I took this photo today whilst catching up with a past seller at Northbridge Apartments in South Brisbane. Work has begun on the site for the new Queensland Children’s Hospital in South Brisbane now that construction is almost done for the new car park building on the site of what was formally the Saint Laurence College sports oval.
As a group, we property owners are a jittery bunch! Sure we do have a lot at stake, with an inner Brisbane property now regularly topping the half million dollar mark. But it still surprises us to see how much some owners look to the news and ‘property soothsayers’ for guidance. Boom or bust? Sell, buy, panic? If the global economic challenges showed us one thing, surely it’s the importance of trying to read the tea leaves yourself. So here’s some of the forecast signposts for 2010.
Unemployment this week nudged down to 5.7% (up slightly in Queensland) but most economists point to this growing to high 6’s during 2010. More people will lose their jobs, effecting buying power. But Phil Ruthven of IBISWorld is upbeat for 12 months time, predicting “a return to full employment by early 2011″.
Variable mortgage rates will be around 7.75% by the end of 2010, according to a BRW Magazine report on economists’ consensus. This reflects an RBA position in “neutral”. Combined with an end to Federal stimulus offers, especially to the general public, rates rises will leave home buyers with less to spend. The temporary boost to the First Home Owner’s Grant (now $3,500) ends on December 1st, albeit the Grant will still be $7000.
New housing construction remains slow. The Housing Industry Association says “We are looking at a moderate rather than strong lift in new home building in 2010. This disappointing outlook will remain in play until such time as credit constraints on medium and high density developments are eased.” That means some new suburban housing but bank not supporting inner city development. Given the long lead times for new inner Brisbane projects supply may remain tight for some time yet.
New Brisbane infrastructure will make our inner city more ‘liveable’. The Clem 7 Tunnel and Go Between Bridge will each make traveling around, and into, the city much quicker. And the CityGlider bus service will start running from Teneriffe through the CBD to West End on a 10 minute interval, vastly improving non-car movement.
Will prices rise again? Will investors find new reward from rents returning to an upward trend?
The only sure bet for 2010 is that 20/20 hindsight will count for nothing. If the new year presents the right opportunity for you maybe it’s time to act on it…
Verona, Glenore, Istria and Lyndor are the names of the 4 character townhouses which stand in 2 pairs on Sussex Street at West End. There are other small clusters of townhomes in West End but none with quite the same style and character you’d expect for West End such as high ceilings and VJ walls, stain glass windows etc. The owners here clearly love where they live!
When it rains pockets of Highgate Hill get wet and stay wet for longer than others. Drainage works to help correct this were completed in Appel and Marly streets earlier this year and crossed Hampstead Rd. Today the upgrade continues along Sexton Street after which works will move to Westbourne Street. Should keep a lot of locals happy and dry once it’s in place.
If you like pizza and pasta then you can’t go past Neo Pizza Pasta Gelati set among this strip of restaurants and convenience stores on Gladstone Road at Highgate Hill. Whenever I’ve been it’s always busy so it has a great atmosphere if you’re looking for a relaxed and casual place to grab some great Italian food. Take-away was quick and friendly but the best thing is just how good the food is! I’m not Italian but I think you’re supposed to say …bellissimo!
Property investors have generally been left in the dark ages getting any timely access to info on their rental properties.
You can log in to your bank 24/7 and see what’s happening so why not your real estate agent? Bees Nees can now offer our landlords a heap of property info online, including current lease and rent details (are they paid up to date?!) along with copies of past monthly statements. Our software updates the web pages each night so the info is fresh and relevant.
If you’re a Bees Nees landlord just read the bottom of your monthly statement for the web address and your personal and secure log-in. Or call us for the details. If you’re not a Bees Nees landlord, maybe it’s time for a change!
A new function from domain.com.au is making life easier for home buyers too. Called “Inspection Planner” it’s a neat tool that allows you to plan your Saturday inspections, helping you set a schedule, avoid overlapping times and even giving you directions and a map to follow from one open home to the next.
It’s great to see some strong innovation from the big property portals in recent months and this one seems such a simple but helpful tool. See the quick video intro.
So it’s Christmas and nearing the end of year we all tend to ponder a little…
Bees Nees sells and rents residential property but occasionally we like to remind ourselves that these bricks and mortar can resemble so much more for their occupants. Our cave we retreat to each night for shelter, the place our kids learnt to ride a bike, a balcony where we’ve enjoyed great laughs with friends, a dining table where we’ve shared Christmas turkey with drunk Uncle Bill…
We may choose our dwelling for its location, size and giga-watt bedroom airconditioner… but once you’ve moved in, what makes you really feel AT HOME?
