south east queensland property overview breakfast … · south east queensland property overview...
TRANSCRIPT
![Page 1: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/1.jpg)
South East Queensland
Property Overview Breakfast
14 November 2019
Gavin Hulcombe
![Page 2: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/2.jpg)
Source: ABC News, Sydney Morning Herald, Australian Financial Review
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Constrained Lending for Households
Source: Australian Bureau of Statistics
Includes Refinancing
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SEQ House Sales & Net Interstate Migration
Source: Australian Bureau of Statistics
SEQ 20 year
avg sales: 50,758
e = Migration based on 9 months annualised data
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Source: Canstar
Lending is Cheap
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$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Jan
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dia
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rice
(B
risb
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e)
Year
Ba
nk
Ra
te (
%)
Median Dwellling Price Interest Rate
Median Dwelling Price (Brisbane) vs Bank Rate
Source: CoreLogic – RP Data, Reserve Bank of Australia, Australian Bureau of Statistics
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1998 2005 2009 2014 2019
Sale Price $200,000 $420,000 $575,000 $620,000 $681,667
Annual Interest
on Loan
(80% LVR)
$10,784 $23,755 $26,864 $29,413 $23,172
Cost per month $899 $1,980 $2,239 $2,451 $1,931
Affordability
Source: CoreLogic – RP Data
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SEQ Population Growth
2017/18
Source: Australian Bureau of Statistics
Note: Net internal migration includes net interstate migration
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SEQ Components of Population Growth 2017/18
Source: Australian Bureau of Statistics
Note: Net internal migration includes net interstate migration
36%
55%
29%
21%
25%
34%
25%
10%
12%
18%
40%
48%
54%
55%
58%
72%
52%
27%
31%
31%
22%
10%
16%
18%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Brisbane City
Logan
SEQ
Gold Coast
Redland
Ipswich
Moreton Bay
Total Sunshine Coast
% of Total Population Growth
Lo
ca
l G
ove
rnm
en
t A
rea
Natural Increase
Net Internal Migration
Net Overseas Migration
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SEQ Total Jobs Created
Total Employed 2018
4.2% or 70,100 jobs
in year to Sept
Source: Australian Bureau of Statistics
Total Employed 2019
2.0% or 36,000 jobs
in year to Sept
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Housing Market
Source: Master Builders Association
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• School zones
Emerging Trends
Source: Queensland Government
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• School zones
• Staying put
Emerging Trends
Source: Homes To Love – Photographer Lisa Cohen
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SEQ Length of Ownership
Source: CoreLogic – RP Data
0
2
4
6
8
10
12
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Nu
mb
er
of
Ye
ars
Year
Hold Period (median)
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Sell Buy Net Cost for Relocation
Sale Price $600,000 $800,000 -
Stamp Duty - $21,850 $21,850
Agents Commission $15,000 - $15,000
Incidental Costs
(legal, relocation, building inspections) $2,000 $3,000 $5,000
Total $41,850
Renovate or Relocate?
Source: CoreLogic – RP Data, Herron Todd White Research
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Source: unsplash.com
• School zones
• Staying put
• Renovating
Emerging Trends
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Source: CoreLogic- RP Data, Australian Bureau of Statistics
Rise of Renovation
0
2
4
6
8
10
12
0
100,000
200,000
300,000
400,000
500,000
600,000
Se
p-9
0
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p-9
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p-9
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Se
p-0
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p-1
0
Se
p-1
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Se
p-1
4
Se
p-1
6
Se
p-1
8
Nu
mb
er
of
Ye
ars
To
tal V
alu
e -
$'0
00
Year
Value $'000 Median Hold Period
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• School zones
• Staying put
• Renovating
• First home buyers
Emerging Trends
Source: realestate.com.au
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Laws Passed:
Week of 17 October 2019
Guaranteed deposit
Eligible first home buyers
Starts 1 January 2020
Supports low & middle incomes
$475,000 $400,000 $125,000
Capital City &
Regional Centres
Rest of
Queensland Taxable Income
Singles (p.a.)
$200,000
Taxable Income
Couples (p.a.)
