Summit Featured in Property Mash
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New apartment project continues ‘bridesmaid’ suburb’s transformation
New apartment project continues ‘bridesmaid’ suburb’s transformation
Labrador is emerging as a “sleeping giant” in Gold Coast real estate
Labrador’s transition from ‘bridesmaid’ suburb to the gateway of the Gold Coast’s
aquatic lifestyle reached another milestone last month with construction starting on the latest tower, Summit.
Ground was broken on the 83 apartment Frank Street project with the development set to combine Broadwater and Hinterland views with door-step access to public transport, restaurants, parkland, waterside walkways and boating infrastructure.
Released to the market today, Summit’s launch coincides with a rising number of younger demographics and downsizers moving to Labrador for its lifestyle, affordability and proximity to amenities.
The suburb’s popularity has underpinned a tight rental vacancy rate of just 2.2% (SQM Research) CoreLogic data showed Labrador was in the top five Gold Coast suburbs for apartment sales in the last three months (70 apartment sales). It was the most indemand suburb north of Southport for unit investors.
Formerly a ‘bridesmaid’ to neighbouring Southport, LJ Hooker’s top Queensland agent, Ana Tulloch of LJ Hooker Broadwater, said Labrador was winning favour with the property industry for its proximity to infrastructure and lifestyle amenities.
“Labrador has emerged as the sleeping giant of the city’s property market with even the likes of international developer Sunland part of the transformation, announcing a new residential masterpiece for next year,” said
Ms Tulloch.
“From Summit, you will be able to access the Southport CBD, Harbourtown Shopping Centre, boating, swimming, exercise trails, waterside dining and the funky Chirn Park strip within a five minute drive.
“And within a 10-minute drive you’ll have access to Griffith University, Gold Coast University Hospital and the M1 to Brisbane.”
Summit is the only development currently progressing in construction, continuing Labrador’s evolution, said Ms Tulloch.
Labrador has quietly been delivering results for investors in recent years. Indeed, Labrador’s apartment market has held its own against high-profile Southport – the city’s CBD – providing owners of the former 19% capital growth over the last five years, compared to 17.8% for the latter. Gross rental yields for investors were also marginally higher in Labrador than Southport – 5.7% compared to 5.5%.
One-bedroom apartments in Summit start at $352,000, with two-bedrooms priced from $422,000 and three bedrooms from $612,000. Based on estimated weekly asking rents of $540 for a two-bedroom apartment, investors have the potential to be cash flow positive ($21.33 per week, net) before applying depreciation or capital works deductions*
Irrespective of the outcome of the 2019 Federal election, investors can purchase in Summit with peace of mind that they can maximise their taxation returns, including negatively gearing their investment.
Ms Tulloch said architects had embraced the aspect to the Broadwater and seabreezes to maximise alfresco living in apartments, complementing the Summit’s central location.
(*) Purchase Price and income & expense figures
Gold Coast house prices are expected to keep climbing despite national downturn
Gold Coast house prices are expected to keep climbing despite national downturn
THE Gold Coast property market is tipped to defy a national housing downturn led by Sydney and Melbourne.
A new housing value forecast report by CoreLogic and Moody’s Analytics predicted Gold Coast house prices would continue to climb off the back of steady growth over the past two years.
Prices on the Glitter Strip are expected to rise 2.2 per cent in 2019 followed by a further 3.6 per cent in 2020.
Nationally, prices are tipped to drop three per cent this year before climbing 2.2 per cent next year.
According to the report, the Gold Coast was among Queensland’s “lifestyle” areas, which included the Sunshine Coast, Wide Bay and Cairns, that were expected to perform well.
“Areas here are expected to perform better over the forecast period, as income growth remains robust and the degree of supply increase is not as great as in areas of Brisbane,” Moody’s Analytics economist Katrina Ell said.
“Moreover, the lifestyle areas are buoyed by overseas tourist demand, which has remained strong on the back of the falling Australian dollar.”
The report paints a much more positive picture for the Coast than Sydney and Melbourne, which are expected to continue to decline.
Dwelling values are predicted to fall 3.3 per cent in Sydney and by as much as 6 per cent in Melbourne on the back of declines in inner-city areas.
REIQ Gold Coast zone chairman Andrew Henderson believed the Gold Coast would outperform the two eastern cities.
“Sydney and Melbourne have had significant years of growth at a pretty high trajectory of increase each year,” he said.
“On the Gold Coast we’ve seen an increase but nowhere as steep a trajectory as Sydney or Melbourne have seen.
“Also when you look at the population growth here, that will be where our advantage lies.
“People still need somewhere to live and while they keep moving here they should aid that growth.”
He also said the Coast’s lifestyle was a big drawcard.
“People moving to the Gold Coast traditionally came here to retire or work in hospitality,” he said.
