click HERE to see a list of Qualified Property Investment Advisors in your area.
  2. REBAA: The Real Estate Buyers Agents Association of Australia is a membership program for professional Buyers Agents.  They conduct extensive research on the agency which involves disclosure of all processes and procedures.  This ensures that the buyers agency adheres to a professional code of conduct.  If the Buyer’s Agent is a member of REBAA then they are dedicated to do the right thing by the industry and for you. Click HERE for a list of REBAA members.  If you Buyers Agent is a member of REBAA, it provides you with peace of mind because it is another layer of protection for the consumer.
  3. QBCC: The Queensland Building and Construction Commission holds the licences for builders and building contractors.  If you are relying on your Buyers Agent to provide advice around building, development or renovation, please check their licence class to ensure they are qualified to give that advice.  Click HERE to search or check license details in Queensland.  Other States in Australia will have their own building regulatory authority through which a licence check can also take place.

 

 

3. Look for a Buyers Agent with strong Google Reviews.

 

Google reviews are independent and not controlled by the Buyers Agency business themselves.  If the buyer’s agent is directing you to their testimonial page on their website, or another page which manages reviews on their behalf, then this is an area that they can control so some poor or negative reviews may be filtered. Google reviews are a great way for clients to rate their honest feedback.

It is important to read other clients’ experience as no one can tell it better than the clients themselves.

Check for lengthy and detailed reviews to get the best understanding of the full experience. Below is an example of a strong google review and click HERE for further examples.

Google review best buyers agent Brisbane

Even better – ask the Buyers Agent if they will put you in touch with previous Clients of theirs so that you can ask the questions that you want directly!

 

4. The Best Buyers Agent in Brisbane will not have a Sales Pitch to “Make you Millions fast”.

 

Best Buyers Agent in Brisbane If you are looking into a Buyer’s Agent for the purpose of creating wealth or securing your future I am sure you would have seen a number of Facebook ads on young, rich Buyers Agents saying you can make millions in under 5 years…

Its easy right?…

 

This is not how property works.  “Property spruikers” (it’s what we call them) hurt their clients time and time again.  They are in the business to make themselves money and when the time comes to evaluate the performance of the asset purchased they have moved on, closed the business and started again. The buyer is left with an under performing asset and no way out.

If you are talking to a Buyer’s Agent who does not charge you anything for their service – it is likely that you are dealing with a property spruiker!  They will be getting paid by the developer or the builder to offload new stock.

 

5. Buyers Agents should put your needs first.

 

Of course, ‘your needs’ are completely client dependent as every consumer has a different reason for engaging a particular service.

Does the Buyer’s Agency fit with what you are looking for in your journey and can they help you achieve your goals? If you are looking at sites that have development potential, do they have specialists within their team to provide expert knowledge or a builder who can understand, educate and assist throughout the process?

If you are looking to rent the property, looking for a Buyers Agent that has experience in property management is very helpful as well!   Otherwise they should have strong relationships with Property Managers in the local area.  No matter what your goal is in buying property, a buyers agent should always put your needs first and customise a strategy to help you achieve your goals.

If you are looking for a family home, make sure the buyers agent that you choose knows the area themselves.  They should have intimate knowledge about your preferred suburbs in Brisbane and not only be able to provide advice on property alone, but also help with information relevant to selecting the right location for your family such as ensuring you are in the right school catchment zone, or close to transport.

 

6. Buyers Agents should not take commissions from others.

 

Best Buyers Agent in BrisbaneEven if the Buyer’s Agent is offering an attractive discounted fee to you, chances are they are only able to do that as others are paying them in referral fees. You want the Buyers Agent to refer you to others in the industry purely based on great service and not because they are giving the Agent commission.

If there is an incentive involved check to see if the Agent is keeping it for themselves or passing on the incentive to you as their client. A common way Buyers Agents can get paid is through developers.

The developer will pay a substantial amount of money to agents to try and sell properties in their estate as oversupply can make it difficult for them to do this naturally through the display homes. This type of property may not be the right one for you but because the Buyer’s Agent is aligned with the developer they may try to push you towards that purchase. Be very aware of not making this mistake. As stated above, the Buyers Agent should always have your best interest at heart.

In terms of fees, a Buyers Agent in Brisbane may charge either a fixed fee, or a commission based on the purchase price.  Commissions range from 2-3% of the purchase price, depending on the Buyers Agent you select.  Fixed fees are either set, or negotiated up front before the search commences.  Either way, buyers agent fees are payable by a buyer who is engaging the service. 

 

We hope these tips have helped you understand how to choose the Best Buyers Agent in Brisbane!  If you need help and would like to explore using a qualified buyers agent in Brisbane to help you streamline the process please reach out HERE.

 

 

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Brisbane Property Market Update December 2020

Brisbane Property Market Update December 2020

This article will highlight what has been happening in the Brisbane Property Market during December 2020.

