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Dec 10, 2020
Rise of the High Street - How Brisbane Suburbs Compare
Much like how TV killed the Radio star - it was the mall that killed the suburban high street. But it appears that as online shopping brings the end of the mall, city-dwellers are returning to the high streets once again. Rising rents and the boom of online shopping have both caused declines in multi-purpose shopping centres. As has consumers’ increasing interest in bespoke and boutique products, which has caused a resurgence in high streets. Research published in January by the Journal of Urban Design, led by Dr Dorina Pojani, studied 10 of Brisbane’s suburbs and how their high streets are designed. Boundary St in West End, Grey St in South Brisbane and James St in Fortitude Valley were some suburbs used as benchmarks for the other case study streets. In comparison, the research found the Brisbane high streets outside the 10-kilometre inner-city circle measured are poorly designed and unwelcoming to residents, needing a rethink of how such key shopping strips are designed to foster genuine community. The research said that newer cities, such as Brisbane, which have been created after the introduction of the automobile have a greater difficulty in attracting foot traffic. The research author, Dr Pojani, said while Sydney and Melbourne were designed around the traditional concept of suburban neighbourhoods, each with its individual shopping strip, Brisbane was far more central-city focused. “Brisbane remains very very monocentric and that worked well for us as a city I think when Brisbane was still very small,” Dr Pojani said. “Imagine somebody’s workday, they get up in the morning in the suburbs, they commute to the CBD, they go back to the suburb, have dinner with family, and then if the suburb was close enough to the CBD there was still time to go out to catch a show. “But now the city is more spread out it doesn’t work … there’s just no time, it’s not convenient. So then it would be good if people had some of the amenities closer to home. “If they were to go home in the evening there would be some shops, some restaurants and cafes, and a movie theatre in a high street nearby.”
Dec 7, 2020
New trade agreement could be a boom for Australia’s industrial property market
A recently signed trade agreement between 15 Asia-Pacific countries, representing the largest trading bloc in the world, could have positive flow-on effects for Australia’s commercial property industry, according to one analyst. The Regional Comprehensive Economic Partnership (RCEP), signed on November 15 at a virtual ASEAN summit hosted by Vietnam, includes signatories such as Australia, New Zealand, China, Japan, Singapore and Indonesia. Once ratified, the agreement aims to eliminate up to 90 per cent of tariffs on imports between signatories as well as reduce the red tape associated with setting up a business in another country and create a common set of export rules across the 15 countries. JLL research analyst Sass J-Baleh said that the agreement would likely provide the most benefit to Australia’s food production sector, which would, in turn, have a positive impact on the industrial property sector. “Free-trade agreements yield greater trade and domestic business activity and, by extension, support growth of manufacturing, warehouse, logistics and transport sectors,” said Ms J-Baleh, noting that the signatory countries had made up $125 billion – or 34 per cent – of Australia’s exports over the 12 months to September 2020. “The RCEP will boost export-led domestic businesses, particularly food-related sectors, facilitating greater trade access to around 30 per cent of the global economy,” she said. “This will create a positive shift in demand for Australia’s export products and directly benefit the food manufacturing and logistics sectors of our economy, in turn, supporting the requirement for industrial space.” Travis Erridge, CEO of TM Insight, a specialist in supply chain and industrial property, agreed that the effects of the RCEP would be most keenly felt in the food production industry. “For Australia in particular, our food processing industry will have a major opportunity to export their produce, as demand for highly secure food chains grow off the back of COVID-19,” Mr Erridge said. “The potential growth in Australian food exports will require the development of more highly specialised industrial facilities in Australia, which will likely drive demand in the industrial sector. In recent years, food manufacturers have adopted co-located manufacturing and distribution sites to streamline their operations, so we may also see greater investment in these large-scale combined manufacturing and distribution facilities,” he added. While Australian property would benefit from the agreement, the impact would be more pronounced in other signatory countries, according to Mr Erridge. “Vietnam’s logistics sector and corresponding industrial property market will be of one the biggest winners of this new trade agreement. In recent years, Vietnam’s manufacturing sector has been growing and with more business under pressure to diversify their sourcing due to COVID-19 and rising tensions with China, more businesses will look to shift their manufacturing to Vietnam. The RCEP will enable increased exports and further growth of Vietnam’s manufacturing sectors, leading to increased demand for industrial property in Vietnam,” he said. Existing trend towards food production Australia’s food product manufacturing exports had risen from $14.2 billion in 2009 to $28.7 billion over the 12 months to September 2020, Ms J-Baleh said. “Australia is the food bowl of Asia. Australia’s competitive advantage in food production will propel long-term growth in the food manufacturing and logistics sectors,” she said. Food product manufacturing was Australia’s fifth-largest export industry by value over the past 12 months, accounting for $29 billion in total export value.
