Posted by Rob Honeycombe on 27 March 2008
A Yeronga home overlooking the Brisbane River is set to become the first house in Brisbane auctioned exclusively online. A new service to Australian home-sellers, www.2bid2.com doesn’t simply broadcast the action from an onsite auction, but is a fully online bidding process. The USA’s had the innovative www.realtybid.com since 2001, and with that site having now hosted more than 38,000 auctions it’s our turn to give the real estate industry a digital kick-along.
www.2bid2.com is the brainchild of former Real Estate Institute president Michael Davoren and with easy comparisons to E-Bay he says the site puts consumers in the driving seat of both the buying and selling process. “The industry has progressed a long way over the last decade both technologically and professionally but the elongated strength of the market could have masked a change in consumer’s needs. Over 80% of real estate buyers are now from the X and Y generations and they prefer to communicate and to act differently to the Boomers and beyond.”
The auction of the home at Yeronga’s Brisbane Corso is expected to fetch in excess of $1.5 million. Bees Nees decided to trial the new auction approach for the increased anonymity it gives buyers. Many of our early enquiries for the home have been from wealthy locals who don’t necessarily want to stand on the front lawn and bid under the public eye.
Bidders still need to register and in many respects the auction is much like an onsite event. Sellers can expect a competitive environment amongst buyers – anyone who’s bought on E-Bay will know there’s plenty of pressure with an online auction! Unlike E-Bay though you can’t be outbid in the final minute as closing time on a www.2bid2.com auction is extended by another 5 minutes each time a bid is made.
Bidding for the Yeronga home is now open and while the auction’s slated to close on April 8th a 48 hour clock will start ticking down when bidding reaches the reserve price. Buyers get an SMS and email when another bid is placed and of course they can place their own bid from wherever they have web access.
If you’d like to know more about the online auction read our bidding guide and view the full listing info.
And tell us what you think about the new auction system – is it the way of the future or just a speed bump on the digital highway?!
Tags: auctions Brisbane, Brisbane River, technology, USA, www.2bid2.com, Yeronga Brisbane
Posted in real estate marketing, trends in Brisbane property | No Comments »
Posted by admin on 27 March 2008
Tucked in with the mailman’s delivery of Easter cards, this year’s land valuation notices held a sting for plenty of inner Brisbane property owners. These are the official numbers the state government assigns to every piece of real estate, and they’re used to work out how much you’ll pay in Council rates and, for a large number of property owners, land tax.
In South Brisbane we’ve seen a number of jumps over 50% in just one year, with one Peel Street property (Soho Apartments) rocketing 74%. Across the whole city we’re told the rise was a to-be-expected 16%, but the department confound us each year with their process. The “unimproved capital value” (see your UCV on your BCC rates notice) is supposed to be based on the notional value your land would be worth with no building, fences, levelling etc. So to determine this they look for recent sales in your area of vacant or “lightly improved” properties and work back from there. If anyone’s seen any vacant land selling around the inner city let us know…
If you own an apartment you won’t get the notice as it goes direct to the body corp. But you will get the rates and land tax increases that result. If you own at Aurora Tower or Oxygen Apartments your taxable value just leapt 29%; Que and Greenwich at South Brisbane were up 53%. Might be worth asking your committee if they plan to appeal the amount?
Land tax kicks in as soon as you own property worth a combined $600,000 (or $350,000 if held in a company name), so for many inner city suburbs that’s just one property! You don’t have to be a wealthy old landlord to be copping this state tax.
The outcome? Higher costs of owning real estate and higher rents for tenants.
Tags: Aurora Tower Brisbane, body corporate issues Queensland, Brisbane City Council, Brisbane property valuation, Greenwich on Cordelia South Brisbane, land tax, Oxygen Apartments Spring Hill Brisbane, Que Apartments South Brisbane, Soho Apartments South Brisbane, Unimproved Capital Valuation Brisbane
Posted in property taxes and rates etc | No Comments »
Posted by admin on 26 March 2008
The Johnsons were shown into the dentist’s surgery, where Mr Johnson makes it absolutely clear that he is in a big hurry. “No expensive extras Doc,” he demands, “no gas or needles or any of that fancy stuff. Just pull the tooth and get it over with.”
“I wish more of my patients were as strong-minded and as brave as you Mr Johnson,” said the dentist admiringly. “Now, which tooth is it?” Mr. Johnson turns to his wife. “Show him your tooth, honey.”
