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A RESIDENTIAL MARKET AND ECONOMIC CONTEXT ON SOUTH BRISBANEResearch Update From Australia’s Leading Property Advisors
Urbis OutlookJAN 2012
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CONTENTS QUICK DOwNLOAD 1
SUBURB INSIgHTS 4
FUTURE VISION OF SOUTH BRISBANE 5
EXISTINg AND FUTURE INFRASTRUCTURE 6
INNER SOUTH COMMERCIAL MARKET 7
SOUTH BRISBANE COMMERCIAL MARKET 8
SOUTH BRISBANE PRECINCTS MAP 9
SOUTH BRISBANE EDUCATIONAL INSTITUTIONS 10
SOUTH BRISBANE RETAIL AND CULTURAL DISTRICT 11
RENTAL MARKET INSIgHTS 12
DEMOgRAPHIC INSIgHTS 15
SHIFTINg DEMOgRAPHIC 16
MARKET INSIgHTS AND OUTLOOKS 17
BRISBANE LgA RESIDENTIAL MARKET OVERVIEw 18
SOUTH BRISBANE CATCHMENT RESIDENTIAL MARKET OVERVIEw 19
MACRO-ECONOMIC INSIgHT 21
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A RESIDENTIAL MARKET AND ECONOMIC CONTEXT ON SOUTH BRISBANEResearch Update From Australia’s Leading Property Advisors
Urbis OutlookJAN 2012
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South Brisbane Rental Premiums1-Bd 2-Bd
South Brisbane $504 $670
West End $422 $494
Fortitude Valley / Bowen Hills $360 $449
Hamilton $357 $494
South Brisbane Premium OverWest End 19% 36%
Fortitude Valley / Bowen Hills 40% 49%
Hamilton 41% 36%
•Thesampleofonmarketrentalpriceswascalculatedusingstandardpropertiesandremovingpropertieswhichwereconsideredpremium.Premiumpropertiescouldberemovedonthebasisofaspect,squaremetresandamenities.
•PreparedbyUrbisandsourcedfromRealestate.com.au
South Brisbane apartments generate a rental premium over comparable products in the suburbs of west End, Fortitude Valley and Hamilton.
South Brisbane rental premium
South Brisbane key factsEstablished Commercial Office Precinct• 300,000squaremetresofcommercialofficespace,equatingtospacefor30,000whitecollarworkersGrowthintotalstocklevelsof12percentfrom2004to2011
• VacancyrateinSouthBrisbaneof4.3percentduringtheSeptember2011quartercomparedto7.4percentintheBrisbaneCBD....seepage7forfurtherdetails
Surrounded by Educational Institutions• 12educationalinstituteswith80,000students
• KeydevelopmentofGriffithUniversityConservatoriumandofSouthBankTAFEEducationandTrainingPrecincts....seepage10forfurtherdetails
Proximity• 450metresfromBrisbane’sCentralBusinessDistrict,withsixbridgeslinkingSouthBrisbanetotheCBD
• InadditionSouthBrisbaneresidentshavetheoptionoftrain,busandferryservicesthatprovideefficientpublictransporttotheCBDandsurroundingnodes....seepage9forfurtherdetails
Lifestyle and Cultural Amenities• 275bars,restaurantsandcafes
• 53fashionboutiques
• 157SpecialityStores
• QueenslandCultureCentreincludingtheGalleryofModernArtandQueenslandMuseum....seepage11forfurtherdetails
Useable & Efficient Infrastructure• Thereiscurrently$2.7billionworthofexistinginfrastructureinSouthBrisbane,withafurther$1.3billioninthepipelineforfuturedevelopment.
• Currentuseableinfrastructureincludes;GoBetweenBridge,GOMAandBrisbaneConventionandExhibitionCentre....seepage6forfurtherdetails
On The Market Rental Prices ONE BEdROOM ANd TWO BEdROOM APARTMENTS
•Thesampleofonmarketrentalpriceswascalculatedusingstandardpropertiesandremovingpropertieswhichwereconsideredpremium.Premiumpropertiescouldberemovedonthebasisofaspect,squaremetresandamenities.
•PreparedbyUrbisandSourcedfromRealestate.com.au
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Shifting demographicThemostprevalentagedemographicinSouthBrisbaneisresidentsaged20to29years,equatingto34.1percentofthetotalpopulationin2010.ThesameagedemographicisequallyasdominantinthecatchmentareaandInnerBrisbane.SouthBrisbane’scloseproximitytoBrisbane’sCBD,keyeducationalfacilitiesandemploymentnodesisappealingtoGenerationYandXdemographics.Inadditiontothelocation,SouthBrisbanehasawealthofexistinginfrastructureincludingsixbridgesconnectingittotheCBDandanewlydevelopmenttransitnetwork,whichprovidesconvenientaccesstothesekeynodes.
Inthenearfuture,agreaterfocuswillbeneededtoattractolderGenYswhoarenowmovingintoyoungfamilydynamicsandaremoreaccustomedtodensercommunitiesbutareconsciousofthevalueneedtobederivedfromtheirrealestateinvestment
The focus therefore for investors and developers is to be able to capitalise on the opportunities these shifting trends present.
Infrastructure and ProjectsSouthBrisbane’s$2.5billionofexistinginfrastructurehascausedtheareatogrowfasterthananyotherinnercitylocalityoverthepast20years.Thesuburbsrapidgrowthcanbeattributedtothediverseandconcentratedinvestmentfrompublicandprivateentities,whichcontinuedriveorganisationstofurtherinvestandtakeadvantageofanestablishedandfunctioningframework.
As the cultural, entertainment and business capital of South East Queensland, investors are persistently devoting more capital funds for future infrastructure.
OneofthedistinctiveadvantagesofSouthBrisbaneisthattheexistingandfutureinfrastructureisdesirableanduseable.Capitalinvestmentininfrastructurehasbeendirectedtoupliftandbenefittheprimecultural,educationalandretailnodesinthesuburb.LargecapitalinvestmentshaveredevelopedtheSouthBankSouthernRestaurantPrecinct,ConventionandExhibitionCentreandSouthBankInstituteofTechnology.Furtherinvestmentisstillfocusedonincreasingpublictransport,withthefuturedevelopmentofaMassTransitCentreandtheupgradeoftheBusway’sthroughoutSouthBrisbane.
OpportunitiesSouthBrisbaneisaninnercitysuburbthathastakenadvantageofitsproximitytotheBrisbaneCBDanddevelopedintotheculturalandretailhubofSouthEastQueensland.SignificantinfrastructurehasbeeninvestedintodevelopingtheQueenslandCulturalCentre,BrisbaneConventionandExhibitionCentreandtheGreyandLittleStanleyStreetretailprecincts.
Inrecentyears,SouthBrisbanehasregisteredsubstantialgrowthincommercialofficespace.SouthBrisbane’scloseproximitytotheBrisbaneCBDhasenabledthedevelopmentofitsbusinessdistrict,withanumberoflargemultinationalfirmsresidinginthesuburb.SouthBrisbane’sreputationwasfurtherenhancedwithSuncorpBankingandInsuranceandtheABCrecentlydecidingtorelocateintoSouthBrisbaneafterexhaustiveselectionprocessesrevealedthesuburb’samenitiesandlocationmetallcriteria.
The supply of residential development in South Brisbane has been limited in recent years with the global financial crisis and the subsequent lack of finance available, deferring a number of developments.
ThelackofsupplyhasbeencontrastedbyhighdemandfromindividualswantingtoresideinSouthBrisbane,causingmediansaleandrentalpricestotradeatapremium.WithsupplyscarceanddemandforSouthBrisbanehighthereisanopportunityfornewresidentialdevelopmentstocapitaliseonthisimbalance.
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Residential Market InsightsThereisnodisputingthat2011hasbeenatoughperiodfortheQueenslandpropertymarketandtheAustralianeconomyingeneral.However,itiscertainlynotalldoomandgloomforAustralia’spropertymarketmovingforward.ParticularlyinBrisbanewherewearemovingintooneofthemostopportunisticbuyingmarketsBrisbanehomebuyersandinvestorshaveexperienceinmanyyears.
we are moving into one of the most opportunistic buying markets Brisbane home buyers and investors have experience in many years.
Despitemediadrivenfear,takingalong-termapproachtoBrisbanepropertyitisreasonabletopredictwehavereachedthebottomofourpropertycycle.Globaleconomicuncertaintyremains,butAustraliaandQueenslandinparticularholdanenviablepositionofstableeconomicfundamentalsandaboomingresourcesector.Thisstand-outperformanceportraysBrisbanepropertyasanexceptionallysecureinvestmentoptioninternationally.
ThemediansalepriceforahouseintheSouthBrisbanecatchmentwas$606,000fortheSeptember2011halfyearbasedon80settledtransactions.Themedianhousepriceovertheyearhasincreased2.7percent,againsttheBrisbanetrend,reflectingdemandforresidentialpropertywithinthecatchment.Lookingatthecatchmentslongtermresults,theregionregisteredonaveragea5.0percentincreaseperannumoverthepastfiveyearswhileoverthepast10yearsthegrowthratewasat8.5percent.
TheSouthBrisbaneCatchmentregisteredamedianapartmentpriceof$484,250basedon100settledtransactionsattheendoftheSeptember2011halfyear.
The median apartment price over the past five years has on average increased by 6.7 per cent per annum, outperforming houses in the catchment and the greater Brisbane residential market.
