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Suburban Spotlight: Redcliffe

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A SOUTHEAST Queensland tourist hotspot say they love having visitors, but what they really need is for people to stay long-term.

Local businesses say Redcliffe has been slow to embrace high-density living, and that is holding back growth.

Through its urban renewal plan, Moreton Bay Regional Council has approved pockets of the peninsula to be developed into eight-storey highrise unit blocks.

Council hopes those developments will attract newcomers into the area and push up the local population, which currently sits at about 9200 people.

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Restaurateur Diana Dagostino, of Italian Emporium on Redcliffe Pde, said she hoped an increased population would encourage larger retail and department stores to set-up shop on the peninsula.

“We need progress. We need more upmarket shops and retailers to come through,” she said.

“We have a lot of beautiful cafes and restaurants, but we really need a lot more upmarket clothing and retail shops. That will all come if we have more people.”

Michael Herbert, who has owned the Bikini Beach Café on Redcliffe Pde for three years, said weekends are easily his busiest period, with Brisbane residents and travellers from further afield invading the suburb looking for a taste of beachside living.

“During the week you get your locals but on weekends there are so many holidaymakers, the locals tend to stay away as much as they can,” Mr Herbert said.

He said his customer demographic was also changing.

“The trend is getting younger and hence why we have redone our menu four times,” he said.

“It’s really noticeable that we are seeing a lot of young families.”

The urban renewal program has already started to take effect on the local real estate market, with almost half of the properties that changed hands in 2016 being apartments.

Realestate.com.au data shows the median price for a two-bedroom unit in Redcliffe is $303,000, down by 1.6 per cent from the same period five years ago. Three bedroom units are currently selling for a median price of $495,500.

In comparison, three-bedroom houses are selling for a median price of $418,000, up a huge 26.7 per cent on the same period five years ago.

Kindred Real Estate principal Josh Kindred said Redcliffe was not only becoming a popular relocation spot for retirees and empty nesters, but also for families looking to be near the sea, with the average age of residents tipping 45 years.

He said the suburb was also popular with interstate buyers.

“Of our enquiries, 23 per cent are coming from those Sydney and Melbourne areas,” he said.

“They are people who want to invest or live up here. You’re close to the airport and you’re between (Brisbane and) the Sunshine Coast.

“What we are finding from people who are moving here from Albany Creek, Kenmore and Clayfield, is that they are still on the northside of Brisbane but they get the lifestyle.”

He said buyers looking to relocate or invest need to be mindful that there’s a great real estate divide through the heart of the suburb.

Land and house prices east of Oxley Ave are going to set you back up to 30 per cent more than those west of the arterial road, Mr Kindred said.

“Oxley Avenue has been the geographic boundary that we talk about in the region,” he said.

“In our local market place we will advertise a place east of Oxley Ave… it’s about the proximity to water. It’s easy walking distance to water.”

 

Originally Published: http://www.couriermail.com.au/

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Queensland Budget 2018: What it Means for the Property Industry

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Queensland Budget 2018: What it Means for the Property Industry
Queensland Treasurer Jackie Trad handed down the Queensland State Budget on Tuesday, delivering a surprise $1.5 billion surplus and putting an extra $200 million into people’s pockets.

This year’s budget focused on infrastructure, tourism and mining funding.

Property investors will also be met with a 0.5 per cent increase in the land tax rate for aggregated holdings above $10 million, as well as an increase in the additional foreign acquirer duty from 3 per cent to 7 per cent.

The government also announced it will cut back the first home owners’ grant.

So what does the state budget mean for the property industry?

Here is what you need to know.

Additional Foreign Acquirer Duty

Aligning with states nationwide, the Queensland government announced an increased rate for additional foreign acquirer duty.

The AFAD is an additional tax on relevant transactions that are liable for transfer duty, landholder duty or corporate trustee duty which involve a foreign person directly or indirectly acquiring certain types of residential land in Queensland by foreign persons.

The duty will rise from 3 per cent to 7 per cent and is forecasted to result in an increased revenue of $33 million per annum.

Infrastructure Improvements

The state government will dedicate $4.217 billion to transport and roads.

The Sunshine State’s long-awaited duplication of the Sunshine Coast rail line received $161 million.

The Toowoomba Second Range Crossing project received $543.3 million, a route to the north of Toowoomba from Helidon to the Gore Highway.

Brisbane’s Cross River Rail received $733 million to go toward the $5.4 billion project. The federal government failed to pledge any assistance towards the Cross River Rail project earlier this year leaving the state government to foot the bill.

There’s also $487 million over four years for upgrades to the M1 on Brisbane’s south and on the Gold Coast.

Queensland Budget 2018: What it Means for the Property Industry

Proposed Exhibition station on Cross River Rail. Artist’s Impression.Image: Cross River Rail Authority

First Home Buyers Grant Slashed

First home buyers have come to expect a $20,000 starter grant since 2016 will now see it cut to $15,000 if they buy a house from July onwards.

The $5,000 boost had been added to the grant in 2016 by former Treasurer Curtis Pitt, with the measure supposed to be in place for just one year.

It was extended twice in six-months until the end of 2017 and then to June of this year.

Land Tax Increase

Under the new taxes introduced in Tuesday’s budget, foreign landowners with more than $10 million worth of landholdings will now be in line for a 0.5 per cent increased rate of land tax.

Individuals with properties worth more than $10 million will now incur an additional rate of 2.25 per cent (or 2.5% for trusts or companies) for every dollar of taxable value over $10 million.

