Top Headlines Week 23, 2022
- Posted By David Brown
A developer is looking to breathe new life in the Coomera Shopping Village with a radical overhaul planned. John Pooter, Developer, is planning a $25 million revamp of the commercial ad retail shopping strip located south of DreamWorld. He bought Coomera Shopping Village and plans to give the site a new look calling the project the Coomera Collective. The development is still subject to development approval will include a petrol station, health services, food and beverages outlets, outdoor seating and parking. The company paid $8.275 million for the site which is 70,000-square-foot-lot on the corner of DreamWorld Parkway, Jowett and Yaun Street. This is yet another new development for Coomera as the suburb is quickly becoming the economical hub of the North Gold Coast.
Villa Sunshine, located on Sunshine Parade in Miami, is bringing the Balinese holiday homes to the Gold Coast. It has been making headlines in magazines and on television and even won a Master Builders Gold Coast Award for its unique design and on-trend style. The vendors are living two streets away in a three-storey villa and wanted to build a single-level home. The couple enlisted the help from designer Reece Keil of Reece Keil Designs to help bring their vision to life. They wanted a resort-style house that had a Balinese feel while still being practical yet stylish. The home took nine months to build with the help of Dawson Constructions. The home was completed in October last year. The home boasts high ceilings, strategically placed windows and decking, with hits of black, concrete, stone and VJ lining. The home also features vaulted ceilings, suspended fireplace, outlook to the deck, alfresco kitchen and heated plunge pool. The Vendors spared no expense bringing this vision to life.
Canberra is still seen as the ideal place in invest in apartments in Australia. Although Canberra is known is the most expensive capital city in Australia, it also has a vacancy rate of less than 1%. Canberra is offering healthy yields and low buy-in prices when compared to Sydney and Melbourne according to Domain Rent Report. The Capital’s top suburban performer was units in Harrison, investors were achieving a median gross rental yield of 6.07%. Mawson is close behind with a median gross rental yield of 5.96% and unit in Phillip at 5.92%. There are many factors that play a role in creating this type of rental yield, this includes people in stable and secure employment, low rates, land tax, body corporate fees, low unit prices. Canberra like the rest of the country seeing extremely low vacancy rates and this is likely to continue as the demand for properties continues.
Brisbane has made it into the global top 10 cities with the highest growth in property. Making it the only capital city in Australia to do so this year. Brisbane just managed to make it into the top 10 on the Knight Frank Global Residential Cities Index beating 140 cities worldwide. Brisbane saw an annual growth rate of 28.4%. This is a massive jump compared to where Brisbane was on the list in Q1 last year ranking 89th. It is no surprise that Brisbane made such a significant improvement on the Global Residential Cities Index as it has been the best performing city in Australia for over 12 months. This is due to the increased sales activity from the east coast investors following the reopening of state borders. It is still expected that Brisbane’s house prices will continue to grow as current cost of living increases and household pressures Brisbane still looks like an appealing option. The other Australian cities that are performing well are Hobart that ranked 23rd in Q1 last year has moved up to 12th. Adelaide is another Australian city that has continues to perform well has moved from 44th in Q1 last year to 14th this year. Australia’s housing market has performed exceptionally well even when compared globally.
The Queensland Government says it will spend $200 million to help unlock housing supply in south-east Queensland. Queensland’s deputy premier ad planning minister Steven Miles has said that due to the rate of migration to Queensland housing supply is key. As more people are realising the economic, job and lifestyle opportunities that the state has the offer, the demand for land has increased, this is especially evident in South East Queensland. The $200 million will be distributed via two funds. The new Growth Acceleration Fund will develop trunk infrastructure for new communities such as Caboolture West. This will see $50 million go towards this fund with another $15 million already allocated for water and sewer infrastructure in Caboolture West. The remaining $150 million will be allocated to infrastructure needed in communities as such as Ripley Valley and Greater Flagstone. Since the state election in 2020 almost 50,000 residential lots have been unlocked in south east Queensland which include 30,000 in Caboolture West.