 

The last month of 2020 delivered a strong wrap up for the year for Brisbane.  There was little slow down in the weeks leading up to Christmas.  Buyers were still very active throughout the city up until around mid-December.  This article will provide a summary of what the data has now confirmed and also some of the observations we have made from our on-the-ground assessment.

At a macro level, the Australian Economy is performing miraculously given the context of the global pandemic.  According to ABS data, approximately 84% of jobs have already been recovered.  Job ads area also up nearly 50% of their lows all pointing to a recovery in the right direction for us all, nationwide.

Last month we reported , consumer confidence was the strongest it has been in 7 years.  During December that climbed to 10 year highs according to Westpac Economics.

 

Brisbane Property Market update

 

 

Brisbane property prices have continued to show positive growth, a trend that has been continuing for several months now.  Let’s explore this in further detail in the summary below.

 

Brisbane Property Market Prices

 

According to the latest Hedonic Home Value Index data by Corelogic, dwelling values in Brisbane saw an overall median monthly price rise of a 1.1% over the month of December 2020.  The current median value for dwellings across Greater Brisbane is $521,686 which is the highest it has ever been. 

The quarterly growth in dwelling values across Greater Brisbane was 2.1% and annual growth for the year was 3.6%.  Brisbane has outperformed the national combined capital city average for annual growth in 2020, which was recorded as being a more modest 2% over the past 12 months.

In terms of which market segments within Brisbane are performing the strongest, Corelogic Data confirms that dwelling values in the upper quartile rose 1.25% in December.  This is compared with a 0.94% rise seen in the lower quartile values according to Corelogic Data.

 

Property Values Brisbane

 

Melbourne is now the only capital city location that still reporting negative annual price growth, and its dwelling values are still -4.1% off their previous March 2020 peak.  Sydney, whilst reporting annual price growth up to the end of 2020, is also still down -3.9% from its previous peak in July 2017.  Additionally, Perth and Darwin are down -19.9% and -25.7% respectively from their 2014 peaks, despite showing positive annual price growth across the last 12 months.

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 1.2% across the month of December 2020. The current median value for a Brisbane house is now $576,338, the highest it has ever been.

 

Brisbane House prices

 

The Unit Market in Brisbane saw some positive growth in the median value once again with an increase of 0.4% for the month of December 2020. The current median unit price in Brisbane is now $390,785, which is still 0.6% lower than 12 months ago.

 

Brisbane Unit Prices

Brisbane Rental Market Movements

 

The Vacancy Rate in Brisbane as a whole fell again between October and November 2020, and now sits at 1.8% city wide.   There are many areas in Greater Brisbane where vacancy rates are even tighter.  The table below highlights where vacancy rates across Brisbane sit at the end of November 2020.

 

Region Vacancy Rate November 2020
Beenleigh Corridor 0.8%
Brisbane CBD 6.9%
East Brisbane 1.6%
Inner Brisbane 3.5%
Ipswich 0.9%
Northern Brisbane 0.9%
South East Brisbane 0.8%
Southern Brisbane
2.0%
West Brisbane 1.5%

Source: SQM Research

 

Vacancy risk is still highest within the Brisbane CBD, although there has been a rapid recovery over the past few months when vacancy rates peaked at around 14% in this location.   The CBD and inner city areas are also the locations in Brisbane where there is a large number of higher density units that have been impacted by the pandemic, compared to other areas and alternative building types. 

Rents in the unit market in Brisbane saw price falls -1.1% from January to December 2020, whereas housing rents increased 2.7% across the same period.

See below the change in rents for Brisbane Units and Houses across the last 12 months according to Corelogic Data.

 

 

Rent changes Brisbane

What did we see on the ground across Brisbane during December 2020?

 

Typically in the lead up to Christmas, many buyers prefer to spend their time Christmas shopping rather than property shopping.  This did not seem to be the case in Brisbane throughout December.

We observed strong auction attendance right up to the last weekend before Christmas.  We also observed strong bidding from those who were in a position to buy under auction conditions.  Of particular interest, was the higher than normal interest in properties in prime locations that were ripe for renovation.  In several examples, we saw higher than normal bidder registrations for these types of properties across our City.

Brisbane Property values are definitely in an upswing phase and buyers must consider this when considering making an offer on a property.  As I reportes last month, if buyers are relying on sales that occurred 3-4 months ago to come to a price to pay for a property in the current market, they will in most cases simply miss out.  The market is strong in Brisbane and buyer activity is continuing to increase.  There are definitely more active buyers entering the market than there are new listings being added so a sense of urgency is continuing to grow in Brisbane.

 

The months ahead …

 

Looking forward into 2021, Brisbane looks to be very well placed for some strong price growth.

The risks associated with less fiscal support and the expiry of mortgage repayment deferrals have diminished as the economy has outperformed all forecasts.  We have also seen a rapid improvement in labour markets nationwide, and especially here in Queensland.  In Brisbane, the COVID-19 outbreak has had minimal impact in terms of restrictions and lockdowns since the first wave back in March 2020.