Rental Market InsightsTheSouthBrisbanerentalmarketisundersuppliedwiththenumberofpeoplewantingtoresideinthesuburbsubstantiallyoutweighingtheavailableproductcurrentlyonthemarket.
The demand for South Brisbane coupled with this limited supply has enabled South Brisbane rental prices to trade at a premium over the surrounding suburbs.
OnebedroomapartmentsinSouthBrisbaneregisterarentalpremiumovercomparablepropertiesinWestEnd,FortitudeValley/BowenHillsandHamilton.OnebedroomapartmentsinSouthBrisbaneattracta19percentpremiumoverWestEndand40percentpremiumoverFortitudeValleyandBowenHills.
ComparabletwobedroomapartmentsinSouthBrisbanealsogenerateahigherrentalpremium.TwobedroomapartmentsinSouthBrisbaneattractapremiumof36percentoverWestEndandHamiltonandasignificant49percentoverFortitudeValley/BowenHills.
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BARDON
ST LUCIA
ASHGROVE
TOOWONG
COORPAROO
NEW FARM
TARINGA
BULIMBA
BRISBANE CBD
RED HILL NEWSTEAD
PADDINGTON
MILTON
HERSTON
NORMAN PARK
BALMORAL
SPRING HILL
SOUTH BRISBANE MAJOR NODES BRISBANE, QUEENSLAND
© 2011 PSMA Australia Ltd, Sensis Pty Ltd. Australia Bureau of Statistics. Produced by Urbis Pty Ltd ( December 2011 )
±0 0.25 0.5 0.75 10.125
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Scale 1:25,000 when printed at A3
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Fortitude Valley /Bowen Hills
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BARDON
ST LUCIA
ASHGROVE
TOOWONG
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TARINGA
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BRISBANE CBD
RED HILL NEWSTEAD
PADDINGTON
MILTON
HERSTON
NORMAN PARK
BALMORAL
SPRING HILL
SOUTH BRISBANE MAJOR NODES BRISBANE, QUEENSLAND
© 2011 PSMA Australia Ltd, Sensis Pty Ltd. Australia Bureau of Statistics. Produced by Urbis Pty Ltd ( December 2011 )
±0 0.25 0.5 0.75 10.125
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South Brisbane
Fortitude Valley /Bowen Hills
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SOUTH BRISBANE – SUBURB INSIgHTSSouth Brisbane – the next Brisbane CBd South Brisbane has quickly evolved from an older inner city suburb into the South East Queensland’s most significant cultural, educational and commercial precinct.
ThesuburbofSouthBrisbaneislocatedlessthanonekilometrefromBrisbane’sCentralBusinessDistrict(CBD)andoffersanidyllicmixofmediumandhighriseresidentialbuildings,thrivingcommercialofficespaceandboutiqueretailprecincts.SouthBrisbanealsocontainsanumberofmajoreducationalfacilitiesandishometoQueensland’slargestculturaldistrict.
SouthBrisbaneisoneoftheoldestsuburbsinBrisbanewithlandsalesfirstrecordedduringthe1840’s.Thesuburb’sprimelocationonthebanksoftheBrisbaneRiverprovedashortcomingtoitsearlyresidentsastheywereunabletofindanefficientwaytocrosstheriver.ThedevelopmentoftheVictoriaBridge
providedameansofcrossingtheBrisbaneRiverandprovidedtheresidentsofSouthBrisbanewithadirectlinktotheBrisbaneCBD.
Duringthelate1980sSouthBrisbanebeganitsdevelopmentintotheculturalcapitalofSouthEastQueensland.ThedevelopmentoftheQueenslandCulturalCentrewasinitiatedwiththeconstructionoftheQueenslandArtGalleryin1982.Inrecentyears,theCulturalCentrehasbeenredevelopedandmodernisedandencompassesfiveseparatefacilitiesincludingtheQueenslandGalleyofModernArt.ThereputationofSouthBrisbaneasaculturalprecinctwasfurtherenhancedbythedevelopmentoftheSouthBankParklandsfortheWorldExpoin1988.TodaySouthBankhasgrownintoBrisbane’spremierdestinationwithopenparklandsintegratedwithrestaurantandentertainmentfacilities.
ThegrowthofSouthBankfacilitatedthedevelopmentofLittleStanleyStreetandGreyStreet,twopremierretailprecincts.
Theprecinctsrecentlyunderwenta$200millionredevelopmentandarenowbrimmingwithbars,restaurantsandboutiqueretailstores.TheprecinctshavebeenfurtherenhancedbytheconstructionofanumberoflargecommercialofficebuildingswhichhasexpandedintoMelbourneStreetandthesurroundingarea.
with a large volume of planned infrastructure and commercial developments in the pipeline, South Brisbane will continue maturing into the next Brisbane CBD.
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Key Rejuvenation Strategies in the Kurilpa Precinct • MixedusedevelopmentwithinthePrecinctisenvisionedtostimulatetheretailboulevardsofMelbourneStreetandMontagueRoad.Streetscapeupgradeswillencouragemovementandcomfortbydeliveringunparalleledpedestrianandcyclistpathways,providingaccesstotheCBDviathenumerousbridgesthatcrosstheriver.
• HopeStreetwillbecomeapremierdestinationfordining,entertainmentandretailamenitiesaddingtothealreadyabundantoptionsforSouthBrisbaneresidents.
• FishLanewillbedevelopedintoavibrantactivelanewayreflectingtheeclecticcultureofSouthBrisbane.
• TheParamalatlandholdingsonthebankoftheBrisbaneRiverareplannedasamixedusedevelopmentwithaniconicbuildingandlandmarkonthesiteservingasahistoricalreminderforSouthBrisbane.Thedevelopmentwillopenthewaterfronttoresidentsbyprovidingpedestrian,cyclingandretailoptions.
SOUTH BRISBANE RIVERSIDE RENEwAL STRATEgy The future vision of South Brisbane
Kurilpa TheKurilpaPrecinctcoversanareaofapproximately36hectaresatthenorthwesternendofSouthBankenvisionedtobethePrimaryActivityCentreofSouthEastQueensland.
ThePrecinctisintendedtobedevelopedintoaworldclassculturaldistrictwithacomplementarymixofcommercial,retailandcommunitydevelopment.
sOuTH BrisBaNE rEaCHSouthBrisbaneReachistheentertainment,culturalandeducationalcapitalofBrisbane.WithasignificantamountofdevelopmentintheSouthBrisbaneReach,theprecinctwillremainlargelyunchangedwithanemphasisonmaintainingitsrenownedopenspacesandamenities.
FuturedevelopmentwillbecentredonunlockingthepotentialbetweentheSouthBrisbaneReachandsurroundingprecincts.TheSouthBrisbaneReachcontainsfoursignificantpublictransportnodeseachboundbyotherprecincts,withsubstantiallatentdevelopmentzones.Bydevelopinginter-precinctpublictransportfacilitiestheseareaswillbelinkedtothepublictransportnodesoftheSouthBrisbaneReach.
Source:SouthBrisbaneRiversideRenewalStrategy–FinalDraftJuly2009
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State library of Queensland, Art Gallery, Museum, Cultural Centre, QPAC and South BankGriffith University Conservatorium Brisbane State High ImprovementsConvention and Exhibition CentreGoodwill BridgeGo Between BridgeSouth Bank Entry UpgradeSouth East Busway including Cultural Centre and South Bank Stations and Tunneling worksKurilpa Bridge
GOMA1
2345678
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1011121314151617181920
21Busway Upgrade including Melbourne St to Adelaide StSouthbank Tafe-PPPUpgrade water play park-SouthbankRedevelopment of Southbank Southern Restaurant PrecinctGlenelg/Grey St intersection upgradeThe Wheel of Brisbane, SouthbankBCEC ExtensionMelbourne,Grey,Merivale and Cordelia St upgradesMusgrave,Davies and Kurilpa Point Park upgradesSouth Brisbane Train Station upgrade
Replacements QAS Training Facility222324252627282930
The Edge,Cultural AuditoriumStormwater Harvesting and Reuse Centre SouthbankSouthbank Butterfly House developmentABC Headquarters Collins Place-Southbank Transit Site DevelopmentSouthbank Corporation Marina(69 Berth) and associated worksCity Cat terminal upgradeArts precinct extensionQPAC upgrades
SOUTH BRISBANE INFRASTRUCTURE $4 BILLION
EXISTINg AND FUTURE INFRASTRUCTURE $4B of useable and desired infrastructre
South Brisbane Infrastructure InvestmentEST. vALUE
Existing Infrastructure $2,721,580,000
Infrastruture Projects Underway $356,980,000
Planned Future Infrastruture $302,000,000
Possible Future Infrastruture $640,000,000
Total $4,020,560,000•SourcedfromUrbisandpreparedbyUrbis
SouthBrisbane’s$2.5billionofexistinginfrastructurehasenabledtheregiontogrowfasterthananyotherinnercitylocalityoverthepast20years.Thesuburbsrapidgrowthcanbeattributedtothediverseandconcentratedinvestmentfrompublicandprivateentities,whichcontinuetodrivefurtherinvestment.Asthecultural,entertainmentandbusinesscapitalofSouthEastQueensland,investorsaredevotingmorecapitalfundsforfutureinfrastructure.
There is currently over $2.7 billion worth of existing infrastructure already in South Brisbane, with a further $1.3 billion in the pipeline for future development.
