First Look: $190m Kangaroo Point Green Bridge

The Brisbane City Council will fast-track the planned Kangaroo Point pedestrian bridge to bring forward investment and drive employment following the coronavirus pandemic.

The bridge, set to link Brisbane’s eastern suburbs with the CBD, is one of five announced last year as part of his $550 million green mobility plan for the city.

The $190 million bridge, originally earmarked by former Brisbane lord mayor Graham Quirk, will cater for 5,400 trips each day, which is expected to increase to more than 6,100 trips by 2036.

The pedestrian and cycling bridge is also expected to reduce cars crossing the river by 83,690 every year.

Lord mayor Adrian Schrinner said the project would serve as an iconic piece of infrastructure for Brisbane residents following the recent pandemic.

The Queensland government said construction of the infrastructure would create 500 jobs as well as hundreds of supplier opportunities. Image: COX Architecture/ARUP

“There has been a surge in cyclist and pedestrian activity on our green bridges and bikeways across Brisbane since the coronavirus crisis began,” Schrinner said.

“People moved away from public transport and even as restrictions eased a lot of residents have made a lifestyle change and demand for active transport options like green bridges is only going to increase.”

At Breakfast Creek, a pedestrian and cycle bridge connecting Kingsford Smith Drive Riverwalk will also move ahead.

Schrinner said the cost of the bridge was to be determined following the preliminary business case.

Two further pedestrian bridges in West End—one from Toowong to West End and the other from St Lucia to West End—are also being considered by local councils.

A final bridge at Belbowrie to Wacol is also being considered due to its potential to provide emergency access in high flood risk areas.

Work on the Kangaroo Point and Breakfast Creek green bridges is scheduled start next year and be finished in 2023—two years ahead of the initial 2025 date.

Read Full Article –
https://theurbandeveloper.com/articles/qld-government-fast-track-kangaroo-point-bridge

Brisbane’s property downturn has been quite shallow compared to the big two capital cities

Brisbane 

Brisbane’s property downturn has been quite shallow compared to the big two capital cities, with local values only 0.8% below their peak.

But this followed a relatively mild growth cycle where growth in housing values in Brisbane was only 7.5% over the past five years.

Brisbane house prices increased by 0.9% over the last month (2% over the last quarter) while apartments in Brisbane only increased in value by 0.3% over the last month (0.9% over the last quarter.) 

But now Brisbane values have posted their second consecutive month of subtle gains.

CoreLogic reports that since bottoming out in June, Brisbane’s dwelling values are up 2.2% with little difference separating houses and units where the recovery is recorded at 2.2% and 2.1% respectively since June.

The recovery trend has been slightly stronger across Brisbane’s premium market, with the top quartile recording a rise of 2.4% compared with a 1.5% lift across the 

The following metrics show how sluggishly the Brisbane housing market is performing:

  • The average selling time of a home is 52 days (37 days a year ago);
  • Vendors are discounting their properties an average of 4.3% to affect a sale (4.5% a year ago); and
  • 13.3% fewer properties sold in the last 12 months compared to the previous year.

With migration rates lifting, supply under control and generally healthy levels of housing affordability, the Brisbane housing market fundamentals are looking healthier compared to most other capital cities.

At the same time the underlying strong demand from home buyers and investors from the southern states at a time when yields are attractive and housing affordability is relatively healthy and putting a floor under property prices.

Brisbane’s economy is being underpinned by major projects like Queen’s Wharf, HS Wharf, TradeCoast, Cross River Rail, the second airport runway and the Adani Coal Mine, but jobs growth from these won’t really kick-off for a few more years.

Read Full Article – https://www.smartcompany.com.au/industries/property/property-markets-december-2019/

Brisbane tipped as Australia’s newest investor hotspot

Properties within a 10km radius of the Brisbane CBD are tipped to boom as oversupply issues that have plagued the market disappear, industry experts have suggested.

