Tennyson Reach Report
Article by Christine Crozier
Article by Geoff Crozier, Operations Manager, Queensland Tennis Centre. Photo by Frey - Tennis Photo Network
World-class tennis in our own backyard BRISBANE is well and truly back on the international tennis stage, thanks to our worldclass tennis centre and a major tournament now among the top 10 crowd-pullers worldwide. And it’s all happening literally in our own backyard. Queensland is a tennis state, and Brisbane is a tennis town. Rod Laver, Roy Emerson, Ashley Cooper, Mal Anderson, Ken Fletcher and Pat Rafter are household names to tennis fans around the globe, and they all hail from here. But after the decline of the Milton Tennis Centre and its eventual closure in 1999, we were without facilities capable of hosting any significant tournaments. So development of the new Queensland Tennis Centre at Tennyson was met with tremendous excitement. So too its signature event, the Brisbane International, which has attracted massive support from local tennis fans who’ve waited a long time to see top players competing in our own backyard. In fact, the Brisbane International is one of only 10 tournaments the world over
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that brings 100,000 people through the gates. A crowd of 97,034 attended the 2015 event, the second highest tally in the tournament’s history. The record stands at 105,730, set in 2014. Not only is the Brisbane International a tennis feast for locals, it generates global exposure. More than 100 print, radio, television and photographic media were here, providing coverage to news outlets worldwide. Some 60 broadcast partners televised the event in over 175 countries. The players also love the BI, and tell their friends. Hence, this year, we hosted six Grand Slam champions with 28 Grand Slam singles titles between them. In all, Brisbane welcomed 58 top players representing 25 nations in the singles main draw. The result was history-making, with Roger Federer claiming his 83rd ATP title, becoming only the third player (after Ivan Lendl and Jimmy Connors) in the Open era to win at least 1000 singles matches on the ATP World Tour. For the first time in the event’s seven-year history, both tennis greats Roy Emerson and Evonne Goolagong-Cawley were here to present their namesake trophies to the winners on Pat Rafter Arena.
Another highlight was the naming of Rod Laver, Roy Emerson and Ashley Cooper as Icons of Queensland Tennis. Their commemorative busts are now permanently displayed at the Queensland Tennis Centre. It may surprise many to know, when it’s not hosting the Brisbane International, this world-class facility is available to players of all standards for court hire, coaching, fixtures and social tennis. You can join the club as a member and enjoy year-round use of the courts, cafe/bar and Pro Shop. The Queensland Tennis Centre boasts 23 international-standard courts, including the surfaces of all four majors – grass, clay and hardcourt. Visit www.queenslandtenniscentre.com.au
FEBRUARY 2015
Outlook for stronger, more stable market Tennyson Reach has come of age. The sellout of developer stock, Brisbane’s rising real estate fortunes, and the niche market appeal of our quality riverfront community spell a new era of stability and growth.
It is a tranquil environment, yet so close to the city and public transport.
Tennyson may be a small suburb, but it is home to the Queensland Tennis Centre, Brisbane Golf Club, and some of our city’s most significant riverfront properties with the most desirable northerly aspect.
According to realestate.com.au, “The median sales price for units in Tennyson in the last year was $1,040,000 based on 18 sales. Compared to the same period five years ago, the median unit sales price for units decreased by 13.3%, which equates to a compound annual growth rate of -2.8%.”
For these reasons, Tennyson Reach apartments enjoy unique niche market status in Brisbane’s apartment sector. From this singular position, we enjoy spectacular views of the river, green fairways, city and mountains beyond.
In the final months of 2014, as Mirvac sold the last few developer apartments, buyers were able to secure some excellent bargains. But now, that era is behind us, and owners can look forward to price stabilisation and increasing values.
This reflects sales made below the boomtime 2007-08 off-the-plan prices. And it does not show the most recent sales that
had not filtered into the records when these figures were compiled. If you refer to our table of recent Tennyson Reach sales, you will see we have recorded a higher median price of $1.075 million. (Note: the ‘median’ price is the mid price, not the ‘average’ price. In the case of 11 sales, the median price is that price which is lower than five of the prices and higher than five prices.)
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In this edition 628 Coronation Drive, Toowong Qld 4066 PHONE 07 3870 2251 FAX 07 3870 5674 MOBILE 0413 451 892 // christine@dixonfamily.net.au www.dixonfamily.net.au
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OUTLOOK FOR STRONGER, MORE STABLE MARKET YEERONGPILLY GREEN ADVANCING WORLD-CLASS TENNIS IN OUR OWN BACKYARD
Yeerongpilly Green advancing
Outlook for stronger, more stable market Continued...
Of course these stats don’t really provide enough data for a valid assessment. But we can say the tide has definitely turned in our favour. We are now entering a period where there will be a more limited supply of stock at Tennyson Reach at a time when demand is rising. The majority of buyers here already know the great attributes of this area. Many come from neighbouring suburbs, Chelmer-Corinda, Indooroopilly, Yeronga, Annerley and the inner southern suburbs, and don’t want to move away. Often they are attracted by the local golf clubs, and also love the ‘lock and leave’ possibilities for travel and beach breaks. People from acreage love it too, relating to its description as ‘sky acreage’. It is surprising just how many residents own more than one apartment, and how
frequently people will sell one apartment to buy a larger one here. Most of those who buy already have a friend or two at Tennyson Reach. Word of mouth is our greatest selling tool.
and lifestyle factors are what drive riverfront demand and price growth. But we all know that, don’t we? That’s why we live at beautiful Tennyson Reach.
