IF YOU judge a suburb by the quality of the businesses it attracts, then North Lakes has to be one of the most successful Queensland developments in recent years.
After originally being a locale of Mango Hill, North Lakes, following extensive housing and commercial development, has emerged in its own right since it was given suburb status in 2006.
Its appeal has been magnetic for both commercial entities and residents with more than 21,000 people now calling North Lakes home, according to the latest ABS Census.
It’s a 40 percent population spike on the 2011 ABS data when the Moreton Bay Regional Council suburb contained 15,000 residents.
The place is bursting at the seams, says local RE/MAX real estate agent Mark White.
“There are a couple of little pockets they are finishing off but the North Lakes footprint is almost finished from a residential perspective,” Mr. White said. “It’s almost full.”
For those who have set-up home in North Lakes, some 26km north of the CBD, there’s little need to venture beyond the suburb’s boundaries for entertainment and shopping.
There’s an enormous Westfield Shopping complex just off the Bruce Highway which opened in 2003 and has more than 4900 car park and 80 specialty shops.
The complex is complemented by warehouse merchandiser Costco and Swedish furniture giant IKEA – only the second built in Queensland – within close proximity.
“The only Costco in Queensland is in North Lakes and the second IKEA is in North Lakes which show how much of a success this development has been,” he said.
“For a long time and still may be, it was the fastest growing area in Australia.
“For the size, a number of people and the desirability of it, it’s a real lifestyle destination.”
The suburb’s appeal is about further enhanced by a $250 million commercial and lifestyle precinct to be developed by the team behind Fortitude Valley’s James Street and Southport’s Brickwork developments.
Laguna North Lakes will sit opposite Westfield and contain a 140-room hotel, trendy dining laneways, a tavern and office tower.
The recent announcement comes a year after the opening of Redcliffe Peninsula railway line.
“There is a series of railway stations in a short distance of each other and it’s about 70 minutes to the city,” Mr. White said.
“The residents have been quite excited that the railway line, IKEA and the movie theatre (at Westfield) all opened in the past 12 months.”
North Lakes contains 7649 dwellings and its population is very much a mix of Commonwealth countries.
According to the ABS, the most spoken language outside of English is Afrikaans while New Zealand born residents make-up 8.3 percent of the local population followed by Brits (7.1 percent).
Yet, according to Daniel Pennisi, a third-generation greengrocer who co-owns The Fruit and Deli Co. at Westfield, there’s another migrant group that’s not transparent in the ABS data.
“There is a strong South African influence but we are seeing a strong South American influence, not necessarily in North Lakes but from surrounding areas as well who we cater for,” he said.
“We have a large South American range including Arepa, which is like a corn tortilla and it’s part of their diet … we have five types of that.”
The Fruit and Deli Co. will celebrate its second birthday at North Lakes in November and Mr. Pennisi said the opening of the railway station was the missing link for the suburb.
“We found a lot of our customers work in the city but live here and the opening of the railway line was a big, big boost for them,” he said.
While the shopping center certainly has put the suburb on the map, the area has a lot more to offer.
It’s within close proximity of the Redcliffe Peninsula and within an hour’s drive to the Sunshine Coast and 40 minutes to Brisbane.
It has a strong businesses hub, a council library, leisure center and pool within the vicinity of the shopping center and the suburb’s centerpiece is Lake Eden which has a 10,000 step walking track, cafe, barbecue and playground area.
Positioned within a stone’s skimming throw of the lake are North Lakes State College and The Lakes College.
Opposite the State College is Told You So cafe which has been operating for 18 months.
Owner Anna Lumsden said the many of her customers were families and students and she chose the location based on the size of the ever-growing population.
“There are definitely lots of young families and uni students but it’s a lot more affordable for people to live out here too,” she said.
“We chose here because of lots of people living in a small area and there some major drawcards in the area where people pass through.”
The suburb’s popularity has also meant a steady rise in the median house price.
Mr White said a turn-key house could have been purchased for under $200,000 in 2006 but it has more than doubled since then with the median for a four-bedroom house tracking at about $520,000.
“The results speak for itself. There is about a 65 percent owner occupier … it’s a real lifestyle destination.”
Moreton Bay has made a national top 10 list of the best places to invest in property. Photo: Redcliffe Herald.Source:Supplied
MORETON BAY has emerged as one of the 10 best places in the country to invest in property, as some of the state’s forgotten cities undergo a regional revival.
A new report reveals smaller capital cities and regional centres are now the primary focus for property investors, as attention switches from Sydney and Melbourne.
Two Queensland regions have made the latest National Top Ten Best Buys list by hotspotting.com.au — Moreton Bay and Townsville.
A bird’s eye view of the Scarborough marina in the Moreton Bay region. Picture: Lynne Broughton.Source:Supplied
Suburbs in the Moreton Bay region such as Banksia Beach, Bellmere, Deception Bay, Burpengary and Sandstone Point all saw a steady rise in sales in the first quarter of this year.
Hotspotting founder Terry Ryder said the fact there were so many markets moving in different directions and at various speeds was an advantage for investors.
Hotspotting founder Terry Ryder.Source:News Limited
“While many commentators tend to discuss Australian real estate as a single market, there are many different markets driven by events in their local economies,” he said.
