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Suncorp blacklists your suburb!

blacklisted

Big banks are set to announce tougher measures to crack down on high rise apartment purchases including blacklisting more than 100 Brisbane suburbs, doubling the minimum apartment size to qualify for funding, evidence of rental cash flows and tough new valuation criteria.

Lenders such as Adelaide Bank are introducing "minimum funding requirements" requiring apartments to have their own bathrooms, kitchens, laundries, and windows in key rooms, such as bedrooms and lounge rooms.

Others, such as Suncorp Bank, the nation's fifth largest mortgage lender, are circulating a list of 39 Brisbane postcodes covering more than 100 city and metropolitan suburbs where the new lending restrictions will apply from next Monday.

"Our settings have been adjusted for postcodes based on recent weakness in the investment unit market in Brisbane, with evidence of a reduction in prices," a Suncorp Bank spokesman said.

suncorp restricts lending to local suburbs

McDowall and Everton Parks No 1 rated real estate agent Madeleine Hicks said "suburbs like McDowall, Stafford, and Everton Park, are really a victim of what has been happening in neighboring suburbs Chermside and Nundah.  A lot of units have been built in those suburbs and we are paying the price"

 

"Whilst there has been some unit development in our main suburbs it has been nothing compared to our neighbors," said Hicks.

Nervous lenders are turning the screws on apartment buyers amid growing concerns about over-supply, falling prices, restrictions on foreign buyers and potential risk from combustible cladding widely used on high rise apartment exteriors.

For example, new apartment sales in the Queensland capital have reportedly collapsed by more than 70 percent in a year, prompting desperate developers to offer lucrative incentives to attract buyers.

Developers, such as Consolidated Properties, claim Brisbane has been cruelled by restrictions on financing set up to ease speculative buying in Melbourne and Sydney.

Other developers, such as ForceOne Development, have been using incentives like a free Toyota Yaris to encourage apartment sales.

AdelaideBank, a division of Bendigo and Adelaide Bank, will today (Wed) announce stricter controls on apartment lending that include bigger sizes, better design, identifiable cash flows for investor/lands and more stringent calculations of a borrowers' capacity to repay.

 On the Plus side

"Now presents a great opportunity for cashed-up investors to get into the growing Brisbane market and take advantage of bargains that exist.  We know that the population in Brisbane will continue to increase and that will mean there will always be strong demand for homes in the inner suburbs," said Madeleine Hicks

In fact, Ms. Hicks called for "greater investment in infrastructure in the Stafford, McDowall and Everton Park suburbs to better reflect the increase in population that is moving into these suburbs.  This only seems fair as the Council is collecting greater revenues but not spending the money here."

The Minimum requirements for high-density apartments to obtain funding include windows in bedrooms and living rooms, separate bathrooms, and their own laundries and kitchens. High-density apartments are complexes of more than 50 units or five stories.

Minimum sizes for two bedroom apartments have been doubled to 60 square meters and timeframes for off-the-plan valuations have been reduced from six to three months to "better the risk" and "align acceptance of applications and valuers' professional indemnity cover".

Last month Australia and New Zealand Bank also issued a blacklist imposing tougher terms requiring borrowers to have a 20 percent deposit.

The value of apartments has fallen by about 1 percent in Brisbane during the past 12 months, according to SQM Research, which monitors property prices.

Several recent reports by independent consultants have warned demand will be exceeded by the estimated supply of new apartments in Brisbane, which will add to downward pressure on prices.

There is also growing investor concern about the outcome of current investigations into the widespread use of inflammable cladding on apartments, particularly who will be liable for its replacement.

 Under Suncorp's new rules, it will no longer accept investment loan applications for apartments that do not have a minimum deposit of at least 20 percent.

What do you think are the banks right to restrict lending in certain suburbs only?

Source Brisbane Investor

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Arana Hills retains ‘village’ feel despite proximity to Brisbane CBD

 

SOME 10km from Brisbane’s CBD is a suburb possessing “village” warmth, where locals hope urban sprawl and greedy developers never taint their way of life.

Arana Hills, despite being a similar distance from the CBD as Upper Mt Gravatt and Chermside, has so far escaped being picked over by developers.

One reason may be because it sits beyond Brisbane City Council’s reach and under Moreton Bay Regional Council.

Local business owners and siblings Kristy and Stephen Soderholm said they hoped developers never invaded and destroyed the great community feel that defined the suburb.

“A lot of people like it here because there is still very much a village feel, and we are really worried about losing that because that is what makes the area,” Ms Soderholm said.

“You really do feel you are close to the City, but we have been able to maintain that village atmosphere, and that’s what we are worried about losing over the next five years.”

The Soderholms’ parents started the Arana Hills 7 Day Hardware Store, opposite the Arana Hills Plaza, in 1983, with the siblings since taking over.

Ms Soderholm said some of their customers spanned three generations of the one family, while lately there appeared to be a strong influx of Europeans.

“There are a lot of younger families in the area, and it definitely is becoming more multicultural, with a lot more Europeans and South Africans, but we also get a few Scandinavians dropping in,” she said.

