on the river
Volume 6 February 2014
The Brisbane River runs through our veins.
River of rare and valuable assets The Brisbane River is precious for all sorts of reasons. For the unique appeal it gives our city. For its fascinating history and heritage landmarks. For the pleasure it gives, and the way it enhances our lives.
We detail 2013 riverfront house and land sales, and pinpoint market highlights important to anyone with a stake in riverfront property. You’ll also be surprised to learn just how rare riverfront houses are becoming.
If you are fortunate enough to live on its banks, or aspire to, the river is also extremely valuable in a financial sense. Environmentally, socially and economically, the Brisbane River is our city’s lifeblood.
When it comes to assets on the river, they don’t come much more valuable than the Walter Taylor Bridge. Small steps have been taken toward realising its potential. But what we really need is for authorities to show just a fraction of the initiative demonstrated by its visionary designer-builder.
This issue considers the value of Brisbane’s river in all these respects, and highlights ways we could be doing more to protect and enhance its value.
Above all, our river doesn’t just flow past valuable sites. In and of itself, it is one of Brisbane’s most valuable assets. Yet it continues to be mishandled.
Firstly, we present an analysis of the riverfront residential market for the year just ended. By late 2013, positive market fundamentals had spurred activity, so 2014 is expected to produce welcome growth.
Surely it is time to make its wellbeing our greatest priority. If you agree, please speak out too.
back page for a great idea. It’ll reward you with a view of the Brisbane River you’ve never before seen. Finally, Dixon Family Estate Agents has just been named Queensland’s Small Residential Agency of the Year in the 2014 REIQ Awards for Excellence. The awards are judged on professionalism and best practice, so it is a credit to our very talented and dedicated team. Please give us your feedback on the issues raised in these pages. To let us know what you think, and suggest topics you would like to see covered, go to www.dixonfamily.net.au/river-blog.
And, if all this inspires you to get out and about on the river, turn to our
In this edition 628 Coronation Drive, Toowong Qld 4066 PHONE 07 3870 2251 FAX 07 3870 5674 info@dixonfamily.net.au www.dixonfamily.net.au
2 4 5 6 8
Significant gain in river market activity Management maze still muddies the water Riverfront houses increasingly rare Enterprising man of vision Bridge access greeted with enthusiasm
Sold in 2013, Bridge Street, Indooroopilly.
Article by Patrick Dixon
Significant gain in river market activity Activity in Brisbane’s exclusive riverfront real estate market rose strongly in 2013, buoyed by a sales surge in the second half of the year. A 24% jump in annual turnover on the river indicates upmarket buyers and sellers are on the move, and price rises will inevitably follow. Brisbane recorded 36 absolute riverfront sales in 2013, including 33 houses and three vacant homesites. The figure is 24% up on the 2012 total, and takes us back to pre-flood activity levels. The total value of 2013 riverfront house and homesite sales was just over $89.6 million, showing a 4% increase on the previous year’s tally. Brisbane’s riverfront market has rebounded convincingly since the double-whammy of the GFC and 2011 deluge.
September surge Interestingly, it wasn’t really until the second half of 2013 that we saw strong movement. In fact, the year had been quite flat, but was lifted significantly by a late sales surge, beginning in September. To some extent, we can put this down to the earlier political uncertainty, and the confidence boost that came after the federal election.
2 // on the river
The rebound in the stock market since 2011 and the fall in interest rates have also been positive influences. The more buoyant environment finally encouraged vendors to test the waters, with the resulting entry to the market of some quality stock bringing buyers out. Top price for a luxury riverfront house in 2013 was $7.5 million, in a deal sealed late in the year for a Virginia Avenue, Hawthorne property. Built in 2008, the impressive three-storey, six-bedroom house sits on 1,654 square metres.
Top performers Hawthorne was certainly a topperforming suburb. It recorded three absolute riverfront sales for the year, and all were for prices above $3 million. It was also the location of 2012’s highest riverfront sale price (just over $6 million). Bulimba achieved the highest riverfront turnover, with five sales in 2013, while always-popular Yeronga recorded four. The most active market segment was the $1-2 million bracket, accounting for half
the year’s transactions. But the top end was still healthy, with nine sales logged at prices above $3 million.
