This Week in Real Estate – 3rd November 2023
GC Spit Masterplan Released
A masterplan has been released to help “unlock the full potential” of the Top of the Spit at Main Beach on the Gold Coast. The Gold Coast Waterways Authority has undertaken stakeholder engagement for thepast six months to help create a vision for the area.
It has now crafted a detailed precinct plan which it says will sit alongside the State Government’s Spit Master Plan which was released in 2019. It aims to maximise the public benefit in the areas of Marine Stadium, Doug Jennings Park, Moondarewa Spit and the Gold Coast Seaway Promenade.
The guiding principles of the master plan are that it provides “beautiful and relaxed spaces for visitors” as well as focus on sustainability.
“The precinct plan will ensure the long-term viability of the parkland, allowing it to thrive asa dynamic hub of social interaction and recreation while acknowledging the importance of preserving the area’s natural beauty and ecological balance,” it says.
Quote Of The Week
“With vacancy rates at historic lows, investors are unlikely to be struggling for a tenant – a farcry from just two years ago when many investors were offering tenants reduced rents to helpthem get through lockdown.”
RateCity research director Sally Tindall
November 04, 2034
Where Rentals Are In Demand
In a sign the housing crisis is nowhere near easing, new data shows the number of enquiries per online rental listing has skyrocketed in some locations.
Analysis of online rental listings by PropTrack shows in September the number of enquiries per listing was greatest inPerth (50.3), Adelaide (40) and Melbourne (31.4).
Brisbane listing received an average of 29.1 enquiries, Canberra, 9.1, regional Tasmania, 9 and regional NT, 8.9.Butsome suburbs achieved much higher than the capital city average with the top location, Bently in Perth receiving an average of 160 inquiries on rentals listed online. In Adelaide, Para Hills West was also extremely popular, attracting about136 prospective tenants for each listing.
PropTrack, Director of Economic Research, Cameron Kusher says the rental market remains extremely challenged and renters face significant competition for the limited stock available.
“While the national trend is showing strong demand and little supply, it is largely being driven by the major capital cities,” he says.
Affordable Homes Are Still Out There
There are still locations in every state in Australia where it is possible to buy property for less than $500,000.
Analysis by Ray White shows Broken Hill in NSW has the highest (55.5%) of properties that have sold for less than$500,000 in the past 12 months. Darwin was next with 45.6%of sales under $500,000.
Ray White Group chief economist Nerida Conisbee says, that while the number of affordable properties has been steadily reducing in the past 20 years, there are still options.
In Perth, 41.3% of all sales were under $500,000, Adelaide24.9%, Brisbane, 24.1%, and Hobart 20.1%.
The pricier capital cities still had some options with 14.7% of sales in Canberra for less than $500,000, 13.2% in Melbourne and 9.4% in Sydney. Conisbee says many of these sales were apartments.
“Places where we have seen extremely high levels of apartment development have the most availability of low-priced apartments,” she says. Conisbee says affordability is better in regional Australia.