In-demand beach locations such as Noosa and the Gold Coast may be out of reach for many holiday home buyers, but there are more than 50 coastal suburbs throughout the state where the median house value is below $400,000.
New research by RP Data revealed median house values in the Cairns region were $342,708 and in the Whitsunday region it was $385,000.
There were no suburbs on the Sunshine Coast where the median was under $400,000 although Currumundi came in close at $400,631.
The Fraser Coast, about four hours north of Brisbane, had the highest number of coastal suburbs with affordable medians.
There were ten suburbs with medians under $400,000 including Burrum Heads, Urgangan, Pialba and Point Vernon.
Burnett Heads on the Coral Coast, about 15km from Bundaberg, was one of the state’s most affordable coastal markets with a median value of $296,174.
The cheapest house listed for sale in the suburb was about two blocks back from the water and was already under contract.
The three-bedroom house had an initial asking price of $199,000.
Meanwhile a four-bedroom home in Burnett, within walking distance of the beach was asking $239,000.
Despite a softening in the Gold Coast property market in recent years, Labrador was the only coastal suburb with a median house value under $400,000.
While almost all median suburb values on the Gold Coast may be more than $400,000 there were still bargains to be had, particularly in the unit market
RP Data analyst Cameron Kusher said values on the Gold Coast were still about 20 per cent below what they were at the peak of the market.
According to realestate.com.au there are dozens of apartments in Surfers Paradise listed for sale for less than $200,000.
These include a one-bedroom unit in the Surfers Paradise Boulevard building managed by Outrigger Hotels and Resorts from $97,000.
It is being sold off by the unit’s mortgagee. Facilities in the hotel include a day spa, swimming pool, gym and tennis court. It is within walking distance of the beach.
In the smaller Chateau complex on the Esplande at Surfers Paradise a one-bedroom, one-bathroom unit is being offered for $188,000.
It has views which overlook the beach. The complex has a heated swimming pool, spa, sauna and steam room.
Nearby in Southport, there is a one-bedroom unit in Barney St for $129,000.
The studio-apartment in Southport Waters is close to the new swimming facilities being built for the Commonwealth Games.
On the Sunshine Coast, a one-bed studio apartment in Alexandra Headland is being offered for sale for $139,000.
It has “ocean glimpses” while the complex has a pool and tropical gardens and is opposite the surf beach at Alexandra Headland.
Tim Lawless of RP Data said coastal homes close to capital cities generally came with hefty price tags, but regional coastal markets tended to be much more affordable.
“Many coastal housing markets saw a steep run up in values prior to the Global Financial Crisis,” he said.
After the FGC he said values had dropped substantially.
“Demand for coastal homes fell away after the GFC due to a number of factors including a substantial lack of tourists which resulted in an oversupply of short-term accommodation and a lack of housing demand from workers associated with the tourism and retail sectors in those areas,” he said.
Despite that Mr Lawless said with tourism numbers and the share markets improving, interest in “lifestyle” markets had started to bounce back.
Neil Smoli, of property research and investment group Aviate, warned people not to let a summer romance with their favourite holiday spot spiral into an investment property purchase they may regret.
“Many people, when considering investing in property for their future, think their favourite holiday destination is the ideal place for them to invest. After all, if you love an area so much, why not invest there now so you can rent it out and retire there later?,” Mr Smoli said.
“Sadly, it almost never works out. Investment decisions based on emotion, clouded by what could be described as a summer haze, are typically doomed. What might seem an opportunistic purchase for the future will more than likely become regret once the rose coloured glasses come off.”
Original article published www.news.com.au by Michelle Hele, The Courier Mail 21/12/2013
Top 68 suburbs for growth in Queensland revealed
Top 68 suburbs for growth in Queensland revealed. New data has shown the top 68 suburbs in Queensland for capital growth over the last 12 months to June, with the number one spot reaching triple digits.
Top 68 suburbs for growth in Queensland revealed
Outlined in the Real Estate Institute of Queensland’s Queensland Market Monitor report, REIQ CEO Antonia Mercorella said despite the ‘doom and gloom’ of the property market, there are still locations that are seeing large gains in profitability.
“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” Ms Mercorella said.
“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”
While south-east Queensland saw a lot of attention, there were some high growth suburbs found in central and northern Queensland.