“We are getting the children of customers coming in and even the grandchildren of our original customers.”

 


Salon operator Claire Mock is an overseas-born resident of Arana Hills. Picture: Darren Cartwright
According the Australian Bureau of Statistics, Arana Hills has a population of 6810.

The top five ancestry responses to the 2016 Census were English (29.8 per cent), Australian (27.1), Irish (10.8), Scottish (9.1) and German (5.1).

However Australia was the top country of birth, followed by England, New Zealand and South Africa.

Hair Unlimited salon owner Claire Mock, who emigrated from South Africa less than five years ago, originally opened her store in Ferny Hills before relocating to Arana Hills earlier this year.

She said many of her clients were aged 30 to 50 and were very down-to-earth.

“I moved here five months ago and it’s the best thing I could have done,” she said.

“It’s a better location business-wise and it’s a lovely suburb with down-to-earth, ordinary folk.”

Local real estate agent Simon Whitehead said Arana Hills may have escaped Brisbane City Council’s 2014 Urban Renewal Plan — which will transform areas around nearby Ferny Hills and Mitchelton train stations — but there would still be some changes.

The Moreton Bay Regional Council has approved pockets of development around Arana Hills Plaza under its Next Generation Neighbourhood Plan.

“The average-sized house block was 600sq m and pretty much the minimum until the changes to the town panning a couple of years ago,” he said.

“The area around Arana Hills Plaza has been rezoned, which entails more high-density, so you can subdivide or go to the townhouse unit option.

“There are some units and apartments in and around Arana Hills Plaza already, but about 95 per cent of the dwellings are houses.”

The median house price for Arana Hills is tracking at $537,500 after finishing at $525,750 in 2016 and $497,000 in 2015.
On average about two houses sell a week, and Mr Whitehead said there were a lot of interstate buyer’s agents sniffing around the suburb because of its proximity to the CBD.

“For properties up to $600,000 you are looking at about 40 per cent sold going to interstate investors and the rest would be first home buyers,” he said.

“The big selling point is the distance from CBD, and it provides the happy medium between strong, happy growth and higher rental return.”

Despite being known as a family friendly suburb, Arana Hills has no schools within its boundary.

The nearest education centres are Grovely State School, Ferny Hills State, Mitchelton State High and Primary Schools, St William’s Catholic, Patricks Road State School, St William’s Grovely Catholic Primary School and TAFE Queensland, Grovely.

The suburb also relies heavily on public buses, with the nearest train station, Grovely, about 1km from the plaza.

Mr Whitehead said the lack of local schools and a train station certainly hasn’t held the suburb back.

It sits at the foot of Bunya State Forest and the most expensive houses in Arana Hills, which were only built in the nineties, have sweeping views of the surrounding suburbs and parkland.

The record sale for Arana Hills was in Yarraman St million and it was once the home of a Broncos legend, said Mr Whitehead.

“Arlington Estate was built in the late 90s and Yarraman St has had the most expensive sale,” he said

“It’s the house Shane Webcke once lived and it sold for $1.080 million.

‘The houses back on to Bunya State Forest which has bike and walking tracks and picnic areas.”

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August Real Estate Market Update

Real Estate market wrap by madeleine hicks real estate

Hey guys its Hayden from Madeleine Hicks real estate. It’s time for this month's market roundup McDowall had a quiet month with only 3 properties being sold 8 Macnee Street got the highest price of $720,000. Stafford Heights had a steady month with 5 properties being sold with the highest being 20 Broula Street which sold for $605,000. Stafford on the other hands prices may be on the rise with 7 properties being sold the highest being 5 Tathra Street which sold $690,000 and Everton Park takes the cake yet again with 11 properties being sold 28 Dargie Street had the highest price of $751,000.

You’ve may have noticed some recent roadworks in the local area as well as the traffic lights on Hamilton Road and Beckett Road being earmarked for improvement which will hopefully improve traffic flow in the area

Remember guys we are now in a magpie season so if you are out walking or riding don’t forget your trusty helmet we can twist their zip ties if you have thinking about selling or buying call me now I’m Hayden Owens

MCDOWALL RECENT SALES

Highest Sale Price: - $587,000Lowest Sale Price: - $310,000
Properties Sold: -  3Properties on the Market: - 23
AddressBedBathCarLand SizeSale Price
64 Beckett Rd523720$587,000
44 Hoffman Rd312668$523,000
106 Paramount Ct432700$310,000

STAFFORD HEIGHTS RECENT SALES

Highest Sale Price: - $820,000Lowest Sale Price: - $525,000
Properties Sold: -  7Properties on the Market: - 26
AddressBedBathCarLand SizeSale Price
49 Normanton St5121108$820,000
20 Broula St312650$605,000
7 Geary St322657$560,000
61 Ringrose St311647$550,000
47 Flockton St312620$545,000

STAFFORD RECENT SALES

Highest Sale Price: - $877,000Lowest Sale Price: - $297,500
Properties Sold:- 9Properties on the Market:-  52
AddressBedBathCarLand SizeSale Price
61 Appleby Rd634620$877,000
53 Barokee St322653$716,000
16 Canonbar St312632$672,000
92 Rueben St312410$570,000
28 Ryena St311607$500,000

