Property Factsheet · Carina/Carindale* recorded a median house price of $770,000 and $450,000 for...
Transcript of Property Factsheet · Carina/Carindale* recorded a median house price of $770,000 and $450,000 for...
Carina & CarindaleProperty Factsheet2nd Half 2018
OVERVIEW
FUTURE DEVELOPMENTS**Carina and Carindale are set to see an investment of approximately $61.0M in future developments for the 2nd half of 2018, the majority of which (79.0% or $48.0M) being commercial projects. This is followed by residential developments ($13.0M or 21%). The area’s focus on commercial projects is a key strategy for the area as it will increase economic activity and support local job creation, resulting in sustainable economic growth.
The main commercial development in Carindale** is the Prescare Carina Retirement Village ($30.0M) which will construct 164 retirement units and a medical centre. This project will attract a new demographic into the area and create local jobs, resulting in positive spill-over benefits to the property market.
Residential projects planned will add 15 townhouses and 31 units/apartments. Examples of residential projects include: Birdwood Road Units ($2.5M, 12 units), Dickenson Street Units ($2.0M, 7 units), Cambridge Street Units ($1.8M, 6 units), Murchison Street and Mayfield Road Units ($1.8M, 6 units), and Orana St Townhouses ($1.6M, 4 townhouses).
Carina/Carindale is approx. 10kms east of Brisbane CBD. According to ABS Census 2016 6.3% of private dwellings were unoccupied, a slight increase from the 5.7% reported in 2011. This is due to the 5.1% growth in the number of private dwellings during this time, higher than 3.4% population growth. This creates an ideal market for first home buyers.
*Carina/Carindale market data and key indicators encapsulates aggregate property market conditions in the following suburbs: Carina & Carindale. **Projects refers to the top developments within the suburbs of Carina, Carindale and Carina Heights. Estimated values are based on construction value provided by the relevant data authority and does not reflect commercial and/or re-sale value. Source: APM Pricefinder, realestate.com.au. © Copyright PRDnationwide 2018.
MARKET CONDITIONS
CHANGE FROMLAST YEAR HALF
YEAR
House Sales
House Median Price
House Rental Price
Unit Sales
Unit Median Price
Unit Rental Price
BRISBANE CITY COUNCIL GROWTH
Carina/Carindale* recorded a median house price of $770,000 and $450,000 for units in Q3 2018. This represented an annual (Q3 2017-Q3 2018) price softening of -3.8% for houses and -11.4% for units. Compared to the Carina/Carindale* 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) price change of 4.0% (house) and 0.0% (units, houses and units in Carina/Carindale* have become more affordable. Now is an ideal time for first home buyers to tap into the market.
Annual (Q3 2017-Q3 2018) median house prices grew by 1.1% to $685,000 in Brisbane City Local Government area (LGA), and softened by -4.0% to $425,000 for units. When compared to the LGA median property prices in Carina/Carindale* is a premium market for both property types. That said the Carina/Carindale* property market has cooled more than the wider LGA. Astute investors should take this opportunity to get into the market while it is most affordable and benefit from a growing rental market.
Average vendor discounting has fluctuated over the past 12 months to Q3 2018. Average vendor discounting for houses have swung from being in the seller’s favour, at 0.2% in Q3 2017, to the buyer’s favour, at -0.9% in Q3 2018. This further confirms that now is an ideal time to enter the market.
Median rental prices in Carina/Carindale* have significantly strengthened over the past 12 months to Q3 2018, by 13.8% to $535 per week for houses and by 6.0% to $445 per week for units. Investors are also benefitting from quick rental uptake in this high-demand market, as Carina/Carindale* vacancy rates were at a low 2.5% as of June 2018, lower than Brisbane Metro average of 3.0% and East Brisbane average of 3.2%.
$0
$200,000
$400,000
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Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
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House Unit Vacant Land Median House Price Median Unit Price Median Land Price
*The market data and key indicators encapsulates aggregate property market conditions in: Carina and Carindale..**2018 data is representative of sales up to and inclusive of 30th September 2018, or end of Q3 2018. Source: APM Pricefinder. © Copyright PRDnationwide 2018.
HOUSE MARKET COMPARISON
UNIT MARKET COMPARISON
KEY FACTS UNIT
Average vendor discount reflects theaverage percentage difference betweenfirst listed price and final sold price. Alower percentage difference suggestsbuyers are willing to purchase close tothe first asking price of a property.
AVERAGE VENDOR DISCOUNT
Average vendor discount reflects the average percentage difference between first list price and final sold price. A lower percentage difference (closer to 0) suggests buyers are willing to purchase close to the first asking price of a property.
AVERAGE VENDOR DISCOUNT
MARKET COMPARISON GRAPHThe market comparison graph provides comparative trend for median price of house and units over the past 10 years. Suburbs profiled are chosen based on proximity to the main suburb analysed in the factsheet, which is Carina. The main suburb is highlighted through a dotted black line graph.
