Market Overview Eight Mile Plains Winter Edition 2019

EIGHT MILE PLAINS WINTER EDITION 2019

Market overview page 4

Federal election aftermath: positive prospects ahead page 6

Sales for the quarter page 8

The importance of a building & pest report page 10

Community news page 12

Our business partners page 14

Property Report brought to you by your Eight Mile Plains area specialist

GEORGE YANG 漊� 0488 199 888 georgeyang@eplace.com.au

Hello

friends & family It’s been a chilly winter and the team here at Place Sunnybank are all looking forward to the warmer weather as we welcome Spring in September! Is it just us, or does this year feel like it’s flown by quickly? We are excited for what is to come for the last half on 2019, and here’s why.

After a confusing and slow start to the year, anyone who follows real estate knows that the coming months and years are showing positive prospects.

With unchanged negative gearing and capital gains tax laws, the recent interest rate drop as well as many other positive forces, we have seen an immediate increase in buyer activity (more on this in page 6). We are excited and have confidence on a positive and brighter outlook for the property market.

As we have also just wrapped up the 18/19 financial year, we’d like to also take this opportunity to thank all our clients, buyers and landlords for choosing Place Sunnybank to represent you in real estate and look forward to work with each and everyone one of you again in the coming future.

We hope our market reports continue to keep you well informed on what is happening in your local suburb.

Do also feel free to call for a chat or suggest anything that you’d like to know more about. Thank you again for your ongoing support and feedback.

Enjoy this issue!

Your local specialist | Place Sunnybank

Algester | Calamvale | Carindale | Drewvale Eight Mile Plains | Kuraby | Macgregor | Mt Gravatt East Parkinson | Robertson | Rochedale | Rochedale South 2

Runcorn | Stretton | Sunnybank | Sunnybank Hills | Wishart

PLACE SUNNYBANK TEAM

Contents Page 4

Market overview

Page 5

Suburb statistics

Page 6

Federal election aftermath: Positive prospects for the real estate market

Page 8

Houses sold

Page 10

The importance of a Building & Pest Report

Page 12

Community news

Page 14

Our proud business partners

Page 16

Your suburb specialist

2017 FINALIST REIQ Large Residential 2015 REIQ LARGE RESIDENTIAL AGENCY OF THE YEAR Disclaimer: Every effort has been made by Place Sunnybank to ensure that all information in this document is correct at time of printing.

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Statistics

EIGHT MILE PLAINS Quarter 2 2019

13

HOUSES SOLD

$1,366,000

48 days

$824,400

3.7%

30.2%

$450pw

HIGHEST SALE PRICE

2019 Q2 MEDIAN PRICE

5 YEAR GROWTH

4

AVERAGE DAYS ON MARKET

CHANGE IN MEDIAN PRICE

AVERAGE RENT FOR HOUSES

Market place overview There was no doubt a sigh of relief echoed through the real estate world when the election was done and dusted.

As mentioned in my last report, any year with a looming election always puts the brakes in the real estate market as both buyers and sellers eagerly wait to see what impact it has.

These past few months have also seen properties sell for a lot faster, with the average days on market (DOM) shortened from 75 to 48 days which is certainly positive news for anyone that is looking to make that move.

This adjustment is not as damning, considering some other markets across the country have seen over 10% declines in recent times.

taking advantage of the better weather and more buyer activity to achieve a great sale.

The market was actually expected to continue its downward spiral if the This federal event would have played Labor Party had formed government a part in the continued decline in the and enacted on its promise to overhaul number of transactions in the local Eight property policy which included changing Mile Plains market this last quarter with 13 negative gearing and also capital gains tax concessions. So what can we sales compared to 17 sales at the same expect locally for the next 6 months?

