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Richardson&Wrench South Brisbane Quarterly Update Q1 2019

R&W South Brisbane | 2019 Q1 Quarterly Review

Š 2019 R&W South Brisbane. All Rights Reserved.

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Matthew Paxton

"Matthew's professionalism and friendly nature made selling my first home a pleasant experience" -- Natalie, WOOLLOONGABBA

Matthew began his Real Estate career in 2015 as a property manager after completing an apprenticeship and working in the construction industry for 6 years. This has given him valuable insight into all forms of building and housing. With Matthew excelling in the property management side of the industry, he has transitioned seamlessly into sales. Matthew has a likeable approach to people and is an engaging, dedicated, and valued member of the R&W team. He is always ready to go "the extra mile" in achieving all of his clients' requirements. He also prides himself on being able to achieve excellent results for both buyer and seller. With a passion for customer service and providing value to all, he understands the importance of contact with clients as well as being eager to get to know them and understand their needs.

Matthew Paxton

Executive Sales Agent matthew@rwbrisbane.com.au | 0499 401 381

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Š 2019 R&W South Brisbane. All Rights Reserved.

R&W South Brisbane | 2019 Q1 Quarterly Review


Pellicano Welcomes Hyatt to $700m South City Square Via Urban Developer Brisbane will welcome the first Hyatt hotel as part of the $700 million South City Square precinct in CBD fringe suburb Woolloongabba. The joint-venture development partners behind South City Square project, Pellicano and Perri Projects, signed the agreement with Hyatt’s group president, Asia Pacific David Udell on Tuesday for the 170- room hotel. The new offering, expected to open in 2023, expands Hyatt’s portfolio of seven existing hotels in Australia and marks the return of the Hyatt brand to Queensland. “Hyatt Place Brisbane South City Square will be the leading hotel destination for cricket and AFL enthusiasts, as well as those visiting for major entertainment events at our flagship ‘Gabba’ stadium,” Pellicano managing director Nando Pellicano said. Hyatt Place Brisbane forms part of the latest wave of new four and five-star hotels opening in the city, the influx follows on from Brisbane City Council's hotel incentives announced in 2012 which offered infrastructure reductions for four and five-star hotel developers. Brisbane’s Lord Mayor Adrian Schrinner welcomed the latest offering following Brisbane’s record highs of more than 8.9 million domestic and international visitors in December 2018. “For the first time in a decade, the city now offers a wide range of new luxury accommodation options, supporting our $7.5 billion tourism industry,” Schrinner said. The South City Square precinct, set to comprise up to 850 apartments when complete, has proximity to the Cross River Rail Woolloongabba underground station, currently under construction. The $100 million Art Series-branded Fantauzzo located at the Howard Smith Wharves precinct is one of the latest Brisbane hotels to open its doors, other recent offerings include the $200 million The Westin Brisbane and the Malouf family's long-awaited $100 million The Calile Hotel, both opening their doors to the public last year.

R&W South Brisbane | 2019 Q1 Quarterly Review

© 2019 R&W South Brisbane. All Rights Reserved.

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Kangaroo Point 3

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House Sold

$930,000 Median House Price

Units Sold

5.88%

$480,000

Decrease in median unit price over last year

Median Price

Lowest Sale

Highest Sale

803/188 Shafston Ave, Kangaroo Point Price: $110,000

5/2 Scott St, Kangaroo Point Price: $4,500,000

Houses

3.77%

$550

3.08%

Annual Capital Growth

Weekly median advertised rent

Gross Rental Yield

Units

0.81%

$470

5.09%

85.9

Annual Capital Growth

Weekly median advertised rent

Gross rental yield

Days on market

Recent Sales in Kangaroo Point SOLD

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SOLD

2

2

34/165 MAIN STREET Sale Price: $520,000

2

SOLD

1

7/442 MAIN STREET Sale Price: $385,000

4

2

40/89 LAMBERT STREET Sale Price: $645,000

SOLD

2

2

SOLD

1

2

2

2

SOLD

2

1

5078/55 BAILDON STREET Sale Price: $617,000

© 2019 R&W South Brisbane. All Rights Reserved.