Dec 7, 2020
Brisbane's Month in Review -November 2020
At the beginning of 2020, the Brisbane industrial market was gearing up for a strong year, with solid growth throughout 2019 giving the market a positive outlook. The reported firming yields were a reflection of limited availability of quality stock and solid purchaser demand. Coupled with low interest rates, the sector that usually flies under the radar and away from the hype was poised to capitalise on its strong underlying fundamentals. With the outbreak of COVID-19 and subsequent lockdowns, the Brisbane industrial market, along with other market sectors, took a bit of a pause. Agents reported a lot of deals being put on hold or terminated in the months of March, April and May due to the general uncertainty at the time. However, some deals managed to buck the trend, one example of this being the sale of 25 Buchanan Road, Banyo which sold for $11.5 million in May (negotiated in early April) with an analysed yield of 6.4% and term certain of 2.67 years. This sale along with others, reflected the fact that the industrial market was transitioning back to a state of somewhat normality. The return post lock-down has been steady with sales rates down on expectations, mainly due to the larger disparity between prime and secondary stock. Yields for prime investments have remained stable if not firmed, with investors drawn to quality locations, modern style improvements and good access to major transport routes and hubs. These assets typically achieve yields that range from 5% to 7% depending on the quality of the tenant and time remaining on the lease. On the other hand, secondary assets are still seen to carry significant risks with long lease up periods expected. Yields for such properties have possibly softened slightly. On the other hand, secondary assets are still seen to carry significant risks with long lease up periods expected. Yields for such properties have possibly softened slightly. On balance, the Brisbane industrial market appears to have fared reasonably well and there appears to be a reasonable degree of market optimism that it will rebound best of the key property sectors out of the COVID-19 crisis.
Nov 17, 2020
How to have a home that is both dog-friendly and stylish
Eternally loyal, always keen to please and often hilarious, dogs have brought untold comfort and joy to the lives of Australians during what will be remembered as one of the most challenging times in recent history. It’s no surprise that the demand for pooches has soared during the pandemic, with breeders and animal shelters around the nation receiving an unprecedented number of enquiries. However, while our lives are unquestionably better with our beloved canine residents, our homes may well not be. When this writer and her family welcomed into the house an eight-week-old golden retriever named Bosley, they were – let’s just say – somewhat unprepared for the havoc he would unleash on both the home and his digestive system. [caption id="attachment_8392124" align="alignnone" width="1024"] Believe it or not, it is possible to have a home that is dog-friendly and chic, says designer Wendy Davey. Photo: Armelle Habib[/caption] Almost every household item – from a TV remote control to curtains, and even a stone coffee table – was viewed by baby Bosley as a potential snack. Edible or most-definitely-not was of no significance. Nor were the countless and eye-wateringly expensive trips to the animal hospital. Thankfully for all, Bosley’s appetite for furnishings did wane. The house, on the other hand, was left somewhat the worse for wear. [caption id="attachment_8392125" align="alignnone" width="1024"] Hard-wearing, light-coloured floors help hide scratches and hair, as seen at this Albert Park house by Cranberry Design. Photo: Armelle Habib[/caption] But it doesn’t have to be this way. According to interior designer Wendy Davey, principal of Cranberry Design, it’s entirely possible to have a home that is both dog-friendly and chic. And it all begins, it seems, at paw level – with the floor. “For our pet owners, we always recommend selecting hard-wearing floors that are easy to vacuum and keep clean, such as a solid Australian timber species or a coated engineered board,” says Davey. “We find dark flooring shows everything, so it’s always better to go slightly lighter. To hide even more, a patterned floor like herringbone or chevron is your go-to. “Whilst on flooring,” she says, “indoor-outdoor rugs are a fabulous new addition to the homeware range. They’re affordable, soft, durable and, if an accident does happen, they are easily cleaned – you can even hose them down. If you want something a bit more comforting, Australian wool is another pet-friendly option. And a multi-coloured patterned rug is the perfect option for bringing some character into your house, and a great way to mask pet hair and unforeseen accidents.” [caption id="attachment_8392126" align="alignnone" width="1024"] Experts recommend selecting dog bedding that suits the home decor. Photo: Rachel KaraWhen selecting dog bedding, Davey suggests aligning it with the home’s decor.