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Seamus and Ali Kay with their kids, Olivia,14, and Liam, 16, at the knockdown property in Gordon Park they have purchased. Photographer: Liam Kidston.

SIX Brisbane suburbs have been identified where savvy home hunters can instantly pocket hundreds of thousands of dollars by building rather than buying their dream home.

Buying a knockdown property and rebuilding on the site is emerging as a trend among owner-occupiers wanting to find a home and turn a profit straight away in the current market conditions.

But buyer’s agents warn the strategy could go horribly wrong unless the right locations are chosen.

BEFORE: The original house at 49 Power St, Wavell Heights, sold for $642,000.

AFTER: This new-build at 49 Power St, Wavell Heights, sold for $1.65m.

Streamline Property Buyers managing director Melinda Jennison said the lack of property listings, rise in interstate enquiry and difficulty in finding the right home were contributing to the trend.

Mrs Jennison said she knew of more than 20 sales across six prime suburbs in recent months, where clients had bought a knockdown, demolished it and rebuilt on the site, creating between $100,000 and $530,000 in equity.

In the inner north suburb of Wavell Heights, an owner-occupier recently paid $642,000 for a knockdown at 49 Power Street, spent $650,000 building a new home on the site and ended up with a property worth $1.65 million — giving them $358,000 in instant equity.

The buyer of a knockdown home at 102 Fingal St, Tarragindi, recently pocketed $422,500 in equity after buying the site for $527,500 and paying $650,000 for the build.

“When you actually run the numbers, the tactic makes sense, but location is crucial otherwise you’ll be left out of pocket,” Mrs Jennison said.

“It really is a case of destruction, plus construction, equals profit.”

BEFORE: This post-war home at 102 Fingal St, Tarragindi, sold for $527,500.

AFTER: This new-build on the same site at 102 Fingal St, Tarragindi, sold for $1.6m.

Mrs Jennison said the key to the strategy’s success was identifying specific suburbs and

individual property characteristics.

“You firstly need to find near-city locations where it’s easy to demolish an existing home and

create a clean slate,” she said.

“But the suburb must also have wide price disparity between new and existing homes,

gentrification, strong family-buyer demand and desirable attributes such as views.

“It’s the magic formula that makes the figures work.”

Mrs Jennison said the COVID-19 pandemic had created ideal conditions for inner-Brisbane home builders.

“Property listings have fallen dramatically in the shadow of the crisis,” she said.

“As such, there’s hot competition among buyers, with high-quality homes being snapped up quickly at surprisingly high prices.”

BEFORE: This original home at 263 Ferguson Rd, Seven Hills, sold for $640,000.

AFTER: This new home built on the site at 263 Ferguson Rd, Seven Hills, sold for $1.65m.

Mrs Jennison said the COVID crisis had also increased southeast Queensland’s appeal among

southern buyers, and many interstate relocaters would look to embrace this strategy.

“We were seeing strong net interstate migration prior to the crisis,” she said.

“While this momentum has slowed due to border restrictions, there’s no doubt once they’re lifted, huge numbers of southerners will make Brisbane their new home.”

Buyer’s agent and Cohen Handler Queensland general manager Jordan Navybox said he had also noticed an increase in clients looking for post-war homes to demolish so that they could build on the site.

“Definitely more recently because there is such a lack of stock when it comes to the finished product,” Mr Navybox said.

“The reason people are doing it is it’s cheaper to buy a post-war home and build than it is to buy the finished product in certain suburbs.”

BEFORE: This original home at 21 Glebe St, Gordon Park, sold for $669,500.

AFTER: This home built on the same site at 21 Glebe St, Gordon Park, sold for $1.535m.

Mr Navybox said the most popular suburbs for his clients looking to knockdown and rebuild were Camp Hill, Coorparoo, Bardon and Grange.

“We have so many clients asking for Grange, and when they can’t find what they’re looking for, they move on to Gordon Park,” he said.

But Mr Navybox said the strategy was not for every buyer.

“It’s a time thing,” he said. “You have to rent in the meantime and once you’ve committed to buying the land and building, you’re then paying mortgage repayments on a home you’re not even living in, plus rent.”

He said well-priced post-war homes in city fringe suburbs were also hard to find.

“You want to pay as close to land value as possible,” he said.