Sites add $26 million Also notable – though not included in our tally, because we focus purely on individual residential lots – are two significant development sites. These add a further $26 million+ to the sales tally. A 6,839sq m site in Addison Avenue, Bulimba sold for $6.37 million, and the landmark 1.5ha former ABC site at Toowong was bought by Sunland Group for $20 million. The latter, undoubtedly one of Brisbane’s best sites, is earmarked for a riverfront residential development that will be a major catalyst for growth in Toowong. While Sunland is yet to unveil plans, the prime holding will accommodate several upmarket, multi-storey buildings. The Toowong Auchenflower Neighbourhood Plan also assures it will open up extensive riverfront parklands and retain and reuse historic Middenbury House.
Riverfront house market highlights 2013 Total number of sales (incl. 3 homesites)
36
Total value of sales
$89.6 million
Highest riverfront house price
$7.5 million
Lowest riverfront house price
$1.27 million
Average riverfront house price
$2.57 million
So Brisbane’s riverfront market continues its steady climb back and, given the late 2013 sales surge, the future certainly looks bright for 2014. In fact, most market analysts and commentators are tipping it is Brisbane’s time to shine.
When four real estate market experts, including head of research for RP Data, Tim Lawless, were asked by online magazine Property Observer which capital city would perform the best in 2014, all nominated Brisbane.
Others bullish about Brisbane’s 2014 property prospects have included Eureka Report founder and ABC finance presenter, Alan Kohler, Property Council Queensland executive director, Kathy MacDermott, analyst Michael Matusik, and Terry Ryder of hotspotting.com.au.
Brisbane Riverfront Sales 2013 Suburb
Address
Area (sq m)
Price
Bulimba
Quay Street
926
$3,401,000
Waterline Crescent
384
$2,475,000
Waterline Crescent
475
$2,400,000
Addison Avenue
586
$2,500,000
Addison Avenue (land)
536
$1,300,000
Virginia Avenue
1,654
$7,500,000
Virginia Avenue
1,467
$5,010,000
Gordon Street
442
$3,100,000
Norman Park
Wendell Street
888
$3,900,000
Hawthorne
West End
Avebury Street
415
$2,550,000
Highgate Hill
Sankey Street
802
$2,000,000
Yeronga
Brisbane Corso
903
$1,400,000
Brisbane Corso
1,014
$1,475,000
Feez Street
2,490
$3,600,000
Stevens Street
532
$2,300,000
Tennyson
King Arthur Terrace
1,915
$5,250,000
Chelmer
Longman Terrace (land)
1,037
$1,150,000
Queenscroft Street
1,255
$1,920,000
Sutton Street
1,019
$2,685,000
Corinda
Dewar Terrace
1,210
$1,400,000
Dewar Terrace
1,669
$2,200,000
Westlake
Westlake Drive
1,465
$1,700,000
Westlake Drive
1,224
$1,435,000
Westlake Drive
1,075
$1,420,000
Lather Road (land)
18,200
$800,000
Bellbowrie Kenmore
Fig Tree Pocket Indooroopilly
Vidgen Lane
9,293
$1,350,000
Kingfisher Place
894
$1,580,000
Kenmore Road
10,300
$1,550,000
Jesmond Road
750
$1,590,000
Mandalay Street
1,060
$1,800,000
Bridge Street
1,303
$1,517,500
Twigg Street
1,303
$1,800,000
Jilba Street
2,957
$2,750,000
St Lucia
Hiron Street
462
$4,325,000
Toowong
Coronation Drive
642
$1,270,000
New Farm
Griffith Street
962
$5,200,000
TOTAL SALES
$89,603,500
on the river // 3
Management maze still muddies the water Brisbane can never realise its full tourism potential while we have a muddy, turbid river. Yet river management is still stuck in a legislative, bureaucratic and jurisdictional maze. Much effort has gone into promoting Brisbane as the ‘River City’. Shouldn’t an attractive river be the core value? No one loves the river more than us. But let’s face it, when flying in, the brown ribbon snaking across Brisbane compares poorly to the blue-green harbour vision as you descend into Sydney. Although the Brisbane River may never have been blue, it certainly would once have been a clean sea green like the Nerang and Maroochy Rivers.
