Prepared by Rachael Spinks, SpinksCo Residential ADDRESS TENNIS COURT & LUXURY APARTMENTS REPORT December 2022 – June 2023
A MESSAGE FROM RACHAEL SPINKS The arrival of the halfway point of 2023 presents a perfect opportunity to examine new trends emerging in the Brisbane property market. Last year we saw Brisbane house values skyrocket by a remarkable 42.7% from the COVID-19 trough to its peak in June 2022. By contrast, 2023 has seen the bottoming out of our local property market, with Brisbane house values recording an -11% cyclical fall in February. However, since February, a correction phase has been underway, and the Brisbane housing market appears to be on the rise once again. CoreLogic’s National Home Value Index (HVI) has recorded rises of 0.6% and 0.5% through March and April, respectively. The pace of growth in May has accelerated sharply to 1.2%. This is welcome news to homeowners, but it is important to note that in our experience at SpinksCo Residential, the prestige and lifestyle segments of Brisbane property market have proven to be very resilient. So why are these segments so robust? Well Queensland is currently the fastest-growing state in Australia, driven particularly by interstate migration. And the demand for lifestyle areas and detached houses in Brisbane is underpinning property values. Tim Lawless Director of CoreLogic also reports, in addition to the high demand, advertised supply levels remain extremely low, tracking -39% below the five-year average at the end of April 2023. He says, “With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market.” Interestingly, Michael Yardney director of Metropole Property Strategists, reports that after every downturn, moving forward there will be a flight to quality properties and an increased emphasis on liveability. He also believes this strong demand for lifestyle areas, is likely leading to these properties outperforming cheaper properties. We certainly saw evidence of the strength of the Brisbane prestige market recently. One of Brisbane’s finest homes has just made history as the most expensive residential property to ever be sold in the city. ‘Amity’ an historic 130-year-old riverfront property in New Farm, reportedly sold for a record $20.5m to an interstate buyer. And it’s not just interstate migration impacting Brisbane. With international borders now open, Brisbane is starting to see the return of overseas migrants. Forecasts suggest that Brisbane could have an average of 25,000 additional people looking for somewhere to live each year. Interest rates continue to present a challenge to rising house values, however many senior economists such as Eleanor Creagh of PropTrack believe, “strong demand relative to stock on market is seeing home prices lift, and offsetting the downward pressure from continued interest rate rises.” At SpinksCo Residential, we continue to face the challenge of having more buyers than properties to sell. We are currently working with several qualified buyers who are actively seeking Tennis Court and/or Prestige Lifestyle properties ranging in price from $2.5 million to $15 million. If you are considering selling and would like to know if your property would be a match for these buyers, we warmly invite you to contact SpinksCo Residential for a confidential consultation. I look forward to matching many more families with their dream home throughout 2023. Rachael Spinks 0411 10 10 15 www.spinksco.com.au Follow us on Instagram - spinkscoresidential
TOP 10 Tennis Court Sales December 2022 – June 2023 1 Hamilton Perry Street 1,944 m2 $13,000,000 2 Bridgeman Downs Retreat Street 9,600 m2 $6,500,000 3 Clayfield Christian Street 1,946 m2 $6,200,000 4 Bridgeman Downs Bernborough Place 9,502 m2 $6,142,000 5 Moggill Zelita Road 3.1 ha Price Withheld 6 Sherwood Woodberry Avenue 3,490 m2 Price Withheld 7 Paddington Upper Cairns Terrace 901 m2 $4,660,000 8 Kenmore Hills Brookfield Road 2.92 ha $4,550,000 9 Bridgeman Downs Neville Road 1.05 ha $3,950,000 10 Kenmore Rialanna Street 4,813 m2 $3,807,000 Source: Pricefinder
SO Tennis Co and Luxury December 202 Upper Cairns Terrace, Paddington Woodberry Avenue, Sherwood Zelita Road, Moggill Perry Street, Hamilton Christian Street, Clayfield
LD urt Homes Apartments 2 – June 2023 Park Avenue, East Brisbane Macquarie Street, Teneriffe Macquarie Street, Teneriffe Coronation Drive, Toowong Refinery Parade, New Farm
TOP 10 Luxury Apartment Sales December 2022 – June 2023 1 East Brisbane Park Avenue 486 m2 $7,300,000 2 Teneriffe Macquarie Street 560 m2 $6,550,000 3 New Farm Refinery Parade 364 m2 $5,700,000 4 New Farm Hollins Crescent 402 m2 $5,550,000 5 Toowong Coronation Drive 1.49 ha $4,750,000 6 Teneriffe Macquarie Street 353 m2 $4,711,500 7 Newstead Newstead Terrace 336 m2 $4,600,000 8 Teneriffe Macquarie Street 363 m2 $4,500,000 9 New Farm Oxlade Drive 241 m2 $4,500,000 10 New Farm Moray Street 191 m2 Price Withheld Source: Pricefinder
Rachael Spinks of Spinks & Co. Picture: Tara Croser. SPINKSCO RESIDENTIAL NEWS SpinksCo Residential was very pleased to be mentioned alongside three other top performing Brisbane Real estate agents (Matt Lancashire, Sarah Hackett and Heath Williams) in a recent article published in the Courier Mail: Top agents: The hustlers behind Qld’s most expensive real estate. The article reported “Not far behind the trio is quiet achiever Rachael Spinks of SpinksCo Residential, who specialises in tennis court properties. Ms Spinks has an average sale price of $3.82m on realestate.com.au”
SOLD PROPERTIES PROS AND CONS TO OFF-MARKET SELLING COMING SOON - TENNIS COURT PROPERTY Off-Market Sale - 196 Moons Lane, Brookfield Private Pine Forest - Prime Position - Prestigious Moons Lane, Brookfield. SpinksCo Residential is pleased to announce this beautiful acreage property at 196 Moons Lane, Brookfield is now SOLD to a registered buyer from our exclusive data base. SpinksCo Residential has several qualified buyers searching for similar lifestyle properties. If you are considering selling and would like to know more about this sale, or our qualified buyers, please feel free to call Rachael Spinks on 0411 10 10 15. With advertised property listings currently at record-lows in Brisbane, many buyers are seeking out off-market or un-advertised properties. Buyers are prepared to pay a premium price to secure these properties ahead of competition from the open market. The nontraditional approach of a discreet, off-market sale process offers potential upsides for both purchasers and sellers. CONS As with any property-related decision, there are some negatives to consider too. PROS For buyers 1. Opportunity to avoid competitiondriven price inflation often seen in the open market. 2. A buyer can make a calm and considered decision to purchase without the pressure of potentially losing out to other eager buyers. For buyers 1. Limited pool to choose from if strictly purchasing off-market. 2. Requires patience. For sellers 1. Sellers can save time, money, and irritation through avoiding advertising/ marketing costs and by opting for qualified inspections vs open homes. 2. Protection of privacy 3. Potential to achieve a fast sale by avoiding lengthy sales campaigns. For sellers 1. Risk of not getting highest sale price by not testing the property on the open market and creating competition among buyers. An idyllic rural-residential retreat featuring sprawling family home set on 1.49 ha of elevated land overlooking swimming pool, tennis court, fenced horse paddocks, and rolling lawns. The peaceful and private retreat is surrounded by stunning natural bushland, home to abundant wildlife, including wallabies and native birds. For more information or to be among the first to view, call Rachael Spinks 0411 10 10 15.
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