Quarterly Update
Sunnybank APR - JUN 2016 | Quarter 2 Brought to you by Owen Chen
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SUNNYBANK
Dear Sunnybank residents, Hope you’re well and keeping warm this winter. In addition to the sales from the past quarter, I’ve also included some exciting information regarding the proposed MultiMillion Sunnybank Market Square upgrades. If approved, this may heavily affect the Sunnybank market.
Market Square’s $35-40 Million proposed re-development
Lastly, as selling by Auctions are creating some great sales results in the suburb, I’ve also included the 7 most important questions to ask at your agent interviews when it’s time to sell. I hope you find this report useful and remember that I am only a phone call away should you have any questions or any real estate needs.
Perspective of the overall scale of the proposed development
Fast facts »» Development worth $35-$40 million »» Four-storey construction
Owen Chen 0413 081 780 owenchen@eplace.com.au
»» Demolition of current Westpac building »» Construction completed over three stages »» Stage 1 of construction to start in 2017 »» An additional 7911sq m of commercial space
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»» Potential 24-hour operation of new tenants »» Extra 304 carpark spaces »» More job opportunities in the area »» Reduce the numbers of cars parked in neighbouring streets
Market Square’s $35 - 40 Million proposed re-development
What you need to know about the proposed re-development A multimillion dollar, multi-storey development could appear in the Sunnybank skyline within the next few years. Somerville Consultants, on behalf of its client Gum Hoy and Lai Ming Yuen Family Trust, has submitted a development application to Brisbane City Council to double the size of Market Square, taking it from a single storey to four storeys. Somerville Consultants director Roy Somerville said the development, which could cost $35-$40 million, was in response to growth and consumer demand in the area. It was hoped construction would start next year and last 18 months. He said he thought the redevelopment would drastically improve the parking situation at Market Square and bring more customers.
Impact on Residents Residents are starting to question the impact this may have on them if this re-development is given the green light by Brisbane City Council. A proposed development such as this provides many positive benefits to the area and it’s residents. Firstly, this proposed 24 hour operated commercial/retail space will increase local employment opportunities and economic expansion for the wider community.
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With the recently completed expansion of Westfield Garden City, this large
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The additional 304 parking spaces will also help eleviate the parking chaos during lunch and dinner hours. Not only will this reduce the number of cars parked in neighbouring streets, this will also help reduce disturbances to local residents and restore street appeal and make it easier for residents who require street parking near their home.
Market Square’s $35 - 40 Million proposed re-development
cont. multi-million Market Square re-development is another strong indicator of a large population growth prediction. As seen in the South East Queensland Regional Plan, the City of Brisbane supports the largest proportion of the population in South East Queensland. Over just 25 years, the population is estimated to grow by a huge 28% from 991,000 in 2006 to 1,270,000 by the year 2031.
Property Demand There has already been a demand to live in the area due to the famous asian eateries and convenience of asian supermarkets. Students, local or international, have also been drawn to this area with Griffith University close by and express routes to the CBD and UQ’s St Lucia campus. With the existing demand compounding with the growing population, the area is well overdue for more high density zoning to accomodate this demand for property in this multi-cultural hub.
Property value The re-development of Market Square is also expected to enhance the property values in Sunnybank and surrounding suburbs. As the demand skyrockets and outways the supply of properties (Sunnybank has historically had a slower rate of properties come on the market yearly when compared to the likes of neighbouring suburbs; Sunnybank Hills, Runcorn or Calamvale) this is usually when we see increases in property value.
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According to 2014 Brisbane City Plan, properties located within a 200 metre walking distance to a major center (such as this proposed re-development) also have more sub-division potential opportunities, a second factor for increased property values.
