opteon central queenslandopg.net/sig/ocqapr2017.pdf · 2017-04-20 · opteon central queensland...
TRANSCRIPT
Visit our website www.opg.netOffices: Airlie Beach | Biloela | Emerald | Gladstone | Wide Bay | Mackay | Rockhampton
Opteon Central Queensland
Inside This Issue
Office Locations
Whitsunday
Wide Bay –Maryborough
Gladstone
Rural
Rockhampton
Mackay/ Commercial/ Industrial
Mackay/ Residential
Wide Bay – Bargara
Contact us
April 2017 Edition
Visit our website www.opg.netOffices: Airlie Beach | Biloela | Emerald | Gladstone | Wide Bay | Mackay | Rockhampton 2
Opteon Central Queensland
Opteon Property Group (OPG) is a national provider of valuation and property advisory services. With 75 officelocations nationwide we have a team of over 800 staff including more than 500 valuers. Our specialist team canassist with all manner of valuations, from residential mortgages to more complex valuation assignments. Ourintegrated valuation and property advisory services are built across eight national business units: Commercial,Residential, Government Services, Agribusiness, Plant & Equipment, Advisory, Tax Depreciation and QuantitySurveying. The extensive reach of our valuation and advisory network enables us to provide fast, reliable andindependent valuation and advisory services for any property type.
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Opteon Central Queensland
The residential unit market in the Whitsunday region is currently steady and has remained stagnate in price terms over the past few years. Whilst vacant land and housing has seen price growth following the slow market conditions in 2014, units have still showed sluggish growth. Low investor sentiment due to high Body Corporate fees is one of the main reasons cited for the lack of demand for home units.
Recent Home Unit Sales:
Lot 7 ‘Marina Shores’ sold February 2017 for $240,000, a single bedroom unit that previously sold in 2008 for $392,000.
Lot 8 ‘Le Jarden’ sold November 2016 for $312,500, the two bedroom unit previously sold June 2005 for $600,000.
Lot 3 ‘Maisons on Waterson’ sold February 2004 for $352,500 and resold in December 2016 for $335,000.
Lot 3 ‘Victoria Towers’ a two bedroom townhouse unit sold November 2016 for $260,000 and previously sold June 2006 for $297,500, August 1997 for $103,000, August 1993 for $121,000, April 1991 for $95,000.
Lot 2 “Waves’ sold December 2016 for $345,000 and previously sold December 2006 for $565,000 and in November 2005 for $440,000.
Lot 117 ‘The Boathouse’ sold November 2016 for $605,000 and previously sold September 2013 for $630,000.
Lot 6 ‘Azure Sea’ sold November 2016 for $280,000 and originally sold for $443,750 off the plan in March 2004 from the developers.
Whilst capital gain for home units has been limited over the past 8 years the region’s tourism economy is rapidly increasing with Tiger Airways increasing flights from Sydney from 4 – 6 per week and 4 additional Brisbane flights. Jeststar have also announced an increase in flights to the region commencing April 2017.
The increasing tourism numbers in the Whitsunday region combined with low unit prices and low vacancy rates could see an increase in strata unit values in 2017.
Whitsunday
Your Local Contact:
Tim Adams
07 4948 2966
Maisons on Waterson
The Boathouse
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Wide Bay - Maryborough
Your Local Contact:
Eva Schmidt
07 4123 2499
The Maryborough Central shopping centre has lost two of its major tenants within months of each of other.
The ‘Supa IGA’ closed and then ‘Food For Less’ also closed their doors. This left the shopping centre with no grocery store and only some minor specialty shops remain open.
‘Fresh and Save Food’ warehouse has embarked on an $8 million refurbishment of the section previously occupied by the ‘Supa IGA’. The warehouse will be the first of its style in Australia and will be approximately 4,000sqm, making it the largest independent grocery store in Queensland.
The store is set to open on 31 March 2017 and will employ approximately 150 people.
With many commercial vacancies in Maryborough it is a vote of confidence to see a pilot store being launched in the area. This reduces the vacancy rates and also offers employment lowering the high unemployment rate in Maryborough.
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Opteon Central Queensland
Gladstone - Residential
Your Local Contact:
Mark Galway
0498 451 700
The Gladstone Region residential property market continued to struggle through the final quarter of 2016 following the downturn of the mining industry and an over-supply of housing created during its boom through 2011-2012 with further decreases in capital and rental values. The house market fell in each quarter in 2016 to an annual median sale price of $323,875, a decrease of 10.37% for 2016. This is in comparison to a median sale price of around $475,000 at its peak in the second quarter of 2012. The residential property market in the Gladstone region remains slow, with employment opportunities continuing to be limited and job security considered to be low. This continued to have a negative effect on the local property market throughout 2016. Both the median sale price and median rent fell for the December 2016 quarter.
Sales volumes of houses increased in the December 2016 quarter in comparison to the previous quarter with many mortgagee-in-possession properties entering the market and accounting for a large proportion of sales for the period. This suggests that consumer confidence has grown with many market observers of the belief that the Gladstone residential property market may have reached the bottom of the cycle. House sale volumes have returned to similar levels in comparison with the corresponding December quarter of 2015 whilst residential unit sales remained very limited through this period. Sales volumes of units also increased through the final quarter of 2016, however with a relatively small number of sales for both periods, there is not enough data to derive any significant conclusions. With such workforce instability and uncertainty coupled with an over-supply, it is expected unit sales numbers to continue to be very low.
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Opteon Central Queensland
Gladstone – Residential …cont’d
Your Local Contact:
Mark Galway
0498 451 700
Rental values continued to decline also through this period in the Gladstone Region in comparison to the previous quarter and from the corresponding quarter in 2015 for both houses and units.