Of course we cannot underestimate the risk that further outbreaks of the virus in the months ahead may impact the recovery of our local economy.  We have done so well to date.  With increasing positivism around the distribution of a vaccine and the management of small clusters, it is looking more likely that the trajectory for our local housing market will remain positive in the months ahead.

 

 

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Enoggera Buyers Guide – Read This Before You Buy

Enoggera Buyers Guide – Read This Before You Buy

ENOGGERA

 

Are you looking to purchase a home or investment property in Enoggera?  How do you determine if this is the right suburb for you?  As Enoggera Buyers Agents we have made it easy, by compiling information about Enoggera that is important to know when considering this suburb for your home or investment purchase.

Enoggera buyers agents

 

 

Geography

 

Enoggera is located approximately 6km north-west from the Brisbane CBD, just past Ashgrove and Alderley.   At least half of the suburb is occupied by the Gallipoli Barracks and Army Reserve QLD. Within these grounds is Enoggera Hill which provides a green backdrop for the western part of the suburb.  The rest of the suburb is known for its commercial centre of Pickering Street and leafy streets with residential houses. 

Enoggera was actually misspelt by the lands office where they mistook the u for an n. It should have been named Euogerra, which is a contraction of the Turrbal phrase youara-ngarea literally meaning “sing-play” or song and dance.

Enoggera is a corruption of Yowogerra, which in Turrbal means corroboree. Because this area was given a distinct name indicates that it held a significant place in Turrbul culture as a camping and corroboree region.[6]

The suburb has a few desirable pockets that are quiet and elevated to take in the surrounding area and city views.

Enogerra Buyers Agents

 

 

 

Transport

 

Enoggera buyers agents

Enoggera Train Station is located on Glenalva Terrace (near Pickering Street) and provides quick access to the CBD on the Ferny Grove and Beenleigh Lines. Also located here is a bus interchange. For timetables have a look at the Translink website to plan your journey here.

Depending on your location in the suburb Gaythorne train station may be closer.

 

Education

 

The education options for Enoggera residents begin with Nook Early Learning which is close to the Gaythorne train station for easy access to the CBD once parents have dropped off their children.  Community Kids Enoggera is on South Pine Road close to Grinstead Park.  TinyTown is a Christian-led Child Care & Kindergarten located in Laurel Street close to the Enoggera primary school.

There is also Hillbrook Early Learning Centre which is a workplace childcare centre for Hillbrook School. Preference for permanent childcare places is given to the children of the school staff (teaching and support staff) but there may be additional places available. One Tree Community Services Inc – Defence Childcare Unit Enoggera provides childcare including integrated kindergarten programs to Defence personnel families as well as the local community.

Enoggera buyers agentPrimary State School options for Enoggera are Enoggera State School, Oakleigh State School and a few addresses within Enoggera are also part of the Mitchelton State School catchment. It’s important that you check the catchment for individual properties if you really want a particular school. You can do that at the Department of Education map here.

Enoggera State School may be small but their academic results have been strong the past few years. You can have a look at the Better Education website here.

 

If you’re looking for a private primary school,  Our Lady of the Assumption School is located in Enoggera at Hurdcotte Street. Close by is Our Lady of Dolores in Mitchelton which is also a coeducational Catholic primary school. 

The local state high schools in the Enoggera catchment zone are Mitchelton State School and Everton Park State School.

Enoggera buyers agentsThe private schools in and near the suburb are: Hillbrook Anglican School – a coeducational private school that is halfway through a major refurbishment and redevelopment of the campus, Mt St Michael’s and Marist College Ashgrove. Mt Maria College is a coeducational Catholic high school close by in Mitchelton.

 

 

Amenities

 

Buyers agent EnoggeraEnoggera has small retail shops and cafes along Wardell Street and Samford Road. Enoggera Village provides a good range of takeaway options, convenience store and a newsagency. Close by is K&K Creative Toys for quality children’s gifts.

On the old site of the Enoggera Bowls Club is Pickering Place.It provides a mix of recreational and sporting facilities as well as a cafe. For more on Pickering Place have a look at their website here.

 

The well known Pickering Street has many commercial and retail stores from home lighting to motorbikes. 

Enogerra Buyers Agent

The closest grocery stores depend on which part of the suburb you live – either Ashgrove or Everton Park. Enoggera is also very close to Brookside Shopping Centre which provides many options for retail therapy. The shops also close by in Everton Park include Spotlight, Harvey Norman and Anaconda as well as the excellent Charlie’s Fruit Market and a range of other groceries and restaurant options.

 

Green Space

 

Enoggera buyers agent The major park in Enoggera is right beside Hillbrook Anglican School – Enogerra Memorial Park. This hosts the Enoggera Scout Group, Ashgrove Cricket Club, Mayne Tigers AFC and the Everton Wolves Junior Australian Football Club. 

Enoggera buyers agent

Corbett Street Playground is in a small park on the western side of Kedron Brook. Here you can access the Kedron Brook bikeway.