For more information, please call your lcal real estate expert
Owen Chen on 0413 081 780 References: www.couriermail.com.au & pdonline.brisbane.qld.gov.au
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EXCELLENCE Owen & his team are honoured to be awarded: INDEPENDENTLY RECOGNISED AS THE TOP AGENT IN QLD 2015 Winner of the A-List Suburban Agent award (across all agencies) More Awards from Owen’s previous network 2015 Champion Gold Medal Winner 2015 World Champion Salesperson by Commission 2nd Place 2015 Top Auction Lister Runner Up (QLD/NT) What this excellence stacks up to to benefit the sale of your property EXCLUSIVE VIP BUYER RELATIONSHIPS Holds 50% of market share in Sunnybank over the last 3 years HIGH SUCCESS RATE 95% List to sell ratio HIGHER PRICE ACHIEVED 13.7% higher selling price (average) SELLS FASTER Average days on the market only at 28 days
www.ratemyagent.com.au/owenchen
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2015 AGENT AWARDS
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TOP 100 AUS #1 SUNNYBANK #1 CALAMVALE
Sunnybank Quarterly Statistics
2016 Quarter 2 APR - JUN
34
properties Sold
Buyer market
$749K
Chinese
sold price
89%
Average days on market
80
Median
Listing Address
Contract DOM List Price Date
Sold Price
Type
217 Beenleigh Rd
24 May
297
$529,000
$419,888
House 3,1,2
539
493 Beenleigh Rd
15 April
59
$429,000
$420,000
House 3,1,1
607
27 Stones Rd
5 April
53
$500,000
$460,000
House 3,1,2
721
52 Keats St
3 May
175
$569,000
$520,000
House 4,2,1
354
293 Lister St
14 June 90
$650,000
$520,000
House 3,1,1
764
263 Turton St
23 June 121
Auction
$550,999*
House 3,1,1
647
297 Lister St
7 May
45
$638,000
$580,000
House 3,1,4
764
31 Wana St
6 June
7
$599,000
$610,000
House 3,1,1
655
Land (m2)
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Spec
SUNNYBANK
Sunnybank 2016 Quarter 2 | April - June DOM Days on Market | Price (*) Unconfirmed Sold prices | Spec : Bed, Bath, Car Listing Address
Contract DOM List Price Date
Sold Price
Type
47 Breton St
18 April
Auction
$624,000
House 4,2,2
548
18 Tarrawonga St 10 June 51
$609,000
$635,500
House 4,2,1
617
122 Lister St
4 June
Auction
$650,000
House 3,1,2
895
48 Delafield St
23 June 327
$729,000
$650,999*
House 4,1,2
608
2 Vanessa St
27 May
43
Auction
$655,000
House 4,2,2
556
16 Headland St
8 June
55
Auction
$668,000
House 3,1,2
809
287 Lister St
13 April
41
$650,000
$680,000
House 3,1,1
764
19 Vanessa St
8 June
440
$685,000
$680,100
House 4,3,4
642
6 Legal St
28 May
30
Auction
$732,000
House 4,1,2
653
1 Samara St
23 May
54
Auction
$767,000
House 6,3,0
645
14 Batford St
5 May
45
$750,000
$780,000
House 3,2,2
556
199 Turton St
22 April
87
Auction
$785,000
House 2,1,1
602
6 Norinda st
27 May
29
Auction
$790,000
House 3,2,2
741
28
33
Spec
Land (m2)
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Owen Chen 0413 081 780
Sunnybank 2016 Quarter 2 | April - June DOM Days on Market | Price* Unconfirmed Sold prices | Spec : Bed, Bath, Car Contract DOM List Price Sold Price Date
Type
Spec
Land (m2)
19 Delafield St
7 May
29
Auction
$790,000
House 5,2,4
1101
32 Marelda St
28 April
17
$799,000 $840,000
House 3,1,1
607
215 Mains Rd
31 May
25
Auction
$846,500
House 5,2,2
683
25 Dema St
16 April
31
Auction
$870,250
House 5,2,6
859
14 Littler St
1 June
63
Auction
$925,000
House 4,2,2
1219
19 Woff St
8 June
103
$950,000 $950,000
House 6,3,2
660
37 Edith St
8 June
16
Auction
$950,000
House 4,2,2
1014
57 Boorman St
14 May
30
Auction
$982,000
House 7,3,3
835
11 Dema St
30 April
23
Auction
$1,010,000
House 5,3,2
405
18 Mains Rd
14 June 200
Auction
$1,100,999*
House 6,3,2
1248
21 Lister St
30 April
27
By Neg
$1,165,000
House 5,5,2
400
184 Dunedin St
16 April
24
Auction
$1,200,999*
House 4,2,2
1214
72 Dunedin St
22 April
24
Auction
$2,110,000
House 3,1,2
2023
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Listing Address
SUNNYBANK
Owen Chen 0413 081 780
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7 Questions to ask your agent before you decide to Auction your property
There has been an increasing trend for owners to choose the Auction method for the sale of their property. Here’s some of the top reasons why:
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The right Auction program can create a sale result within 4 weeks (this is shorter than the average days on market in the area). It leads to a virtually risk-free sale of your property (industry term: unconditional sale) (as opposed to a sale subject to multiple conditions where by the sale can fall through on finance, building and pest or any other conditions.) The seller has the flexibility to sell before auction unconditionally should a good offer is presented prior to auction day. A great way to maximize the price of the sale of your home by creating public competition. However, if a seller does consider to use Auction as their selling method, the glue that holds everything together is the agent you choose to run the Auction program with. It is crucial to pick the right agent who has the experience and practical knowledge of Auction. Not every agent is the same, and the wrong choice of agent can cost you a lot of money, time and unnecessary stress.
