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SOLD OUT: Family fight for dream home in high demand suburbs

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SOLD OUT: Family fight for dream home in high demand suburbs

FAMILIES are lining up to beat interstate and international property investors at their own game.

They’re cashed up and ready to pounce on homes in Ipswich suburbs within hours of them hitting the market and investors from other parts of the country don’t stand a chance.

Real estate agents in Springfield, Springfield Lakes, Camira and Augustine Heights have lists of contacts saved in their phones for local Ipswich families who want a slice of the suburbs.

In some instances, homes are under offer within three hours of hitting the market.

Close to 10,000 families already call the in-demand suburbs home and thousands more want in on the action.

The lucky buyers are not from interstate. They aren’t buying to invest or rent, but they want two living spaces, more than one bathroom and enough bedrooms for all their children.

McGrath sales agent Clare May said it was a supply and demand situation that has led to some families who weren’t quick enough missing out on their dream home.

“There seems to be a lot of families that want to move into the greater Springfield area and what we’re finding is we are having a large number of open homes but multiple offers,” Ms May said.

“Properties are coming on to the market and before we can even advertise them. We’ve already had multiple views. We have a large amount of buyers, literally lists of buyers, who are waiting for properties.

“We had a home go under contract within three hours of the property being listed. The ink was still wet on the forms and buyers were already going through.”

The exodus is occurring for families who already call the city home but want bigger homes in expanding suburbs.

Ms May said the great Australian dream of a big backyard had been foregone for expansive homes with extra space for families to spread out – and the price tag to match.

“We’ve got the lagoon, we’ve got Robelle Domain, wherever you live within the greater Springfield region, you can walk to a park.

“The idea of having a larger block isn’t necessarily as appealing as it used to be, it’s more the big house,” Ms May said.

“The prices have been going up. We’ve seen a large amount of properties listed for sale between the $700,000 and $750,000 mark which is quite unusual for somewhere like Springfield Lakes. Recently. we’ve had a number of higher-priced properties that have been listed and record sales recorded.

“These sales have become more and more popular. You wouldn’t necessarily expect to have as many people through open homes looking at that price because they would normally look at somewhere like Brookwater.”

She said the majority of blocks in Camira were almost double the size of the average 550sq m blocks in Springfield Lakes.

“Camira is a bit better for block sizes so we are finding most of the buyers we are selling to in Camira are from Springfield Lakes and are re-locating to Camira for the bigger blocks.

“People do not want not to live quite as close to their neighbours,” Ms May said.

Realtors can’t keep up with demand

THERE are more buyers than there are homes in Springfield, with real estate agents putting buyers on speed dial.

Cashed-up families want to see homes the moment they go on the market and those most desperate are willing to go to extreme measures to snap up a home.

McGrath sales agent Clare May said homes are out of stock

“I look at what stock there is in the whole greater Springfield region and there is not enough. The trend has been increasing and I think it will continue to increase,” she said.

“I don’t think it’s going to slow down. I think it’s going to continue to grow because it’s supply and demand.”

Ms May said major housing developments that injected thousands of homes into the market did little to curb the supply shortage.

“Some people don’t want spanking new houses – they want to buy something that is established and has got trees and the neighbourhood.

“Who would not like to be in a satellite city like Springfield.

“I think it will get to a point it’s so big it will have to be recognised as a city.

“I don’t think it will curb the under-supply.

“From a sales perspective, people are always looking to move and re-locate. They are looking for a good area, community, space and activities they don’t have to travel for.”

Resident loves city switch

MUM Signe Langi is one of the lucky ones who has already finished building her dream home at Springfield.

Last week marked a year since Signe and her family moved into their home they love it.

She wasn’t surprised to hear property in her area was in high demand.

“We bought a property in Springfield and finished building a year ago,” Signe said.

“We really love it.”

Signe moved from Oxley with her daughter and partner.

The pair were ready to buy and looked in their local area but found the price didn’t match the quality they wanted.

“We looked at a lot of places at Oxley,” Signe said.

“A lot of them were older homes and we wanted something more modern.”

When they found the estate they wanted to build in, the pair made an application and a few months later found out they had been approved for their preferred block.

Signe works in Ipswich but didn’t want to be too far out from Brisbane either.

She and her partner settled on Springfield, deciding it was a happy medium.

The family loves the community feel and Signe, an avid walker, enjoys bypassing the lakes while out for a stroll.

“We’ve been to Robelle Domain for Christmas in the Park.

“We like all the outdoor spaces for families.