“Now all age groups are coming, people can run businesses from home.
“You don’t need to be in the office every day.
“You’ve got the airport and can be in Sydney in an hour.”
SUMMIT Launch A Great Success!
SUMMIT Launch A Great Success
South Coast Project Marketing held their official launch for the new SUMMIT apartment building on November 15th.
It was a wonderful afternoon at the Southport Yacht Club, where agents from all over the Gold Coast came together to see what SUMMIT was all about.
Ana Tulloch, Managing Director of South Coast Project Marketing said that she was very please with how the launch went.
“Seeing agents come along and be so excited about this wonderful new development really re-enforces that there is still a strong demand for boutique apartment living on the Broadwater” she said.
“SUMMIT offers unsurpassed amenities whilst situated just metres away from the iconic Broadwater.
It is going to be a landmark building here in Labrador.”
Summit is a new apartment development located at 110 Frank Street, Labrador, on the Gold Coast. This puts it just one block away from the Broadwater. With 83 apartments over 9 levels, these pet-friendly apartments have something for everyone. There are a range of one, two and three-bedroom apartments available, with a number of large terraces on the ground floor and at least one three-bedroom apartment per level. The prices at the Summit apartments Labrador range from $355,000 to $725,000.
Residents will have access to a number of facilities, including a pool, residents lounge, and BBQ facilities. There will also be secure parking and onsite management. One major plus is that body corporate fees are expected to be between $55 and $70 per week. Summit is set to begin construction in November 2018 for a May 2020 finish.
A display suite is located at Suite 2, 64 Frank Street, Labrador.
RBA to leave cash rate unchanged – 04 September 2018
MONETARY POLICY DECISION
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent..
There are plenty of factors keeping interest rates on hold, but top of mind is the fact that mortgage rates are already edging higher as lenders look to balance their profit margins against higher funding costs and a smaller deposit base.
With the first of the Big Four banks announcing an out of cycle rate hike, the prospects
for a higher cash rate have likely been pushed back even further; we could even see debate for a lower cash rate becoming more prominent.
Plenty of slack remains in the labour market, housing prices are trending lower, household debt levels are at a record high, core inflation is tracking below the RBA’s target range of 2-3% and retail trade is slow.
With all this in mind, financial markets are betting the cash rate will stay on hold until at least January 2020. Despite the outlook for a stable cash rate, but slightly higher mortgage rates, we can expect lenders to remain hyper competitive, particularly for high quality borrowers – those with large deposits, lower debt to income ratios and a strong credit history.
Even with mortgage rates starting to edge higher, from a historical perspective, rates remain extremely low which will continue to support housing demand. No doubt borrowers will be applying pressure on their lenders to ensure they are on the lowest rate possible.
Maturing Gold Coast Apartment Market No Longer ‘Boom and Bust’
Maturing Gold Coast Apartment Market No Longer ‘Boom and Bust’
The apartment market on the Gold Coast, long known for its ‘boom and bust’ reputation, has
reached a healthy balance according to property experts.
Real estate firm Knight Frank have underlined a market in transition, becoming more solid and reliable due to continued population growth and changes in market focus in recent years.
The latest Knight Frank Australian Residential Development Review 2018 found apartment stock on the Gold Coast is being built to cater for owner-occupiers, with a move towards larger apartments with more bedrooms.
It found two-bedroom apartments have been favoured in developments built between 2014 and 2017, making up 43 per cent of total stock.
Banks and the developers they lend to have also been careful not to oversupply the market with product as has been the case in previous cycles.
A shift towards smaller developments has also created less supply enabling buyers more time to make decisions, and this, along with growing long-term demand, has led to more stability.
“While there will always be a market for the larger developments because of the amenity they provide, the emerging trend for smaller developments has resulted in a more balanced market and given the buying public a real choice,” Knight Frank director and head of project marketing in Queensland Chris Litfin said.
“With the steady increase in population on the Gold Coast and the ever-increasing downsizer demand from retirees, the result is a very stable property environment.”
An array of smaller projects have successfully navigated the changing market to provide high-quality boutique developments.
Recently, Brisbane-based developer Synergy Property Partners completed NORTH Residences in Burleigh, a nine-storey apartment building comprising large whole-floor living.
“It ticks all the boxes for affluent buyers looking for quality, new beachfront product on the southern Gold Coast,” Selling agent Jamie-Lee Edwards of Kollosche Prestige Agents said.
The market will also benefit from the proposed $30 billion development pipeline in the wake of The Commonwealth Games.
More than 250 projects rolling out over multiple sectors including residential, transportation, tourism, retail, health and services.
They include the $615 million third stage of the Gold Coast Light Rail, $500 million Westfield Coomera Town Centre, the $385 million Gold Coast Cultural Precinct, and the second stage of the Gold Coast Airport’s $300 million masterplan.