So, with prices strengthening over the past 12 months, a reduced supply and increasing demand, we can only forecast growth ahead. Other economic factors will also fuel activity, not least the latest interest rate cut to yet another record low.
There is no denying we face the prospect of some short-term construction pain, but we hope and expect the gains will be worth it. Concept planning and consultation has been going on since 2010, and some facilities have already been completed.
Recent studies have shown riverfront apartments are performing better in terms of capital growth than those without river frontage. Liveability
Tennyson Reach Sales – second half 2014 Sale type
Price
Area
Unit type
Level
June
Mirvac Sale
$1,760,000
416m2
3 bed, 2 bath, 4 car
floor 9
July
Mirvac Sale
$985,000
216m2
3 bed, 2 bath, 2 car
floor 10
July
Agent Sale
$1,075,000
233m2
3 bed, 2 bath, 2 car
floor 4
August
Mirvac Sale
$960,000
2
217m
3 bed, 2 bath, 2 car
floor 9
December
Agent Sale
$1,030,000
233m2
3 bed, 2 bath, 2 car
floor 6
August
Agent Sale
$1,100,000
225m2
3 bed, 2 bath, 2 car
floor 8
September
Agent Sale
$1,075,000
222m2
3 bed, 2 bath, 2 car
floor 4
October
Agent Sale
$1,250,000
2
206m
3 bed, 2 bath, 2 car
floor 4
September
Agent Sale
$1,070,000
176m2
3 bed, 2 bath, 2 car
floor 3
September
Agent Sale
$975,000
170m
3 bed, 2 bath, 2 car
floor 5
December
Agent Sale
$2,725,000
2
490m
4 bed, 3 bath, 4 car
floor 7
December
Agent Sale
yet to settle
496m2
4 bed, 3 bath, 4 car
floor 8
Farringford
Lushington
Softstone
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Development of Yeerongpilly Green will unfold over the coming five to 10 years, across three stages. The first, for which three developers have been invited to submit final proposals, includes 263 apartments, a total of nearly 20,000sqm of commercial and office uses, 8,750sqm of retail. The vision is for Brisbane’s new 14ha mixed-use lifestyle precinct to be relaxed and walkable, with integrated parks and open space promoting an outdoor lifestyle and active recreation in a sustainable environment close to frequent and reliable public transport. We imagine a look and feel not unlike the Newstead – Teneriffe area.
The wider real estate market in Brisbane is looking the strongest it has for many years, and the falling dollar is making our property increasingly attractive once again to expats.
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Tennyson Reach’s new neighbour, the ‘transit oriented development’ (TOD) now known as Yeerongpilly Green, is advancing. A decision on the preferred developer of residential, retail and commercial lots in Stage 1 should be known by April.
Construction of the South Brisbane Regional Centre (SBRC building for Brisbane City Council) was finished in 2012, and the Montrose Access respite centre just completed in December last year.
The tallest of the buildings are on the southern side, along the rail line, and the low buildings are close to the park. The area nearest Tennyson Reach, opposite and adjacent to the river, will be parkland. King Arthur Terrace is to be straightened and upgraded, with more traffic lights and public transport access. In all likelihood, this will deter rat-runners, encouraging them to opt for Tennyson Memorial Drive.
Article by Christine Crozier
Yerongpilly Green key spaces The key public realm and open space areas are shown here: 1. feature bioretention garden 2. ‘ The Green’ main activity and gathering park 3. terraced amphitheatre
In the end, the lifestyle infrastructure and amenity planned will have a positive impact on Tennyson Reach property values. With this master-planned community just over the road, we will benefit from more shopping, dining, walking, cycling, sports, social and entertainment choices right on our doorstep.
4. river park
It’s said the boutique retail hub, to incorporate one of the existing heritage buildings, will offer “handpicked niche specialty stores unique to Yeerongpilly Green” making it a destination for shoppers.
9. arrival plaza
So we will have a cosmopolitan urban quarter at our back door. And, best of all, we can always adjourn to the peace and tranquility of our riverfront haven, thereby enjoying the best of both worlds. For more information, visit these State Government websites: www.yeerongpillygreen.com.au
5. p ocket park, including storm water bio basin 6. heritage buildings 7. forecourt to heritage buildings 8. p edestrian link (outdoor dining and retail zone) 10. landscaped courtyard 11. retail ‘hub’ major retail precinct 12. c ommercial (office and related) buildings 13. B CC South Brisbane Regional Centre 14. community garden 15. potential future connection/link 16 potential future QTC expansion Source: Department of State Development, Infrastructure and Planning, Yeerongpilly Transit Oriented Development Detailed Plan of Development, Sept. 2014
http://www.dsdip.qld.gov.au/local-areaplanning/yeerongpilly-transit-orienteddevelopment.html
Now Economic Development Queensland (EDQ) will oversee development of public infrastructure, including roads, parks and open spaces, and the delivery of other Yeerongpilly Green components by private developers. A vast amount of information, plans, artist perspectives and reports on heritage, traffic and environmental considerations is available online (see links below). Extensive planning seems to have addressed a number of issues of concern to Tennyson Reach residents, including acoustics, building location and heights.
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