fresh new architecture for South Bank
Stage 1 at Austcorp’s SW1 is now complete with 56 apartments in Eden and Dos now settled. Over the past couple of weeks, we’ve noticed tenants moving into the predominantly investor owned buildings. We’re looking forward to the start of stage 2, Terrace Row, comprising architecturally designed townhomes which promise to be “different to anything you’ve seen before.”
While the stockmarket’s tumbled away in recent weeks Brisbane’s own ABC Childcare is one of the few public companies that’s not had a drop in price. Why? A stellar performer maybe? It’s not been traded since August so its price hasn’t moved and its current value is unknown. In much the same way it’s getting harder for experts and commentators to speak with any authority on our real estate market. There are just too few sales happening to draw a firm conclusion. We’ve seen recent agent propaganda with lines like: “Buyers are back – it’s time to sell now!” and other similar rubbish. There are some positive signs happening but overall this remains firmly a buyers’ market.
The last reported stats we’ve come across suggest a 30% drop in sales volumes – but when we looked at the true numbers across many inner suburbs they’re closer to 50% for the first half of this year. In some cases it’s even quieter (South Brisbane house sales volumes are down 64% on 2007). So as every high school stats student will tell you the sample sizes are becoming unreliable. On first glance West End’s prices have skyrocketed recently with houses up by almost $380,000 or 55% since last year. The fine print? There were only 17 sales in the first half of the year, with a bit of a run on river and city view homes.
What’s really happening ‘on the ground’? We’d suggest sales volumes are even lower these past 4 months and for the most part prices are holding for most properties. Most sellers don’t have a gun at their head and are happy to bide their time. There are occasional ‘bargains’ but as registered valuers often say it’s the ‘flight to quality’ trend where less desirable property is the type to go cheaply when markets are quieter. On the weekend we sold a new listing and had 2 other buyers lined up and keen to hand over their cash. One wrote to us to complain that they had missed out! So was it a bargain? The contract price was 20% more than another local agent said they’d get. Buyers are still looking and they are still buying. The smart ones realise there’s currently less competition.
Underground railway stations in Spring Hill, the Gabba, CBD, Newstead and in West End? These are firmly on the planners’ maps as part of the State Govt’s Inner City Rail Capacity study. Released this month it outlines potential for 4 new underground tracks along 2 corridors – from the western Ipswich line linking up to the northern Caboolture line, and from the southern Gold Coast line to the northern lines. Criss-crossing the inner city and under the river with up to 13km of lines, this massive expansion could kick off as early as 2012. But at a cost of $14billion Premier Anna is hoping PM Kevin will tip in some spare cash.
Even with a willing Federal Govt it’s likely to take 18 years to complete. Property owners in these suburbs should be excited – this sort of change in public transport could have huge benefits for residents and workers alike. While they’re close to the action already this new infrastructure would truly expand the CBD into its surrounds. There’s speedy, efficient and accessible subway systems in many of the world’s great cities. Maybe Brisbane’s ready to step up.
1. If you must choose between two evils, pick the one you’ve never tried before.
2. Bills travel through the mail at twice the speed of cheques.
3. If you look like your passport picture you probably need the trip.
4. It’s easier to get forgiveness than permission.
5. A conscience is what hurts when all of your other parts feel so good.
6. Opportunities always look bigger going than coming.
7. Never take a sleeping pill and a laxative on the same night.
8. It’s not the jeans that make your bum look fat.
9. The one thing that unites all humans is we ALL believe we’re above-average drivers
10. Never lick a steak knife. |
11. A person who’s nice to you but rude to the waiter is not a nice person.
12. Never be afraid to try something new. An amateur built the Ark. A large group of professionals built the Titanic.
A recent Landmark White media release dated September 18, noted a shift downwards in both sentiment and median prices in 2008. Locally in South Brisbane we’ve reviewed the stats and whilst apartment sales are down (with 65 sales January to June 2008) prices are up slightly with a 1.16% increase from the 2007 median of $430,000. Interestingly, there have only been 2 houses sold in South Brisbane during the same period.
As current buyers my wife and I recently attended 6 open homes and were impressed when asked for our name, phone number and email address prior to coming inside. Whilst nothing we looked at ticked all the boxes, we were even more disappointed when after 5 days had passed we still hadn’t heard boo from any of the agents. Why is this stuff so hard?!
We visited the Hale Street Link office today and inspected the visitor information centre. When complete, the 4 lane structure will connect Milton to South Brisbane. As Brisbane infrastructure grows rapidly there is much to learn and we think this is a great way for locals to find out what’s going on in their neighborhood. The visitor centre is open Monday to Friday 8-5pm and is located at 85 Montague Road South Brisbane.
We once tried to sell a South Bank apartment to a gentleman from Hong Kong who was concerned it was leasehold, with a 110 year term. When we rang with the great news that the lease term had been extended to 999 years he immediately asked “Yes but what happens to my title then?!” While he did go on to buy it (great salesperson) it’s an insight into how some people and cultures take a longer term view of life. And they plan for that future.
The ABS last month released their own very long term view – population predictions for Australia for the rest of this century. In the year 2056 Brisbane will be home to 4 million, our nation’s fastest growing capital with a more-than-sizeable jump from our current 1.8 million. The ABS medium series predicts annual growth of 1.6% in our city, so an average of approx 17,000 new homes will need to be built every year over this next half century.
What will Brisvegas look like in 2056? We know most of our growth will come from migration (Australia’s net immigration this past year was 200,000 – the highest on record) so menus are more likely to feature Mee Goreng and San Choy Bao. And if we can’t persuade the Poms to stay home it’s darts at the pub and cold pies for everyone!
Where were we 50 years ago? Brisbane had just 692,000 residents. So if you’ve never thought about writing to your local politician before, consider this – as our population more than doubles where will our water supply come from? How many lanes does Coronation Drive really need to be? While planners struggle with the politics and resident protests like: “we don’t want a crowded road while you build that new bridge”, all of us hope infrastructure is better planned in the next 50 years than during the past 50.
With residents over age 65 growing to 28% of the population (up from the current 15%) they’d better not include steps anywhere!
The ABS also made their population predictions for the start of next century, with Australia’s current 21 million tipped to top 45 million in the year 2101. And while they haven’t forecast for Brisbane, with a little crystal-balling and assuming our growth rate slows in the second half of the century here’s the Bees Nees prediction: 7 million residents.
Enjoy your quick drive home today!
An appropriate venue too given the Gallery itself started life as a design competition between architects. Eventual winners Lindsay and Kerry Clare of Architectus have other projects profiled in this exhibition, along with industry stalwarts like Wilson Architects and Rex Addison. Names well-known for their recent contributions to recent inner-city development are also on show, including Richard Kirk (the designers behind Albion’s new “Mill” project) and Arkhefield (Tenneriffe’s “One Macquarie” and “Ellington”).
The exhibition runs until November 23rd and entry at the Gallery of Modern Art is free.
One summer evening during a violent thunderstorm a mother was tucking her small boy into bed. She was about to turn off the light when he asked with a tremor in his voice, “Mummy will you sleep here with me tonight?” The mother smiled and gave him a reassuring hug. “I can’t dear,” she said. “I have to sleep in Daddy’s room.”
A long silence was broken at last by a shaken little voice: “The big sissy.”