Q1: How long and how many sales have you closed by Auction? When was the last property you sold at auction? You need an agent who has the practical knowledge and has successful track record who can sell properties by auction as not every agent can handle the auction process correctly. Be sure to use an Auction Specialist agent. It is also crucial that they have done so recently and are aware of the current market conditions. Q2: Can you provide your last ten auction results? What was the reserve price for each auction and what did they sell for? How many registered bidders were there at each auction? How many bids? Ask the agent if he or she can provide past vendor’s contact to do a reference check. Reality check. A true agent would have no problem putting a past client on speakerphone in front of you. Nothing truly reflects the agent’s level of service than actual past experience feedback from a previous client. Don’t let them mislead you with falsified information or piggy back the success off another agent.
Q3: What is the most effective marketing plan to promote my property? What are the key marketing items that will attract my potential buyers? Ask for a list of the hot buyers that agents has accumulated in the past which the agent can access immediately. An efficient marketing plan will help to maximise the number of buyers for your property. Make sure that your marketing plan has the maximum value for a reasonable cost. Don’t be fooled into spending more than necessary if the agent can’t justify it’s value to you. Quality is also a key, so be sure to research any past properties they have sold and the level of quality reflected in their marketing. For instance, mobile phone quality photos can undersell your property and affect your sale price. Also, if the agent has a track record of quality auctions, they will easily be able to pull out a list of buyers who did not successfully purchase at recent auctions who will be ready to purchase elsewhere immediately.
Q6: If I don’t achieve my reserve price on Auction day, then what is plan B? Even in the event that an auction passes in, most properties will sell either straight after the auction or within 2 weeks. Make sure the agent has a plan of attack to close the deal in this situation. Q7: How will you work with the auctioneer to stimulate and keep the buyers biding? What is the strategy if the bidding becomes stale? The most important job of the auctioneer and agent at the auction day is to keep interested buyers to continue bidding with confidence, even when things have gone quiet. A skillful agent and auctioneer knows various techniques to create urgency. It might be favourable to interview the auctioneer if necessary, or attend other auctions called by the auctioneer.
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Q4: If the buyer wants to purchase the property before auction, how will you handle this situation? Ask them to role play their answer. There are certain conditions that the buyers needs to follow and meet if they want to buy before auction. A true auction agent will know exactly how they can generate an unconditional contract for the seller even before auction day. Handle this situation incorrectly, and it can cost you a lot of money and time. Don’t cancel an auction, only for the contract that was put on your property to crash, and then have to restart an entire campaign all over.
Q5: How do you answer a potential buyer if they ask you how much the seller wants for his or her property? Ask them to role play their answer. This is easily the most common question your agent will be asked. Answer the question wrongly, and they could cost you a lot or loose a potential bidder. The agent needs to know how to answer this question without scaring the buyer away but at the same time not under sell the value of your property.
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Quarterly Update
Owen Chen 欧文陳
2016 | Quarter 2 APR - JUN
facebook.com/owenchenqld
Sunnybank
0413 081 780 owenchen@eplace.com.au