EVERTON PARK RECENT SALES

Highest Sale Price: - $751,000Lowest Sale Price:- $320,000
Properties Sold:-  18Properties on the Market:- 81
AddressBedBathCarLand SizeSale Price
28 Dargie St422746$751,000
6 Jadmar St312604$600,000
80 Griffith St322607$600,900
21 Venning St421404$580,000
11 Reedan St312607$555,500
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Hundreds of new homes at Arana Hills and Everton Park – coming soon

Mirvacs-planned-project-at-Everton-Park

ASX-listed Mirvac has continued to expand its Queensland pipeline, investing $18.6 million to acquire two new development sites in Brisbane’s northern middle ring.

The property group is in the process of obtaining development approval for the sites – at Arana Hills and Everton Park – which together will deliver about 220 new homes.

The Arana Hills site, which settled this week for $5.35 million in a deal negotiated by Colliers International’s Adam Rubie and Brendan Hogan, is on Plucks Rd, 11km from the Brisbane CBD.

Mirvac has proposed 77 three and four-bedroom townhomes on the site, each with two carparks, along with three home sites at Arana Hills. It will also boast elevated aspects to nearby green corridors, and a recreation area with a pool.

The company also acquired a 6ha parcel at Ashmore St, Everton Park, just 7km from the Brisbane CBD, in March for $13.25 million, in a deal brokered by Ray White Commercial’s Matthew Fritzsche and Andrew Burke.Mirvacs-planned-project-at-Arana-Hills

The planned development at Everton Park will feature 139 lots, including 54 home sites and 85 three and four-bedroom townhomes, all with double lockup garages.

The proposal also includes exclusive resident facilities with a pool and recreation centre, a native vegetated area bordering Kedron Brook cycle path and the retention and restoration of a heritage Queensland home, located at the community’s entrance.

Mirvac Queensland residential general manager Warwick Bible said the projects complemented Mirvac’s fast-growing residential portfolio in Queensland.

“We’re actively pursuing opportunities and progressing projects in key growth precincts across southeast Queensland and see Brisbane’s middle suburban ring as a prime location,” he said.

“Everton Park is a suburb we know well, having completed and sold-out of our $30 million Greystone Terraces community late last year, with all 56 homes purchased within 18 months.

“Demand for home sites and townhomes in this precinct remains extremely strong and we believe these planned new developments will also be well received.”

Mirvac is anticipating launching both communities in 2018, pending approval from the Brisbane City Council.

 

Source www.couriermail.com.au

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What $600,000 will buy in the Everton Park Region

what can $600,000 buy in Everton Park region

Recently the Treasurer Scott Morrison has been calling on state and territory governments to do more to stop house prices ballooning.

The amount households are borrowing from the bank is getting more disproportionate to their pay packet.

In Brisbane

The median weekly income per household in Brisbane is $1,388.

The average house price in Queensland’s capital was $497,000 in June 2016. This was 4.3% higher than the year before.

Prices haven’t risen in Brisbane as steeply as in Sydney and Melbourne, as the average price tag for a home was only $325,000 10 years ago.

So what can $600,000, get you in the Everton Park region.

McDowall

mcdowall-real-estate-what-600k-buys

7 Marx Street Mcdowall, QLD, 4053

This 3 bedroom, 2 Bathroom and 2 car garage, property on 587 m2, sold recently for $610,000.

Stafford Heights

stafford-heights-real-estate-what-600k-buys

22 Mumbil Street Stafford Heights, QLD, 4053

4 bedrooms, 2 bath, 2 car on 650m2 sold for $600,000

This is a very spacious family home that has been well looked after.

Stafford

stafford-real-estate-what-600k-buys

18 Karbala Street Stafford, QLD, 4053

3 bedroom, 1 bath, 1 car accomodation, on 610m2  sold for $607,000

This is currently a rental property returning a great yield.  The property is suitable for further development and has city views.

Everton Park

everton-park-real-estate-what-600k-buys

4 Ballinderry Street Everton Park, QLD, 4053

4 Bedrooms, 2 bathrooms, 2 car garage on 600m2 and sold for $607,000

A quality home that has been recently renovated with plenty of outdoor entertaining spaces.

Alderley

alderley-real-estate-what-600k-buys197 Raymont Road Alderley, QLD, 4051

3 Bedrooms, 1 bath 1 car accomodation on 375m2, sold for $585,000

This typical Queenslander located close to the city, has all of the charm of yesteryear.

Arana Hills

arana-hills-real-estate-what-600k-buys

83 Minto Crescent Arana Hills, QLD, 4054

This 4 Bedroom, 2 Bath, 2 Car Garage property on 658 m2 sold for $597,500

It was described as a luxuriously renovated ultra modern home with all of the creature comforts needed to relax.

Whilst $600,000 might not be a first home for many, it is clear that you can buy a whole lot of house in fantastic locations in the inner North West.