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23 LOCKERBIE STREET Sale Price: $1,216,000

2

2

1

2208/25 ANDERSON Sale Price: $728,000

R&W South Brisbane | 2019 Q1 Quarterly Review


Woolloongabba 7

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House Sold

$745,000 Median House Price

Units Sold

3.61%

$400,000

Decrease in median unit price over last year

Median Price

Lowest Sale

Highest Sale

331/803 Stanley St, Woolloongabba Price: $287,500

7 sword St, Woolloongabba Price: $905,000

Houses

2.03%

$495

3.46%

43.4

Annual Capital Growth

Weekly median advertised rent

Gross rental yield

Days on market

Units

-0.72%

$428

5.56%

56.9

Annual Capital Growth

Weekly median advertised rent

Gross rental yield

Days on market

Recent Sales in Woolloongabba SOLD

2

SOLD

2

SOLD

1

2

2

20/81 ANNERLEY ROAD Sale Price: $376,000

SOLD

2

1

SOLD

1

3

1

1004/70 CARL STREET Sale Price: $350,000

1

1

SOLD

2

38 TRINITY LANE Sale Price: $705,000

R&W South Brisbane | 2019 Q1 Quarterly Review

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16 ALBION STREET Sale Price: $600,000

38/17 CARL STREET Sale Price: $425,000

2

2

2

1

105/803 STANLEY STREET Sale Price: $410,000

© 2019 R&W South Brisbane. All Rights Reserved.

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Proudly Sold by Matthew Paxton PROPERTY

SALE PRICE

SUMMARY

1701/4 Edmondstone St, South Brisbane

Undisclosed

2 bed, 2 bath, 1 car

1809/111 Melbourne St, South Brisbane

Undisclosed

2 bed, 2 bath, 1 car

1311/9 Christie St, South Brisbane

Undisclosed

1 bed, 1 bath, 1 car

1002,232 Wellington Rd, Kangaroo Point

$807,000

2 bed, 2 bath, 1 car

1/25 Stanley St, Indooroopilly

$510,000

2 bed, 2 bath, 1 car

1004/70 Carl St, Woolloongabba

$350,000

1 beth, 1 bath, 1 car

804/9 Christie, South Brisbane

Undisclosed

2 bed, 2 bath, 1 car

40/29 Regent St, Woolloongabba

Undisclosed

2 bed, 2 bath, 1 car

$570,000

2 bed, 2 bath, 1 car

Undisclosed

2 bed, 1 bath, 1 car

$305,000

1 bed, 1 bath, 1 car

2018/9 Edmondstone St, South Brisbane 908/64 Logan Rd, Woolloongabba 342/803 Stanley St, Woolloongabba 6/97 Baringa St, Morningside

Undisclosed

3 bed, 3 bath, 2 car

155/803 Stanley St, Woolloongabba

$308,000

1 bed, 1 bath, 1 car

98-100 Monmouth St, Morningside

$620,000

3 bed, 2 bath, 2 car

322/803 Stanley St, Woolloongabba

Undisclosed

2 bed, 2 bath, 1 car

904/64 Logan Rd, Woolloongabba

$652,000

2 bed, 2 bath, 1 car

802/54-58 Manilla St, East Brisbane

$440,000

1 bed, 1 bath, 1 car

1003/9 Edmondstone St, South Brisbane

$580,000

2 bed, 2 bath, 1 car

Undisclosed

2 bed, 2 bath, 1 car

1109/44 Ferry St, Kangaroo Point

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Š 2019 R&W South Brisbane. All Rights Reserved.

R&W South Brisbane | 2019 Q1 Quarterly Review


What my clients are saying... KELLIE, MORNINGSIDE Mathew made the scary experience of buying my first home an absolute breeze! He went above and beyond his call of duty to ensure I was guided through the whole process seamlessly and professionally. Matthew put himself out on numerous occasions to assist me, often giving up his own time to answer queries or follow up issues and always with prompt attention and response. His always positive can-do attitude eased me through the stresses of first-home buying, and he was always willing to lend a hand in any way he could. I could not recommend Mathew and his experience any more highly, and R&W have certainly made a lifetime client in me.

ANDREW & NORA, SOUTH BRISBANE My wife and I have recently sold our city unit through a very switched on and savvy young real estate agent at Richardson&Wrench and obtained our price at the top of our expectations and agent valuation. The unit was marketed expertly and properly with considerable interest generated which we were pleased with altogether. Thank you to Matthew Paxton.