Just across the other side of Kedron Brook, officially in Alderley, is Grinstead Park with its excellent playground, exercise equipment and picnic facilities.

 

 

Enoggera also has close access to the Banks Street Reserve with its opportunities for walking and mountain biking. 

 

 

Employment Hubs

 

Locals living in Enoggera either work in the local retail shops or businesses, at the Gallipoli Barracks, commute to the CBD,  or to various employment hubs in neighbouring suburbs.  Enoggera is approximately 15km to the Airport for those locals that travel interstate for work.

 

Typical Property Style

 

Enoggera has post war stand alone houses with a few areas of character homes. There many areas of low-medium density residential (LMR) zoning which allows a 2-3 storey mix of units or townhouses. Most of the unit buildings are along the main roads.

Also dominant in the suburb are Queenslanders and pre-war character homes ripe for renovation and old post-war homes ready for a big renovation or demolition. 

Enoggera buyers agent Enoggera buyers agent  

Enoggera buyers agent

 

 

Demographics

 

Enoggera is an area of wealth, with the weekly family income at $2,793 (the Queensland average is $1,661).  According to SQM research, the percentage of owner-occupiers is at 57% and 43% for renters.

The top 3 life stages for people living in Enoggera are:

  • Independent Youth 18.6%; 
  • Established couples or families 13.9% and;
  • Maturing couples and families 13.3%.

There are quite a lot of military personnel and their families who live in the area as well as young professionals.

 

 

Most Desirable Area

 

There are many highly desirable pockets in Enoggera to consider including the elevated positions backing onto bush reserve or parkland, and/or with city views or views to the mountains. There are a lot of quiet, tree-lined and family orientated streets which are in high demand by young families and established and maturing families.

Staying away from the main roads and the low areas prone to flooding is the best way to buy well in Enoggera. There are quite a few older properties which can be a good way to get into the market in this suburb.

 

Least Desirable Area

 

As Enoggera is close to bushland and Kedron Brook there are a few areas that you need to be aware of in regards to bushfire risks and flooding as shown below.

Enoggera buyers agent Enoggera buyers agent

 

The least desirable parts of Enoggera are those on main roads such as Samford Road and Wardell Street.   Not only are there negative noise impacts (in orange and brown & yellow below) but also air quality impacts as shown in pink below.

Enoggera buyers agent Buyers agents Enoggera

Median Price Values

 

The median price value for houses in Enoggera as at December 2020 is $730,000 with the upper quartile price at $862,375 and the lower quartile price sitting at $633,500.  

The median price value for units is $420,000. The upper quartile price sits at $450,000 and the lower quartile price at $371,000. 

 

Suburb Growth

 

The compound growth rate for Enoggera over the last 5 years to August 2020 has been 2.4% for houses and 1.9% for units.

Enoggera Connect Facebook group gives you the opportunity to connect with community members and ask questions. You can request to join here.

 

I hope this information has been helpful on your quest to buy your next property in Enoggera.  If you need further help to secure a property in this location we can help, please reach out by booking a discovery call through the link below to your Enoggera Buyers Agents.

 

 

 

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Property Advice – 5 Sources You Should NOT Rely on

Property Advice – 5 Sources You Should NOT Rely on

As a Qualified Property Investment Advisor, it always amazes me how much information people think they know and understand about property. Yet time and time again when I’m speaking with people, I realize that it is everything that they don’t know that is the biggest problem. The sources that a lot of property investors rely on for information is also a big surprise. Let’s take a look at the 5 most dangerous sources of information that people are relying on today for property advice.

1. Online Forums and Facebook Groups
property adviceWhilst I do sometimes read through information on some of the largest online property related forums and facebook groups, I often cringe with what I read. Every participant has their own opinion and often the opinions of some participants are taken as gospel. When this happens, the Mum and Dad investors are often buying in locations recommended by others, or applying strategies learnt from others that may be completely unsuitable for their own personal investment circumstances.

I speak to a lot of people who are interstate and who are looking to buy in Brisbane. It is a function of my role as a Buyer’s agent. But what truly surprises me is the number of Clients that tell me they would have bought in this suburb, or that suburb, based on what they have read about the area. When I seek further information, I often find out that their information source is online property forums! This is very dangerous, and my advice is to proceed with caution and verify your facts before relying solely on this source of property advice.

2. Family and Friends
Relatives and friends have always got our back … or have they?

It seems that our family and friends are experts in many areas – and especially when it comes to property. Who hasn’t been to a BBQ and talked about the house around the corner which would make a great investment?

The truth is, that unless your family and friends have built a successful property portfolio themselves, how do you know that their property advice is going to be right for you? And even if they have built their own portfolio, are their goals and circumstances the same as yours?

It is wonderful to feel supported by those closest to us, but when it comes to receiving advice around property investments, it might be better left to the professionals in most cases.

3. Real Estate Sales Agents
property adviceWhen searching for properties, I often see listings which describe a property as a “perfect investment opportunity” for the astute buyer. Says who? Sales Agents are there to sell a property on behalf of a vendor, so they are certainly not in a position to determine if a property is going to be a good investment for a buyer.