“Sydney and Melbourne have been rising, while Perth and Darwin have been falling, and others cities like Brisbane and Adelaide have been marking time, with only very minor growth.”
Mr Ryder said that while only the outer ring areas of Sydney and Melbourne were still firing, Hobart was performing strongly, Canberra was rising steadily and Perth was recovering.
“We also expect better performance from Adelaide and Brisbane in the next 12 to 18 months,” he said.
This four-bedroom house at 16 Manikato Ct, Burpengary, in Moreton Bay is for sale for offers over $649,000.Source:Supplied
The report identifies areas such as Newcastle, Geelong and the Sunshine Coast as having strong local markets, while other regional centres like Ballarat and Townsville are starting notable growth phases.
“National factors like access to finance and the level of interest rates are common across the country, but the core factors that differentiate one market from another are events in the local economy,” Mr Ryder said.
“These include population growth, business expansion and spending on infrastructure, which generate economic activity and jobs creation. Out of that comes local demand for real estate.”
This house at 16 Loftus Place, Sandstone Point, in Moreton Bay is for sale.Source:Supplied
Properties like 6 Midson St are in hot demand as buyers search to get more bang for their buck.The Petrie property sold for $555,000 in March after 23 groups were shown through the home.
RE/MAX Ultimate Sales associate David Merryweather said the buyers were moving from the south side of Brisbane as they saw they could get more value for money.
The kitchen at 6 Midson St, Petrie.
“They wanted space and they wanted a leafy suburb for when they consider starting
a family down the track,” Mr Merryweather said.
The couple saw potential in the property for future extensions, with a storage area beneath the perfect space to build additional bedrooms or living areas.
One of the bedrooms at 6 Midson St, Petrie.
Mr Merryweather also said there was nowhere near enough stock to keep up with the demand in the area, with families still wanting a decent sized yard flocking to the area.
Outside 6 Midson St, Petrie.
“I have lots and lots of buyers I’ve spoken to in that area (but) we’ve got more buyers than
we’ve got homes for,” he said.
“There’s not a great deal for sale so the properties that do come to market tend to attract a fair bit of attention.”
6 & 8 Nabeel Place, Calamvale, was part of a 1,400sq m site that was split and re-split to see the development land gross profit of $500,000.Source:Supplied
THE cost of residential land in Brisbane fell a massive 14 per cent last year with lots on the Gold Coast now more expensive than the Queensland capital. But the devil’s in the detail.
New data by Oliver Hume found buying a block in Brisbane set buyers back $358,500 at the end of last year – a median price drop of 14 per cent in just 12 months.
Land on the Gold Coast was $25,700 more expensive than Brisbane, according to the latest Oliver Hume Quarterly Market Insights, with the glitter strip pulling off an 8 per cent rise in median lot price to $384,200.
But Oliver Hume senior research analyst Amanda Bittenbinder said Brisbane’s massive median price decrease was not because of a struggling market but the type of blocks that were coming to market.
“The Brisbane market is shifting towards smaller lot sizes, due to land availability and affordability,” she told The Courier-Mail.
“Our data shows that 48 per cent of project land sales in Brisbane over Q4 2017 were between 301-400sq m whereas the Gold Coast recorded 52 per cent of sales over 500sq m.”
She said the Gold Coast had a higher median lot size than Brisbane.
Broken down, the data showed “the rate per sqm in Brisbane was $899/sq m in Q4, whereas the Gold Coast recorded $513/sq m – that’s a difference of $386 per sq m”.
In the December quarter alone, 1,956 lots were sold in South East Queensland, a fall of 5.5 per cent that had more to do with stock availability than demand.
Agent Tom Zhang of Yong Real Estate said demand was outstripping supply in Brisbane.
One of his recent sales included 6 and 8 Nabeel Place, Calamvale, which was part of a larger 1,400sq m block that a developer had bought for $1.1m.
“A developer bought it, they subdivided the rear 800sq m out and further subdivided that into two 400sq m blocks. For 400sq m that was selling for over $400,000 each. Those two blocks at the back sold for $800,000 and he still has the front house that will sell for more than $800,000. So his total income of over $1.6m minus development costs still ends up a fantastic return in a short period of time.”
122 Roscommon Road, Boondall, was split in two with each block on the market for over $350,000.Source:Supplied
He said “small to medium developers are so hungry for this type of product”.
“It’s easy to sell the land. The normal homebuyer can’t afford big blocks but a 400sq m block they might be able to. The worry now is the low supply of empty blocks of land in Brisbane and in the southern suburbs like Sunnybank and Calamvale.”
Redland – which includes mainland suburbs like Capalaba and Alexandra Hills as well as island suburbs like North Stradbroke and Coochiemudlo Island – had SEQ’s third highest block cost. Its median land lot was $312,000, a figure that had dropped 3 per cent last year.
Popular Moreton Bay – which covers a large area including Caboolture and Redcliffe – saw a 4 per cent fall to $238,000, while the second cheapest land lots in SEQ came out of Logan where the median was holding steady at $230,475.
The cheapest place to buy land in the region was Ipswich ($199,500), though that’s changing rapidly with the area posting the second highest cost increase last year (4 per cent).
Despite low retail land supply and strengthening demand, the median land lot price in Queensland was fell slightly to $260,500, the Oliver Hume report said – mostly because of shrinking block sizes.