AVERAGE VENDOR DISCOUNT
-1.6
%
0.2%
-1.2
% -0.8
%
-1.9
% -0.9
%
-2.5
%
-2.3
% -1.5
%
-2.0
%
-2.6
%
-0.2
%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
Cha
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ale
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House Unit
$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000$900,000
$1,000,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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Carina Carina Heights Carindale Camp Hill
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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018**
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Carina Carina Heights Carindale Camp Hill
AVERAGE DAYS ON MARKET**
SALES AND MEDIAN PRICE**
*Annual growth represents price growth for property transactions between Q3 2017 to Q3 2018 (inclusive).**Carina/Carindale market data and key indicators encapsulates aggregate property market conditions in the following suburbs: Carina & Carindale. Source: APM Pricefinder, realestate.com.au, SQM Research. © Copyright PRDnationwide 2018.
KEY FACTS UNIT*Median Sale Price : $785,000Annual Area Growth: 11%Average Days on Market: 36% Change between First Listed Price and Sold Price: -0.1%
HOUSE KEY FACTS Q3 2018
UNIT KEY FACTS Q3 2018Median Sale Price: $450,000Annual Growth: -11.4%*Average Days on Market: 78% Change between First Listed Price and Sold Price: -0.2%
Median Sale Price: $770,000Annual Growth: -3.8%*Average Days on Market: 61% Change between First Listed Price and Sold Price: -0.9%
30 37 44 52 58 6174
120116
63 68 78
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Aver
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House Unit Overall Market Trend
86 88
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88 8676
51
63 61
88
75
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Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
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House Sales Unit Sales Median House Price Median Unit Price
HOUSE PRICE POINT 2017 HOUSE PRICE POINT 2018
SALES PRICE POINT COMPARATIVE ANALYSIS*
KEY IMPLICATIONS - HOUSE The proportion of houses sold in 2018 is primarily in the $900,000 and above price segment (32.3%) which had a moderate increase from 2017 (26.4%). This suggests that despite a softening in annual median price growth between Q3 2017-Q3 2018, there is still a high level of interest towards the high end premium priced houses.
Price segment of less than $599K has also experienced an increase in sales activity, from 9.4% in 2017 to 11.1% in 2018. This indicates the Carina/Carindale* market is very versatile as buyers are tapping in within each price segment. That said there is an increase in affordable options overall, due to a high volume of residential stock that entered the market over the past 12 months.
UNIT PRICE POINT 2017 UNIT PRICE POINT 2018
KEY IMPLICATIONS - UNITThe highest proportion of units sold in Carina/Carindale* in 2018 is mostly within the $450K- $499K price segment (33.2%). This price bracket has seen an increase in activity, from 23.8% in 2017, suggesting a stronger mid-range priced units in the area.
Premium units, priced $600K and above, have increased in total sales activity, from 15.2% in 2017 to 21.9% in 2018. This suggests there is still a vibrant premium unit market in the area, despite a softening in annual median price growth. That said price bracket less than $349K has experienced softening in sales activity – from 7.3% in 2017 to only 1.1% in 2018, limiting affordable options.
15.2%
13.8%
13.6%
12.2%9.0%
8.3%
7.6%
20.5%Less than $599,999$600,000 to $649,999$650,000 to $699,999$700,000 to $749,999$750,000 to $799,999$800,000 to $849,999$850,000 to $899,999$900,000 and above
9.4%
9.6%
18.0%
9.1%12.3%
8.9%
6.4%
26.4%
7.3%
11.4%
17.5%
23.8%
11.4%
13.3%
9.8%5.4%
3.1%
16.1%
18.6%
25.1%
14.6%
9.0%
5.0%8.7%
Less than $349,999$350,000 to $399,999$400,000 to $449,999$450,000 to $499,999$500,000 to $549,999$550,000 to $599,999$600,000 to $649,999$650,000 and above
11.1%
12.4%
14.7%
8.3%8.3%5.5%7.4%
32.3%
1.1%
11.8%
14.4%
33.2%5.3%
12.3%
16.6%
5.3%
*Disclaimer: Carina/Carindale market data and key indicators encapsulates aggregate property market conditions in the following suburbs: Carina and Carindale. Each pie chart encapsulates sales data from Q1-Q3 of the relevant year, to allow for fair comparison in price point changes. Source: APM Pricefinder. © Copyright PRDnationwide 2018.
Overview
HOUSE UNIT
MEDIAN RENT AND AVERAGE DAYS ON MARKET*
KEY COMMENTSInterest in Carina/Carindale* was recorded at an average of 745 online visits per property in June 2018, signifying a high demand market when compared to the average online visits for Queensland (372). Over the past 12 months to Q3 2018, the number of houses rented softened by -2.0% whilst the number of units rented significantly strengthened by 92.1%. Further, median unit rental price increased by 6.0% during this time, indicating a real increase in rental returns and not a price spike due to scarcity of stock. With a softening in median sale prices now is the time for astute investors to take advantage and enter the market.