First Home Loan Deposit Scheme
Source: Finder.com.au
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Property Type Maximum Value Grant Stamp Duty Concession
Queensland Newly constructed
house & land <$750,000 $15,000 Exempt <$550,000
New South Wales Newly constructed
house & land <$600,000 $10,000 Exempt <$650,000
Vacant land <$750,000 for combined
land and proposed dwelling $10,000 Exempt <$350,000
Victoria
Melbourne Metro
Newly constructed
house & land <$750,000 $10,000
Exempt <$600,000
(new or existing)
Victoria Regional Newly constructed
house & land <$750,000 $20,000
Exempt <$600,000
(new or existing)
Source: Queensland Government, New South Wales Government, Victorian Government
First Home Buyers – State Based Schemes
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Source: Australian Bureau of Statistics
Excludes Refinancing
QLD First Home Buyers
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Source: CoreLogic – RP Data
Arana Hills Tingalpa Forest Lake
73 Narellan Street
Sale Date: 11 June 2019
Sale Price: $525,000
Land Area: 607m2
3 1 2
15 Cox Close
Sale Date: 20 August 2019
Sale Price: $467,500
Land Area: 452m2
3 1 1
52 Beltana Place
Sale Date: 29 June 2019
Sale Price: $353,000
Land Area: 320m2
4 1 1
Radius from CBD: 12km Radius from CBD: 10km Radius from CBD: 19km
Entry Level Options for First Home Buyers
![Page 23: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/23.jpg)
Arana Hills Tingalpa Forest Lake
73 Narellan Street
Sale Date: 11 June 2019
Sale Price: $525,000
Land Area: 607m2
3 1 2
15 Cox Close
Sale Date: 20 August 2019
Sale Price: $467,500
Land Area: 452m2
3 1 1
52 Beltana Place
Sale Date: 29 June 2019
Sale Price: $353,000
Land Area: 320m2
4 1 1
Radius from CBD: 12km Radius from CBD: 10km Radius from CBD: 19km
Entry Level Options for First Home Buyers
Source: CoreLogic – RP Data
![Page 24: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/24.jpg)
Arana Hills Tingalpa Forest Lake
73 Narellan Street
Sale Date: 11 June 2019
Sale Price: $525,000
Land Area: 607m2
3 1 2
15 Cox Close
Sale Date: 20 August 2019
Sale Price: $467,500
Land Area: 452m2
3 1 1
52 Beltana Place
Sale Date: 29 June 2019
Sale Price: $353,000
Land Area: 320m2
4 1 1
Radius from CBD: 12km Radius from CBD: 10km Radius from CBD: 19km
Entry Level Options for First Home Buyers
Source: CoreLogic – RP Data
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Median House
Price Growth
2011 - 2019
Source: CoreLogic – RP Data
>30%
16 - 30%
0 - 15%
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>30%
16 - 30%
0 - 15%
Median House
Price Growth
2011 - 2019
Source: CoreLogic – RP Data
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Land
Source: Stockland – Aura Subdivision
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Brisbane Land
Sales just
above 2012
levels
2019 forecast
Source: CoreLogic – RP Data, Herron Todd White Research
P = Projected
SEQ Land Sales Volumes
![Page 29: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/29.jpg)
Source: CoreLogic – RP Data, Herron Todd White Research
P = Projected
SEQ Land Sales by Lot Size (m2)
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Residential Unit
Market
Source: Your Neighbourhood
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Suburb
Total Existing Units
(As at Mar 2014)
Proposed Supply
(As at Sept 2015)
Units Completed
(Apr 2014 - 2018)
Units Completed/
to Complete 2019
Units to Complete
(2020)
Units to Complete
(2021)
Inner Brisbane 30,433 47,220 20,129 3,365 2,863 3,164
Brisbane CBD 8,053 6,409 1,126 237 730 135
Fortitude Valley 2,863 6,660 2,235 557 30 722
Newstead/Teneriffe 3,424 5,177 3,308 392 455 333
Bowen Hills 1,442 5,555 765 130 242 -
Hamilton 2,232 3,827 1,245 332 - 83
South Brisbane 3,041 6,236 3,928 608 364 689
West End 1,991 5,923 2,265 355 500 534
Woolloongabba 938 4,040 1,103 308 - 316
Kangaroo Point 3,736 1,680 985 332 197 68
Greenslopes 2,064 - 353 114 - 107
Milton 649 1,713 876 - 345 177
Source: Cordells, CoreLogic – RP Data, Herron Todd White Research
Pending Supply – Inner Brisbane Units
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Finish Suburb
Started
Presales
Total re-sales
(2019)
Percentage
Change
High Brisbane March 2014 7 8.58%
Mid Newstead May 2015 5
(2 sales in 2018) -4.84%
Low Fortitude Valley July 2014 7 -25.15%
Source: Herron Todd White Research, CoreLogic – RP Data, Storyteller Images
Impact of Supply
![Page 33: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/33.jpg)
Source: Aria Property Group, CavCorp
Amenity – Quality Projects
![Page 34: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/34.jpg)
Jephson St & High St, Toowong
Cairns St, Kangaroo Point
Sale Date: May 2019
Sale Date: Aug 2019
Sale Price: $40,000,000*
Sale Price: $17,000,000
Land Area (m2) $/m2 Site Area $/m2 GFA $/m2 Unit
4,964 $3,425 $850 $54,662
Land Area (m2) $/m2 Site Area $/m2 GFA $/m2 Unit
13,102 $3,053 - -
Source: CoreLogic – RP Data
*Sale includes office building at 88 Jephson St
Unit Development Site Sales
![Page 35: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/35.jpg)
• Multi-unit dwellings requiring minimum of 2 car spaces
(closed to community consultation)
• Townhouses in LDR zoning