Report troubling Reports, especially by Brisbane Times journalist Tony Moore, persistently highlight problems of erosion, silt and turbidity. His report on the latest annual Healthy Waterways River Health findings was troubling. Griffith University professor Jon Olley, from the Australian Rivers Institute and Healthy Waterways Scientific Panel, was deeply concerned. He said mud is now flowing out to the bay 10 times as fast as before European settlement. Current generations have grown up with a murky brown river. But once it was clear, and used for swimming. Dredging for flood mitigation, navigation, and sand and gravel extraction had a drastic impact. Historically, there were upstream shallows and the river had a natural tidal limit of only 16 km. After hundreds of millions of cubic metres were extracted, the tidal limit extended to around 85 km. Dredging removed the ‘armour’, a protective layer over the mud, which once prevented turbidity. Long-time river residents may recall my campaign in the mid-1990s to halt dredging. Former Lord Mayor Jim Soorley also fought hard. In June
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1997, the Brisbane River Management Group (BRMG) opened the dredging issue to public debate. I led a petition demanding it cease. Finally, it did in September that year.
Agency overload Back then, the number of government agencies ‘managing’ our river was incomprehensible – the departments of Environment, Natural Resources, Transport, Mines and Energy, and Emergency Services, various city and shire councils, the Office of Sport and Recreation, and SEQ Water Board. But at least there was the BRMG to act as a central, coordinating body, and the strong voice of Jim Soorley to give it authority. Almost two decades on, we’re no better off. Some might say worse, given the BRMG morphed into the water quality watchdog, Healthy Waterways, a not-for-profit group monitoring 19 catchments.
And still we have the confusing web of departments and agencies. In March 2013, when silt threatened to clog the Mt Crosby Water Treatment Centre and jeopardise our water supply, the heads of no less than three departments were hauled into meetings. Water Supply Minister Mark McArdle was waiting on an Seqwater report, and Brisbane Lord Mayor Graham Quirk, president of the SEQ Council of Mayors, called for the state to provide policy direction on the issue. Moore reported: “Sources – from within three departments – agree it is time for a renewed catchment approach, but are unsure of their roles within their departments.” Furthermore, Council’s much-vaunted River’s Edge Strategy (RES) says nothing about cleaning up our mighty waterway. What a shemozzle! So many looking after our river, yet nobody is.
Article by Patrick Dixon
Riverfront houses increasingly rare Absolute riverfront houses are becoming increasingly rare in Brisbane. In just two decades, the number of individual residential lots on the Brisbane River has decreased by almost 15 per cent. I’ve been keeping records on river real estate for many years now. Lifestyle preferences have evolved, and waterfront apartment developments have proliferated. How many blocks, I wondered, had been swallowed in the process? How many houses have made way for higher density river living? My records show, at the end of 1993, 934 absolute riverfront houses and blocks of land (where the title extends to the high water mark) between Bulimba and the Jindalee Bridge. By the end of 2003, the same section of the river had 889 individual lots 853 houses and 36 blocks of land.
Time to take charge We had high hopes, after dredging stopped, that the mud would clear. It hasn’t. The damage was perhaps too great. Now erosion and run-off from development sites are the culprits. Recently, Moore revealed developers were letting up to 150 tonnes of soil wash into waterways each year for every hectare of unprotected development site. A 2011 study showed zero compliance by construction sites on controlling erosion and run-off. Nobody is enforcing the rules. The RES recommends the Brisbane River Working Group, a cross-government and major stakeholder body that helped devise the strategy, be continued. Has it? Again we call for someone to take charge – a single, coordinating body, headed by an authoritative figure who will rescue our river. Put BCC’s capable planning and development chair, Cr Amanda Cooper, at the helm. The huge environmental, social and economic value of our river is at stake.
In the following decade, to the end of 2013, the decline continued. Now the count along this same stretch is just 796, including 783 houses and 13 blocks of land. We now have 138 fewer absolute riverfront blocks than in 1993 – a reduction of 14.8%. Two forces are at work. Firstly, medium to high density zoning along the inner reaches means sites can yield much higher occupancy. The desirability of waterfront living puts multi-unit projects in high demand. The other factor has been Brisbane City Council’s planning strategy, to open up more of the river for public use. In certain areas, when land is subdivided, the first 20 or 40-metre strip of foreshore is resumed for parkland or public walkways. So, in those localities, no dwelling can any longer claim ‘absolute riverfront’ status. In many ways, these factors have had a positive impact on our riverside
Article by Patrick Dixon
precincts, giving more people access to a riverfront lifestyle and riverside parks and walks. Occasionally, the reduction is offset. An old house on several titles may be demolished and the lots sold off individually, or a large parcel is subdivided in an area unaffected by council’s resumption policy. But such opportunities are scarce. So the decline continues. This will be music to the ears of riverfront property owners. The law of supply and demand is the most fundamental of economic realities. As the number of absolute riverfront blocks decreases, and demand remains static or increases, the price will keep rising. Developers, confident of the premium they can achieve for new apartments on the water, have generous budgets for tempting house and landowners to cash in their prized river properties. So supply will continue to tighten. Over the past decade, the suburbs showing the greatest fall in riverfront lot numbers have been: • Kangaroo Point (down 13) • New Farm (12) • Fig Tree Pocket (7) • Bulimba (5) • St Lucia (4) • West End (4) In Kangaroo Point, the transformation over the last 50 years has been dramatic. A riverfront once lined with charming colonial homes, art deco flats and a flourishing shipbuilding industry now has just three individual houses left between the Captain Cook Bridge and Mowbray Park. New Farm is rapidly heading in the same direction. Development pressures will continue and the river will only become more desirable as initiatives such as the River’s Edge Strategy are implemented. The upshot – less and less stand-alone houses, with ever rising values.