South Brisbane InfrastructureINfRASTRUCTURE STATUS vALUEState Library of Qld, Art Galley, Museum, Cultural Centre, Existing $850,000,000
Convention and Exhibition Centre Existing $203,000,000
Go Between Bridge Existing $338,000,000
GOMA Existing $300,000,000
Busway Upgrade Existing $250,000,000
South Bank Tafe Existing $325,000,000
Redevelopment of Southbank Southern Restaurant Precinct Existing $100,000,000
BCEC Extension Commenced $130,000,000
Southbank Butterfly House Redevelopment Commenced $50,000,000
Southbank Transit Centre Site Redevelopment Planned $250,000,000
Arts Precinct Extension Possible $225,000,000
Future Mass Transit Possible $315,000,000
QPAC Upgrade Possible $100,000,000
•SourcedfromUrbisandpreparedbyUrbis
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The Brisbane Fringe office market has experienced strong tenant demand in recent times with firms now searching the fringe market for new office space.
1.BrisbaneFringeInnerSouthMarketIncludestheSuburbsofSouthBrisbane,WestEnd,Woolloongabba,KangarooPoint,EastBrisbaneandGreenslopes
•PreparedbyUrbisandSourcedfromPropertyCouncilofAustralia
1.BrisbaneFringeofficemarketincludesInnerSouth.Milton,SpringHill,UrbanRenewalandToowong•PreparedbyUrbisandSourcedfromPropertyCouncilofAustralia
GrOwTH iN THE iNNEr sOuTH is dramaTiCally HiGHEr THaN surrOuNdiNG marKETTheInnerSouthofficemarketincludesthesuburbsofSouthBrisbane,WestEnd,Woolloongabba,KangarooPoint,EastBrisbaneandGreenslopeswiththemajorityofofficespaceinSouthBrisbane.TheInnerSouthmarkethasexperiencedconsiderablegrowthinthetotalofficestockwhencomparedtotheBrisbaneCBDandsurroundingBrisbaneFringemarkets.TheInnerSouthrecordedanannualaveragegrowthfrom2004to2011of12percent,equatingtoagrowthoftotalofficestockofalmost18,000sqmperyearovertheperiod.
iNNEr sOuTH vaCaNCy raTEs CONsisTENTly lOwEr THaN OTHEr BrisBaNE friNGE marKETsDespitetheinfluxofstockintotheInnerSouthfringemarketthevacancyfactorhasremainedbeneaththeBrisbaneCBDandotherBrisbaneFringemarkets.Thetotalvacancyratewas7.2percentforthehalfyearendingJuly2011,equaltovacancyraterecordedforthesameperiod2010.Thevacancyfactorwaslessthanthe7.4percentrecordedintheBrisbaneCBDforthesameperiodandconsiderablylessthanthevacancyrateforthesurroundingBrisbanefringesublocales.ThisillustratesstrongdemandfornewofficestockintheInnerSouthMarketandthatnewstockisreceivedpositivelybyfirms.
iNNEr sOuTH vaCaNCy raTE OuTpErfOrm ausTraliaN CBd’sTheBrisbaneInnerSouthtotalvacancyfactorwas7.2percentforthehalfyearendingJune2011,lowerthanthemajorityofAustralianCBDofficemarkets.InadditionthedirectvacancyfactoroverthesameperiodfortheInnerSouthmarketwas5.1percent,considerablylessthanallthemajorAustralianCBDs.ThedirectvacancyandtotalvacancyfactorsintheInnerSouthmarketdemonstratethelimitedavailabilityofstockandthedesirabilityofthelocation.
TheInnerSouthhasbeenabletokeepvacanciesatalowerlevelduemajorpre-commitmentsonfuturestock,includingtheABCandSuncorpinSouthBrisbane.TheInnerSouthfringemarketcontainsalargeproportionofnewstockmuchofwhichisGradeA,whichhasexperiencedtightvacancyratesoverthepastsixmonths.ThelimitedsupplyofGradeAstockhasdrivendemandandrentalpriceshaveincreasedaccordingly.a
INNER SOUTH COMMERCIAL MARKET Inner south registered the lowest vacancy rate in inner Brisbane
Growth Rates of Total Office Stock INNER SOUTH, BRISBANE CBd, SPRING HILL ANd MILTON
Vacancy Rates of Brisbane CBD and Fringe SublocalesJUNE QUARTER 2011
•PreparedbyUrbisandSourcedfromPropertyCouncilofAustralia
Vacancy Rates and Square MetresINNER SOUTH ANd AUSTRALIAN CBd OffICE MARKET
dIRECT vACANCy fACTOR (%)
TOTAL vACANCy fACTOR (%)
Brisbane Inner South 5.1% 7.2%
Sydney CBD 8.4% 9.3%
Melbourne CBD 5.2% 5.8%
Canberra CBD 11.0% 13.3%
Brisbane CBD 6.6% 7.4%
Perth CBD 6.8% 7.8%
Total Australian CBD 7.4% 8.4%
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Past 4 Yrs
12 AXA Australia (Finance & Incusrace) - 1,400m2
13 Downer EDI (Mining) - 1,386m2
14 Leighton Contractors ( Construction) - 1,000m2
15 Sinclair Knight Merz (Engineering/Mining) - 12,000m2
16 Macmahon Holdings (Mining) - 3,494m2
17 ABC (Communications Services) - 10,000m2
18 Kellogg Brown & Root (Engineering) - 8,255m2
1 Ausenco 2 Origin Energy (Supply) - 5,666m2
3 MWH Global (Engineering) - 2,800m2
4 South Central (Various) - 3,208m2
5 Centrelink (Community) - 3,600m2
6 Stockland (Property) - 6,204m2
7 Theiss (Engingeering) - 3,614m2
8 Roche Mining (Mining) - 6,660m2
9 Colorado (Retail Trade) - 5,800m2
10 QLD Health (Government) - 2,700m2
11 Macarthur Coal (Mining) - 1,800m2
(Engineering) - 9,000m2
SOUTH BRISBANECOMMERCIAL OFFICE CONSUMPTION - PAST 4 YEARS
SOUTH BRISBANE COMMERCIAL MARKET 300,000sqm of commerical office space
South Brisbane has developed into one of the largest commercial precincts in South East Queensland with a number of multinational companies relocated into the commercial office space in South Brisbane.
Toclarify,thenextsectionwillexaminetheSouthBrisbanecommercialmarketindetail.WithinSouthBrisbane,thereisover300,000squaremetres(sqm)ofcommercialofficespace,equatingtoenoughfloorspacefor30,000whitecollarworkers.TheconstructionofanumberoflargecommercialbuildingsinSouthBrisbanecoupledwiththesuburbscloseproximitytotheCBDhasseenitasanideallocationformanyfirms.ThesefirmshavebeenconcentratedaroundthekeycommercialprecinctsofMelbourneStreet,GreyStreetandMontagueRoad.Anumberofkeytenantsareillustratedinthetableofbelow.
South Brisbane Commercial Office Market
TENANT INdUSTRy NEW AddRESS NEW SUBURB AREA LEASEd (m2)Suncorp Insurance and Banking Cnr Grey and Vulture Streets South Brisbane 33,600
Ausenco Property and Business Services 144 Montague Road South Brisbane 14,216
Sinclair Knight Merz Property and Business Services Cnr Melbourne Street & Merivale Street South Brisbane 12,000
Australian Broadcasting Company Communication Services Cnr Grey & Russell Streets South Brisbane 10,000
Kellogg Brown & Root Property and Business Services 199 Grey Street South Brisbane 8,255
Roche Mining Mining 100 Melbourne Street South Brisbane 6,600
Colorado Retail Trade 100 Melbourne Street South Brisbane 5,800
Origin Energy Electricity, Gas and Water Supply 144 Montague Road South Brisbane 5,666
Theiss Property and Business Services 10 Browning Street South Brisbane 3,614
Rivercity Motorway Construction 140 Melbourne Street South Brisbane 3,509
Macmahon Holdings Mining Cnr Melbourne Street & Merivale Street South Brisbane 3,494
Abigroup Contractors Construction Stanley Street South Brisbane 3,200
MWH Property and Business Services 35 Boundary Street South Brisbane 2,800
Queensland Health Government Administration & Defence 100 Melbourne Street South Brisbane 2,700
Macarthur Coal Mining 100 Melbourne Street South Brisbane 1,800
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SOUTH BRISBANE’S CULTURAL, EDUCATIONAL & RETAIL PRECINCTS Key precincts within walking distance to CBd
South Brisbane is located in close proximity to key educational, retail and cultural nodes. The suburb’s location and amenities is the principal driver for its high residential and commercial demand. South Brisbane is Located in Close Proximity to Key
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SOUTH BRISBANE AMENITIES BRISBANE, QUEENSLAND
© 2011 PSMA Australia Ltd, Sensis Pty Ltd. Australia Bureau of Statistics. Produced by Urbis Pty Ltd ( December 2011 )
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1 Queensland University of Technology - 40,0002 Southbank Institute of Technology - 30,0003 Griffith University - 3,373 4 CQ University - 5,0005 Sarina Russo6 EF International Language School7 A&NZ College of Anaesthetics8 New England College of Technology9 Holmes College10 Queensland College of English11 Brisbane Commercial12 Viva College
SOUTH BRISBANESTUDENTS WITHIN 1.5km80,000+
SOUTH BRISBANE’S EDUCATIONAL INSTITUTIONS 80,000 students equals a strong rental market
SouthBrisbaneisoneofSouthEastQueenslandlargesteducationalhubs.Therearecurrently12educationalinstituteswithinandsurroundingSouthBrisbane,illustratedbelow.TheSouthBrisbaneeducationalhubcatersforinexcessof80,000students.