The area with the strongest growth was Blackwater, which saw a rise of 151 per cent growth, which Ms Mercorella attributed to the resurgence of coal prices.
Aside from Blackwater, 10 other suburbs saw growth over 20 percent. These included:
- Spring Mountain with growth of 103.6 per cent;
- Collinsville with growth of 46.2 per cent;
- Minyama with growth of 45.8 per cent;
- with growth of 32.9 per cent;
- Hollywell with growth of 30.5 per cent;
- Miles with growth of 23.5 per cent;
- Mount Coolum with growth of 21.9 per cent;
- Dundowran beach with growth of 21.5 per cent;
- Boonah with growth of 21.3 per cent; and
- Idalia with growth of 21.3 per cent.
Ms Mercorella said the top 11 suburbs were indicative of steady growth across the state, but warned against calling it a ‘boom’.
“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak,” she said.
It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon.”
While the top 11 suburbs show a spread of high growth suburbs through the state, 41 suburbs out of the 68 are located in the ever-popular south east corner of Queensland.
Of these, 15 suburbs were located in theCoast region, with the highest growing being Minyama, which ranked fourth overall.
The Brisbane region also saw a large number of high performing suburbs at 13. Hamilton was the region’s best performer and fifth overall.
Next was Ipswich with six suburbs, then the Gold Coast with four, Moreton Bay with three, while Redland and Logan suburbs did not rank.
Outside of south east Queensland, 27 regional suburbs ranked on the list, with the Townsville region recording four suburbs. Its highest performer was Idalia, which ranked 11th overall.
Next were the Cairns and Gympie regions, both recording three suburbs each. Cairns’ top performer was Palm Cove, which ranked 26th overall, while Cooloola Cove was Gympie’s top performer, which ranked 42nd overall.
While only recording one suburb, the Whitsunday region’s Collinsville ranked third overall.
The Bundaberg and Toowoomba regions both recorded two top suburbs, while the Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs regions all had one top suburb each
The top 68 suburbs which experienced double digit growth over the last year to June 2018, according to the REIQ, are:
|Rank||Suburb||Median price||Capital growth over 12 months (as a percentage)|
|27||Charters Towers City||$142,500||14.0%|
First home buyers, investors in Queensland cashing in on spring selling season
THE number of homes for sale in some of Queensland’s entry-level markets has surged this spring selling season, as first home buyers and investors emerge from hibernation to hunt for bargains.
Local real estate agents are reporting a 50 per cent jump in the number of homes hitting the market in the outer northern suburbs of Burpengary, Morayfield and North Lakes since the start of August.
And new figures from property research firm, CoreLogic, reveal new listings are up 11.9 per cent in Brisbane over the month and 2.8 per cent higher than they were during spring selling season this time last year.
Unit listings have skyrocketed nearly 90 per cent in Fairfield and almost 60 per cent in Strathpine in the past 12 months, while there are at least 30 per cent more houses on the market in Middle Park than there were a year ago.
Raine & Horne Queensland general manager Steve Worrad said there was strong demand for housing in the state’s entry-level markets, driven by first home buyers and investors, who were being lured by their affordability compared with Sydney and Melbourne.
Reserve Bank of Australia data reveals the proportion of first-home owners loans has risen to 18.5 per cent this year from a low of 12.9 per cent two years ago.
Figures from home builder Porter Davis and realestate.com.au reveal that 46 per cent of would-be buyers in the Queensland market are currently looking to purchase their first home.
Raine & Horne Burpengary, North Lakes and Morayfield principal Gina Wells said entry-level four-bedroom properties in Burpengary were selling for $420,000, while homes in North Lakes started from $550,000.In Morayfield, entry-level properties were available from $330,000.
“First home buyers prefer suburbs such as Burpengary and North Lakes as they are only 40 minutes by rail or road from the Brisbane CBD, coupled with the region’s affordability.”
Ms Wells said investors made up about 30 per cent of buyers in the entry-level markets because they appreciated the region’s affordability, infrastructure and historically low vacancy rates.
“We’ve had an excellent September, and we expect the property markets in this region to motor along well into December thanks to a decent level of homes for sale and consistent buyer numbers, which include plenty of Sydney investors chasing the strong yields this region offers,” she said.
