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First home buyers flock to one Brisbane suburb

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First home buyers flock to one Brisbane suburb
First home buyers flock to one Brisbane suburb

First home buyer Vedi Novakovic at her new StyleMaster home at North Lakes.

OVER $35 million has gone into helping first home buyers in Brisbane get a foot in the property market in the last two and half years, according to latest Queensland Government figures.

The numbers have seen North Lakes emerge as the Brisbane suburb with the highest number of first home buyers that have used the Great Start Grant since the current round began in September 2012.

Statistics for that period, released by the Queensland Treasury Office of State Revenue, found over $11.175 million had gone towards 745 first homeowners in Brisbane South and $8.145 million to 543 people in Brisbane North.

The Inner City had 470 new first homeowners share $7.05 million in Great Start Grant funds, Brisbane East had 426 share $6.39 million while Brisbane West saw $2.85 million go to 190 people.

The figures were released as the Great Start Grant neared its two-and-a-half-year milestone, with the Gold Coast seeing 902 first home buyers share in $13.53 million, Ipswich had 967 people split $14.505 million while Logan Beaudesert saw 867 people share $13.005 million.

Brisbane’s top grant suburb was North Lakes where 259 new homeowners accessed the special funding to get their first home, while Upper Coomera topped the Gold Coast with 210 people.

Vedi Novakovic was among those who have taken their first step into the property market in North Lakes using the Great Start Grant.

Her parents had moved to North Lakes from the southside four years ago, so when the time came to choose a new home, Ms Novakovic said the decision was easy.

“I looked at two or three other places (before this one). It wasn’t too long before we just went down the road to talk to the guys at the display houses in North Lakes. It was a pretty easy decision in the end.”

First home buyers flock to one Brisbane suburb

First home buyer Vedi Novakovic at her new StyleMaster home at North Lakes.

 

 

Ms Novakovic, 27, decided on package via developer Stockland and project builder Stylemaster because “the price and the concept looked good”.

“I’ve spent roughly around $350,000,” she said, and found the Great Start Grant “definitely helpful” – coming as it did at the end of construction.

“After the building finishes they give you back that $15,000. That’s helped a lot with landscaping and furniture.”

She has been in her new home for over a month, just five minutes away from her parents.

”It’s a work in progress. It’s scary but exciting at the same time. It’s wonderful. It feels like it’s always been mine.”

The latest Australian Bureau of Statistics housing finance figures showed there was much more to come from the first homebuyer segment, with lending activity still “quite weak” according to Housing Industry Association economist Geordan Murray.

“The number of loans to first home buyers in the three months to February 2015 was around 8.2 per cent lower than the corresponding period a year earlier,” she said.

Property group Stockland regional manager David Laner has seen growth in both North Lakes and Upper Coomera where the company has residential communities.

First home buyers made up 34 per cent of all new house and land packages sold by Stockland in Queensland, he said – “the highest representation of any single buyer group”.

Stockland saw first homebuyers return to the market “in meaningful numbers” in the first half of the 2014-2015 financial year,.

“It’s important that we continue to encourage first homebuyer confidence and participation in the market. The Great Start Grant has been very successful in this regard and new and potential first homebuyers are undoubtedly looking to the government for reassurance that the grant will be maintained at current levels.”

He said many of Stockland’s recent first home buyers had settled in the urban Mode Village, which was now close to selling out.

Stockland also had a Highland Reserve development community in Upper Coomera on the Gold Coast, which Mr Laner said was also very popular.

“Young homebuyers like the central location and the fact that Highland Reserve has its own state primary school, childcare centre, cafe and central lake, and is handy to major employment centres,” he said.

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Commercial Property

Queensland Economic Outlook ‘Positive’: Deloitte

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Queensland Economic Outlook

Construction and development appeared healthy to Deloitte’s analysts, who attributed some of Queensland’s strong economic outlook to high levels of interstate migration and international tourism, which have encouraged a growing list of tourism-related construction projects.

Queensland’s international tourist arrivals are expected to remain solid over the forecast period, averaging growth of 4.7 percent out to 2021.

There were reasonable gains in engineering activity in Queensland, and Cross River Rail was in the planning stages.

The report also put a focus on livability and housing affordability. In the midst of the continuing debate over house prices and quality of living, Deloitte reported that Queensland has less cause for concern.

Queensland’s place in the national picture of housing affordability is a comparative advantage. In the midst of a housing price boom, living in Queensland remains more affordable than in the southern states.

While Sydney and Melbourne house prices have experienced year-on year growth in the double digits, Brisbane has experienced a modest 3.5 per cent growth.”

Despite this optimism, Queensland was revealed to be mirroring the national trend, showing a slight decline in outright home ownership and owners who have a mortgage.