• QueenslandUniversityofTechnology(QUT)–40,000students
• SouthbankInstituteofTechnology–30,000students
• GriffithUniversity–3,373students
• CentralQueenslandUniversity–5,000students
KEy iNfrasTruCTurE upGradEs TO EduCaTiONAnumberofrecentinitiativeshavebeenundertakenbyprivateandpublicinvestorstoprovideworldclasseducationfacilitiesandtoimprovethequalityofamenitiesforthelargestudentpopulationinSouthBrisbane.
• $40milliondevelopmentoftheGoodwillBridgehasprovideddirectaccessfromSouthBrisbanetotheQueenslandUniversityofTechnology(QUT).
• $37milliondevelopmentofGriffithUniversityConservatorium
• $325millionredevelopmentofSouthBankInstituteofTechnologyEducationandTrainingprecinct.
• ReplacementoftheQAStrainingfacilities
• RecentupgradestoSouthBrisbane’spublictransportincluding;theSouthEastBusway,refurbishmentoftheSouthBrisbanetrainstationandimprovementofpedestrianandcyclepaths.
South Brisbane is ideally located in close proximity to the majority of South East Queensland’s educational providers.
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West End Retail precinct
ColesSupermarket
South Bank Retail Precinct
South Brisbane
Queen Street Mall
Retail Precinct
Melbourne St Retail
Bars, Restaurants & CafesFashion BoutiquesOther Specialty StoresSupermarkets
27553
1572
SOUTH BRISBANERETAIL
SOUTH BRISBANE’S RETAIL AND CULTURAL DISTRICT The cultural and retail hubs of South East Queensland
275 Bars, Restaurants and Cafes 53 fashion Boutiques 157 Other Specialty Stores
TheSouthBrisbaneRetailandCulturalprecinctsencompasstheQueenslandCulturalCentre,LittleStanleyStreet,GreyStreetandtheSouthBankParklands.
LittleStanleyStreetishometoanumberofawardwinningrestaurantsandbarsaswellasboutiqueretailstoresfromrenownedinternationalandlocaldesigners.LittleStanleyStreetisadjacenttotheSouthBankParklands,a17hectareurbanoasisnestledontheBrisbaneRiver.SouthBanksoffersretailanddiningoptionsintegratedwithrainforestwalks,picnicareasandapicturesqueriverfrontpromenade.
GreyStreetformstheheartofBrisbane’sculturalhub.Inadditiontothestreetbeingfullyoccupiedwithrestaurantsandbars,theSouthBankCinemasandBrisbaneConventionandExhibitionCentrearealllocatedonGreyStreet.TheBrisbaneConventionandExhibitionCentreisofficiallyrankedamongthetopthreeconventioncentresintheworld.
Thecentreencompassesthreehallscateringforeventsfrom400to8,000delegates.TheSouthBankCorporationanditspartnersareaimingtocontinuethetransformationofGreyStreetintooneofAustralia’smostdistinctiveboulevards.
SituatedneartheendofGreyStreetistheQueenslandCulturalPrecinctandKurilpaPark.TheCulturalCentreishometo:
• GalleryofModernArt(GoMA):Isthenation’smostvisitedartgallerycomplexwithmorethan1.8millionpeoplevisitingthegalleryin2010.GoMAalsohostedfourofthefivemostpopularexhibitionsinAustraliain2010.
• QueenslandArtGallery:IsconsideredQueenslandpremiervisualartsinstitutionandoneoftheleadingartmuseumsinAustralia.
• StateLibraryofQueensland
• QueenslandPerformingArtsCentre:IshometofourofQueenslandleadingperformancecompaniesincludingtheQueenslandBalletandOperaQueensland.
• QueenslandTheatreCompany
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RENTAL MARKET INSIgHTS South Brisbane on market rental premium
On The Market Rental Prices ONE BEdROOM ANd TWO BEdROOM APARTMENTS
sOuTH BrisBaNE – aparTmENT rENTal marKETTheSouthBrisbanerentalmarketisundersuppliedwiththenumberofpeoplewantingtoresideinthesuburbsubstantiallyoutweighingtheavailableproduct.ThedemandforSouthBrisbanecoupledwiththislimitedsupplyhasenabledSouthBrisbanerentalpricestotradeatapremiumoversurroundingsuburbs.
ThisanalysislooksatoneandtwobedroomapartmentswithinSouthBrisbanethatarenearnewornewlydeveloped.Toprovideaccuratefiguresforcomparableapartmentproductinothersuburbstheapartment’slocation,size(squaremetre),aspectandagewereanalysedandbenchmarked.
TheaverageweeklyrentalpricegeneratedbyonebedroomapartmentsinSouthBrisbaneis$504perweek,considerablyhigherthantheaverageweeklyrentalofsimilarproductintheneighbouringsuburbofWestEnd.OnebedroomapartmentsinWestEndarecurrentlyachievinganaverageweeklyrentof$422,19percentlessthantheaverageweeklyrentinSouthBrisbane.Thisequatestoanaveragerentalpremiumof$4,264perannumforonebedroomapartmentsifitwaslocatedwithinSouthBrisbane.
OnebedroomapartmentsinFortitudeValleyandBowenHillscurrentlyregisteranaverageweeklyrentalincomeof$360,40percentlessthantheaverageonebedroomapartmentaskingrentachievedinSouthBrisbane.TherentalpremiuminSouthBrisbaneoverFortitudeValleyandBowenHillsequatestoalmost$7,500morerentoveraperiodofoneyear.TherentalpremiumforonebedroomapartmentsinSouthBrisbanewhencomparedtoasimilarproductinHamiltonis41percent.Thisrepresentsasimilarincomesacrificeof$7,500ifaninvestorwastopurchaseanaverageonebedroomapartmentinHamiltoninsteadofSouthBrisbane.
CurrentlytwobedroomapartmentsinSouthBrisbanegenerateanaverageweeklyrentalreturnof$670foranearnewornewapartment.WhencomparedtosimilartwobedroomapartmentsintheneighbouringsuburbofWestEnd,SouthBrisbaneachievesarentalpremiumof$176perweekor36percent.
Similartoonebedroomapartments,thedemandfortwobedroomapartmentsinSouthBrisbanedrivethesuburbtoachievearentalpremiumovercomparabletwobedroomapartmentsinFortitudeValleyandBowenHills.Thedifferenceinaskingrentsequatestoarentalpremiumof49percentoranaverage$221moreperweekwhichequates$11,492perannum.
Inrecentyears88,997sqmofofficespacehasbeenaddedtoSouthBrisbane.Thisincreaseinspacehasenabledapotentialnewworkforceof8,900whitecollarworkerstoworkintheimmediateSouthBrisbanearea.SouthBrisbane’sreputationasapremiumbusinessdistresswasrecognizedwithSuncorprecentlyannouncingthatitwillmove3,000newstaffintheyet-to-beconstructedSouthpointPrecinctonthecornerofGreyandVultureStreetinSouthBrisbane.ThiswillbringthetotalSouthBrisbaneOfficeMarkettoover300,000sqmofofficespace,whichwillequatetoapproximately30,000workers(assumingonepersonper10metresofofficespace.
•Thesampleofonmarketrentalpriceswascalculatedusingstandardpropertiesandremovingpropertieswhichwereconsideredpremium.Premiumpropertiescouldberemovedonthebasisofaspect,squaremetresandamenities.
•PreparedbyUrbisandSourcedfromRealestate.com.au
•Thesampleofonmarketrentalpriceswascalculatedusingstandardpropertiesandremovingpropertieswhichwereconsideredpremium.Premiumpropertiescouldberemovedonthebasisofaspect,squaremetresandamenities.
•PreparedbyUrbisandSourcedfromRealestate.com.au
One and two bedroom apartment rental premium RENTAL PREMIUM OvER WEST ENd, fORTITUdE vALLEy / BOWEN HILLS ANd HAMILTON fOR ONE ANd TWO BEdROOM APARTMENTS
South Brisbane Rental Premiums1-Bd 2-Bd
South Brisbane $504 $670
West End $422 $494
Fortitude Valley / Bowen Hills $360 $449
Hamilton $357 $494
South Brisbane Premium OverWest End 19% 36%
Fortitude Valley / Bowen Hills 40% 49%
Hamilton 41% 36%
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THE GAP
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MARKET RENT COMPARISON BRISBANE, QUEENSLAND
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West End
Hamilton
SouthBrisbane
Fortitude Valley /Bowen Hills
1km
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West EndOne Bedroom Current on Market Rent: $422 per weekTwo Bedroom Current on Market Rent: $494 per weekSouth Brisbane One Bedroom Rental Premium: 19%South Brisbane Two Bedroom Rental Premium: 36%
South BrisbaneOne Bedroom Current on Market Rent: $504 per weekTwo Bedroom Current on Market Rent: $670 per week
Fortitude Valley/Bowen HillsOne Bedroom Current on Market Rent: $360 per weekTwo Bedroom Current on Market Rent: $449 per weekSouth Brisbane One Bedroom Rental Premium: 40%South Brisbane Two Bedroom Rental Premium: 49%
HamiltonOne Bedroom Current on Market Rent: $357 per weekTwo Bedroom Current on Market Rent: $494 per weekSouth Brisbane One Bedroom Rental Premium: 41%South Brisbane Two Bedroom Rental Premium: 36%
Legend
!( Brisbane CBD
RENTAL MARKET INSIgHTS The recent investment in South Brisbane equates to over 300,000 square metres of office space and a potential rental catchment for South Brisbane of over 30,000 white collar workers.