Demographer Bernard Salt says our property ideals are related to our lifestyles – or at least the lifestyle we aspire to. Reported on domain.com.au, Bernard says we simply want to be surrounded by other people “like us”. It is hard to enjoy your home if the neighbours have a very different view of the world (yes I am talking to you students who party late outside my 5-year-old’s bedroom window!)
Working in real estate for many years has given us some perspective on this, entering so many homes. The one constant is that the quantity of possessions seems to rarely have so little to do with the resident’s quality of life…
Regardless of its shape or size, as owner or as tenant, we all adapt to our home, find a place to relax, connect with others and be ourselves. It might be a favourite chair in a favourite corner that gives you that “aaaaahhhhhh, I’m home”. It might be the kitchen (TV’s surprise hit of 2009 – Master Chef!) with your ‘creative’ and ‘provider’ needs all met at once. It might be a rusty old bathtub that offers an indulgent soak…
What makes your house feel like home, especially at Christmas? Please add your ideas in the comments section.
Here’s some thoughts from a few of our team:
David, Sales Consultant: “Smells – good ones that is. Mum’s cooking; Bbq’s across the neighbourhood. Music – the old Christmas favourites – it’s Frank Sinatra’s Christmas Album at our place. Love how he sings about snow – whatever that is! The lights on the Christmas tree when the house is dark – waiting for Santa and presents. Little running footsteps on the floorboards when I get home from work. Kids playing in the yard till late – they can even use the hose again. Cool evening breezes at the end of a summer day. Late sunsets.”
Karen, Senior Property Manager: “Setting up the outdoor area or deck with lights, candles and plants – the lifestyle factor that’s going to get a workout over the summer break.”
Rob, MD: “The moment when I brought my eldest daughter home from hospital. It was just after Christmas and my first real encounter with a seriously strong ‘parental protector’ instinct! Perfecting a barbecued steak under the pergola. Sunday afternoons in summer watching cricket from “Dad’s armchair”.”
Clint, Operations Manager: “A fully stocked bar fridge.”
Richard, Sales Consultant: “Sharing time with friends, family and loved ones around can make a place, occasion or experience feel extra special.”
Zita, Property Manager: “The people inside it – a big group of family and friends and a HUGE roast dinner! … oh and BOM BOMS with the paper crown hats.”
Annie: Manager – Property Management: “The sounds, tastes & smells of Christmas with all my family.”
It's time to go! West End Ferry terminal to be upgraded.
Jump on the Ferry at the West End stop on the corner of Hoogley and Orleigh Streets and you’ll see it is looking a bit tired. The good news is that an upgrade is on the way – the bad news is it won’t be until 2011.
Council has delivered on additional buses to the area but not everyone is happy about the extra traffic along the very quiet Gray and Ryan Roads. One suggestion is to rebound the traffic along Hoogley Street by adding a roundabout adjoining the ferry terminal, effectively making this a transport hub.
Sounds good to me… as long as they build a cafe on the roundabout!
Off-leash area coming soon to Orleigh Park
As our population ages and downsizes more and more, apartment buyers are asking the question… “can I keep my dog if I want to live there?”
The great news for pet owners is that the answer is ‘yes’ in a lot of cases now. You will need to apply to each Body Corporate for approval but you can keep a small pet at Koko, the new Riverpoint as well as many others.
Council have recognised this will mean a growing pet population in the area and, in line with the RSPCA’s push for legislation requiring pet owners to walk their dogs daily, a new enclosed “off-leash” area is to be added to West End’s Orleigh Park on the Brisbane River.
The best joke received on email this week – enjoy , and remember, Fridays are for fun!
“Good news is that I truly out-did myself this year with my Christmas decorations. The bad news is that I had to take him down after two days. I had more people come screaming up to my house than ever. Great stories. But two things made me take it down.
First, the cops advised me that it would cause traffic accidents as they almost wrecked their car when they drove by.
Second, a 55 year old lady grabbed the 75 pound ladder, almost killed herself putting it against my house and didn’t realize that it was fake until she climbed to the top (she was not happy). By the way, she was one of the many people who attempted to do that. My yard couldn’t take it either. I have more than a few tire tracks where people literally drove up my yard.”