This is expected to bring in $71 million in revenue in its first year, with a projected 11 per cent increase in 2018-19 land tax revenue.

Source: brisbaneinvestor.com.au

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Foreign investment in Australia’s housing market collapses: FIRB

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Foreign investment in Australia’s housing market collapses: FIRB

The FIRB has revealed a fall in foreign investment in new apartments in Australia.Source:Supplied

FOREIGN investment in Australia’s housing market has fallen, amid waning investor appetite and tighter lending standards.

OFFICIAL data has confirmed a collapse in approvals for foreign investment in Australia’s housing market, amid waning investor appetite, higher charges and tighter lending standards.

The Foreign Investment Review Board’s annual report reveals a 67 per cent fall in residential real estate approvals last financial year — down from 40,149 approvals to 13,198.

The value of FIRB approvals also plunged, from $72.4 billion to $25.2 billion in fiscal 2017.

The report reveals 18 per cent of approvals to foreigners were for residential real estate in Queensland in 2016-17.

Foreign investment in Australia’s housing market collapses: FIRB

Proportion of residential real estate approvals by state and territory in 2016-17. Source: FIRB.Source:Supplied

Victoria and New South Wales remained the favourite destination for investment, accounting for nearly three-quarters of all approvals granted.

The FIRB said a significant factor contributing to the reduction in approvals was the introduction of application fees from December 2015.

“The introduction of fees resulted in investors only applying for properties they intend to purchase,” the report said

Foreign investment in Australia’s housing market collapses: FIRB

FIRB Residential Real Estate Approvals by Year.Source:Supplied

“Prior to the introduction of fees, individuals often made several applications earlier in the process when considering multiple properties, even though they might have only ended up purchasing a single property.

“This suggests that the resulting reduction in approvals may not imply a corresponding a reduction in actual investment in residential real estate. That is, the actual decline is likely to be lower than implied by the data.”

Foreign investment in Australia’s housing market collapses: FIRB

The FIRB has revealed a significant drop in foreign investment approvals for residential real estate in Australia.Source:Supplied

Along with the introduction of state-based taxes on foreign investors, the FIRB said weaker demand from China was another factor behind the decline in approvals granted.

Investment in new apartments from mainland Chinese investors dropped significantly in 2016-17.

AllenWargent Property Buyers chief executive Pete Wargent said the figures would have some significant impacts on the new apartment sector, construction trends, and the broader economy — especially in Sydney.

Foreign investment in Australia’s housing market collapses: FIRB

The FIRB says weaker demand from China impacted the fall in approvals.Source:Getty Images

Mr Wargent said he expected Sydney to experience the greatest number of failed apartment projects, with increasing signs of discounting on new apartments.

“Perhaps this was an inevitable end-game for this cycle, where development has been too much skewed towards apartments for investors, and too little towards the types of medium-density dwellings that people want to reside in,” he wrote in his blog.

But Chinese international real estate website Juwai.com chief executive Carrie Law played down the reported decline in Chinese demand.

Ms Law said that in the second half of 2016, Chinese buyers were investing in Australian real estate at an almost irrational pace.

“It was like money falling from heaven for vendors and developers,” Ms Law said.

“In early 2017, capital controls, financing restrictions, and foreign buyer taxes reduced Chinese investment to more reasonable levels.

“Since November 2017, we seem to have entered a period of more sustainable long-term growth.”

Ms Law said Chinese buying enquiries for Australian property in March were 5.7 per cent higher than the month before and in April they were 22.3 per cent higher.

“Unfortunately, this year’s FIRB data is not directly comparable to that of prior years, due the change in regulations and buyer behavior,” she said.

“The big declines are partly due to lower demand, and mostly due to the changed application fees.”

Source: brisbaneinvestor.com.au

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Which suburbs are seeing high interstate migration?

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Which suburbs are seeing high interstate migration?
Everyone wants a slice of a capital city, but some people just cannot afford it. Instead, people are moving to other affordable areas located in greater capital city areas. Here’s the latest data on interstate migration movements.

Analysed by Propertyology, the interstate migration figures indicate to head of research Simon Pressley that interstate migration is a trend that is likely to continue for years to come as people look for affordable property.

“The Great Australian Dream is alive and well and the latest data proves that people are prepared to uproot and move to make that dream a reality,” Mr Pressley said.

“The big winners are affordable locations within our capital cities with thousands moving either intra- or interstate to get a foot on the property ladder.

“Affordability will continue to be the deciding factor for buyers in the years ahead, which augurs well for many of these outer-ring locations.”

Here’s the movements in some of the biggest markets around the country:

Brisbane

The biggest movements for the greater Brisbane area were Moreton Bay with 5,110 arrivals and a median house price of $455,000, Ipswich with 2,332 arrivals and a median house price of $345,000 and Redlands with 1,237 arrivals and a median house price of $531,000.

Mr Pressley pointed out that the state of Queensland was currently undergoing an interstate migration boom, seeing over 17,000 residents in a single year.

“Greater Brisbane is made up of only five city councils, all of which were beneficiaries of positive internal migration last year,” he said.

“Once again it seems that affordability was a key driver with the more expensive metropolitan Brisbane attracting the smallest portion of interstate migration while Moreton Bay welcomed the lion’s share.

“In fact, its population of about 440,000 people is expected to grow by a staggering 200,000 in the next 20 years — and its affordability is a big part of the reason why.”

Source: brisbaneinvestor.com.au

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