In fact, it is highly unlikely that a Sales Agent would be asking enough questions to understand what a buyer’s property investment objectives area, what their risk profile may be or what property investment strategy they are utilizing.

Just because a property is well maintained, or low maintenance, does not automatically qualify it as a good investment. There is far more that goes into the selection of a suitable investment opportunity than what a Sales Agent is likely to provide, so avoid falling into the trap of relying on property advice from Sales Agents.

4. Property Marketers
The role of a property marketer is to sell properties on behalf of a developer. Many Property Marketers do provide a lot of information about property investment metrics, so it can quite often be difficult to determine if they are acting in your best interests or not. The best way to determine if you are being “sold” to by a property marketer is that they will most likely not be charging you anything for the property advice.

Now I don’t know if there are many people who actually work for free, and I can guarantee that these people don’t work for free either. They are being paid by the developers and their commissions are built in to the price you pay for the brand new property they will be recommending for you to buy.

Property marketers are often referred to as “property spruikers” because they tend to attract large crowds to attend free “property investment” seminars. Then during the sales presentation they provide all the reasons why the product that they have to offer it the best investment for everyone in the room – without much consideration for their personal circumstances.

Often, the person providing the investment advice is just a sales person working through a script, and is not in fact someone who has a lot of experience in providing property advice. Tread with caution if you are caught in this situation … and never sign up for anything instantly. Take yourself away and use time to your advantage to determine if the strategy they are recommending is in fact the best strategy for your investment needs before diving in.

5. Mortgage Brokers, Accountants and Financial Planners
property adviceMortgage Brokers, Accountants and Financial Planners are all licenced or qualified in their own field of expertise, however most are not qualified to provide property advice or most don’t understand the intricacies of the real estate markets and investment strategies to know how to find properties that are best suited to a Client’s long term goals and risk profile. This is because Property Investment is not considered a “financial service” and therefore it falls outside of the legislation in relation to how it is regulated.

I’ve heard of accountants that recommend their clients purchase property for the tax depreciation benefits. I’ve also heard of some financial planners taking commissions from developers to recommend their excess development stock. It is unfortunate that this happens. Thankfully this does not happen with the majority of operators, and by no means am I implying that it does.

But consumers should always be aware of the recommendations they are receiving, regardless of who is making the recommendation, and seek an alternative opinion if they are not 100% certain that the investment property advice is right for them.

In summary, these are just a few sources of information where property advice can be shared with the every day property investor. But it is very important that you understand if the advice you are receiving is going to be right for you. The world is full of unscrupulous advice and when it comes to property investment in Australia, things are no different. Tread with caution, never make rushed decisions, and seek out professional assistance if you are unsure. Property investment involves a lot of money, so if you really don’t want to make a costly mistake.

 

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Geebung Buyers Guide – Read This Before You Buy!

Geebung Buyers Guide – Read This Before You Buy!

Looking to purchase a home or investment property in Geebung?  As Geebung Buyers Agents we have compiled everything you need to know into this Guide.  It contains useful information regarding what is important when choosing a place your next property.

 

Geebung!

 

Geography:

Geebung is located approximately 12km from the Brisbane CBD to the North. The area is vibrant and family friendly. Geebung is located centrally to take advantage of shopping precincts, parks and transport options. The neighbourhood is hilly & elevated with a few street achieving city or Bay views.

The suburb takes its name from its railway station, which in turn was named after the fruit of the plant Persoonia media, known as “jibung” in the Dharuk language. The suburb was the location for a significant fossil discovery in 2013. The fossils were the remains of a rare 50-million-year-old crocodile like species and several other animals.

Geebung Buyers Agent

 

 

Transport:

Geebung has two train stations that easily service the entire suburb, towards Virginia you have the Sunshine Station and towards Zillmere is the location of the Geebung station. This gives residence who live in the area traffic free transportation to the CBD. In the future this will become even more important as population growth comes into play and roads become more congested.

The future metro line will service Chermside which may be convenient for residence living on the west side of Geebung. please see below Metro Network.

Buses service the suburb as well but you will find Geebung is mostly a car dependent area that doesn’t experience much traffic so getting around the suburb and to surrounding suburbs is relatively easy. To view the current public transport options visit the Translink site HERE.

Geebung Buyers Agent

 

Education:

Geebung falls into two primary school catchments, these are Geebung State School & Zillmere State School both of these schools are not enrollment managed so you can apply to attend either of them after completing your research. 

For High School catchments, Geebung is also split into two catchment zones, one being Wavell Heights State High School and the other is Aspley State High School. Wavell heights State High is a very desirable school and this one is enrollment managed whilst Aspley high is not enrollment managed. 

When it comes to education, it is hard for us to tell you what the best school is in this Geebung Guide and this is because everyone’s preference is different when it comes to education. Click HERE to search the school catchments on a particular property address. 