“Most of our neighbours are owner occupiers.” –Helen Spelitis

Originally Published: www.qt.com.au

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Queensland Attracts UK Property Seekers

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Queensland Attracts UK Property Seekers

Research by realestate.com.au showed that searches for property in Queensland climbed by nearly a third in December compared to the same period in the previous year. This was driven largely by British people who are flocking to one of the most populous states in the country, according to a report by news.com.au.

The study found that property searches originating from the UK increased 31%, with the Sunshine Coast suburbs of Noosa Heads, Buderim and Mooloolaba as popular picks among potential buyers.

New Farm, Redcliffe and North Lakes, meanwhile, topped the list of the most in-demand suburbs in Brisbane.

Nerida Conisbee, Realestate.com.au chief economist, said Queensland, specifically its beachside properties, held the top spot in terms of total search activity among UK property seekers.

“The Hemsworth impact seems to be impacting the view of Byron Bay with this the most searched by UK property seekers in December 2018 — the number tripling from December 2017,” she said.

Universal Buyers Agents Director Darren Piper said that the chaos surrounding Brexit in Britain was enticing overseas buyers to explore the Australian property market.

“House prices in London have fallen for the fifth quarter in a row. It’s natural for investors to look for safe havens in times of uncertainty,” he said.

Australia’s property market has consistently grown over the past decade, with homes in Sydney, Brisbane and Melbourne reaching record prices.

“It’s the perfect time for people to get their foot in the door and it’s a great time as a homeowner to explore your options, maybe make a move or stay the course,” said Piper.

 

Source: brisbaneinvestor.com.au

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Where it’s cheaper to buy than rent: It’s Ipswich’s time to shine

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Where it’s cheaper to buy than rent It’s Ipswich’s time to shine

SHUT out of the Brisbane market? Don’t despair. You can still bag a bargain in Ipswich as it shakes off its stigma as the city’s poor cousin.

IT HAS played second fiddle to Brisbane for years, but finally, it is Ipswich’s time to shine.

Long regarded as the river city’s poor cousin, the “Switch” has shaken off its stigma and is forging a name for itself as the state’s property bargain capital — where you can get a house for less than your weekly rent.

New figures from realestate.com.au have revealed the suburbs across Queensland where it is now cheaper to buy than rent and eight of the top 20 are in the Ipswich growth corridor.

In Ebbw Vale, where the median house price is $248,500, it works out to be $386 cheaper to own a home in the suburb than to rent one.

cheaper to buy than rent

And in the burgeoning masterplanned community of Ripley, where it costs $1600 a month on average to rent of home, it only costs $1230 a month on average to own one.

It comes as Brisbane’s housing market has recorded its strongest annual rise in rents in three years.

After months of flat growth in rental properties, analysis of the latest CoreLogic data by realestate.com.au shows house rents increased 2.4 per cent in 2018, while the cost of leasing a unit became 2.6 per cent more expensive.

A rare combination of low interest rates, a rising population and fewer investors and new developments is starting to put upward pressure on rents in the sunshine state and industry experts say now is the time for long-term renters to buy.

Realestate.com.au chief economist Nerida Conisbee said the only way was up for rents in the city, as underlying demand in the Brisbane market began to absorb rental supply.

it’s cheaper to buy than rent

Ms Conisbee said she was surprised by the “sheer number of suburbs” in greater Brisbane where it was cheaper to buy than rent.

“There’s quite a large number of them,” she said.

“Now is actually a good time to look to buy because we are looking to see further increases in rental levels.

“The reason being we have fewer new developments going ahead and also fewer investors in the market.”

Caitlin and Bryn Williams decided to buy a home in Ripley when they realised they could pay about the same in loan repayments as they were in rent.

After previously renting in Ipswich, they bought a brand new, four-bedroom house for just over $350,000 in the Ecco Ripley estate, where stage one of the $1.5 billion Ripley Town Centre has just been completed.

“We’re happy not to be renting anymore,” Mrs Williams said.

“What we were paying in rent, we were paying off someone else’s mortgage.”

Where it’s cheaper to buy

Ripley is on track to become Australia’s biggest masterplanned community — home to 120,000 by 2041.

CoreLogic figures show the suburb’s median house price has grown by nearly 20 per cent in the past 12 months.

Mohammad Bassiri of Ray White Springfield Lakes said people were starting to realise it worked out cheaper or just as expensive to buy a home in the Ipswich region as it was to rent one.

Mr Bassiri said a friend of his recently moved from a rental at Springfield Lakes to buy a three-bedroom house at South Ripley for $320,000 because he realised the mortgage repayments were the same as his rent payments.