Rental stress was recorded to be higher than the national average, with more Queenslanders renting than owning their own home compared to the rest of the country.

“But with a modest decline in rent in the June quarter CPI figures, increasing vacancy rates, and new supply from an easing residential construction boom the conditions could result in Brisbane becoming a renter’s market,” Deloitte said.

Job growth was accelerating in Queensland and while population growth had “bottomed”, it was now back in line with the national average — although it remained below the level experienced in the state five years ago.

In less positive news, CommSec’s latest State of the States report found Queensland’s economic performance had slipped to sixth place, hampered by weak business investment and retail spending.

CommSec chief economist Craig James said that despite a recent surge in residential construction, oversupply is still a concern. Queensland would benefit from increased revenue generated by the state’s gas industry as well as spending that resulted from a rise in employment.

Queensland Treasurer Curtis Pitt defended the state’s ranking saying that the CommSec report understated the state’s performance.

“Most people’s economic indicator is whether they have a job or not and both the DAE and CommSec reports highlight our strong performance in job creation,” Pitt said.

Of Queensland’s population of 4.7 million, more than half were recorded to be living outside of the state’s capital city. Queensland’s south-east corner, including Brisbane, Gold Coast, and Sunshine Coast, saw a growth rate in population twice that of the rest of the state.

Despite Queensland’s size, urbanization has taken hold — 66 percent of the population living within 0.6 percent of Queensland’s total area.

Originally Published: brisbaneinvestor.com.au

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Commercial Property

Elanor Investors Acquire Redcliffe Shopping Centre For $55 Million

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Elanor Investors Group new managed fund, the Bluewater Square Syndicate, has acquired a shopping centre in the Brisbane suburb of Redcliffe for $55.25 million with a two year rental guarantee on vacancies.

Elanor chief executive Glenn Willis said there was significant opportunity to expand the shopping centre and retail options in Redcliffe, as the property has a favourable zoning and 27 metre height limit across the majority of the 1.356 hectare site.

“Following the announcement of the establishment of the Elanor Metro and Prime Regional Hotel Fund on 21 August 2017, the establishment of Bluewater Square Syndicate takes ENN’s owned and managed portfolio of assets to approximately $990 million.

“This is expected to exceed $1 billion dollars following ENN’s co-investment in each of these new managed funds.” Willis said.

Constructed in 2008, Bluewater Square is a 10,004 square metre neighbourhood shopping centre in an increasingly densifying precinct within the Brisbane metropolitan area — 20km from the Brisbane International Airport and 30km from the Brisbane CBD.

The centre is anchored by a 3,941 square metre full-line Woolworths supermarket leased to September 2028. The centre’s sales are growing at 3 per cent per annum with a weighted average lease expiry of 6.0 years.

The Woolworths supermarket is complemented by two mini majors — Healthworks Gym and a large Terry White Chemist — and over 30 specialty retailers predominantly focussed on providing services and non-discretionary focussed food offerings. An upper level of office suites is tenanted by three law firms, a medical practice and the Redcliffe Electoral Office.

The acquisition of Bluewater Square represents a passing yield of 7.0 per cent which compares favourably to prevailing Brisbane Neighbourhood shopping centre yields.

“Bluewater Square is a modern shopping centre generating stable cash flows by providing convenient access to everyday goods and services for its local trade area,” Elanor head of office real estate Michael Baliva said.

“The Bluewater Square Syndicate provides its investors with strong income returns and significant opportunities for capital growth,” he said.

Settlement of Bluewater Square is expected to occur in October 2017.

Originally Published: www.theurbandeveloper.com

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Commercial Property

New Industrial Land Release Hits Market

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First major industrial estate in Caboolture in 10 years

In what is one of the most anticipated land releases to hit the industrial market, official marketing commenced this week on Corporate Park East, located between Brisbane and the Sunshine Coast at Caboolture.  The new 76ha integrated estate is expected to help satisfy the increasing logistics requirements of companies looking to service the northern growth corridor.

“The success of North Lakes and the residential construction activity being generated by Caloundra South and other major projects in the area has changed the perception of Caboolture among the national companies” said marketing agent Chris Massie of Ray White Commercial. “It has become clear that this will be the centre of growth in the region for the next twenty years and the bigger players are starting to position themselves accordingly”

Stage 1 is due for completion in May of next year, with tenants and owner occupiers expected to move in to the first new buildings before Christmas.  Land sizes start at 2,000m2 and can accommodate up to 20 hectare requirements.

If you would like more information emailed or to arrange a site inspection, please contact Jennifer Swaine at Ray White Commercial North Coast Central or email at Jennifer.swaine@raywhite.com

 

Originally Published: https://www.theurbandeveloper.com/

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