 

Geebung Buyers AgentAmenities & Green Space:

Geebung is located very conveniently to a number of locations on the Northside, because of its central location, travelling to other locations has become quite easy.

Geebung has an array of cafes and parks, Marchant Park & Bowden Park are very popular spots for locals to enjoy the green space. Geebung has the Indian Motorcycle Museum of Australia and when you venture just outside the suburb you can find yourself at Virginia gold Club, Westfield Shopping centre and Fresh food markets.

Because of the close proximity to Sandgate Road and the Aspley homemaker centre you will find it very convenient to find retail shops for whatever you may need there is even a huge Christmas warehouse for the festive season.

  

Brisbane cityEmployment Hubs:

 

Geebung is located a short drve or walk to Westfield Shopping Precinct Chermside and with Chermside rapidy changing to more of a higher density hub there has been heaps more commercial spaces for businesses to get into the area. Chermside also has St Vincents Private Hospital Northside. 

Geebung is also close proximity to Virginia industrial area which is home to an array of business. some residence still commute the CBD for work and can do so easily by using the transport network.  

 

Typical Block Size & Property Type:

 

Geebung in significantly dominated by post war homes, these are mostly cottage style older homes or modern brick and tile residences. The block size is generally around the 600sqm with some larger block sized that are able to be subdivided into smaller 40sqm lots. The 800sqm blocks are highly desirable for investors and developers as they are quite scarce due to the tightly held location. 

 

 

Geebung Buyers AgentDemographics:

Geebung is an area with a higher than average level of wealth.  The weekly family income is at $1,959 (Qld avg. $1,661).  According to SQM research, the percentage of owner-occupiers is at 66.39% and 33.61% for renters.  What you want to see is a superior percentage of owner occupiers in any particular suburb compared to renters.  This shows the desirability of a suburb for owner occupiers which will help to drive capital growth due to desirability for the suburb over time.

Geebung is the next suburb out from Wavell Heights, As Wavell Heights gets closer and closer to the million dollar mark Geebung is becoming more popular due to its affordability. 

 

Geebung Buyers AgentMost Desirable Area:

Geebing is generally all round a desirable suburb. The best pockets are the locations that have high elevation and green leafy surrounds, these are streets like Pomeroy, Sunfields & Maberley! these streets also have some good size blocks of m=land which make them desirable for families. 

 

Least Desirable Area:

It is difficult to pinpoint the lease desirable pockets within Geebung, We would have to say staying away from main roads and train line noise would be our main recommendation. Because there is also two creeks within Geebung is is also important to check flooding and avoid properties that are in the flood zone. 

 

Median Price Values:

Median Price values in Geebung are $585,000 with the upper quartile price at $662,500 and the lower quartile price sitting at $530,000.

 

Geebung Buyers AgentSuburb Growth:

The capital growth rate for Geebung over the last 5 years has been 24.8%.

I hope the information in this Geebung Buyers Guide has been helpful on your quest to buy your next property in this location. If you need further help from and Geebung Buyers Agent to secure a property in this location we can help!  Please reach out by booking a discovery call through the link below. To read other posts like this Geebung Buyers Guide click HERE.

 

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Albion Buyers Guide – Read This Before You Buy

Albion Buyers Guide – Read This Before You Buy

Are you looking to purchase a home or investment property in the sought after suburb of Albion? We as Albion Buyers Agent and Brisbane experts have made it easy for you by compiling everything we know into this Albion Buyers Guide. This article will share with you what is important to know when choosing a place to live or to invest in.

 

Albion

 

Geography:

Albion is located approximately 6km from the Brisbane CBD towards the northeast. The area is known for its heritage listed & popular pubs (Breakfast Creek Hotel, Albion Exchange Hotel & The Albion Hotel). There are desirable pockets within Albion, Brisbane that have wide streets with character homes that are elevated to take in the city views.

There are a large number of landmarks established in Albion. Aside from the Hotels, Albion has 25 additional Heritage listed sites, a place full of character. Albion has a mix of high-density unit complexes, town houses & character protected Queenslanders. Albion also provides commercial, industrial and large green spaces that take up most of the small city fringe suburb.

Albion Buyers Guide

 

Transport:

To the north end of Albion you do have access to a designated train line, this is located close to the residential areas so is very convenient for access to the CBD. You are only three stations away from the city centre so it is a short and sweet journey. The train line would be the number one most popular transport option for this location. A large chunk of Albion closer to the river is zoned Industrial, which does not have any designated transport corridors.

 

Education:

The primary state school options for Albion are very desirable; there are four enrollment managed schools depending on where you live in Albion. Windor State School, Wooloowin State School, Ascot State School & Eagle Junction State School. For high school Albion is currently sitting in Kedron State high School with is also a desirable enrollment managed school. With the new construction of the Brand new vertical school Fortitude Valley State Secondary College will have future acceptance for the south end of Albion. To check the school catchments please click on the following link HERE.

Education preferences is a very personal decision and in this Albion Buyers Guide we have not ranked the schools, please conduct your own research to determine what is most important to you when it comes to education.