Thiscommercialdevelopmenthasnotbeenshadowedbyresidentialdevelopment,withalimitedsupplyofnewresidentialbuildingsbeingdevelopedinSouthBrisbaneinthelastfouryears.Therefore,inSouthBrisbanedemandfordwellingsdrasticallyoutweighssupply,increasinglyleadingtowardscontinuedandsteadyincreasestotheweeklyrentalrate.
ThehigherrentalpremiumgeneratedinSouthBrisbaneforoneandtwobedroomapartmentscanbeattributedthesuburbscloseproximitytofourmajoreducationalfacilities,GriffithUniversity,QUT,SouthBankInstituteofTechnologyandCQUniversity.Thesefourmajoreducationalprovidershaveacurrentcombinedstudentpopulationofapproximately80,000students.InadditionaltothemajorinstitutionsanumberofPrivateEducationalInstitutionsarelocatedincloseproximitytoSouthBrisbanedrawingfurtherstudentsintothesuburb.ThishasdriventhedemandfortheapartmentmarketwithinSouthBrisbaneasalargenumberofstudentsareseekingrentalaccommodationwithinwalkingdistancetotheselargeeducationalfacilities.
TherentalpremiumisalsodrivenbythehighdesirabilityofSouthBrisbanewithresidentswillingtopayextraforthesuburbsproximitytotheCBD,employmentamenityandexistinginfrastructure.
SignificantexistinginfrastructureincludesVictoriaBridge,whichdirectlylinksSouthBrisbanetotheCDBattheQueenStreetMall,andGoodwillBridgewhichenablesdirectaccesstoQUT.Inaddition,recentupgradestopublictransportincluding;upgradestothebuswayatMelbourneandAdelaideStreetandtheSouthEastbuswayhaveprovidedSouthBrisbanewithnewandefficientpublictransport.
Alongsideinfrastructureupgrades,SouthBrisbanecanalsobeconsideredoneofBrisbanemajorculturalandboutiqueretailhubs,withalargeproportionofbothpublicandprivateinvestmentbeingconcentratedintothesuburb.ThisincludesredevelopmentofSouthbankSouthernRestaurantPrecinctandthenewlydevelopedQueenslandCulturalCentre.TheGalleryofModernArt(GOMA),whichformspartoftheCulturalCentre,wasthemostattendedartgalleryinAustraliawithover1.8millionpeoplevisitingduring2010.Inaddition,theABCradioandtelevisionfacilitiesalongwiththeQueenslandSymphonyOrchestrawillre-locatetotheirnewsiteonthecornerofGreyandRusselStreet,furtherenhancingtheculturalreputationofSouthBrisbane.
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RENTAL MARKET INSIgHTS Tightening of vacancy rates
The vacancy rate for Inner Brisbane at the end of the September 2011 Quarter was 2.7 per cent. This was lower than the vacancy rate of 3.2 per cent for the Brisbane Metropolitan Area over the same period. The vacancy rate for inner city Brisbane apartment rentals between 2007 to the current period on average achieved a vacancy rate of 2.7 per cent.
ThevacancyratewithintheinnerBrisbaneregionhasbeentighteningsincelate2009duetothelackofresidentialdevelopmentfollowingtheglobalfinancialcrisesandthesubsequentdifficultlyfordevelopersingainingfinancetodeliverapartmentprojectswithintheinnercity.Withlimitedsupplyandcontinuedincreasingdemand,vacancyrateswillpotentiallycontinuetotighteninthoseinnercitysuburbsthatarewellsupportedbyinfrastructureandamenity.
Inner and Metroplitan Brisbane - Vacancy Rates OESR - QUARTERLy vACANCy RATE - SEP 2009 QTR - SEP 2011 QTR
•PreparedbyUrbisandSourcedfromOESRQuarterlyVacancyData,June2011
It is safe to assume that rental rates will continue to increase in the near future, further driven by inner Brisbane’s ever increasing demand for rental accommodation and sluggish development of dwelling supply.
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dEmOGrapHiC aNalysisThecatchmentareaforSouthBrisbaneencompassestheresidentsofSouthBrisbane,WestEndandHighgateHill.ItisutilisedasameansofcomparingSouthBrisbane’sdemographictothatofitssurroundingsuburbs.Theestimatedresidentialpopulation(ERP)inSouthBrisbaneincreasedby0.6percentduringtheyearending2010,consistentwiththegrowthexperiencedintheCatchmentArea(1percent)andInnerBrisbane(1percent)overthesameperiod.
TheestimatedresidentialpopulationinSouthBrisbaneexperiencedlargefluctuationsinthegrowthratewhencomparedtotheCatchmentAreaandInnerBrisbane.Asaresultofthelimitedsupplyofresidentialdwellings,thepopulationdramaticallyincreaseswhennewdevelopmentsenterthemarket,resultinginfluctuationsinresidentpopulation.Thefluctuationsinpopulationillustratesthatwhennewresidentialproductentersthemarket,asignificantamountofpentupdemandispresent.Inaddition,thelowvacancyrateoftheregionsuggeststhatrentalsaretightandquicklyabsorbedwhennewproductentersthemarket.
aGE dEmOGrapHiCThemostprevalentagedemographicinSouthBrisbaneisresidents20to29yearsofage,whichequateto34.1percentofthetotalpopulation.ThemostdominantdemographicinSouthBrisbaneareresidentsbetween20to24yearsofageindicatingalargestudentpopulaceandprofessionalpopulace.Theconcentrationofthisagegroupisofnosurprisewhenconsideringthelocationsproximitytoanumberofkeyeducationalfacilitiesaswellasemploymentnodes.
FurthermorethisagegrouparemoreacceptingofdensitydevelopmentandgenerallyseektobelocatedinsociallyactiveanddiversehubssuchasSouthBrisbane.Withstudentnumberspredictedtoincreaseoverthenextfiveyears,thedemandforlowmaintenancedwellingsinsuburbssuchasSouthBrisbanewillalsocontinue.
mEaN TaxaBlE iNCOmE
Themeantaxableincomeforthecatchmentareafortheannualperiodending2009wascalculatedat$61,490,equatingtoanannualgrowthof3.1percent.Themeantaxableincomewasslightlylowerthanthe$67,483recordedwithintheInnerBrisbaneregion,whichcanbeattributedtothehighproportionofindividualsaged20to29yearsofage.Thishighproportionisreflectiveof:
• ThelargestudentpopulationresidinginSouthBrisbanebecauseofthesuburb’slocationinclosevicinitytoanumberoflargescaleeducationalfacilities.Thesestudentsarepresumablyworkingonacasualorpart-timebasiswhiletheyarestudying.
• Thehighproportionofindividualsaged25to29yearsofageisreflectiveofyoungprofessionalsresidinginthecatchmentthatareattractedtothelocationsproximitytoemploymentnodesandemergingofficedistrict.
Estimated Residential Population SOUTH BRISBANE, CATCHMENT AREA ANd INNER BRISBANE
DEMOgRAPHIC INSIgHTS
South Brisbane’s demographics are driven by the suburb’s location to key amenities
Mean Taxable IncomeCATCHMENT AREA ANd INNER BRISBANE
Age Demographic SOUTH BRISBANE, CATCHMENT AREA ANd INNER BRISBANE
•PreparedbyUrbisandSourcedfromABSRegionalPopulationGrowth,Australian3218.0
•PreparedbyUrbisandSourcedfromABS3235.0PopulationbyAgeandSex2010,RegionsofAustralia
•PreparedbyUrbisandSourcedfromATOMeanTaxableIncomebyPostcode
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Generation Born2008
Age
2011Age
2015Age
2021Age
2008% of Nation
2008 Pop (Approx. $ Mill)
2011 % of Nation (Projection)
2021 % of Nation (Projection)
The Great Generation 1925 -1945 62+ 65+ 69+ 75+ 16% 3.4 14.00% 7.5%
Baby Boomers 1946 - 1964 43 - 61 46 - 64 50 - 68 56-74 25% 5.3 23.75% 19.5%
Gen X 1965 - 1980 27 - 42 30 - 45 34 - 49 40 - 55 23% 4.8 22.25% 20.1%
Gen Y (Mellenials) 1981 - 1999 8 -26 11 - 29 15 - 33 21 - 39 26% 5.5 26.1% 26.2%
Gen Z 2000 and After 0 - 7 3 - 10 7 - 14 13 - 20 10% 2.1 10.2% 10.8%
Dumbbell Effect – Generation Y and Baby BoomersAUSTRALIAN GENERATIONS – THE BREAKdOWN
Botharegenerationswhichareprominentwithinthesite’scatchmentandgreaterfocuswillbeneededtoattractolderGenerationY(GenY)whoarenowmovingintoyoungfamilydynamicsandaremoreaccustomedtodensercommunitiesyetrequiremoreaffordableproductduetothelackofnetworthincomparisontoBabyBoomers.
GenYandBabyBoomershavebothmatchinganddifferentwantsandneeds,whichwillsimultaneouslydrivedemandinresidentialprojects.Nonetheless,GenYandBabyBoomers,willbemoreattractedtoproductthatiscentredonwalkableurbanenvironments,whicharegreen-orientated(sustainable)andarewellservicedbypublictransport,employmentnodes,andcentresofactivityorleisure,whichprovidedestinationappeal.