on the river // 5
Article by Jack Dixon
Bridge tours a step not far enough Walter Taylor was a visionary. He put a ballroom in a bridge! Long disused, it sits idle and off limits in the Chelmer pylon of his landmark Indooroopilly bridge. Opening the opposite pylon for free guided tours recently was a great initiative. But the bridge could be so much more.
Walter Taylor’s grandson Noel Davis backed the idea, saying he “couldn’t think of anything better than the bridge pylon being returned to accommodation and leisure use” which, after all, is what it was designed for. But we got the bureaucratic brush-off.
As well as the vast function space, Walter Taylor’s bridge once had a kiosk and boathouse on the Chelmer side. And two apartments, one in each pylon, made this heritage-listed landmark truly one of a kind.
Public access
Ballroom, kiosk, boathouse, lodgings … the makings of a brilliant riverfront venue, wouldn’t you say? Imagine hosting your next big party here. The Walter Taylor Bridge is an amazing community asset that remains sadly underutilised. Its designer–builder, one of Brisbane’s most enterprising figures, would doubtless be very disappointed. Taylor built the ornate Presbyterian Church on Wickham Terrace, buildings at BBC, Churchie and Somerville House, and Sherwood and Graceville Methodist Churches.
Shortly afterwards, however, go-getting Walter Taylor Ward Councillor Julian Simmonds initiated public consultation to see what people wanted for the bridge. They obviously wanted access. Two years later, free tours of the Indooroopilly pylon were introduced. This pylon contains an apartment occupied by the former toll keepers and, until 2010, their descendants. Council spent $150,000 making it presentable for public access. Brisbane Greeters do a fantastic job taking the tours (see back page). But, so far, nothing further is planned. One objection to my plan was parking limitations. But, is parking even needed? Look at Peats Bite on the Hawkesbury River, a legendry water access only property renowned for its long luncheons and live
Partnership needed But his crowning achievement was this suspension bridge (Australia’s longest). Opened in 1936, it stands testament to Taylor’s foresight and determination. When the cash-strapped government of the day wouldn’t fund his grand plan, he found investors and built it anyway. Goes to show how private initiative can make things happen when governments can’t.
Accommodation
Private business nous, in partnership with council, is once again needed to restore Walter Taylor’s vision. Back in mid-2011, we wrote to Brisbane City Council and Brisbane Marketing with the idea to reinstate the Chelmer pylon as an exciting and unique leisure destination. Its ballroom, complete with balcony out to the river, would be a stunning reception venue, and the site is perfect for a cafe and boat landing. Upstairs the quirky apartment would entice guests – international visitors, local romantics, honeymooners – to enjoy a matchless overnight stay with unbelievable river views!
6 // on the river
Ballroom Kiosk
entertainment. No roads. No parking. Only boats! Besides, our Chelmer pylon is within walking distance of a railway station and, if ever there is a role for water taxis, this is it. In fact, a venue in the Walter Taylor Bridge would seem to tick all the boxes in Council’s new River’s Edge Strategy (RES). The RES seeks to open new social opportunities on the river, especially more riverside dining venues, increase the number of boat landings and shortterm berths for pleasure boats, enable water taxis, and encourage public-private partnerships. BINGO!