Median sale prices of houses fell for the December quarter of 2016 by 3.2% from the previous quarter for houses in the Gladstone Region. They are also down from $359,500 on the corresponding quarter in 2015.
The Gladstone Region residential rental vacancy rate increased by 1% through the December 2016 quarter after successive drops over the two previous quarters in 2016. It is now back to similar levels to the corresponding quarter of 2015.
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Opteon Central Queensland
Rural
Your Local Contact:
Justin Robert Smith
07 4957 2821
Queensland Cattle Market Index 1996 – Present
The Central Queensland grazing market has been firming in recent years as a result of good cattle prices. Cattle prices for the 2016/17 season have generally been over 300 points (Qld Cattle Market Index). ABARE predict a continuation of high cattle prices for the 2017/18 season.
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Rural…cont’d
Your Local Contact:
Justin Robert Smith
07 4957 2821
The property market for grazing properties is now achieving record levels. Sales in the Central Queensland region over the last 12 months include the following:-
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Rockhampton
Your Local Contact:
Adam Bray
07 4927 0893
In our September newsletter we discussed the effect of the First Home Builders grant which began 1 July 2016 whereby eligible people were able to access $15,000 or $20,000 to go towards new product.
The intent of the grants was to make the purchase of land more achievable and if successful we would expect an upturn in the number of sales of vacant land in the quarters following the introduction of the grant.
Below are the charts produced up to Q3 2016 in our previous newsletter.
Livingstone – Series 1 number of sales; Series 2 median sale price
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Opteon Central Queensland
Rockhampton …cont’d
Rockhampton – Series 1 number of sales; Series 2 median sale price
The current charts with Q3 and Q 4 2016 figures show that in Q3 2016 there was a spike in vacant land sales in both Livingstone and Rockhampton however Q4 2016 appears to have returned to levels as low as any of the previous three years. Median values remain steady.
Livingstone
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Rockhampton …cont’d
Rockhampton
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Mackay Commercial/Industrial
Your Local Contact:
Paul Krause
07 4957 2821
Well 2017 is showing some sign of confidence coming back into our market.
Several commercial/industrial developments are on the horizon or in the development phase which is pleasing as this means our Banks are lending money again and that business is backing the region again.
A summary of a few of these developments are as follows:
The Caneland Extension which will include a new cinema, restaurants and undercover parking has been given the green light of approval from Mackay Regional Council. The cinema will comprise 6 cinemas and will include a VMAX cinema. See images over.
An aged care facility comprising 126 beds with ensuites is to be constructed at West Mackay and will be a 3 level complex and an Ozcare facility.
Origin Energy are constructing an LPG Storage and Handling Facility at Paget. It will be comprised of several underground storage tanks, loading docks and unloading bays together with a small administration office. This is currently under construction.
A new industrial facility is under construction at Paget for JJ Richards and Son Pty Ltd (waste handlers). The facility will comprise workshop, administration, parts bay and wash down bay. It is under construction with the construction work being undertaken by the Frier Group.
Stages 8, 9, and 10 of Glenrowan Estate at Walkerston has been lodged at Council with a request for an extension of the relevant period.
Cyclone Debbie has now passed which did impact our Region but we are now back up and running so we look forward to the confidence levels building further.
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Opteon Central Queensland
Mackay Commercial/Industrial…cont’d
Artist’s Impression - North East Extension – Perspective – North West View – Caneland Extension
Artist’s Impression - North East Extension – Perspective – North East View – Caneland Extension
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Opteon Central Queensland
Mackay
Your Local Contact:
Victoria Gracie
07 4957 2821
Construction – The market to watch
The year is off to a positive start and none more so than the residential construction aspect of the market. With land now competitively priced, new display homes finished, active marketing campaigns and extremely competitive build contracts, this is the most positive we believe the residential construction industry has been for some years.
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Opteon Central Queensland
Mackay…cont’d
Using our internal database we tracked how many ‘On Completion’ valuations we completed for the first quarter of every year - 1st of January to the 31st of March. These are standard dwelling constructions and do not count Renovations, Unit Constructions, Multi Dwelling Constructions etc.
We note that most of the new homes we are currently valuing have land priced between $120,000 to $170,000 and total packages (land and build) ranging from $380,000 to $480,000. This range appears to be the most preferred in the market. The gap between established homes and new homes should continue to lessen as the year progresses. In the previous year’s affordable established homes that were listed under build costs have had negative impacts on our local building industry.
It will be an interesting year. What has been a tough climate to be a Property Valuer is changing again and the Residential Team at Opteon welcome this positive market shift with open arms.
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Opteon Central Queensland
Wide Bay – Bargara Property Market Update
Your Local Contact:
Alexandra Marles
07 4123 2499
Bargara is a popular costal area in the Bundaberg region located approximately 13 kilometres from the Bundaberg CBD.
Data shows a current median dwelling price of $371,000, with an average annual capital growth of 1.60% and a median unit price of $325,000 with an average annual capital growth -0.97%.
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Opteon Central Queensland
Airlie Beach
7/400 Shute Harbour Rd
Airlie Beach QLD 4802
Ph: (07) 4948 2966
Biloela
54 Callide St
Biloela QLD 4715
Ph: (07) 4995 6690
Gladstone
Ph: (07) 4972 1656
Wide Bay
5 March Lane
Maryborough QLD 4650
Ph: (07) 4123 2499
Mackay
14 Victoria St
Mackay QLD 4740
Ph: (07) 4957 2821
Rockhampton
3/145 East St
Rockhampton QLD 4701
Ph: (07) 4927 0893
Central Queensland
Contact your local valuation & property advice expert today.