[/caption] “There are so many stylish options these days,” she says. “With pets playing such an integral part in our clients’ lives, we’ve also seen a trend to incorporate spaces for them within the actual build of the house, such as a cupboard-sized opening in the kitchen joinery for the dog to rest in while the owner is cooking.” As one of the big-ticket furniture items in the home, a sofa that will work for both you and your pooch is key. And that’s certainly attainable, according to Anna Williams of Your Beautiful Home. “I believe the dog owner’s best friends – after the dog, of course – are the new indoor-outdoor fabrics that are so hard-wearing and easy to clean,” says Williams. “We’re specifying these for sofas and ottomans and even bedheads, for where the puppy is a welcome guest on the bed. These fabrics look and feel beautiful, and you can’t tell that they’re a durable, washable option. “But beware of timber furniture legs,” warns Williams. “These have great appeal to puppies. If you’re getting a new sofa, you may be able to buy a second set of legs for when the puppy grows out of this habit. And if you do want to let the dog on to a special sofa, put down a soft or fluffy throw that they’re allowed to sit on. This will protect the sofa fabric and can be easily replaced.” Preparing for a pup Jade Currie, behaviour department team leader at The Lost Dogs’ Home in Melbourne, believes preparation is the key when adopting a young pooch. [caption id="attachment_8392127" align="alignnone" width="1024"] Use a soft throw that is specifically for the pooch to sit on to protect the couch. Photo: iStock[/caption] “Bringing a puppy into the house is a little like bringing a baby home from hospital, so thought does need to go into the set-up,” says Currie. “Puppies really like to explore their world with their mouths. So if there are things you don’t want them to chew, make sure you keep them out of reach.” Currie also recommends a designated ‘puppy play space’. “You might consider a play-pen with dog toys and bedding in a tiled, easy-to-clean area to keep the puppy safe and occupied when you can’t actively supervise it,” she advises. “Baby gates are also fantastic for puppies until they can be trusted a little more. If they are ‘chewers’, food dispensing toys that keep them distracted, but still provide an outlet can work well.”
Nov 17, 2020
How home owners can put their equity to work
Equity is the difference between the value of a property and the balance of the home loan. For example, a home owner with a $500,000 property and a $400,000 home loan has $100,000 in equity. If the home’s value increases to $600,000 and the loan balance remains the same, the owner has $200,000 in equity. Paying down the principal, property improvements and a rising local market can accelerate the rate at which equity accumulates. “One of the things people underrate is what a difference it makes,” says Canstar’s Steve Mickenbecker. “A $500,000 property going to $600,000 is about three or four years in the property market in most capital cities. It enables you to buy another property in three or four years.” While selling a property unlocks equity, home owners who retain their property can access equity by refinancing, increasing the size of their loan, or taking on a secondary loan. How much equity home owners access? Lenders usually don’t allow home owners to borrow the full value of their home, meaning not all the equity can be accessed. “For the right purpose and the right loan amounts, you can go up to 85 or 90 per cent,” says mortgage broker and Foster Ramsay Finance director Chris Foster-Ramsay. “I wouldn’t recommend accessing equity above 70 per cent of the property’s value.” A lower loan-to-value ratio reduces the risk of overextending if circumstances change, and protects against rate changes and the possibility of negative equity should the value of the home fall. Accessing equity means taking on more debt, causing repayments to rise. Before accessing equity, it’s crucial that home owners ensure they can manage the increased repayments with their household cash flow, ongoing expenses and lifestyle. “The amount of money available for equity is secondary to the ability for that person to borrow the money,” Foster-Ramsay says. What can equity be used for? Home owners can use equity to help purchase an investment property, fund a renovation of their own home, or even pay for a new car, boat, holiday or wedding. “Vehicle purchases, renovations or deposits for different properties are the