BEFORE: This original site at 69 Alderley Rd, Alderley, sold for $540,000.

AFTER: This new-build on the site at 69 Alderley Rd, Alderley, sold for $1.315m.

Ali and Seamus Kay have just started demolishing a knockdown home they bought offmarket in Gordon Park.

Mrs Kay said they never intended to build, but could not find a home on the market that ticked all their boxes.

“We never would have contemplated in our wildest dreams building new on a block of land in Gordon Park,” Mrs Kay said.

“But definitely this is a much more affordable option for us.

“With what we would have been looking at, we wouldn’t have gotten as much house as we’re getting now, and we’d have had to pay a few thousand more to get what we really wanted. This way, we’re saving money and getting exactly what we want.”

The original home on the site in Gordon Park that Seamus and Ali Kay are demolishing to build a new home on.

Mrs Kay said the only downside was having to wait up to 12 months for the house to be built.

“But we’re prepared to wait to get the value for money for this, as opposed to settling for something that wasn’t ticking all the boxes,” she said.

Mrs Jennison, who bought the property for the Kays on their behalf, said they would lock in at least $200,000 in equity based on comparative sales in the area.

SIX BRISBANE SUBURBS WHERE YOU SHOULD BUY A KNOCKDOWN

1. Wavell Heights

Just nine kilometres north of Brisbane’s CBD and dominated by homes on big blocks, Wavell Heights appeals to families.

With a median price of $742,500, according to CoreLogic, the suburb has a huge price difference between existing and new homes.

Wavell Heights is also the first suburb north of the CBD with limited numbers of character

protected homes, which means most older dwellings can be knocked down.

2. Seven Hills

With a median value of $943,750, Seven Hills is only five kilometres from the CBD and is the first suburb on the southeast side of town that is not dominated by demolition-protected character residential.

The entry price for an old house in the suburb is about $750,000.

Its small size means supply is limited, which helps keep end values high, and it is also elevated

Price disparity is also significant, making it easier to create instant equity from a new build.

3. Tarragindi

This southside suburb often flies under the statistical radar because it shares a postcode

with Holland Park.

But its big blocks and demolishable housing are presenting opportunities nine kilometres

south of the CBD.

New-build gentrification and proximity to the new metro infrastructure coming to Brisbane is driving up price disparity.

The buy-in price for an older home in Tarragindi is $650,000, providing excellent upside for new builds.

4. Alderley

With a median house price of $850,000, Alderley’s mix of facilities and family-friendly appeal

are key to its new-build potential.

The suburb, just 7km from the CBD, has an array of different sized blocks, solid retail facilities and great public

transport options.

Most properties are not demolition protected.

5. Corinda

Corinda’s elevated streets — some with city views — and scarce character-home protection make it appealing for building new homes.

Demand for the suburb feeds off its highly desirable neighbours of Chelmer, Graceville and

Sherwood, which are areas with predominantly character protected homes.

Blocks of about 600 sqm are achieving prices of about $650,000, but the median value of

homes in the suburb is $850,000.

6. Gordon Park

Gordon Park has proportionally more character housing than the other suburbs, but there

are pockets of demolishable homes with excellent buy/build/sell price disparity.

The suburb is close to infrastructure and services, Kedron Brook, and retail hubs such as Lutwyche shopping centre.

The parkland lifestyle also attracts family buyers, which is bolstering the value of newly built

homes relative to older stock.

(Source: Buyer’s agent Melinda Jennison)

The post The six Brisbane suburbs where it’s better to build than buy appeared first on realestate.com.au.

6 Jake Court, Bonogin.

Imagine waking up every day inside your own hinterland hotel.

A space where the chatter of native birds is the first sound you hear upon waking while the hum of cicadas takes over as the sun descends behind the trees.

Nestled in Mudgeeraba Forest, the inner city acreage known as Carinya is the closest thing to a year-round holiday in the hills.

6 Jake Court, Bonogin.

The newly constructed residence has all the appeal of a hotel-style retreat — a spacious master suite enjoys privacy and peace in one wing while at the opposite end, two junior suites and a guest bedroom each have their own ensuites and leafy green views.

Open plan living, dining and kitchen zones occupy the heart the home, flowing freely onto expansive timber decks where the surrounding forest makes it feel like your own private sanctuary.

