FY15 Paddington Report | Brendan Mayles

FY15 Paddington Report brendan mayles

A word from Brendan Mayles Welcome to the third issue of the Paddington Property Report. This report is a review of market trends focusing exclusively on the Paddington area from this past Financial Year. Often this kind of information is not easily accessible or packaged in a user-friendly way for local property owners.

Home to over 8,000 people, Paddington is a neighbourhood like no other with its well-known arts, fashion and café scene nestled amongst streets densely packed with Brisbane’s heritage and historic landmarks. Perfect for those who want a neighbourhood that’s mellow and laidback, but never dull.

It’s certainly been one of the most exciting years we’ve had in Brisbane over the financial year 2015, with the market recovery well underway and good activity in all price brackets. Our local market has shown exceptional resilience over the past few years. The greatest activity remained in the sub-$1M bracket due to strong investor and upgrader activity. The volume of transactions dipped in Paddington compared to FY14, it was found that the quantity of house sales remained similar but unit/townhouse sales fell by 27%. Overall, house median prices have remained settled in the year to June, according to CoreLogic RP Data.

As more buyers take advantage of low interest rates to upgrade their homes and largely due to the weaker dollar, ex-pats are returning back to the market after years on the sidelines. Despite no plans to return soon, they are buying now with expectations of imminent price growth. The Chinese interest in Australia is far from over as many immigrants and overseas investors seek to buy in major cities around Australia. Sydney continues to be the favoured destination with Brisbane, Melbourne and Perth next in line.

One of the biggest changes in the market this year is movement in Brisbane’s prestige sector.

The biggest sale in Brisbane’s history occurred in August at $14M in Aaron Avenue, Hawthorne smashing the $11.2M Brisbane record house price of 2007. The buyer of this Hawthorne home also purchased a $4M property next door as a buffer to create more privacy, paying a combined $18M for two adjoining properties. Locally, the second highest sale in Paddington’s history occurred in November at $5.35M in Reading Street.

Residential development in Brisbane and the surrounding areas is witnessing a resurgence with development approvals increasing. KPMG projects 6,000 new resident’s moving to the inner city 0-5 kilometres and an additional 28,000 in the 6-12km radius of the city in 2016.

The city’s transport infrastructure continues to strengthen with new road links and the opening of Legacy Way tunnel. The new $1.5B tunnel is the largest piece of infrastructure built by a local council anywhere in Australia and will slash travel times for travellers from Brisbane west and also reduce traffic congestion on surface roads with Paddington a clear beneficiary.

If you have any questions regarding the report, or if you are considering your property options, please don’t hesitate to contact me on the details below.

Brendan Mayles D 3088 1520 M 0402 659 010 E brendanmayles@mcgrath.com.au

Top 10 Paddington Sales* Address

Bed Bath

Car

Sold Date

Land Size

Sale Price

1

11 Reading Street

6

4

2

6 Nov 14

810sqm

$5.35M

2

42 Fernberg Road

5

4

2

9 Mar15

521sqm

$1.97M

3

16 Ranley Grove

4

3

2

14 Dec 14

409sqm

$1.9M

4

35 Prince Street

2

2

3

8 Dec 14

916sqm

$1.85M

5

20 Bowler Street

4

2

2

6 Sep 14

448sqm

$1.82M

6

14 Sorrel Street

4

2

2

24 Apr 15

405sqm

$1.765M

7

18 View Street

3

1

2

10 Oct 14

632sqm

$1.701M

8

18 Bellavista Terrace

4

2

2

24 Dec 14

562sqm

$1.655M

9

17 Howard Street

4

3

2

6 Jun 15

1,166sqm

$1.635M

4

3

2

30 Sep 14

405sqm

$1.62M

10 37 Cochrane Street *Settled sales

Paddington Statistics Houses No. Sold

Median

Highest

Lowest

Average Rent

Average Yield

145

$880K

$5.35M

$470K

$570K per week

+3.5%

No. Sold

Median

Highest

Lowest

Average Rent

Average Yield

63

$500K

$1.147M

$250K

$400K per week

+5.08%

Apartments

The information in this report is being provided by CoreLogic RP Data, Price Finder and MARS (McGrath’s CRM System) for the period July 2014 to June 2015. Its accuracy cannot be guaranteed. Parties should rely on their own enquires and McGrath will not be liable for error or admissions herein.

“Following two long and unsuccessful campaigns with other real estate agencies, Brendan Mayles from McGrath Estate Agents showed professionalism, gave clear guidance and successfully sold my property in a very short period of time. The difference in the quality of service was remarkable, Brendan went the extra mile in every regards, including working through public holidays when there was a potential buyer for the house. Not only did he take the time to explain a very directed plan for the sale of the house, but he ensured that he clearly understood the goals that I was trying to achieve through the sale, and worked positively with the limitations that the property and the marketing budget restricted him to. Brendan represented the property proudly and professionally, and I could not recommend him enough.�

Christopher Schofield

Top 10 Brisbane Sales* Address

Bed Bath

Car

Sold Date

Land Size

Sale Price

1

46 Aaron Avenue, Hawthorne

-

-

-

22 Aug 14

3,457sqm

$14M

2

33B Harbour Road, Hamilton

8

9

4

23 Apr 15

886sqm

$11.8M

3

21 Sykes Street, Ascot

-

-

-

16 Feb 15

4,143sqm

$10.4M

4

22 Oxlade Drive, New Farm

7

3

5

4 Mar 15

1,639sqm

$8.5M

5

52 Toorak Road, Hamilton

5

7

4

4 Oct 14

810sqm

$7.125M

6

132 Virginia Avenue, Hawthorne

5

6

4

26 Nov 14

1,118sqm

$6.9M

7

14 Dickson Terrace, Hamilton

5

5

4

14 Aug 14

810sqm

$6M

8

11 Reading Street, Paddington

6

4

2

6 Nov 14

810sqm

$5.35M

9

49 MacQuarie Street, Teneriffe

4

3

3

6 Nov 14

354sqm

$5.15M

5

4

4

8 Nov 14

916sqm

$4.38M

10 365 Brisbane Corso, Yeronga *Settled sales

Local House Activity Suburb

Median

Sales

$1M+ Sales

5Yr Median Change

Highest Sale

$880K

145

45

20.20%

$5.35M

Bardon

$838.5K

150

39

14.90%

$3.582M

Red Hill

$775K

100

15

13.10%

$2.335M

$864.5K

51

17

10.80%

$2.4M

Milton

$825K

17

2

14.20%

$1.505M

Petrie Terrace

$696K

22

5

N/A

$1.33M

Paddington

Auchenflower

33

$5.35M

Number of $2m+ house sales in Paddington’s history.

2nd highest sale in Paddington’s history occurred this year.

Capital City Median House Prices Houses

$900K

Apartments

$650K $615K $590K

$585K

$525K $487K $463K $430K

$425K

$480K

$420K

$382K $347K

$337K

$265K

Hobart

Adelaide

Brisbane

Perth

Canberra

Darwin

Melbourne

27 days

20%

My average days to sell a home.

The industry average is 81 days in Paddington.

Change in median price the last 5 years in Paddington.

Sydney

Brendan Mayles 3088 1520 0402 659 010 brendanmayles@mcgrath.com.au mcgrath.com.au