GenYwillbedefinedbyagrowingincomeearningpotential,combinedwithagrowinghouseholdsize,yetthemajoritybelievethatinner-cityfamilylivingisbeginningtobethenorm.Afocuswillbeonadwellinginanenvironmentwheretheycanlive,workandrecreate–andhigherdensitywillnotbeopposed.BabyBoomers,similarlyfocusedonlifestyle,haveincreasedequityyetwillwantmoremanageableandlowmaintenancespacestolivein.Theywillbelikelytoworklongerthanthey
typicalretirementageof65andwanttoembracethe‘town-centre’ideaofwalkableurbanareas.Forthoseinthelatterstagesoftheboomers,easeofaccesstomedicalandhealthcarefacilitiesisofhighimportance.AsBrisbanegrows,providing‘liveable’dwellingswillbekey.
Akeyexternalfactorforalldemographicgroupswillbetherisingcostofliving.Energycostscontinuetorise,withariseofover13%experiencedinQueenslandoverthe2010-11financialyear,andariseofnearly7%expectedforthe2011-12financialyear.Fuelpricescontinuetorise,andtheGovernment’sstanceonCarbonTaxationwillflowthroughtoaddanextracosttoourbottomline.Thesecostsaddup-wearealreadyseeinghouseholdsmovingtosmaller,newer,moresustainabledwellings,withproximitytopublictransport.
Thefocusthereforeforinvestorsanddevelopersistobeabletocapitaliseontheopportunitiestheseshiftingtrendspresents.Developingandinvestingwillultimatelybejudgedaroundkeycomponentssuchasachangingconsumerpreferencebasedaroundcommunity,neighbourhoodandfunction;thepositivesofurbanisationandwork/lifebalance;increasingsustainabilityand‘green’technologyintegration;andlocationsandproductwhichcountertherisingcostofliving.
Dumbbell Effect – Generation Y and Baby BoomersHOUSING dEMANd SHIfTS fOR THE AUSTRALIAN GENERATIONS
YearStaying at Home
with parents
Single and Room-mate
Rental Rent as Couple
/ 1st Home Young Family
OwnMature Family
OwnEmpty Nester Downsize Own
Retiree Senior Housing
2008 Gen Y Gen Z
Gen Y Gen X Gen X Baby Boomer Baby Boomer Baby Boomer The Great Gen
2010Gen YGen Z
Gen Y Gen Y Gen XGen Y
Baby Boomer Gen X
Baby Boomer Baby Boomer The Great Gen
2015Gen YGen Z
Gen Y Gen Y Gen Y Gen X Baby Boomer Gen X
Baby Boomer The Great Gen
2020 Gen Z Gen Y Gen Y Gen Y Gen X Gen Y
Baby Boomer Gen X
Baby Boomer
Understanding the demand and drivers of Australia’s two largest markets will be the primary driver in dwelling demand in the next five years as both gen y and Baby Boomers move into new phases of their dwelling accommodation life cycle.
SHIFTINg DEMOgRAPHIC
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Itisthesefundamentals,combinedwithonefurtherkeyvariable,thatshouldhaveallwiseinvestorsjumpingforjoy.Thatkeyvariableisvalue.Medianhouseandapartmentpricesinmanyareasarethelowesttheyhavebeeninyears.Inaddition,medianrentshaveconsistentlyrisenacrossallresidentialclassesacrossBrisbaneoverthepastfiveyears.Affordableprices,rentaldemand,andallincombinationwithinterestratesthatarestillbelowthelevelsseeninthe90’sandearly2000’s.
Thewisepurchaserwillseethattheopportunitytobuyisnow,therewillbenomagicalindicationbecausethesignseveryoneiswaitingforarethehardfactsrightinfrontofus–buyawell-pricedproduct,designedwiththeshiftingdemographicneedsinmind,withinanurbancommunitywellservicedbyamenityandinfrastructure,andthefutureofyourinvestmentlooksbrightindeed.
MARKET INSIgHTS AND OUTLOOK “There is no security, there is only opportunity” Global economic uncertainty remains turbulent, but Australia and Queensland in particular hold an enviable position of stable economic fundamentals and a booming resource sector. This robust climate portrays Brisbane property as an exceptionally secure investment option on a worldwide scale.
Wearenowenteringthefinalquarterofthecalendaryear,anditisreasonabletoconcludethat2011hasbeenatoughperiodfortheQueenslandpropertymarketandtheAustralianeconomyingeneral.Despiteaboomingresourcesector,confidenceacrossallothermajorindustrysectorshassoftenedsignificantlyonthebackofsubstantialinternationaleconomicturbulence.Acombinationofnaturaldisasters,poorGovernmentpoliciesandmonetarymanagementhavedonelittletoassureorenticeAustralia’spotentialhomebuyersandinvestorstore-enterthepropertymarket.
Despitemediadrivenfearthroughoutthemarket,takingalong-termlookatBrisbane’spropertymarketitisreasonabletopredictthatwehavenowreachedthebottomofourpropertycycle.Globaleconomicconditionsremainturbulent,butAustraliaandQueenslandinparticularholdanenviablepositionofstableeconomicfundamentalsandaboomingresourcesector.ThisrobustclimateportraysBrisbanepropertyasanexceptionallysecureinvestmentoptiononaworldwidescale.
Thereiscurrentlya‘stand-off’situationbeingexperiencedwithinvestorsandowneroccupierssittingontheirhands,waitingwithcautionforsomesignthatthingsaregoingtoimprove,presumablyresultingin‘herd-like’purchasingandprovidingtheperceptionofshort-termsecurity.Itwillbethewiseinvestorwhoreignssupremehowever,astheywillunderstandthatproperty,likemanyformsofinvestment,mustbeviewedonalongtermbasis-requiringplanning,knowledgeoffuturemarketsandpatience.Wiseinvestorswillunderstandthatdespitethemedia-drivenfear
acrossthemarket,thefundamentalsarestillstrongandthatthemarketispoisedforanotherperiodofsolidgrowthincomingyears.
PopulationgrowthforQueenslandandAustraliaremainsaboveorequaltothefiveyearaverage.Thispopulationgrowthisdrivenbyanumberofkeyareas,suchasemploymentopportunities,affordabilityofdwellingsandtheQueenslandlifestyle.Asteadygrowthinpopulationcombinedwithsmarteconomicstrategiesdevelopsastrongeconomy,andourcurrentresourcesboomwillbekeyindrivingthecallsforlabour.
Thegrowingpopulationwillalsobeachangingdemographic,withparticularmovementfromthelargestdemographicgroups,theBabyBoomersandtheGenY’s.Thewantsandneedsofthesetwogroupswillbewidelydifferent,withBabyBoomerslookingtodownsize,andaGenYdemographicmovingintoincreasedearningcapacity,lookingatlocalitytoemployment,lifestyleandinvestments.
Unemploymentisrelativelystable,howeverthelongtermforecastsuggestsBrisbanecanexpecttoprovideafurther360,000jobsby2031withinthe‘GoldenEmploymentTriangle’oftheBrisbaneCBD,theBrisbaneAirportandthePortofBrisbane.Intheshortterm,ourcommoditiesboomwillseeatighteningoflabouravailable,andwithBrisbanebeingthelargestcapitalcityinproximitytomuchofthisactivity,theloweringofunemploymentisexpected.
It is certainly not all doom and gloom for Brisbane’s property market, in fact, it is possibly one of the most opportunistic markets Brisbane home buyers and investors have experienced in many years.
2004
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BRISBANE LgA RESIDENTIAL MARKET OVERVIEw andlongtermstrategythatisrealestateinvestment.” BrisBaNE lGa – HOusE marKET iNsiGHT
TheBrisbaneLocalGovernmentArea(LGA)registeredamedianhousepriceof$506,000,basedon2,771settledtransactionsattheendoftheSeptember2011quarter.Themedianhousepricedeclinedby6.3percentovertheyearandcanbeattributedtoanumberofkeyfactorsincluding;economicuncertaintyandthesubsequentinabilityofbuyerstogainfinance,lackofinterestandcommitmentofpurchasersinthehigherpricepointsandthelingeringeffectsoftheJanuaryfloods.
However,settledtransactionsincreasedovertheSeptember2011quarter,swellingby55percentor979settlements.TheincreaseinthenumberofsettledtransactionsoverthequarterisapositivesignfortheBrisbaneLGAhousingmarketandcoupledwithrecentinterestratecuts,activityissettoincreasemovinginto2012.
TheBrisbaneLGAsalescyclegraphidentifiesthelong-terminvestmentthatispropertyasanassetclassandreinforcesthepotentialcapitalgrowththatcanbeachieveddespiteshorttermfluctuations.Despitethedeclineinmedianhousesalepricesincepeakingbackinmid-2010,theBrisbaneLGA’smedianhousepriceoverthepastfiveyearshasregisteredanincreaseof5.5percentperannumandoverthepast10yearshasincreasedby9.7percentperannumendingSeptember2011.ThedeclineinmedianhousepriceswithintheBrisbaneLGAcoupledwiththecurrentmarketoutlookindicatesthatpricesmayhavefinallyhitbottom.Thiscanbeperceivedasoneofthebestopportunitiestoenterthepropertymarketwhilehousepricesremaincompetitive.
BrisBaNE lGa – aparTmENT marKET iNsiGHTTheBrisbaneLGAmedianapartmentpriceattheendoftheSeptember2011quarterwasrecordedat$388,000,basedon1,521settledtransactions.ApartmentsinBrisbanehaveperformedconsistentlybetterovertheperiodthanthehousemarket,decliningbyonly2percentsincetheJune2011quarter.Thebuoyancyandsubsequentpricesofteningoverthequartermaybeattributedtomoreaffordableproductbeingpurchasedandalowsupplyofnewproductenteringthemarket,limitingtheavailabilityofapartmentstockindesiredlocationswithintheBrisbaneLGA.