NATALIE, KANGAROO POINT Matthew sold my 2 bedroom apartment in Woolloongabba late last year and I can say with absolute confidence that Matthew gave me a calm experience in which could have been a stressful time. His professionalism and friendly nature made selling my first home a pleasant experience and I will 100% contact Matthew for my future property sales.

JOE, SOUTH BRISBANE Great experience with Matt. From the first week with Matthew, I received genuine interest. The marketing plan was clearly communicated with the pros and cons of various options. I was kept updated on the number of visits and the level of interest straight after each viewing and after the follow-up calls. I was guided through the selling process where each step was described, making it without surprises. I highly recommend Matthew and the team at R&W.

R&W South Brisbane | 2019 Q1 Quarterly Review

Š 2019 R&W South Brisbane. All Rights Reserved.

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Confidence Returning to Inner Brisbane Apartment Market Via The Urban Developer

Brisbane’s apartment pipeline, which suffered throughout 2018, looks to have turned a corner thanks to the improving conditions which will bring the city’s apartment supply into balance.

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While property values are continuing to fall in many parts of Australia, Brisbane’s market seems to be steadily gaining pace — directly benefiting from Sydney and Melbourne’s slowdown. During 2018 apartment values in Brisbane fell by 0.7 per cent while house values rose by a modest 0.4 per cent, an overall growth of 0.2 per cent. According to Colliers International, declining supply in the apartment sector is now stimulating developer interest, with a number of key factors contributing to the improving market conditions. The new potential state of an undersupplied market has created a renewed sense of urgency as the city continues to welcome approximately 25,000 new residents per year. Queensland also benefits from the highest employment growth reaching 4.3 per cent for the 12 months to September 2018. At this time there are 185 new major apartment projects proposed across inner Brisbane, totalling around 48,250 apartments, however, just some 30 per cent are under construction and an addition 17 per cent are “probable” over the next two to three years. “While there remains come uncertainty around the upcoming Federal Election and impact of the recent Banking Royal Commission, the declining supply is stimulating developers’ interest,” Colliers International executive James Forrester said.

© 2019 R&W South Brisbane. All Rights Reserved.

R&W South Brisbane | 2019 Q1 Quarterly Review


“By the end of 2019, approximately 3,000 apartments of the current committed supply will remain under construction in the inner Brisbane.” “This is only a fraction of what we experienced in late 2017 when there were over 15,000 apartments under construction.” Brisbane, which was flooded with units 18 months ago, has since seen close to two-thirds of apartment projects planned for the city ditched or deferred. Surprisingly, no new apartment projects launched over the last quarter, however by the end of the first half of 2019 a large number of new apartment projects are anticipated to launch across the river city. Liveability, affordability, scale and future economic prospects has led analysts to suggest that Brisbane has the foundations to grow over the course of 2019. Consultancy BIS Oxford Economics expects new apartment completions in Brisbane this calendar year of 5,700 — almost half of the 10,700 they peaked at in 2017. “The site transactions volumes within 5km radius of the CBD bottomed in 2018 when over $350 million in sales was recorded, compared to $1 billion at the peak of the market in 2015.”

R&W South Brisbane | 2019 Q1 Quarterly Review

Brisbane’s apartment market in numbers • Brisbane average apartment price – $831,884 • Brisbane most popular apartment configuration – two-bedroom, two-bathroom makes up 53 per cent of transactions

Looking ahead... Corelogic is betting on another year of modest gains for Brisbane supported by interstate migration. “Net migration rates into Brisbane should drive growth into 2019,” CoreLogic head of research Tim Lawless said. “It’s more important as interstate migration is more likely to include buyers.” Economic forecaster BIS Oxford Economics says Brisbane will lead the capitals, with 13 per cent property price growth predicted by 2021, although the majority of this growth will occur in 2021. Moody’s Analytics expects apartments to outperform houses throughout greater Brisbane in 2019, as the city continues to ‘defy’ the national housing downturn.

© 2019 R&W South Brisbane. All Rights Reserved.

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Proud ly Matthew Paxton Executive Sales Agent

Email: matthew@rwbrisbane.com.au Phone: 0499 401 381

Profile for Richardson&Wrench

Matthew Paxton Quarterly Update Q1 2019 Woolloongabba  

Matthew Paxton Quarterly Update Q1 2019 Woolloongabba