 

Amenities:

Albion Buyers GuideNow Albion has in the past been more of a convenient location to travel to the surrounding areas that give a lot of desirable amenities. Driving to Clayfield, Gasworks, Ascot, Kedron brook road is all easy access from Albion. However, as Brisbane changes there is a lot happening to modernise and revamp Albion.

The Albion Exchange development will bring a long list of benefits to the area. According to the development application, the proposed $750 million development aims to connect the east and west of Albion, which is currently segregated by the train line. The development will position the site as a community hub that provides new residential accommodation, office space, dining and shopping facilities, including $28.7M of upgraded transport facilities and public access to the Albion Train Station.

There is also the proposed Lamingtion Markets in Lutwyche, which would be a short walk from the residential properties in Albion, this is a game changer for the area. Click on the links to read more about the new developments coming to Albion.

 

Green Space:

Albion Buyers Guide

There are two designated green spaces that are a short walk from any location within Albion.

Windsor Park is an open green space that can be enjoyed see diagram of this park pictured. Crosby Park is home to the Brother’s Rugby Club and Albion dog park. For those that are active walking to the Brisbane River will give you an expansive boardwalk to keep you moving with options to walk to Teneriffe or to the east through Hamilton.

 

Employment Hubs:

Majority of locals living in Albion would commute to the CBD, there is still easy access to the Airport from Albion’s central location and there is access to the Tunnels that can take you north, to the CBD or skip the city to the Southside.

 

Typical Block Size & House type:

 Albion is where you find a mix of large family homes on large blocks of land and some smaller developments coming to the area by splitting the larger blocks into smaller ones, the majority of the residential streets in the suburb are typically either on 405sqm or 810sqm bocks. A few of the 810sqm blocks have a house on them that is too large to move to one side so will remain a 810sqm block. 

In Albion the majority of properties are character Queenslanders. Queenslanders in Brisbane are protected from demolition so most families in the area add modern extensions on the back or stick to the true character of the home through a renovation. The back entertaining extensions work a treat for those properties that have city views.

 

Demographics:

Albion is an area with mixed demographics but high wealth occupying the houses in this suburb, the weekly family income is at $2,569 (qld avg. $1,661). According to SQM research, the percentage of owner-occupiers is at 40.12% and 59.88% for renters. This is to be taken with a grain of salt as this would reflect the high rises and smaller unit complexes in the location that have been purchased by investors.

 

Most Desirable Area:

Before I get into the most desirable area lets break down Albion’s Zoning.

Albion buyers guide

This section of Albion to the south is all zoned either Industrial (purple) or high density residential and commercial. there is no low density residential in this section of Albion. This Section of Albion is the central location. This is where you will find High density unit complexes and commercial/shopping hub. This will be development zone for the Albion Exchange development.
This pocket of Albion is where there is medium density residential so some areas have small unit complexes and town homes. there is a lot of character Queensland homes in this area as well that are protected from demolition. The remainder of this section are pre-war homes that are protected from demolition.

This section on Albion is to the north, it is an elevated position with a few streets that achieve city views. Homes that are close to the Train line (yellow) are impacted by the noise. A lot of the homes in this pocket are pre-war and protected from demolition.


There are not many highly desirable pockets in Albion to choose from, when you break down the suburb, a very small portion of it is residential housing so there is not much choice. The most desirable position is to the north of Albion on the left side of the train line, these houses are free from flooding, have clear city views and are very centrally located. Streets like Stoneleigh Street and Marne Road are highly elevated and desirable.

 

Least Desirable Area:

The least desirable locations for houses would be within the noise-impacted areas by the train line and Sandgate road. This noise is heavy and can impact on the peaceful enjoyment of a property. There are also a couple of streets that are very close to the industrial sections on Albion and these areas would have some impact that may make them less desirable than the north-west section of Albion.

 

Median Price Values:

Median Price values in Albion are $876,000 with the upper quartile price at $960,000 and the lower quartile price sitting at $735,000.

 

Suburb Growth:

The capital growth rate for Albion over the last 5 years has been 20% for houses and -8.5% for units.

I hope the information in this Albion Buyers Guide has been helpful on your quest to buy your next property in Albion. If you need further help to secure a property in this location we can help, please reach out by booking a discovery call through the link below.

 

 

 

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Brisbane Property Market Update November 2020

Brisbane Property Market Update November 2020

This article will highlight what has been happening in the Brisbane Property Market throughout November 2020.

 

It feels like rocket fuel has been added to the Brisbane Property Market in the last month.  Sentiment has accelerated rapidly and so too are prices in some locations around the city.  The buyer depth has been increasing throughout November and plenty of buyers are complaining that properties are selling too fast, often before they have time to fully consider if the property is right for them.  Let’s explore what has been happening on the ground, and unpack what the monthly data tells us.