ThedeclineinmedianapartmentpricesacrosstheBrisbaneLGAcanbeaseenaspositiveforthosewantingtoenterthepropertymarketforthefirsttimeaswellasinvestors.Furthermore,recentinterestratecutsmaysoonseeBrisbane’saffordableapartmentproductbecomeonceagaininhighdemand.ThiscanbeattributedtotheopportunitiessurroundingBrisbane’scontinuedlowvacancyinrentaldwellings,inparticularwithintheinnercity,attractinginvestorsbackintothemarket.Anincreaseinthedemandforapartmentsovertheshorttermwillcertainlyseetherapidabsorptionofthelimitedsupplyofcompetitivelypricedapartmentswithinthemarketassupplyremainsconstrainedfordeveloperstoreleasenewproduct.
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Sep-80
Sep-81
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Brisbane LGA - House Sales Cycle
Num Sold QTRLY
Median Price QTRLY
Positive signs in the september quarter
Brisbane LGA House MarketBRISBANE LGA SALES ANd MEdIAN HOUSE PRICE TIME SERIES SEP 1980 TO SEP 2011
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Brisbane LGA Apartment MarketBRISBANE LGA SALES ANd MEdIAN UNIT PRICE TIME SERIES SEP 1980 TO SEP 2011
Opportunities present in the apartment market
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Sep-80
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Brisbane LGA - Unit Sales CycleNum Sold QTRLY
Median Price QTRLY
Prepared by Urbis Source: RPData
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South Brisbane Catchment House MarketSOUTH BRISBANE CATCHMENT SALES ANd MEdIAN HOUSE PRICE TIME SERIES SEP 2001 TO SEP 2011
sOuTH BrisBaNE lGa – HOusE marKET iNsiGHTThemediansalepriceforhouseswithintheSouthBrisbanecatchmentwas$606,000,basedon80settledtransactionsattheendoftheSeptember2011halfyear.OvertheyearendingSeptember2011themedianhousepriceinthecatchmentrecordedagrowthof2.7percent,buckingthetrendacrosstheBrisbaneLGApropertymarket.
Breakingdownthecatchment,SouthBrisbane’slimitedsupplyofhouseproduct,registeredninesettlementsovertheperiodwithpricesrangingfrom$565,000to$1.6million.WestEndregisteredthemajorityofsettledhousetransactionsovertheperiod,equatingto56housesalesandachievingamedianhousepriceof$510,000.
Conductingaresaleanalysisonthecatchmenthasidentifiedthetightlyheldnatureofhouseproductwithintheregion,withhousestransactingwithin2011registeringanaverageholdperiodof5.27yearscomparedtoBrisbane’saverageof4.5years.
sOuTH BrisBaNE lGa – aparTmENT marKET iNsiGHTTheSouthBrisbanecatchmentregisteredamedianapartmentpriceof$484,250,basedon100settledtransactionsattheendoftheSeptember2011halfyear.Theapartmentsalescyclegraphillustratesthelackofactivityintheprecinctsincelate2007,withthemedianapartmentpricefluctuatingthrougheconomicandnaturaldisasters(GFCandtheJanuary2011floods).ThebouncebackofthemediansalepriceattheendoftheSeptember2011halfyearindicatesthelevelofpentupdemandthatispresentwithinthecatchment,withthemedianapartmentpriceincreasingby20percentsincetheMarch2011halfyearperiod.ThemajorityofapartmentproductislocatedwithinSouthBrisbaneandWestEnd,registeringatotalof56and66settledapartmenttransactionsrespectivelyoverthehalfyear.
WestEndrecordedthehighestmedianapartmentpriceduringthehalfyearof$505,000comparedtoSouthBrisbane’smedianapartmentpriceof$440,000attheendoftheSeptember2011halfyear.ThelowermedianapartmentpriceinSouthBrisbaneisdirectlyrelatedtotheapartmentstyleandproductavailableinthesuburb.UnlikeWestEnd,whichaccommodatesahighproportionoflarger,morematurecoupleorientatedapartments,SouthBrisbaneaccommodatesapartmentproductthatsuitsitslargestdemographicofresidentswhoarebetween20to29yearsofage.TheseresidentsaregenerallylookingatresidinginoneandtwobedroomapartmentsthatarecentrallylocatedwithinactiveandsocialhubssuchasSouthBrisbane.
Houses in South Brisbane are in short supply
SOUTH BRISBANE CATCHMENT RESIDENTIAL MARKET INSIgHTS
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South Brisbane Catchment Apartment Market SOUTH BRISBANE CATCHMENT SALES ANd MEdIAN APARTMENT PRICE TIME SERIES SEP 2001 TO SEP 2011
Median sale price on the rise
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SOUTH BRISBANE CATCHMENT RESIDENTIAL MARKET OVERVIEw
Limited supply in South Brisbane
larGE uNdErsupply iN THE sOuTHTheinadequatesupplyofapartmentsintheSouthBrisbaneCatchmentisevidentinthelimitednumberofsalesinthetimeseriesgraphabove.ThelevelofsupplyintheSouthBrisbaneCatchmentwillstillcontinuetobelimitedwithminimalofftheplanapartmentscurrentlyunderconstructionoravailableforsale.
CurrentlytheregionsouthoftheBrisbaneCBD,whichincludesSouthBrisbaneandWestEnd,hasonly378offtheplanapartmentsavailableforsalecomparedto1,316intheregionnorthoftheBrisbaneCBD.ThisillustratesthelimitedavailabilityofstockintheregionconsideringthatSouthofBrisbaneisinhighdemand.Theshortageofofftheplanapartmentsissettocontinuewithonlyafurther394currentlyunderconstruction.
TheundersupplyofofftheplanapartmentstotheSouthofBrisbaneisevidentwith500percentmoreapartmentsunderconstructiontotheNorthofBrisbanecomparedtotheSouth.Inaddition,intheNorthofBrisbanethereiscurrently350percentgreaterofftheplanapartmentscurrentlyavailableforsale.
ResidentialdevelopmentsrecentlybuiltorcurrentlyunderconstructionareinaprimesituationtocapitaliseonthelimitedstockSouthoftheBrisbaneCBD,whichiscoupledwiththehighpentupdemandfortheregion.
CapiTal CiTiEs - aparTmENT marKET iNsiGHTsTheBrisbaneLGAapartmentmarketremainsmoreaffordablewhencomparedtotheMelbourneSDandSydneySD.ThemediansalepriceforapartmentsintheBrisbaneLGAattheendoftheSeptemberquarter2011wasrecordedat$388,000,18percentlowerthaninSydneyand9percentlessthanthemedianregisteredinMelbourne.
ThethreeapartmentmarketsregisteredadeclineinmediansalepriceoftheSeptemberquarter2011,withBrisbaneLGArecordedthehighestdeclineof2percent.Asofteningof1.6percentwasevidentinMelbournewiththemedianapartmentpricefinishingtheSeptemberquarterat$423,000.Sydneyexperiencedthesmallestdeclineinmediansalepriceof1.2percent,equatingtoamediansalepriceforthequarterof$458,000.
Theaffordabilityoftheapartmentmarketisnowbecomingakeyaspectcreatinggrowingdemandforthistypeofdwelling.Theshiftingagedemographic,withemphasisplacedonurbanisation,work/lifebalance,andproximitytoamenitiesandinfrastructurewillbekeytofuturedemands,andwearealreadyseeingthebeginningofthisshift–adesireforahomethatincreases“liveability”,yetcounterstheeverincreasingcostofliving.
Althoughapartmentmarketsnationwidearefeelingtheeffectsoflowmarketconfidence,truerealestateinvestorswillunderstandthelongtermstrategyaroundrealestateinvestment.Theopportunityexistswithinthecurrentmarkettocapitaliseoncompetitiveapartmentprices,lowvacancyratesandstrongrentalyields,withinvestorsinaprimepositiontoseekpositivelygearedinvestments.
1.TheNorthofBrisbaneincludesthesuburbsof;FortitudeValley,KelvinGrove,Hamilton,Newstead,BowenHills,TeneriffeandHamilton.
2.TheSouthofBrisbaneincludesthesuburbsof;SouthBrisbane,Woolloongabba,Annerley,KangarooPoint,BulimbaandWestEnd.
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Brisbane density living remains more affordable than Melbourne and Sydney
Off the Plan Apartments in Brisbane SEPTEMBER QUARTER 2011
Brisbane LGA, Melbourne SD And Sydney SD Median Apartment Price TIME SERIES SEP 1991 TO SEP 2011
NORTH SOUTH
AMOUNT Of NORTH v SOUTH STOCK AS A PERCENTAGE
Under Construction 1,960 394 500%
Sold 2,088 753 280%
Available for Sale 1,316 378 350%
Total Stock 3,404 1,131 300%
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MACRO-ECONOMIC INSIgHT
fleeting confidence quickly eroded as economy struggles to find traction
BusiNEss CONfidENCEBusinessconfidencefellheavilyattheendoftheSeptember2011quarter,decliningfromapositiveindexvalueof6.0toanegativevalueof4.0.ThenegativevaluerepresentsthefirsttimesincethequarterendingJune2009wherethebusinessconfidenceindexvaluehasslumpedbelowzero,indicatingthatpessimistsarenowoutweighingtheoptimists.