Tags: bad but clean jokes
Posted in just for fun! | No Comments »
Posted by admin on 5 March 2008
The announcement of a further 0.25% interest rate rise has predictably drawn comment that recent strong property sales volumes will slow. And we agree. There’s no doubt buyer confidence in the market will ease because this is exactly what the Reserve Bank needs. To rein in inflation the RBA needs you and I to put our wallets away. But in the face of this co-ordinated campaign to slow property sales we thought it worth reviewing some of the supply and demand issues behind Brisbane’s solid property price growth.
More people require more homes, and the ABS tells us our national population grows by 1 person every 1 minute and 42 seconds. New arrivals off the plane pretty much cancel out deaths, so every time a doctor slaps a new-born bum our country needs more homes. Queensland was the only state last year to record significant population growth (approx 24,000) while NSW the only to record a big drop (approx 24,000 – if only they would support our Origin team once they got here!).
What about ability to borrow and repay a loan? Our unemployment rate dropped again in January, now at 4.1%. And in the year to November our wages were up 5%. There’s no doubt interest rate rises will put home ownership out of many people’s reach, and these people will continue to rent, adding pressure to that surging market.
On the supply side Queensland’s building approvals dropped almost 6% in December and nationally we had a 3% drop in investment housing finance in the same month. The Housing Industry Association says we’re undersupplied by 20,000 homes and the prices of new homes are continuing to rise. In its recent HIA Trades Report it records all residential construction trades as being in short supply with SE Qld one of the most severely affected by skills shortages. If you can’t find a sparkie to fix anything it’s because they’re rated as “critical short supply”. Booms in mining, infrastructure works and commercial building are all forcing construction prices higher.
Overall we have more people earning more money needing more homes, with those homes costing more to build. In areas like Brisbane’s inner city this situation is at its strongest. So while the RBA wields its ‘rates sabre’ the decision to not buy will for many be based on fear, that strongest of investment emotions.
For those who understand the strength of demand and scarcity of supply, and recognise an opportunity, this could well be a great time to buy.
Tags: Australian Bureau of Statistics, Brisbane housing supply, Housing Industry Association, interest rates, population growth Brisbane, Reserve Bank, unemployment rate Australia
Posted in Brisbane's sales market, trends in Brisbane property | No Comments »
Posted by admin on 5 March 2008
The 1990’s saw one of Brisbane’s least appealing areas transformed into the hip, sought-after and downright expensive suburb that is today’s Teneriffe. Industrial, grafittied and last on most home buyer’s lists for many years before, a co-ordinated program of changing land uses opened the way for sexy apartments and a population influx. Now this week’s BRW Magazine nominates our own West End as “the star performer of Australia’s urban renewal precincts”, with redevelopment of its industrial uses opening up a bright new future for both West End and South Brisbane.
Locals have seen this coming for years but with picking the next centre for capital gain now a national hobby it’s no surprise BRW have spotted this patch. Much of the area being transformed is within 20-30 minutes walk of the CBD and surrounded by the river on a relatively quiet peninsula.
Brisbane City Council recently released a local planning draft for a corner of South Brisbane where 6 storey height limits are about to give way to 25 storey commercial and residential towers. A vision for the year 2020 it forecasts 6,000 new residents and 14,000 extra office workers in this tiny pocket of less than 100 acres of land. The speed of change might just make previous urban renewal hotspots seem sleepy by comparison.
Tags: Brisbane City Council, Teneriffe Brisbane, urban renewal Brisbane
Posted in Brisbane's future & new infrastructure, South Brisbane and South Bank, West End | No Comments »
Posted by admin on 5 March 2008
One: The Fire Brigade was invited to a local Primary School to talk to the children about fire safety in the home. One of the firemen let off a smoke alarm, which made its customary high-pitched noise. The 6 year olds were asked what the noise represented. A little boy’s hand went up and he answered, “That’s daddy cooking dinner.”Two: I was nervous the night my husband and I took our three young sons to a restaurant for the first time. My husband ordered a bottle of wine with the meal and when the waitress brought it, our children became quiet as the ritual uncorking began. She poured a small amount for me to taste and at that moment our six-year-old piped up, “Mum drinks a lot more than that!”
Posted in just for fun! | No Comments »
Posted by admin on 4 March 2008
So close….! An exciting night for the Bees Nees team last Friday with the office a finalist for the Real Estate Institute’s Small Agency of the Year. We dressed the team up and while a great night was had we narrowly missed out on the gong. We were stoked to be finalists though and look forward to having better (bribed?) judges next year!
Tags: Real Estate Institute of Queensland
Posted in just for fun! | No Comments »
