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