During a recent taping of the Smart Property Investment webcast, CoreLogic head of research Tim Lawless predicted properties just outside the Brisbane capital as the next hotspot.

When asked to give his tips on where to invest based on suburbs, Mr Lawless said Brisbane, which has previously been plagued by oversupply, is the big winner in the property market.

“I’d be buying… My first option would be buying a detached house within Brisbane, an established home within 10 kilometers of the CBD, at least 607 square meters of land, that’s your classic 24 perch block there,” Mr Lawless said.

“And you’re going to be renting it out for 650 to 750 bucks a week, so classic 5.5 per cent yield. Really good value there. Values haven’t really moved too much in that bracket, and you got inherent scarcity there as well,” he continued.

While highlighting that Brisbane’s apartment construction peaked four year ago, Mr Lawless said he still believes certain parts of the capital are better buys than others.

“If I was buying in Brisbane though, I’d really be trying to target, well, first of all the best suburbs around the inner city. So looking at areas like West End, South BrisbaneNew Farm, Teneriffe, Newstead, those sort of areas,” Mr Lawless said.

Read the full article here

CBA TIPS APARTMENT SHORTAGE BY 2020

The construction downturn would bottom out by mid-next year and there could be a shortage of apartments by 2020, the Commonwealth Bank has forecast.

 

Strong population growth, a shortage of supply, and a kick back in home prices meant the building downturn would hit bottom sooner than expected.

 

“CBA estimates suggest an undersupply of apartments from 2020,” CBA economist Kristina Clifton said.

 

Read the full article here

Matthew Cranston
Economics correspondent

Let the inspections Begin

The Linton has undergone the first round of buyer inspection. Tomkins Commercial Builders have done a fine job in presenting the completed apartments ready for the new owner’s to see.

One of the first couples to inspect the building on the 21st of October. They cant wait to move into their new home.

By the 1st of November, basically all of the first 7 floors will have been inspected. At this stage, we are pleased with the reports we are receiving from the buyers on the quality and cleanliness of the apartments.

Capital city suburbs where prices are tipped to soar 25% in three years

Sydney and Melbourne are beginning to recover from Australia’s housing slump – but there are some suburbs where prices are set to do much more than recover.

According to research from Select Residential Property (SRP), some of the best markets are in Brisbane, where the top suburbs are forecast to grow between 23 per cent and 25 per cent.

However, Sydney and Melbourne aren’t without opportunities either.

In Brisbane, SRP director of research Jeremy Sheppard said Red Hill and Keperra are the winners when it comes to expected growth, with median prices expected to increase by $215,000 and $130,000 respectively.

That’s from median prices of $851,016 and $535,195.

In Sydney, the median house price of Roseville Chase is expected to increase from $2.035 million to $2.46 million, while in Melbourne, the suburb of Balaclava should grow by 20 per cent to reach $1.286 million.

Breaking it down by the three cities, there are dozens of suburbs where prices are as low as $500,863 where property prices are expected to increase.

The research coincides with Domain’s latest property report, finding that more than half of Sydney’s regions recorded price increases in the June quarter.

Across the city as a whole, property price declines fell by a relatively small 0.4 per cent.

In Melbourne, the median hour price went up by 0.3 per cent and units increased in value by 2.0 per cent.

However, homes in Brisbane fell by 1.4 per cent and units by 3.1 per cent.

Homeowners in Adelaide saw little change to their median home value, with houses down by 0.1 per cent units by 0.2 per cent.

In Perth, on the other hand, houses fell in value by 2.0 per cent and units by 1.6 per cent.

Hobart was one of the few cities where home values increased, up by 0.7 per cent, but units went in the other direction, falling in value by 6.4 per cent.

Canberra saw house values increase by around the same price as unit values fell, with houses up by 1.4 per cent and units down by 1.4 per cent.

And in Darwin, houses have fallen by 2.3 per cent and units by 4.8 per cent.


Full article is at: https://au.finance.yahoo.com/news/suburbs-where-prices-will-grow-25-by-2022-063807542.html