Nicole Taylor, 21, and her partner, Billy Mawson-Perini, 20, have just bought their first home in Burpengary — a four-bedroom, two-bathroom house on a 663 sqm block of land.
“We started looking around Rothwell and North Lakes and actually left Burpengary to the last minute, but when we saw this place, we loved it straight away,” Miss Taylor said.
“It’s got more land and the area’s nice. It’s good for a first home.”
Stan Egawa from Place – Sunnybank said those suburbs were attracting buyers in the $600,000 to $700,000 price range.
“There is good interest compared to some of the surrounding suburbs,” Mr Egawa said.
“We’re getting double digit buyers through open homes (in Mount Gravatt East and Holland Park), which is very strong.
“In Sunnybank, we’re only getting one or two people to an open home.”
Mr Egawa said many first home buyers were looking for a home they could move in to straight away and live in comfortably, but with potential to renovate the kitchen and bathroom down the track.
“Three-bedroom, one-bathroom houses are very popular,” he said.
“Their ideal location is Coorparoo or Greenslopes, however, they’re realising that for the amount of money they’ll be paying in that area, they’re going to end up with a lot older house or compromising on block size.”
Rob Karaka of All Properties Group said first home buyers were active at the moment in the suburb of Regents Park, with near new or new four-bedroom, two-bathroom houses on 600 sqm blocks were selling for between $400,000 and $550,000.
Shaji Rajan has just bought his first home in Regents Park after renting for three-and-a-half years.
For just $430,000, he was able to secure a five-bedroom, two-bathroom house on a 600 sqm block at 34 Lamberth Road.
But he had competition, with his offer only accepted after another offer fell through.
“Regents Park is a very good area and it’s affordable,” Mr Rajan said.
“For our budget, we can find very good houses here and good schools and it’s very easy for us to get to work.”
Algester and Calamvale on the southside are also attracting strong interest.
Andrea Manson of Belle Property – Calamvale said listings had jumped “substantially” this spring and first home buyers were keen to get in to the market before interest rates went up. “There’s that perception it’s going to happen sooner rather than later and so many (first home buyers) are wanting to lock in a lower rate while they can,” Ms Manson said.
“Anything under $500,000 in our area is very popular with first home buyers.”
Agents in regional parts of the state are also reporting a strong start to the spring selling season.
Home sales in Bundaberg are 5 per cent stronger than they were this time last year, according to Raine & Horne Bundaberg principal Joshua Rub.
“Values remain consistent despite the spike in sales and those properties that are priced, presented and marketed professionally are selling within 3.5 weeks,” Mr Rub said.
“Sales are higher this spring simply because we have more committed buyers than tyre-kickers.”
He noted the sale to a first homebuyer of a three-bedroom house close to the beach at 25 Heritage Drive, Bargara, for $272,000 within two weeks of hitting the market.
“In Bundaberg and Bargara, local first home buyers and investors are extremely active this spring,” Mr Rub said.
In Gladstone, which had been hit hard by the mining boom hangover, home sales are at their strongest point in four years, according to Raine & Horne Gladstone principal Mark Patton.
“Well-priced entry-level properties valued upwards of $140,000 offer excellent value and incredibly competitive yields that are as high as 7.5 per cent,” Mr Patton said.
“The savvy buyers have recognised the Gladstone market has reached the bottom and they are making their presence felt at open homes.
“Many have also realised that by buying now, they’ll have a good opportunity to share in some capital growth too.”
FIRST HOMEBUYER HOTSPOTS THIS SPRING SELLING SEASON
Suburb Median house price
North Lakes $492,000
Suburb Median house price
Mount Gravatt East $657,000
Holland Park $710,000
Regents Park $410,000
Town Median house price
(Source: CoreLogic, Raine & Horne, Place Estate Agents, All Properties Group, Belle Property)
Originally published as Where Qld first home buyers are looking this spring
Renewed hopes of saving North Lakes Golf Club
Residents living around the financially troubled North Lakes Golf Club are increasingly hopeful it can be saved from being turned into a retirement community.
The course has been bought by developer Village Retirement Group and is due to close at the end of 2019 although a DA is yet to be submitted.
The Save North Lakes Golf Club group met with Moreton Bay Regional Mayor Allan Sutherland this week and spokesman Andrew Cathcart tells Mark he is confident local will get a fair hearing.
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