April to June quarter last year. Despite the lack of transactions, there was Given the positive forces in the market actually a greater number of higher priced at the moment (as outlined in our article house sales, with 4 sales surpassing the on page 6), we can certainly expect $1million mark. This would explain the more activity in the real estate market. significant increase in the median price The local demand for property in Eight for the quarter, jumping from $694,500 Mile Plains has been solid for a number to a staggering $824,400 for the quarter. of years now and I can’t see why that Although this number is impressive, I would change. For buyers, we expect must point out that it is only reflective to see a few more investors out in the of 3 months. If we combined the two market to join the rest of the buyers and quarters and looked at the first 6 months secure property at record low interest of 2019, we would actually be sitting at a rates while prices have stabilised. On median price point of $765,500, an 2.5% the other hand, with Spring right around decrease from the first 6 months of 2018 the corner we are expecting to see a ($785,000 – Jan to Jun 2018). few more homeowners make that move,

George Yang | 0488 199 888

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In the last 2 years, billions of dollars have been wiped from the Australian property market, but amongst the rubble Brisbane has held steady and defied the odds and influences of the downturn in Sydney and Melbourne. Year to date the Greater Brisbane median price has only fallen by -2.6%, while nationally it has fallen by -6.9% (-8.0% for combined capitals).

Recent data suggests that the downturn has been slowing since January, and that most of the improvements in the last 6 months have largely been organic. However, major events in the last few months have also helped inject some life into the property market, tipping the scale towards recovery.

POSITIVE FORCES FOR THE MARKET Federal election result and mortgage deposit scheme for first home buyers Federal government will guarantee 15% of the 20% mortgage deposit for 10,000 eligible first homebuyers.

Federal government tax cuts New tax packages will benefit Australians across the board and potentially help stimulate the economy and property market Interest rate reductions by Reserve Bank Interest rate at record low of 1.00% to help make home ownership more attainable and affordable.

SO, WHAT DOES THIS MEAN FOR YOU? With consumer confidence returning as a sign of stability and growth in the property market, current homeowners should start thinking about their next step. Whether it’s to upsize, downsize, upgrade, or relocate, knowing when and where you see yourself in the foreseeable future, and to consider how you want to achieve that next phase

Government infrastructure investment Federal, State, and Local government plans to invest heavily into construction jobs to upgrade infrastructure, and to stimulate the economy and job market to keep unemployment under 5% APRA relaxation of lending restrictions Borrowers will no longer be required to pass the 7% interest rate stress test and will only be assessed on their ability to repay their loans at 2.5% above their current rate.

Improvements in Auction clearance rates nationally (Capital Cities) Weighted average clearance rates have been above 60% for the 4th consecutive week. Currently at 68.9% up from 52.6% this time last year.

in your life becomes an important and complex decision.

As your Area Specialist, my job is to help you stay in tune with the market, and help you make the right decision at the right time. Call me anytime if you want the latest information regarding your market and your home.

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QUARTER 2 2019

EIGHT MILE PLAINS SPEC

Address

Bed,Bath,Car

Land m2

Sold

DOM Sale Price

11 Stuart Pl

3,2,2

749

28-Jun-19

98

$587,500

39 Blue Grass Cr

3,2,2

600

15-May-19

83

$578,000

6 Chalton St

3,3,2

663

30-Apr-19

117

$738,000

4 Lindeman Pl

4,2,2

700

25-May-19

26

$756,000

12 Hermitage St

3,2,2

671

26-Apr-19

64

$775,000

49 Ingluna Cct

5,2,2

839

2-Jul-19

33

$803,800

16 Chester Rd

5,3,2

425

25-Jun-19

79

$845,000

6 DROMOS STREET, EIGHT MILE PLAINS

$1,030,000

NEW SUBURB RECORD

SOLD 8 DOM | Days on Market

(for homes on less than 500m2)