most common,” Foster-Ramsay says. “Lenders don’t like releasing money without any justification. During the pandemic, holidays — given the borders are closed — and weddings have been harder to justify, but that will go back to normal.” Buying a car using equity has become less common, Foster-Ramsay says. “The royal commission pointed out that it’s pointless to borrow for a car over a 30-year term when there’s no way the asset will last 30 years. “Lenders have updated their policies around vehicle purchases and pleasure craft to no more than 10 years, which would make it on par in most cases to the dealership finance.” [caption id="attachment_8392120" align="alignnone" width="1024"] While equity can be used to purchase vehicles such as cars or boats, home owners should investigate whether it’s the best form of finance for their personal sitation. Photo: iStock[/caption] Finance for renovations is usually restricted to small-scale cosmetic changes up to about $80,000 in value, according to Foster-Ramsay. “You can’t be moving external walls or changing the footprint of a home on the exterior, but in the interior you can apply those funds.” Larger structural renovations usually require a construction loan, where funds are drawn down at key stages of the construction process. How to use equity to purchase another property One strategy to build a property portfolio through property relies on equity. Owners can leverage the growth in value of their own home to purchase another property, potentially repeating the process as the value of the next property rises. “We see a lot of surprised looks where we present a loan structure where the equity of the property they’re living in can support, in some way at a very high level, the deposit for an investment,” Foster-Ramsay says. By accessing equity to use as a deposit, home owners may be able to invest without contributing cash from savings. The balance of the purchase is funded with an investment loan, with rent covering or potentially exceeding repayments, creating passive income. This strategy typically relies on property values rising, which is never guaranteed, and plans can be derailed if values fall. “More debt always comes with more risk,” Mickenbecker says. “You need to be comfortable with what you’re taking on.”
Nov 17, 2020
Brisbane house prices to jump 9.5pc in 2021: ANZ
Economists at ANZ believe their earlier forecast of a 10 per cent drop in capital city house prices is “too pessimistic”, and are now predicting gains of about 9 per cent in 2021. Perth is tipped to have the strongest growth over the next 12 months of 12 per cent, followed by Brisbane at 9.5 per cent and Hobart (9.4 per cent). [caption id="attachment_8392115" align="alignnone" width="1024"] ANZ has revised its outlook for capital city house prices. Picture: Richard Walker.[/caption] “An early vaccine rollout and the resulting lift to sentiment could drive larger price gains than we currently anticipate,” ANZ economists Felicity Emmett and Adelaide Timbrell write in the bank’s latest housing outlook report. “That said, we think regulators would be quick to step in with macro prudential measures if the market looked be overheating.” Low interest rates, government stimulus measures and a bounce in confidence as the second wave of the pandemic comes under control are expected to mitigate the risks imposed by higher unemployment and low population growth in 2021. [caption id="attachment_8392116" align="alignnone" width="1024"] ANZ says owner-occupiers and first home buyers will drive a rise in house prices.[/caption] “The housing sector is turning a corner. After falling since April, national house prices were flat in October and look set to rise over coming months,” the economists write. “The strength is largely being driven by owner-occupiers, with low interest rates appealing to buyers in secure employment. “This is the case for upgraders as well as first home buyers.” The bank says many deferred home loans have now moved back to regular payments, and some will move on to more medium-term forbearance measures. [caption id="attachment_8392117" align="alignnone" width="1024"] ANZ says low interest rates, government stimulus and a rebound in confidence has seen house prices turn a corner.[/caption] “While there will be some borrowers who find themselves with too much debt given their changed circumstances, our view is that accommodative lender measures will mitigate the downside risk these sales pose to overall prices.” ANZ is the second of the big four four banks to revise its outlook for house prices in the wake of the COVID-19 pandemic. Economists at Westpac who were forcasting price falls of 10 per cent at the start of the year are now predicting a 20 per cent rise in Brisbane property prices over the next two years — the highest of any capital city.