6 Jake Court, Bonogin.

The striking design is the work of Gold Coast builder Paul Tidmarsh, of PT Pole Homes, whose distinctive pole homes are highly regarded in Bonogin.

The Jake Court residence is the twentieth pole home Mr Tidmarsh has built on the Gold Coast in 15 years, with up to 15 of those in Mudgeeraba Forest.

The pole-style home provided a practical and economical solution for the sloping 4327 sqm block, with the elevated, lightweight timber construction eliminating the need for a concrete slab.

“To put a 640 sqm house on a sloping block on a slab would be a crazy cost,” said Mr Tidmarsh, who “married into” building pole homes by learning the ropes from father-in-law Jeff Dray.

6 Jake Court, Bonogin.

There’s currently a two-year wait for a PT Pole home, with each project taking up to eight months to complete.

Materials were moved uphill by hand to the Jake Court site, with raw finishes such as Western red cedar cladding, Southern Beech flooring, an extra long Blackbutt kitchen benchtop and corrugated iron ceilings adding to the rustic appeal of the home.

“The good thing about the tin is that once you put it up you don’t have to paint it or maintain it down the track,” Mr Tidmarsh said. “It also ties the inside with the outside.”

6 Jake Court, Bonogin.

The project was commissioned by
LJ Hooker Robina Group director David Manby and wife Blanche, who purchased the block in April 2019 with a view to building.

It’s the second pole home project the Manbys have completed in Mudgeeraba Forest, with a five-bedroom residence at 31 Beau Parade sold in May last year.

LJ Hooker Property Hub agents Roberto Scartozzi and Lisa Psaras are leading the campaign to auction on 13 September.

6 Jake Court, Bonogin.

Ms
Psaras said the concept of an inner-city acreage was highly appealing.

“You’re still within 15 minutes from everything in Bonogin – schools, shopping centres, hospital and the M1,” she said.

“You’ve then got that hinterland treescape experience. Everybody who has been through the property is blown away by the scope of the home and the setting.”

The post Two year wait for unique timber pole homes appeared first on realestate.com.au.

Short, sharp auction campaigns are proving effective on the Gold Coast where a hot market is seeing impatient buyers move on quickly.

A sunny top-floor apartment in a three-storey brick walk-up at 133 Old Burleigh Road, Broadbeach sold for $570,000 under the hammer on Sunday.

The 17-day campaign attracted more than 100 inspections ahead of the onsite auction where 22 bidders registered for a tilt at the beachside abode.

The highest of 33 bids came from a Broadbeach couple with plans to renovate and move into the two-bedroom residence.

9/133 Old Burleigh Road, Broadbeach sold for $570,000 under the hammer.

Professionals – John Henderson agent Luke Henderson, who led the marketing push with Matt Maguire, said the level of pre-auction interest exceeded all expectations.

“We had a lot of young people looking at it, many first home buyers, due to the location being close to all the conveniences of Broadbeach, having a glimpse of the ocean and two car parks,” he said.

Mr Henderson said the traditional one-month auction campaign was trimmed in order to retain buyer interest.

“What we’re finding is that buyers who are ready to go want to buy today,” he said.

“If we do 16-20 days buyers will stick with the property rather than look elsewhere.”

46/173 Old Burleigh Road, Broadbeach fetched $1.777 million at auction this week.

On Tuesday, a Brisbane buyer placed the winning $1.777 million bid on a designer apartment on the 19th floor of residents-only Verve in Broadbeach.

Ray White’s Mark Stafford and Andrew Rouse led the campaign which saw 58 inspections, 218,748 people reached on social media and 2000 REA views.

Over in Miami, five bidders registered for a crack at a coastal-style new build at 103 Chainey Ave which sold for street record of $1.3 million under the hammer last Sunday.

The three-week pre-auction marketing push was led by Brad Payne and Jarrard Lemming of Ray White CG – Broadbeach.

103 Chainey Ave, Miami sets a new street record of $1.3 million at auction.

The Miami sale was among the top three auction results on the Gold Coast last week.

An east-facing four-bedroom home on wide water at 4 Vevey St, Mermaid Waters sold for $1.45 million under the hammer while 302/13-25 Garfield Tce, Surfers Paradise fetched $1.42 million.

