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Brisbane decrease biggest of any capital city

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Moreton Investor, Property Management, Real estate Moreton, Mortgage Broker Moreton, Moreton property market

HIGH turnover, an upcoming election and hints of a better market have set the scene for a dramatic drop in Brisbane property listings.Moreton Investor, Property Management, Real estate Moreton, Mortgage Broker Moreton, Moreton property market

Is this drop affecting the Moreton property market? The number of homes advertised in print and online for the greater Brisbane area has fallen 17 per cent in 12 months, according to property analysts RP Data.

Equating to roughly 5000 less properties on the market, it was the largest capital city decrease.

RP Data national research director Tim Lawless said it was the first drop since listings had continued to increase with the onset of the Global Financial Crisis.

About 10,000 properties were advertised in early 2007 but by 2012 this figure had reached almost 30,000.
There are now just under 23,000 listings on the market in Brisbane.

“While listings have shown a substantial fall, they have done so from quite a high level,” Mr Lawless said.

Harcourts Queensland CEO Jim Midgley said the fall was largely the result of increased turnover.

RP Data shows there was an 8 per cent rise in Brisbane property transactions in the 12 months to May.

“That increase in turnover will have a direct effect on stock levels,” Mr Midgley said.

“If turnover increases there will be a drop in listings – it’s a consequence of more activity on the ground.”

Mr Midgley said September’s pending federal election was another factor affecting listings as owners tended to postpone selling during times of political uncertainty.

Ray White Queensland CEO Peter Camphin agreed turnover was not the only factor in reducing listing figures, citing vendor anticipation of a more promising future market.

“There is a sense that there is a change in the market and vendors are always hoping to sell for a better price,” he said.

While some sellers were holding off, he said lower listing levels meant now was a great time to sell.

“If you placed your property on the market today you would have less competition,” he said.
Mr Camphin said the trends did not extend across the state.

“It’s the complete opposite in Central Queensland,” he said.

“A lot of people bought investment properties through the mining booms and are selling to get out because they aren’t getting the rental returns they were getting in the past.”

While Brisbane was not the only capital city with falling listing numbers, it was far ahead of its interstate counterparts. Sydney lost 12.9 per cent of its listing volume.

Mr Midgley attributed this disparity to the affordability gap created by Sydney’s quicker post-GFC recovery sending demand to Brisbane.

“We’re now 35 per cent behind the Sydney median price which affects interstate migration,” he said.

Herron Todd White Independent Property Advisers chairman Gavin Hulcombe also said affordability played a large part in Brisbane’s listings being more affected.

Original article published at www.news.com.au  by Melanie Burgess  The Courier Mail  17/6/2013

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Queensland’s population hits 5 million people today

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Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.

Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.

“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.

“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”

Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.

Queensland's population hits 5 million people today
PHOTO:
 The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)

“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.

ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.

Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.

Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.

The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.

Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.

ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.

 Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.

“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.

But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.

Queensland could be leading growth state in future

Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.

‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.

Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.

“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.

Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.

“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.

“Perhaps we could do more to encourage people to move outside the south-east corner.

“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”

Source: brisbaneinvestor.com.au

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APRA to end cap on property investor loan growth

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APRA to end cap on property investor loan growth

APRA is removing the 10 per cent ‘speed limit’ on investor loan growth.
Photo: Louise Kennerley


The banking regulator is axing a 10 per cent speed limit on bank lending to property investors, saying the cap has served its purpose and improved credit standards.

With Sydney house prices falling and credit growth slowing, the Australian Prudential Regulation Authority on Thursday said it would remove the cap for bank boards that could prove they had been following its guidelines on prudent lending.

In late 2014, amid a surge in borrowing by property investors and rapid house price growth, APRA took the rare step of setting a 10 per cent limit on the annual growth in banks’ housing investor loan portfolios.

The measure has rocked the mortgage market in recent years, prompting banks to jack up interest rates for housing investors, and demand borrowers stump up bigger deposits.

But on Thursday, APRA chairman Wayne Byres said it was prepared to remove the measure because there had been an improvement in lending standards and a slowdown in credit growth.

“The temporary benchmark on investor loan growth has served its purpose. Lending growth has moderated, standards have been lifted and oversight has improved,” Mr Byres

Even so, the regulator will retain a separate 2017 policy that requires banks to limit their new interest-only lending to less than 30 per cent of all new home loan approvals.

APRA also said there was “more to do” in improving other aspects of banks’ lending, including how they assessed borrowers’ expenses, their existing debts, and the approval of loans that fell outside of banks’ formal lending policies.

APRA said it expected banks to introduce limits on the proportion of new lending that could be done at “very high” debt-to-income levels.

“In the current environment, APRA supervisors will continue to closely monitor any changes in lending standards,” Mr Byres said.

“The benchmark on interest-only lending will also continue to apply. APRA will consider the need for further changes to its approach as conditions evolve, in consultation with the other members of the Council of Financial Regulators.”

Source: brisbaneinvestor.com.au

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Stayin’ alive: How Brisbane’s Redcliffe has captured Bee Gees fever

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Stayin' alive How Brisbane's Redcliffe has captured Bee Gees fever

A long way from Redcliffe … Maurice, Robin and Barry Gibb in Los Angeles in 1979 at the height of their fame.

Photo: Getty Images

Before the brothers Gibb became the Bee Gees, they were carefree boys running around Redcliffe. The Brisbane suburb’s monument to the chart-toppers is a memory trigger for locals, and a reminder of happier times for the band’s last surviving member.

Bee Gees Way is 70 metres of pure nostalgia in a seaside town where memories, real and imagined, haunt the streets like ghosts on holiday. Open 24/7, the outdoor walkway has statues, videos, light shows set to music, photographs, album covers, and a giant mural of the Gibb brothers in their musical heyday.

Redcliffe’s tribute to its most famous sons spans a whole block, from a back street of the town centre, 30 kilometres north of Brisbane, to the foreshore, where whitecaps stud Moreton Bay and the peaks of distant Moreton Island rise through cloud on the eastern horizon. Across the street from Bee Gees Way is the Redcliffe Jetty, an earlier version of which became the naughty Gibb boys’ favourite hangout after they migrated here from Manchester with their family in 1958. The oldest brother, Barry, was 12 then; now, at 71, he’s the sole survivor of the tragedy-prone family act that began here and went on to become one of the world’s most successful pop groups.

The fact that the then-struggling Gibb family lived on Redcliffe Peninsula for only about 18 months – doing runners from one rental house to the next to avoid paying back rents – doesn’t faze Moreton Bay Regional Council mayor Allan Sutherland, a devoted fan who devised the elaborate paean to the Bee Gees after discussions with his now good buddy, Barry Gibb.

Boyishly thrilled by his association with the star – “He’s a lovely human being; you can’t write beautiful music like that and be a nasty person” – the mayor, 62, has built a souped-up version of the HT Holden panel van he owned as an apprentice electrician on the peninsula more than 40 years ago. He calls it “the Wizard”, and likes to unwind after work by rumbling about the same beachside haunts he and the Gibbs frequented in their respective youths.

“Sometimes,” he confesses at a local cafe, “I park under the same tree at the same beach where I parked as a kid. Then I play Bee Gees songs, only instead of cassettes they’re on CD. Everything else is the same: same car, same sound of the doors closing, same rocks where we fished as kids … Time goes on, but nothing really changes.”

Source: www.smh.com.au

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