*Disclaimer: Carina/Carindale market data and key indicators encapsulates aggregate property market conditions in the following suburbs: Carina and Carindale.Source: APM Pricefinder, realestate.com.au, SQM Research. © Copyright PRDnationwide 2018.
HOUSE KEY FACTS Q3 2018
UNIT KEY FACTS Q3 2018Median Rent Price: $445 per weekRental Yield: 5.3%Average Days on Market: 27Bedroom Breakdown: 1 Bed: 4%, 2 Bed: 29%, 3+ Bed: 67%
Median Rent Price: $535 per weekRental Yield: 3.5%Average Days on Market: 24Bedroom Breakdown: 2 Bed: 5%, 3 Bed: 47%, 4+ Bed: 48%
INVESTMENT ANALYSIS
2 Bedroom
3 Bedroom
4+ Bedroom
1 Bedroom
2 Bedroom
3+ Bedroom
80
100
81
107 10598
7363
8495 98
121
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House Unit House Average DaysUnit Average Days Median House Rent Median Unit Rent
Carina Carindale Brisbane LGA Queensland
Median weekly rent $420 $490 $390 $330
Family households 2,859 4,324 279,271 1,189,859
Single or lone person households 1,070 816 95,700 389,076
Worked full time 3,841 4,854 363,026 1,333,193
Worked part time 1,672 2,856 181,322 691,751
Occupied private dwellings 4,180 5,262 404,162 1,656,828
Unoccupied private dwellings 356 265 36,949 195,570
KEY COMMENTS3 bedroom houses provide the highest annual growth at 6.9%.
Rental returns in Carina/Carindale* were recorded at 3.5% for house and 5.3% for units in June 2018, which are on par with that of East Brisbane and Brisbane Metro.
Over the past 12 months to June 2018 vacancy rates in Carina/Carindale* declined sharply to 2.5%, indicative of a strong rental demand in the area. In fact this is the lowest vacancy rate in Carina/Carindale* over the past 24 months. Current vacancy rates figures are well below that of East Brisbane (3.2) and Brisbane Metro (3.0).
Suburb/Postcode/
LGA
House Rental Yield
Unit Rental Yield
Carina/Carindale 3.5% 5.3%
East Brisbane 3.7% 5.1%
Brisbane Metro 3.8% 5.0%
RENTAL YIELD 2018
KEY HOUSING DEMOGRAPHICS
RENTAL PERFORMANCE 2018*
VACANCY RATES 2018
*Rental performance graph represents aggregate house median rent prices in the following suburbs: Carina and Carindale. Annual change is a comparison between Q1-Q3 2017 and Q1-Q3 2018 median rent figures. Source: APM Pricefinder, SQM Research, ABS Census 2016. © Copyright PRDnationwide 2018.
0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Carina/Carindale East Brisbane Brisbane Metro
$370 $481
$620
-2.6%
6.9%
3.3%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
$-
$100
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2 Bedrooms 3 Bedrooms 4+ Bedrooms
Median House Rent P/W Annual Change
*Disclaimer: Project development map showcases a sample of upcoming projects only, due to accuracy of addresses provided by the data provider for geocoding purposes. **Projects refers to the top developments within the suburbs of Carina, Carindale and Carina Heights.***Estimated value is the value of construction costs provided by relevant data authority, it does not reflect the project’s sale/commercial value.****Commencement date quoted for each project is an approximate only, as provided by the relevant data authority, PRDnationwide does not hold any liability to the exact date. Source: Cordell Database, ESRI ArcGIS. © Copyright PRDnationwide 2018.
PROJECT DEVELOPMENT MAP 2nd HALF 2018*
Location Project** Type Estimated Value***
Commence Date***
1 Greendale Way Shopping Centre Commercial $18,000,000 18/10/2018
2 Prescare Carina Retirement Village Stages 1-3-2-5 Storey (164 Retirement Units/ Medical Centre) Commercial $30,000,000 10/12/2018
3 Birdwood Road Units- 3 Storey (12 Units) Residential $2,500,000 15/12/2018
4 Dickenson Street Units- 3 Storey (7 Units) Residential $2,000,000 13/08/2018
5 Cambridge Street Units- 2 & 3 Storey (6 Units) Residential $1,800,000 06/08/2018
6 Murchison Street & Mayfield Road Units- 2 Storey (6 Units) Residential $1,800,000 15/11/2018
7 Orana Street Townhouses- 3 Storey (4 Townhouses) Residential $1,600,000 08/09/2018
8 Dickenson Street Townhouses (58 Dickenson Street) - 2 Storey (4 Townhouses) Residential $1,200,000 23/07/2018
9 Dickenson Street Townhouses(77 Dickenson Street) - 2 Storey (4 Townhouses) Residential $1,200,000 03/07/2018
10 Napier Street Townhouses- 2 & 3 Storey (3 Townhouses) Residential $900,000 26/11/2018
79.0%
21.0%
Commercial Residential
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