Oct 28, 2020
Incorporating patterns into your home like a pro
Behind the front door of any home, a world of patterned possibility awaits. Big and bold or pared-back and restrained, the impact of pattern is undeniable. From eye-catching wallpaper to graphic tiles and statement soft furnishings, a masterful and yet surprisingly simple makeover can be conceived. Little wonder that once again pattern is having a moment with interiors. Always evocative, pattern has the power to energise or soothe us. While it often goes hand in hand with intense colour, pattern finds equally effective expression in sophisticated monochrome and organic texture. [caption id="attachment_8392099" align="alignnone" width="1024"] Patterns can certainly be subtle. Interior design and styling: Petrina Turner Design. Photo: Amorfo[/caption] Interior designer Petrina Turner of Petrina Turner Design is in full agreement that pattern does not have to be overpowering. “You can create beautiful, pattern-rich interiors without adding colour,” Turner says. “If you are into a more subtle, neutral palette, it’s a perfect way to add layers into your interior. Think tone-on-tone, nature-inspired cushions, a herringbone-weave rug and even a rattan detail or door on a sideboard to add subtle pattern into your space. Or go a bit bolder by throwing some black and white into the mix.” A sense of consistency may be created by introducing pattern in a balanced and harmonious way throughout the home. Using a signature colour palette or perhaps a repeated theme when adding graphic detail can unify your interiors. “I like to find a balance within a space by carefully considering different patterned elements that ‘speak’ to each other,” says Turner. “Consider the scale as well as the colour palette.” [caption id="attachment_8392100" align="alignnone" width="1024"] Textures can compliment patterns to complete the look. Interior design: Petrina Turner Design. Styling: Megan Morton. Photo: Amorfo[/caption] That said, mixing and matching can also pay dividends. “You can successfully mix multiple patterns within a room if the colour balance is consistent and there is a range of scales in your pattern selections,” says Turner. “If you choose a large scale for everything, such as wallpaper, rugs, curtains and cushions, it can overpower, as each element is trying to compete with the next. But if you select a range of different scales, it can work harmoniously. “Art can get you started on the road to pattern mixing, in the form of a great gallery wall of your favourite artworks,” Turner adds. “Rugs can also be a fabulous way to add pattern into a room if you need a place to start. Consider it ‘art for the floor’. I also love an awesome bathroom, and patterned tiles are certainly making a comeback.” Wallpaper is another tried and tested way to successfully inject a dose of drama into a space. [caption id="attachment_8392101" align="alignnone" width="1024"] Wallpaper is a simple way to introduce patterns. Interior design: Petrina Turner Design. Styling: Megan Morton. Photo: Amorfo[/caption] “I prefer a whole room, rather than a single wall, and love using wallpaper in the smallest room in the home – the powder room,” says Turner. “It’s a great place to build your courage if you are wanting to give pattern a try. I’ve used it on walls, inside joinery and on the ceiling.” So enjoy experimenting with colour, shape and detail when decorating the home. And, above all, allow pattern to express your personal style. As Turner says: “This is a time to make our own rules because it’s more important than ever to really have our homes reflect what brings us joy. Whether you’re an adventurous type or more into the subtleties, now is the time to surround yourself with spaces and pattern that make you truly happy.” Take the leap Renowned for its colourful, quirky and unapologetically bold prints, iconic Australian clothing and homeware design brand Gorman has long celebrated pattern in all its vibrant glory. For Gorman founder and creative director Lisa Gorman, spontaneity is the key. [caption id="attachment_8392102" align="alignnone" width="1024"] Think outside the box when it comes to livening up a room with patterns. Stylist: Janneke Coyle. Furniture: Angelucci 20th Century. Poster: Vintage Posters Only. Photo: Gorman[/caption] “I think you can labour over a cushion, hamper or tea-towel print – the things that are exposed in the home – but if you like a print, then that’s your best choice,” Gorman says, “And if you get a bit of a mix of prints in there, you will end up with an aesthetic that’s really individual and shows your own personality.” Certainly, Gorman believes, there is a case to be made in just going for it. “Don’t overthink your interior styling,” she advises. “The value and game are often in the randomness.”