The latest lending figures show that owner-occupier lending has risen to historical highs, excluding refinancing.  In Queensland, first home buyer numbers are up 70% year-on-year.  The value of housing finance commitments (excluding refinancing) increased 40.2% in Queensland over the September quarter, accounting for around 31% of the uplift in finance nationally. 

 

lending commitments

 

 

Investor lending remains relatively modest overall looking at nation-wide data, although based on our own level of inquiry there is definitely a lot of investor interest in Brisbane at the moment.

Over the month we also saw mortgage lending get a little easier once again, with assessment rates from many banks being reduced.  This alongside the interest rate cut on Melbourne Cup Day has resulted in an increased borrowing capacity for many property buyers.

Also, consumer confidence is the strongest it has been in 7 years.

 

Consumer confidence and brisbane property market

 

Housing Loan Deferrals are also falling, down from more than 900,000 loans at the peak of the pandemic to under 300,000 now, a decline of almost 70%.  This is also providing reassurance for property markets, with the risk of forced selling due to mortgage holders unable to make their repayments, rapidly diminishing.

Finally Queensland had some good news on the employment front, adding back 206,000 jobs in only 5 months to see total employment higher now than a year ago.  And of course, vaccine tests are proving to be increasingly effective and there is talk of a nationwide roll out early in 2021.

Last month, we reported that Brisbane property prices were showing signs of growth and we are pleased to confirm that this positive growth trend is continuing.  Let’s explore what is happening in our local property market.

 

Brisbane Property Market Prices

 

According to the latest Hedonic Home Value Index data by Corelogic, dwelling values in Brisbane saw an overall median monthly price rise of a 0.6% over the month of November 2020.  The quarterly growth in dwelling values across Greater Brisbane is now 1.5% and annual growth is sitting at 3.2%.  

Of particular interest, is that all segments of the Brisbane market appear to have had similar growth over the last quarter with upper quartile values 1.5% higher compared with a 1.6% lift seen in the lower quartile values according to Corelogic Data.

 

Brisbane price growth

 

This month is the first since the onset of the pandemic where all capital cities demonstrated positive price growth, with Melbourne the only capital city location still reporting negative growth for the quarter. 

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 0.7% across the month of November 2020. The current median value for a Brisbane house is now $568,629, the highest it has ever been.

 

Brisbane house prices

 

The Unit Market in Brisbane saw some positive growth in the median value once again with an increase of 0.2% for the month of September 2020. The current median unit price in Brisbane is now $388,661, which is still 1% lower than 12 months ago.

 

Brisbane unit proces

Brisbane Rental Market Movements

 

The Vacancy Rate in Brisbane as a whole remained consistent at 2% between the end of September and the end of October 2020.   There are many areas in Greater Brisbane where vacancy rates are extremely low.  The table below highlights where vacancy rates across Brisbane sit at the end of October 2020.

 

Region Vacancy Rate October 2020
Beenleigh Corridor 0.9%
Brisbane CBD 7.9%
East Brisbane 1.8%
Inner Brisbane 3.8%
Ipswich 1.0%
Northern Brisbane 0.9%
South East Brisbane 0.9%
Southern Brisbane
2.1%
West Brisbane 1.6%

Source: SQM Research

 

You can see from the table above, that vacancy risk is still high in the inner city region where there is a large number of higher density units.  Rents in the unit market in Brisbane have now seen price falls -1.9% from March 31 to November 31, a remaining consequence of supply and demand side factors. 

See below the change in rents for Brisbane Units and Houses from March 31 to November 31 2020.

 

Brisbane rent prices

 

What are we seeing on the ground across Brisbane?

 

Every Saturday throughout November appeared to be busier than the last with buyer numbers continuously increasing.  Most properties that we viewed that were listed for sale by private treaty went to multiple offer after the first open home.  Buyers could not believe just how fast quality properties were selling and a lot of buyers have become increasingly frustrated that they keep missing out.

At auctions, we have seen strong prices being achieved.  If properties have passed in, in many instances there is a contract in place with a conditional buyer soon after.

Most properties are now selling outside of our appraisal range.  Appraisals are based on historical recorded sales and this data is lagging based on the current contract values.  If buyers are relying on sales that occurred 3-4 months ago to come to a price to pay for a property, they will in most cases simply miss out.  The market is on the move and buyers must be prepared to pay more than was required just a few short months ago.

 

The months ahead …

 

The outlook for the Brisbane housing market appears to be strong looking forward into 2021.

The demand is rising due to interstate migration, the broad range of stimulus measures and positive changes to market sentiment.  Economic conditions are improving with the virus containment and it has never been cheaper to borrow money.

Whilst we are seeing buyer numbers rise, we are also seeing stock remain low.  Listing volumes decreased again in November in Brisbane according to SQM Research, down a further 3.8% which demonstrates a decline of -12.5% annually.  Tight levels of inventory combined with rising buyer numbers creates urgency amongst buyers, which in turn adds to the upward pressure on property prices.

The recovery trend is well and truly in full swing in Brisbane and we expect 2021 will deliver some strong capital growth returns for Brisbane property.

 

 

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