WHERE IT IS CHEAPER TO BUY THAN RENT IN QLD

Suburb Median house price Monthly loan repayment Monthly rent Difference

1. Lamb Island $110,000 $405 $997 $592

2. Macleay Island $182,000 $669 $1,192 $523

3. Russell Island $165,000 $607 $1,083 $476

4. Kilcoy $272,000 $1000 $1,452 $452

5. Mundoolun $576,000 $2,118 $2,548 $430

6. Laidley $237,500 $873 $1,300 $427

7. Woodford $327,250 $1,204 $1,603 $399

8. Plainland $375,000 $1,379 $1,768 $389

9. Ebbw Vale $248,500 $914 $1,300 $386

10. Ripley $335,000 $1,232 $1,603 $371

11. One Mile $242,500 $892 $1,257 $365

12. Blackstone $314,000 $1,155 $1,517 $362

13. Leichhardt $243,375 $895 $1,257 $362

14. Lowood $251,750 $926 $1,278 $352

15. Brendale $270,000 $993 $1,343 $350

16. Riverview $238,500 $877 $1,213 $336

17. Cedar Vale $498,000 $1,832 $2,167 $335

18. Goodna $310,500 $1,142 $1,473 $331

19. Loganholme $381,900 $1,405 $1,733 $328

20. Redbank $329,000 $1,210 $1,538 $328

(Source: Realestate.com.au)

Originally published as Where it’s cheaper to buy than rent

 

Source: news.com.au

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Labor Unveils $6.6bn Affordable Housing Plan to Build 250,000 New Homes

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Labor Unveils $6.6bn Affordable Housing Plan

Labor has announced a ten-year plan to build 250,000 new homes across Australia, including 20,000 during its first term in government if it wins the election.

The $6.6 billion investment would see 250,000 new homes for low income and working families, key workers such as nurses, police, carers and teachers and women over 55, the fastest emerging group of Australians at risk of homelessness.

Subsidies of $8,500 per year would be offered to investors building new homes in return for cheaper rent for eligible tenants.

Opposition leader Bill Shorten unveiled the multibillion-dollar plan in his address yesterday at Labor’s three-day national conference in Adelaide.

“Building more affordable housing is infrastructure policy. It is cities policy. It is jobs and productivity policy,” he said.

The plan would see a family paying the national rental average save up to $92 each week.

“When you provide an affordable home for hard-working people, you give them the level playing-field and fair start they need,” he said.

Shorten said Labor would work with the states and territories, local councils, and community housing providers to make sure the rollout of homes were built “where they’re needed most” and would “go to the people who need them most”.

“Not foreign investors, nor international students.”

Affordable Housing Plan

 

The new homes would be accessible for all ages and for people with a disability, with Shorten describing the new homes as “more energy efficient, meaning lower power bills”, also offering a rental discount of 20 per cent.

Describing Labor as a “party of home ownership, and a party of affordable housing and community housing”, Shorten used the speech as an opportunity to call on industry super to “step up” and invest in affordable housing projects.

And of course, the opposition leader touched upon the hotly debated campaign election issue: negative gearing.

“This is a boost for renters and for the liveability of our growing suburbs… Alongside our plans to make negative gearing fairer, it will drive a boom in construction jobs and apprenticeships,” Shorten said.

A recent report published by the Australian Housing and Urban Research Institute (AHURI) found Australia needed to triple its social housing by 2036, faced with a shortfall of 433,000 social housing dwellings.

Labor Unveils $6.6bn Affordable Housing Plan to Build 250,000 New Homes

 

Property industry bodies welcome Labor’s announcement

Property Council chief executive Ken Morrison welcomed the incentives, but said they are “no substitute” for the supply of housing which is funded by 2.1 million property investors, “including those who access negative gearing”.

Housing affordability remains a critical issue for many Australians, an issue Morrison says is often overshadowed in the media by Melbourne and Sydney’s cooling markets.

“It makes sense to harness the investment capacity of the private sector to deliver affordable housing,” Morrison said.

“Labor’s incentives for investors to deliver affordable housing will make a contribution to meeting that need while also providing a boost to our construction industry, a key driver of economic activity.”

Planning schemes, land supply, and property taxes, which make up around 25 per cent of the cost of a new house are all part of the housing affordability mix, Morrison added, “there is no single ‘silver bullet’ solution”.

Urban Taskforce chief executive Chris Johnson said many different approaches are needed to tackle the hugely complex housing affordability issue.

“State and territory governments still have a responsibility to ensure that enough appropriately-zoned land is available in inner-ring suburbs to ensure sufficient housing supply,” Johnson said.

“Infrastructure levies must be kept under control to ensure that these do not add to the cost of housing production.”

 

Source: brisbaneinvestor.com.au

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