Oct 28, 2020
QLD on the cusp of a property boom
Fears of a real estate armageddon in the wake of the pandemic have been replaced with a surge in confidence in the Sunshine State’s housing market, driven by an exodus to lifestyle and affordability, infrastructure spending and cheap money. From Cairns to Coolangatta, buyer demand is at an all-time high and suburb sale-price records have been smashed since COVID-19 took hold in March, while the state’s southern counterparts are languishing. [caption id="attachment_8392084" align="alignnone" width="1000"] Brisbane’s housing market is benefitting from the impact of COVID-19. Image: AAP/Darren England.[/caption] New data from CoreLogic, analysed by Finder, has found the number of house sales in Brisbane jumped 21 per cent in just one month in July, and rose in value by nearly 23 per cent to a staggering $1.4 billion — a bigger rise than in any other capital city. Economists at Westpac who were forcasting price falls of 10 per cent at the start of the year are now predicting a 20 per cent rise in Brisbane property prices over the next two years — the highest of any capital city. [caption id="attachment_8392085" align="alignnone" width="483"] Capital city house sales and value of sales. Source: Finder, CoreLogic.[/caption] Propertyology head of research Simon Pressley is expecting boom conditions “not seen in this country since the turn of the century” by Christmas — but not in Melbourne or Sydney this time. “Queensland can expect to finally be the beneficiary of strong property market performance,” Mr Pressley said. “We have to go way back to 2007 since anywhere in the state except Noosa produced a year or more of strong capital growth. “Double-digit capital growth over the next 12 months is highly possible in most Queensland locations. “Call me an idiot if you want, but 20 per cent price growth over the next 12 months in several locations will not surprise me in the slightest.” [caption id="attachment_8392086" align="alignnone" width="1000"] Propertyology managing director and head of research Simon Pressley.[/caption] Mr Pressley said the boom would be driven by upgraders taking advantage of low interest rates, first-home buyers, and buyers motivated by a permanent work-from-home shift. “And this is before the enormous amount of federal government funding for infrastructure projects and job creation programs kicks in,” he said. [caption id="attachment_8392087" align="alignnone" width="1000"] Renowned building designer Paul Clout has sold his jawdropping Sunshine Coast beachfront home for a cool $10m.[/caption] Ryder Property Research managing director and Hotspotting.com analyst Terry Ryder agrees, although he expects price growth to be more in the range of 10 to 12 per cent. Mr Ryder is also predicting a nationwide property boom, excluding Sydney and Melbourne, with Queensland set to be a major driver because of the “exodus to affordable lifestyle”. [caption id="attachment_8392088" align="alignnone" width="1000"] Hotspotting property analyst Terry Ryder.[/caption] It’s a trend he said was already under way before COVID-19, but one that had become a “stampede” thanks to interstate lockdowns and the working from home phenomenon. “Brisbane’s affordability, lifestyle and better climate than, say, Melbourne, and the fact that the virus has been kept under control quite well are other factors bringing people here,” Mr Ryder said. Planned spending on infrastructure in the state, including those projects already under way, are another reason Queensland is set to benefit, he said. “Nothing drives housing markets more than infrastructure spending,” Mr Ryder said. “Anything shovel-ready will be fast-tracked, that was made clear in the Federal Budget, so we’re going to see this massive impetus from infrastructure projects and Brisbane’s going to benefit, along with the Sunshine Coast, Gympie, Rockhampton and Townsville”. [caption id="attachment_8392089" align="alignnone" width="1000"] This property at 2 Heron Ave, Mermaid Beach, sold for $25m earlier this year.[/caption] In fact, double-digit price growth is already being seen these regions. A new house price record was set for the Gold Coast in May when a Mermaid Beach mansion fetched a whopping $25 million, the $14 million sale of a Hastings Street apartment in March set a new price benchmark for Noosa Heads, and the Brisbane bayside’s highest sale price was eclipsed in August with an $8.5 million home sale. The latest CoreLogic figures show home prices in Brisbane and surrounding regional areas rose 0.5 per cent in September, while they fell 0.9 per cent in Melbourne and 0.3 per cent in Sydney. [caption id="attachment_8392090" align="alignnone" width="1000"] An apartment in this complex in Noosa’s Hastings Street sold for a record $14m earlier this year.