5

3

2

LAND SIZE

425m2

DOM

2

SALE DATE

3 JUN 19

QUARTER 2 2019

EIGHT MILE PLAINS SPEC

Address

Bed,Bath,Car

Land m2

Sold

DOM Sale Price

3 Kirstin St

4,3,2

911

11-May-19

31

$881,000

60 Ingluna Cct

5,3,2

866

25-May-19

29

TBA

3 Ruby Cl

4,2,2

677

13-Apr-19

17

$1,000,000

6 Dromos St

5,3,2

425

3-Jun-19

2

$1,030,000

112 Bolton St

3,2,2

1,121

27-Apr-19

25

$1,120,000

59 Dandelion St

5,3,2

600

25-May-19

31

$1,366,000

59 DANDELION STREET, EIGHT MILE PLAINS

$1,366,000

2019 QUARTER 2 TOP SALE

SOLD

5

3

2

Information correct at time of print as sourced from RP Data and Pricefinder.

LAND SIZE

600m2

DOM

31

SALE DATE

25 MAY 19

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BUILDING & PEST INSPECTION REPORTS are beneficial for both buyers and sellers however most people think that only buyers organize these inspections after buying the property.

There is a big advantage for sellers getting their own independent building & pest inspection report prior to launching on the market.

One of the main reasons for getting the report done prior to any potential buyers inspecting your property is that if there are any major structural or pest issues as the owner you will be the first to find out and will be able to rectify this ahead of time.

Should these problems be found later down the track it could highly likely damage the negotiation process of getting the best price possible for your property.

If there are no issues found, both buyers and sellers have the peace of mind that they can move forward making the transaction happen smoothly without any worries and stress.

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THE IMPORTANCE OF A BUILDING & PEST REPORT WHEN PREPARING YOUR HOME FOR SALE FOREWARNED IS FOREARMED Even though your property may appear to be structurally sound and there is no visible indication that termites, subsidence or mould is present, there could be hidden problems lurking in the foundations, roof, plumbing or walls that only a professional can identify.

Many people are worried that building and pest inspectors may uncover some terrible truths about their property. For many, this concern stops them from having an inspection. But is that logical? If something is wrong with your property wouldn’t it be better to know before you put the house on the market?

Being forewarned is forearmed and puts the power in your hands. Being aware of any issues with your property allows you to take control and have them fixed and doesn’t erode your position when you put your house on the market.

A BUILDING AND PEST INSPECTION REPORT EMPOWERS YOU While many buyers will still insist on having their own pre-purchase building and pest inspections conducted, showing them the reports you’ve had prepared shows them you have nothing to hide about the condition of your property and gives them less ammunition to negotiate.

At the end of the day, building and pest inspections aren’t deal breakers. And it’s what we find out right now before the investment of marketing and Inspections and agent’s performance fees that will protect your sale price and final profit.

The report will cost less than $500 yet could be the vital knowledge in a negotiation that saves your sale and protects your profits.

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COMMUNITY NEWS

EIGHT MILE PLAINS

Gateway Neighbourhood Plan Exciting times are ahead for Eight Mile Plains it seems. Brisbane City Council is creating the Eight Mile Plains Gateway Neighbourhood Plan including parts of Eight Mile Plains and Rochedale, a key economic growth area for our city.

The new neighbourhood plan will focus on the proposed Eight Mile Plains Metro station and nearby residential and commercial areas.

This area of Brisbane is a thriving business precinct, underpinned by the Brisbane Technology Park and supporting more than 5000 jobs. Council will work to identify opportunities for investment in transport infrastructure, advanced technology manufacturing, commercial and residential development, supported by Brisbane Metro.

Council is working with the local community to: • confirm the potential for new employment and residential development • facilitate the transformation of the Eight Mile Plains Gateway to a global precinct, particularly for advanced manufacturing technology • make the best use of the significant infrastructure investment in the area • protect and enhance environmental and biodiversity values in the Bulimba Creek catchment • enhance way finding, streetscape and walkability between major employment hubs, residential areas and public transport options.