Reslestate.com.au recorded the city’s auction clearance rate was 48 percent for the week ending August 25, down 2 percent on last month.

Out of 39 reported auctions, 19 properties sold under the hammer, 19 were passed in and one was withdrawn.

The post Fast campaigns raise the heat in the auction arena appeared first on realestate.com.au.

A DARWIN real estate agent believes recently revealed plans for a $1 billion gas pipeline to be built in the NT will boost confidence in the Top End property market.

Central Petroleum Ltd, the NT’s largest onshore gas producer, last week revealed a proposal to build a 950km pipeline for transporting gas from the Amadeus gas basin to a number of east coast markets — a project that could create hundreds of new jobs.

A memorandum of understanding has recently been signed, with construction expected to begin in 2022 and first gas delivery in 2024.

Raine & Horne Darwin general manager Glenn Grantham said the proposed project would bolster already surging buyer demand for real estate in the Territory.

“This project which will deliver more jobs to Darwin is excellent news, particularly given consumer confidence in this city is already relatively robust after weathering the COVID-19 pandemic,” he said.

Raine & Horne Darwin general manager Glenn Grantham. Picture: Keri Megelus

“The Territory’s low infection rates allowed life in Darwin to return to normal much faster than in other capital cities, and this has translated to real estate market confidence.

“Second and third-time buyers are actively seeking properties priced between $600,000 and $800,000 in premium suburbs and this upgrader demand had driven up prices by as much as 5-10 per cent, since April when COVID-19 lockdowns were enforced.”

Real Estate Institute of the NT chief executive Quentin Kilian said private sector investment was critical to real estate confidence in the NT.

“It is important that we have this economic activity because that is the only thing that’s going to lead to jobs growth, and jobs growth will lead to major activity in the real estate market,” he said.

“If we have these first private sector projects taking that leap of faith to invest in the Territory, then others will follow.”

For more real estate news, see the NT News real estate liftout inside Saturday’s issue of the paper.

The post Major gas project full of promise for Top End property market appeared first on realestate.com.au.

Birkdale House, owned by interior designer Anna Spiro, is on the market.

Birkdale House was not just another design project for Anna Spiro.

Undoubtedly, the interiors of the historic home are a homage to the eclectic, colourful style for which the Brisbane designer has become famous.

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Yet the passion with which Ms Spiro speaks of the property tells me her love of 27 Roger Street goes far deeper than the finishing touches that she has come to put on it over the years.

The pretty pool at 27 Roger Street, Birkdale.

Ms Spiro’s first encounter with the charming 1880s Queenslander was an accidental one when she was in her early twenties and on her way to a client.

“I drove up Roger Street because I had become a bit lost and I saw this house and was like ‘Oh, my God, look at that house, it’s amazing’. It wasn’t for sale and I was really young but even then I thought, that is my dream house.”

The house was built in the 1880s and has wide, wraparound verandas.

Little did she know she would, ten years later, be the owner of that house after a fortunate twist of fate. Ms Spiro was making a return visit to her client, when she decided to drive past Birkdale House once more.

“I couldn’t believe it, the house was for sale. That is when I figured it was meant to be.”

The pairing has been a match made in heaven for Ms Spiro, who professes to have a love of historic homes.

Ms Sprio has added her eclectic touches to the home’s original interiors.

“I think the way they used to build homes hundreds of years ago was extremely beautiful, and the quality of the materials and the timber they used were so solid, I am drawn to that,” she said. “The other wonderful thing about this home is it’s all on one level and from a family
perspective, with the verandas spilling out on to the lawn, there’s nothing quite like living like that,” she said.

Birkdale House is certainly testament to the longevity of a Queenslander.

Admirers of Ms Spiro’s work have the opportunity to purchase the house as it is.

The three-bedroom property and adjacent two-bedroom guest house sits on the same footprint as the original homestead, with a wide veranda wrapping around both like a protective blanket.

Ms Spiro said it was the first home to be built in the area, and sits on a 2000 sqm block. “It was built in the same manor as Whepstead House, the famous old mansion at Wellington Point,” she said.

27 Roger Street, Birkdale, as the original homestead of the area.

“I don’t like changing a house too much. You can learn to live in a home as it is, otherwise you can end up stripping away too much. There’s a loveliness to just embracing what a house is, and this home is just lovely.