[/caption] CoreLogic head of research for Australia Eliza Owen said Brisbane and other parts of southeast Queensland would likely see a boost to housing demand once interstate border closures eased. “This is because Queensland has been the highest recipient of interstate migration over the past few years, and the normalisation of remote work through COVID-19 may only boost that demand further,” Ms Owen said. “Between low mortgage rates, low COVID-19 cases and an improvement in consumer sentiment, there may be a broader increase in values in late 2020 and early in 2021.” [caption id="attachment_8392091" align="alignnone" width="1000"] This waterfront home at 32 Sentinel Court, Raby Bay, sold for a record $8.5m during COVID-19.[/caption] Alex Jordan of McGrath Estate Agents said Brisbane’s housing market was the strongest he had seen it in his 21-year career in real estate, and he would not be surprised if prices rise more than 10 per cent. Mr Jordan said he expected the growth phase to continue given record-low interest rates, a shortage of properties for sale and Brisbane’s lifestyle appeal. “We are clearly in a strong growth phase, which goes against all of the economic predictions that were made early this year,” he said. “I think that many of the changes to our market since COVID are permanent and, therefore, some of these changes will have ongoing benefits. “The shift to using technological tools such as Zoom means that many people can now live in their ideal lifestyle locations and still maintain their work commitments without compromising performance.” [caption id="attachment_8392092" align="alignnone" width="1000"] This property at 97 Petersen St, Wynnum, sold during COVID and set a new record sale price for the suburb.[/caption] Mr Jordan said there was a clear trend of interstate buyers wanting to relocate to Brisbane — not only invest there — and those buyers typically had “very healthy budgets”. Jeni and Chris Holmes made the move from Melbourne to Brisbane before the lockdowns were introduced and just bought a house in New Farm off-market through buyer’s agency Cohen Handler. “I’m certainly glad we’ve made the move now!” Mrs Holmes said. “We’ve got family there and they’re so envious. “The lifestyle is so much easier here than in Melbourne. It’s so busy there and it feels like it’s easier to immerse yourself in things here, without having to battle the traffic and people. “Real estate is more affordable too.” [caption id="attachment_8392093" align="alignnone" width="1000"] Melbourne couple Jeni and Chris Holmes have bought a house in New Farm during COVID. Photographer: Liam Kidston.[/caption] “We looked for three months on our own and it was so difficult because there’s not a lot on the market and we were becomingly increasingly frustrated, so we employed a buyer’s agent,” she said. “When you’re spending a lot of money, you do want to make the right choice. “New Farm’s equivalent to, pretty much, inner-city Melbourne, and you get a lot more for your money here. “I absolutely see Brisbane growing in the future, so if you buy in a good location, you really can’t lose.” [caption id="attachment_8392094" align="alignnone" width="1000"] This property at 32-36 The Anchorage, Noosa Waters, sold for $12m last month and set a new record sale price for Noosaville.[/caption] But it’s not only the Queensland capital’s housing market that is on fire. On the Sunshine Coast, Daniel Mendes of Amber Werchon Properties said house prices had already roughly grown 10 per cent this year. Mr Mendes said the return of expats and upsizers, along with Melbourne and Brisbane relocators, were driving multiple offer scenarios and frequent cash sales. The COVID effect on property is also being felt in the state’s north, where the Cairns and Townsville markets are thriving. Damien Keyes of Keyes and Co said August was his strongest month in eight years. “House values have increased by 5 to 8 per cent over the past year,” he said. Mr Keyes said the city was experiencing lots of job-creating projects, local owner-occupiers were trading up, first-home buyers were active and there had been interest from Melbourne and Sydney residents looking to relocate for lifestyle and affordability. [caption id="attachment_8392095" align="alignnone" width="1000"] This property at 9 Colonel Cummings Dr, Palm Cove, is for sale. Photo supplied by Ray White.[/caption] Similarly, Cairns real estate agents have reported an increase in demand and home prices in the past three months. Stacey Quaid of Colliers International said vacancy rates in the city were at a low 1.4 per cent. “In a time where your lifestyle is being so much affected by the health concerns, I think our market is going to get better and better,” she said. “More people are going to want to share in what we’re lucky enough to live in up here.”