PROJECT TIMELINE Background Research

EARLY - MID

12

2019

Draft Strategy

MID

2019

Public Consultation

LATE

2019

Adoption

LATE

2020

Draft Neighbourhood Plan

MID

2021

COMMUNITY NEWS

Source: http://www.brisbane.qld.gov.au

For more information about this Council project, which I believe will benefit our community in many ways, please visit www.brisbane. qld.gov.au. You can also request to receive regular email updates about the plan through here too. If you had any questions about this or any other community information you’d like to share, please email me at georgeyang@eplace.com.au. I’d love to hear from you!

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OUR BUSINESS

PARTNERS

“

I will always be striving to provide the most memorable conveyancing experience for all my clients

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INTERLEC ELECTRICAL SERVICES Friendly, affordable, quality work, including: • Solar • Air Conditioning

• Domestic Electrical • Commercial Electrical

No job too big, or too small. Call today for a free quote!

ROWAN GOMERSALL 0466 556 489 interlecelectricalservices@outlook.com

BRENDAN YUNG T: 0404 526 526 E: brendan.yung@bytherules.com.au

DAVID YANG

Mortgage Specialist m: 0450 088 688 t: 07 3194 0888 e: david@timehl.net.au Australian Credit Licence: 433589

We provide real choice between lenders

HANDY MAN JOBS “NO JOB IS TOO BIG OR SMALL” Lawn Mowing Hedging & Pruning Rubbish Removal Gutter Cleans Tree Lopping All Property Improvements

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TEL: 0419 768 432 peter@peterpansservices.com.au

We do the legwork We may negotiate a better outcome We keep the competition alive We help at a time & place that suits you

++ Quality homes ++ Real choice inclusions ++ Guaranteed start & completion dates

ANSON XU

++ One true price promise

0431 223 000 | anson@madisonhomesqld.com.au

++ Deal directly with the builder

www.madisonhomesqld.com.au

SHOWROOM Unit 3/115 Russell Street, Cleveland QLD

++ Clear and transparent building process ++ Specialising on narrow blocks (10m wide frontage)

What Landlords should be looking for in a Property Management team?

• Updated market knowledge, including industry and legal compliance knowledge, appropriate trust accounting and property investment knowledge • Strength in marketing and leasing properties at the best possible price • Prompt communication response • Investing in advanced technology in providing the ultimate convenience to landlords and tenants • A thorough process for tenant selection and rent management • Solution based advice • Completion of inspections, lease renewals and maintenance on time • Low rent arrears and tenancy dispute rate • Regular training to keep the team updated with the most recent legislation, regarding tenancies to minimise risk

Our excellent achievements based on year to date statistics: Rent arrears rate over 14 days ZERO Loss of management due to poor service ZERO Current dispute lodged with QCAT ZERO

What our clients say...

“The Place Sunnybank team are highly professional and have been amazing to work with in the handover of my property. My property has been managed by Place for the past 2 years and I would highly recommend their services to other landlords. They are efficient, friendly, provide great support and communicate promptly regarding any issues which is good for the tenant as well as the landlord.”

Happy Landlord, Jiaqi

Speak to our friendly team to enquire about our property management services.

07 3193 8788 (Chinese & English) sunnybankrentals@eplace.com.au

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George Yang EFFICIENT & RELIABLE Our property sold after a successful auction thanks to the professionalism of our agent, George Yang! We had over 50 groups view our open houses and 9 registered bidders achieving a sale over reserve under the hammer. I highly recommend him and the Place team if you want a stress free no hassles experience due to the efficiency, reliability and great communication skills.

– Wayne & Bernadette, owners of 7 Dysart Court, Runcorn

OVER

$100m Total Sales in 12 Months

OVER

177

Transactions in 12 Months

OVER

12yrs Selling in your area

Statistics are for Place Sunnybank and Place Sunnybank Agents in general. All information is correct at time of printing

CALL

GEORGE YANG 楊華

0488 199 888 | georgeyang@eplace.com.au 3a/531 Kessels Rd, Macgregor QLD