Encouragement needed Some of the successful operators who already run venues in partnership with council tell us they’d love to run the ruler over this one. Why waste this unique treasure? Cr. Simmonds would need your encouragement to get such an exciting project off the ground. So, if you can see its merit, please email him, waltertaylor.ward@ecn.net.au, or via his website www.juliansimmonds.com.au
Taylor’s amazing tunnel vision Here’s an amazing quote, on solving Brisbane’s growing traffic problems: “I believe if experts look carefully into the question, they will decide that in addition to the Victoria Bridge, three outlets from the city are necessary. These I maintain can be adequately furnished by two tunnels and a bridge.” This is not a ‘Can Do’ policy note from the early 21st century. Nor was it written by a modern-day traffic engineer. It is from a proposal submitted in 1924 by Walter Taylor. 1924!! His plan was to construct a cross-river tunnel from the City to Wooloongabba. Revealed in his book “The Remarkable Walter Taylor” by Taylor’s grandson Noel Davis, the tunnel plan (pictured) highlights this man’s astounding foresight. As Davis points out, “it is incredible that he had this idea for a tunnel in 1924 and it has taken until 2010 to actually use the tunnel solution.”
Rather than digging beneath the riverbed, Taylor’s idea was to sink a giant reinforced concrete ‘tube’. His proposal was published widely, in the A&B Journal, Brisbane Courier and Telegraph. “The great Western Suburbs (as I have already pointed out) can be dealt with effectively by the proposed Indooroopilly bridge. A tube would provide a suitable outlet for the Valley within the vicinity of Commercial Road, and would be a short cut to Morningside and all the districts on to Wynnum and Manly,” he said. Sounds a lot like the Inner City Bypass, with its long tunnel under the Ekka grounds, and the Clem7. Walter Taylor was certainly a man before his time. Here are just a few of his other visionary ideas: Salt capsules: He made small paper cylinders with a wooden cap at each end. Filled with salt, they were designed for use on occasions such as picnics. Forerunners to the little paper packets we now use.
Garage turntables: To avoid having to turn the car in tight spaces, Taylor installed a revolving floor device in the garage at his home, The Gables, in Molonga Terrace, Graceville. Another was designed for the next family home, Glenrae, also in Graceville. Hose jets were installed at strategic places above the car and opposite each wheel. The predecessor to our modern car wash? Pre-cast concrete construction: Taylor developed and manufactured his own pre-cast concrete system, employed on a number of projects including Graceville Uniting Church and numerous houses. Harnessing the waves: His last great dream, in 1953, was to harness the power of the waves to generate electricity for manufacturing. He even built an experimental turbine and set it up at Burleigh Heads. Sadly the machine was wrecked in a storm. The Remarkable Walter Taylor by Noel Davis was published in 2011 by Oxley-Chelmer History Group Inc., with support from Brisbane City Council and Sherwood Services Club. For a copy, call the Oxley-Chelmer History Group, 3379 1967.
on the river // 7
Bridge access greeted with enthusiasm Brisbane has jumped at the chance to see inside the Indooroopilly pylon of the Walter Taylor Bridge. Tours were launched at the end of last October and, by the end of January, more than 1300 had enjoyed the experience. That’s a lot of tours, given each one is limited to just six walkers. Such is the lure of a structure that has always piqued our curiosity. What was it like to live inside a bridge pylon? Who lived there? What are the stories behind this unique landmark? Late last year, Brisbane City Council asked Brisbane Greeters to assist with tours, allowing community access to the bridge for the first time. Now, due to the popularity of the tours, the friendly volunteer guides in red continue to offer bridge ‘greets’ as a free community service. Tours can be booked for any day, except the last Thursday and Friday of each month and public holidays. They run for 45-60 minutes and start under the gum tree at the corner of Railway Avenue and Lambert Road, next to Indooroopilly Railway Station.
Brisbane Greeters conduct free Walter Taylor Bridge tours.
You’ll learn how the Chelmer side was once Brisbane’s beach and party hub, see rare views from the balcony, hear tales of those who lived in the bridge, and see how they lived. A few words of caution – there is no lift access and you’ll need to be able to walk 2km and climb 108 stairs. Tours should be booked at least seven days in advance. It’s not recommended for small children, and there is no toilet.
Brisbane Greeters have also developed an extended Water Taylor Legacy Greet that includes Graceville, Laurel Avenue, crossing the bridge, the pylon interior, and a host of interesting stories and sites connecting people with Brisbane’s fascinating heritage and enticing lifestyle. Submit your bridge tour request at www.brisbanegreeters.com.au (dates will depend on availability of ‘greeters’), or for further information call (07) 3156 6364.
When it comes to the Brisbane River, we wrote the book.