‘For instance, the bricks used in the two fireplaces were made by the convicts on St Helena Island [The island in Moreton Bay functioned as a high-security colonial prison from 1867]. It’s pretty incredible stuff.”

A place for contemplation.

Aside from a paint job inside and out and some general tidying up, Ms Spiro said the house was in good condition when she bought it. “The only thing we did was replace the original roof, which blew off in a particularly bad storm,” she said.

Aside from a new roof and a lick of paint, the house is all original.

Regaling the times she has spent at Birkdale with her family, raising her two sons Harry and Max, Ms Spiro’s emotion is palpable.

“This place is like a different world. It’s so peaceful, the birds are amazing. We get the bayside breeze all summer long. The boys have grown up playing football and cricket on the lawn and riding their bikes down the drive. Being here feels like being in another world, in another time, it’s just so special. It’s almost magical.”

Living at Birkdale House is like living in another world, according to Ms Spiro

Despite this, Ms Spiro said the time had come to move on. “I’m really excited about the next chapter in my life and the new projects I have forthcoming, including a new book which will be out next year.

“We all have to embrace change and it’s time to let someone else experience the joy that I have had in this home and go on to create something else.”

Ms Spiro said it will be hard to walk away from Birkdale House and she hopes that it will be bought by someone who loves it as much as she has. “This house evokes a real sense of nostalgia. It has been owned by many people over its lifetime and I’ve often had past owners

The bricks used to build the fireplaces were made by convicts on St Helena Island.

knock on my door wanting to see it again,” she said.

For those who appreciate a historic home and are also fans of Ms Spiro’s designs the sale of Birkdale House could be a dream come true as Ms Spiro said she was open to selling the home as it is, decor included, if someone was interested.

“It would be lovely to walk away from the house knowing someone keeps all the lovely things that I’ve done to it,” she said. “It would be a shame to tear it all apart, but we’ll see. Whatever happens, I hope it goes to someone who loves it. We have to keep our fingers crossed for this old girl. She deserves to be kept intact.”

The house is open to expressions of interest up to 4pm on September 12, through Sarah Hackett of Place, Bulimba.

The post Anna Spiro’s passion for ‘magical’ and historic Birkdale house appeared first on realestate.com.au.

Tennis anyone – 12 Karuah Rd, Turramurra.

This wonderful family estate in one of Turramurra’s most tightly held streets has served its owners very well.

So well in fact that they have stayed put at 12 Karuah Rd for 15 years, well above the average 12.4 years most residents of the suburb hold their homes for.

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A lot has changed in Turramurra in that time.

Ten years ago the median house price was $1.035 million. That has more than doubled to $2.105 million in 2020.

According to realestate.com.au’s latest Market Trends report, the suburb’s median house price has grown by 15.3 per cent in the past 12 months, a time when many other Sydney suburbs have seen a softening in prices.

No. 12 Karuah Rd is easily one of Turramurra’s finest homes.

Summer ready.

Street appeal.

Set on a 1669sqm block surrounded by private gardens, a north/south tennis court and heated pool, the home was designed by architect Harvey Little.

Rich natural materials are used extensively in the design, which has a myriad of living zones, four bedrooms including two with ensuites plus a dedicated home office or possible in-law accommodation.

The tennis court is within easy view of the house.

Formal dining.

Tim Fraser, of Di Jones North Shore – Wahroonga, said the owners had loved the flow of the house and the north to rear aspect that gave great warmth in winter and year-round brightness throughout the rooms. The design has also allowed them to be in the kitchen or at the barbecue and still be part of the activities in the pool or on the tennis court.

Privacy and the proximity to the Turramurra and Warrawee train stations have also been highlights, Mr Fraser said.

There will be plenty of eyes on the sale of this outstanding property, and not only those living in Karuah Rd. The property stands to give both the street and suburb sales records a run for their money.

Contemporary style.

There are multiple living spaces.

The record was set in 2019 with the sale of 4 Karuah Rd for $5.7 million, according to CoreLogic.

The suburb’s residential sale record sits at $6 million, set in 2016 with the sale of 41 Ku-ring-gai Ave.

The property is due to go to auction on September 19, with a price guide of $6 million. For more details contact Mr Fraser.

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