(closed to community consultation)
• Length of approval process
Town Planning Changes
Source: Brisbane City Council
![Page 36: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/36.jpg)
The Gold Coast
Source: Google Images
![Page 37: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/37.jpg)
Source: CoreLogic – RP Data
“Sea” – Main Beach
Completion Date: May 2018
Floor
Level Configuration Floor Area Sale Date Sale Price
3 3 bed, 3 bath, 2 car
MPR, Study, Pwd
373m2 Feb 2018 $4,900,000
5 3 bed, 3 bath, 2 car
MPR, Study, Pwd
368m2 Feb 2019 $5,500,000
7 3 bed, 5 bath, 3 car
MPR, Study, Pwd
705m2 Feb 2019 $8,250,000
Premium $ - one unit per floor
![Page 38: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/38.jpg)
“272 Hedges Avenue”
Strong ‘Off The Plan’ Sales
Source: Sunland
Completion Date: June 2022
• 44 levels/98 apartments
• Prices from $1,160,000 - $6,493,000
• 80% already pre-sold since mid-2018
• 48% local buyers
![Page 39: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/39.jpg)
Source: Cordells, CoreLogic – RP Data, Herron Todd White Research
Suburb Approved
Currently Marketed
For Sale
% Marketed For Sale
of Total Units
Main Beach 763 65 1%
Surfers Paradise 7,576 3,373 54%
Broadbeach 1,748 1,702 27%
Mermaid Beach 1,080 1,080 17%
Total 11,167 6,220 100%
Pending Supply – Gold Coast
![Page 40: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/40.jpg)
Finish Suburb Sale Date Range % Change
High Benowa Jan 2016 – Jul 2019 16%
Mid Broadbeach Waters May 2015 – Oct 2018 4%
Low Southport Sep 2015 – Aug 2019 -21%
Source: CoreLogic – RP Data, Herron Todd White Research
Impact of Unit Supply/Resales
![Page 41: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/41.jpg)
Address Sale Price Sale Date Re-sale Price Re-sale Date % Change
57 Charolais Cres, Benowa $3,900,000 Aug 17 $3,300,000 Jul 19 -15%
12 Crest View Key, Broadbeach Waters $1,850,000 Nov 17 $1,710,000 Jun 19 -8%
18 Maryland Ave, Carrara $5,500,000 Oct 16 $6,300,000 Jul 19 15%
20 Seabeach Ave, Mermaid Beach $1,965,000 Feb 17 $2,425,000 Mar 19 23%
171 Jefferson Ln, Palm Beach $3,500,000 Sep 17 $3,700,000 Feb 19 6%
47-49 Knightsbridge Pde West,
Paradise Point $5,625,000 Sep 16 $5,485,000 Sep 19 -2%
40-42 The Peninsula, Paradise Point $3,400,000 Jul 17 $3,300,000 Apr 19 -3%
11 Southern Cross Dr, Surfers Paradise $6,950,000 Jul 17 $5,800,000 Feb 19 -17%
Source: CoreLogic – RP Data
Prestige Re-Sales - Houses
![Page 42: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/42.jpg)
Commonwealth
Games Village
Precinct
• Renamed – Smith Collective
• Athletes accommodation has
been renamed Smith Collective,
including 1,252 residences and
5,700sqm of convenience retail
• Approved GFA of over 160,000
across 15 buildings
• Existing supply in Southport is
150,000
Source: Economic Development Queensland, The Smith Collective
![Page 43: South East Queensland Property Overview Breakfast … · South East Queensland Property Overview Breakfast 14 November 2019 Gavin Hulcombe . Source: ABC News, ... The trend is your](https://reader031.vdocuments.site/reader031/viewer/2022011903/5f146d3d32d7cb01080f3453/html5/thumbnails/43.jpg)
The Sunshine Coast
Source: Sunshine Coast Council
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Source: CoreLogic – RP Data
Number of Units Sold
0
1000
2000
3000
4000
5000
6000
7000
19
98
-99
19
99
-00
20
00
-01
20
01
-02
20
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
20
07
-08
20
08
-09
20
09
-10
20
10
-11
20
11
-12
20
12
-13
20
13
-14
20
14
-15
20
15
-16
20
16
-17
20
17
-18
20
18
-19
Nu
mb
er
of
Sa
les
Year
Existing Stock
New Stock
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35-37 Mossman Ct
Contract Price: $12,250,000
Settlement: December 2019
8 7 4
Prestige ‘Off Market’ Transaction – Noosa Heads
Source: CoreLogic – RP Data
Land Area: 1,305m2
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$/m2 Internal: approx. $41,667
6/55 Hastings St, Noosa Heads
Contract Price: approx. $10,000,000
Internal Area: 240m2
3 3 2
Record Sale – Prestige Unit
Source: CoreLogic – RP Data
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• Mid-year turning point
• Investors are still missing
• Impact of interest rate still to come
• Unit supply suppressed with values stabilised
• Housing momentum building – beachside/inner city strongest
• Infrastructure still coming
• Is now a good time to buy?
Wrap Up
Source: HL Landscapes
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The trend is your friend until the bend at the end!
Source: Australian Bureau of Statistics
?
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Disclaimer
The information contained in this report is provided in good faith and has been derived from sources
believed to be reliable and accurate. However, the report is not intended to be comprehensive or render
advice and neither Herron Todd White nor any persons involved in the preparation of this report accepts
any form of liability for its contents. This report has copyright and cannot be reproduced without written
permission of Herron Todd White.
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South East Queensland
Property Overview Breakfast
14 November 2019