Thedropinbusinessconfidencecanbeattributedtouncertaindomesticandinternationalmacroeconomicconditions.TheAustralianeconomyfaultedduringtheperiodwithfallsinthequarterintradingconditions,businessprofitabilityandemploymentprojections.TheAustralianStockExchangewasplaguedbyperiodsoflowconfidencewiththeS&P/ASX200revellingconstantfluctuations.ThetwospeedAustralianeconomywasalsoaprimeconcernforinvestorsandbusiness’salikewiththecommoditiessectorpostingsubstantialgrowthrateswhiletherestoftheeconomywasweakening.
BusinessconfidencewasalsoshakenbytheuncertaintysurroundingtheglobaleconomicmarketsandinparticularthecurrentturmoilintheGreekandItaliandebtcrises.BusinessesarewearyovertheriskthatdebtcontagionposestotheEuropeanUnioneconomyandsubsequentdominoeffectsontheAmericanandAsianMarkets.
uNEmplOymENTOverthedecade,stronggrowthinthedemandforlabourhasbeenaccompaniedbyalargeexpansionofthelabourforce,particularlysincethemid-2000s.LabourforcegrowthinAustraliahasmirroredincreasedparticipationaswellaspopulationgrowth.Theincreaseinparticipationhasbeenmostnoticeableforfemalesandolderpersonsmotivatedbyarangeofsocialandeconomicfactors.Theaccelerationinpopulationgrowthhasbeenlargelyduetohigherimmigration,withalargerintakeofskilledworkersandstudentsamajorcontributortotheriseinthelaboursupply.
Thenationalrateofunemploymentincreased0.1pointstoreachatenmonthhighof5.3percentattheendofAugust2011.Despitethelift,themovingannualaverageremainedsteadyat5.1percent.Theriseequatedtoalossof9,700jobs,actingindirectcontrasttomanyeconomist’spredictingofanincreaseinjobstothetuneof11,000.Addingfurtherconcerntothefigure,thedeclinecamefromalossof12,600full-timejobs(to8,034,900),whileaportionofthiswasoffsetbyanincreaseinpart-timeemploymentof2,900(to3,397,600).ThejobcutscanlargelybeattributedtothestrongAustraliandollar,whichislimitingmanufacturingandthetourismindustry,alongwithglobaleconomicuncertainty,whichishavinganadverseeffectonspendingandthustheretailindustry.
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Unemployment rate rise on the back of strong Aussie dollar and global uncertainty.
Business Confidence SEPTEMBER 1991 TO SEPTEMBER 2011
Unemployment Rate – Australia ABS – OESR: UNEMPLOyMENT RATE AUSTRALIA
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Source: RBA Statistical Tables G1; Prepared by Urbis
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0% N
ov-80 N
ov-81 N
ov-82 N
ov-83 N
ov-84 N
ov-85 N
ov-86 N
ov-87 N
ov-88 N
ov-89 N
ov-90 N
ov-91 N
ov-92 N
ov-93 N
ov-94 N
ov-95 N
ov-96 N
ov-97 N
ov-98 N
ov-99 N
ov-00 N
ov-01 N
ov-02 N
ov-03 N
ov-04 N
ov-05 N
ov-06 N
ov-07 N
ov-08 N
ov-09 N
ov-10 N
ov-11
Stan
dard
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oan
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)
Period (Month)
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MACRO-ECONOMIC INSIgHT
Australian Inflation RatePERCENTAGE CHANGE fROM SEP 2000 TO SEP 2011
CONsumEr priCE iNdExTheCustomerPriceIndex(CPI)wasrecordedat3.5percentforallgroupsand2.3percentexcludingvolatileitemsforthequarterendingSeptember2011.CPIroseduringthefirstquarterof2011,asaresultoftheweatherphenomenon’sexperiencedduringthisperiod.ThesubsequentlimitedsupplyofessentialcropsandthecorrespondingriseinpriceforthemwasthemaincontributortotheincreaseinCPIoverthisperiod.
Theagriculturalsectorhasstartedtorecoveroverthefinalhalfof2011withtheproductionofkeycropsreachingsustainablelevels.Theindexhasdemonstratedthedropinpricesasaresultofincreasedproduction,withtheCPImeasuresofteningduringtheSeptemberquarter2011.
TheRBAbelieveiflabourmarketconditionssoftenandlabourcostsremainconstant,theinflationrateshouldreturntothebank’stargetrangeof2to3percentduring2012to2013.ThisconfidencehasseentheRBAaltertheirpositionfromamoderatestancetoamoreneutralposition,reflectedinthe2ndDecemberratecutof25basispoints.
iNTErEsT raTEsTheRBA’slatestdecisiontoreducethecashrateby25basispointsforasecondconsecutiveperiodillustratedtheirchangeinmonetarypolicyfromamoderatestancetoamoreneutralposition.ThechangeinstancewasinresponsetoinflationlevelsnowremainingclosertotheRBAtargetrangeasproductionlevelsincreaseandconfidencecontinuestobesubduedoutsideoftheresourcessector.
AccordingtotheRBA,fearsofanothermajordownturnhavenotbeenborneoutsofaraseconomicactivityintheUnitedStatesandAsiahasrecovered.ActivityinChinahasslowedbutindirectrelationtoanumberofpolicyinitiativesundertakenbytheGovernment.TheRBAstillexhibitssomeconcernovertheEuropeanDebtCrisesandthepotentialofdebtcontagionthroughoutEurope.
DespitetheRBAloweringthecashrateto4.5percent,retaillendershavebeenuncertainwithloweringtheirinterestratesofhousingloans.TheRBAhasattributedthereluctancetouncertaintyintheglobaleconomy,subduedcreditgrowthratesandassetpricesdeprecatingovertheyear.Thisisevidentwiththestandardbankhousingloaninterestratehasremainedconstantat7.8percentfromNovember2010throughtoOctober2011.ThesuccessivedeclinesinthecashratebytheRBAcoupledwithinanincreaseincompetitionfromlendinginstitutionshasfacilitatedadeclineinthestandardrateby25basispointsattheendofNovember2011.
RBA Standard Bank Housing Loan Interest Rate OCTOBER 1980 TO OCTOBER 2011
RBA’s neutral monetary policy stance should realise lower interest rates
High exchange rate and increased production levels should weaken inflation
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dwElliNG COmmENCEmENTs DwellingcommencementsinAustraliarecordedamodestgrowthof1percentovertheJune2011quarter.Thegrowthequatestoanincreaseof301dwellingsfromthepreviousquarterandisapositivesignaftersignificantdeclinesindwellingcommencementssinceJune2010.
ThegrowthwaslargelyattributedtoasubstantialincreaseindwellingsinAustralianCapitalTerritory(50percent),SouthAustralia(14percent)andVictoria(12percent).Contrasty,dwellingcommencementswereconsiderablydowninTasmania(-61percent)andNewSouthWales(-18percent).Victoriarecordedthelargestnumberofdwellingcommencementwith14,684duringtheJune2011quarter,equatingto39.5percentofAustraliancommencements.
DwellingcommencementsinQueenslandsoftenedby2percentovertheJune2011quarterdecliningby111commencementsfromthepreviousquarter.ThisisacommontrendinQueenslandwithagrowthindwellingcommencementsnotrecordedsincetheJune2010quarter.Overthelastyear,endingJune2011,theaverageannualdeclinewasrecordedat5percent.InresponsetothedeclineindwellingcommencementsinQueenslandandtheHousingIndustryAssociation’s(HIA)demandforstimulusmeasurefornewhousingtheQueenslandGovernmentannounceda$10,000governmentgrantforthosehomebuyersintendingonbuildingorpurchasinganewlybuilthomebeforetheendofJanuary2012.
pOpulaTiON GrOwTH TheAustralianpopulationincreasedby1.3percentequatingto288,008newresidentsduringtheannualperiodendingMarch2011.ThegrowthrateoverthelastyearwasthelowestrecordedgrowthsincetheannualperiodendingMarch2005.
ThecommoditiesboominWesternAustraliaandsubsequentemploymentbenefitsisevidentwiththeannualgrowthregisteredat2.1percentendingMarch2011.Thefiveyeargrowthrateisalsosignificantlyhigherrecordedat2.7percent.OverthisfiveyearperiodthepopulationinWesternAustraliahasincreasedby281,013residents.
Queensland,anothercommoditiesrichstate,registeredthesecondhighestfiveyeargrowthat2.4percentendingMarch2011.SignificantlyoverthisperiodQueenslandpopulationincreasedbyjustunder500,000residents.TheimpactofthecommoditiesboomisexceptionallyimportanttoQueenslandandWesternAustralia.
SignificantinvestmentandexpansioninkeygovernmentdepartmentscanbeattributedtotheannualgrowthevidentintheAustralianCapitalTerritory.TheannualperiodendingMarch2011sawachangeinpopulationof6,484residentsinAustralia’scapital.
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Dwelling CommencementsJUNE 1990 TO JUNE 2011
Population Growth In AustraliaMARCH 2005 TO MARCH 2010
MACRO-ECONOMIC INSIgHT
Australia is still expanding - but where are they going to live?
Queensland represented only 17% of the nation’s dwelling commencements.
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BrisbaneLevel 12, 120 Edward Street
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Urbis Authors of this report were:associate director property Economics: Jon rivera
Consultant property Economics: doug rapson
ABOUT URBISUrbis Property Economics’ division provides reliable, independent, unbiased, and authoritative property research and consultancy to clients in metro and regional locations across Australia and abroad. Our extensive research capability and specialised approach ensures our clients can make the most informed and financially sound decisions about residential, retail, commercial and industrial properties.
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