The east coast capital now setting the pace in the Australian real estate market
Property prices are tipped to hit a $1 million median as the city attracts a skilled workforce from other states
3 min
Australia has a new urban destination for those seeking a high quality of life — and it’s not Melbourne or Sydney.
A new report released by Deloitte Access Economics has revealed Brisbane as the best ‘city swap’ location to live and work. It follows on from the east coast capital being named as one of the 50 best places in the world by Time Magazine, the only Australian capital to make the list.
The State of the Cities Report by Deloitte Access Economics reported the city offers significant advantages to businesses and workers alike, with a $25 billion infrastructure pipeline in play to support the city’s rapid population growth as well as a track record of processing development applications 38 percent faster than other cities. Commercial rents are also appealing compared with the southern cities, averaging $450sqm less than similar centres in Australia and internationally.
For workers, commute times are minimised with less congestion on the roads and trains more likely to run on time compared with other Australian cities.
The report also found that Brisbane’s economy is set to grow by 68 percent to $275 billion in the 20 years to 2041.
Clearly, it is not news to those seeking to enter the Brisbane market, with CoreLogic data released this week showing the Queensland capital is now the second most expensive residential real estate market in the country, second only to Sydney. Prices rose by 1.4 percent during May, bringing the median property price to $843,231. Only Adelaide experienced a higher growth rate in home prices in May at 1.8 percent.
Those price increases look set to continue as Brisbane experiences the fastest growing working age population among Australia’s major centres, growing 7.7 percent compared to an average of 4 percent across major cities. The Domain House Price Report released earlier this year predicted the median house price Queensland capital would hit $1 million in the next 12 months.
While demand for housing in the city is strong, it would appear the workforce is there to support it.
Lead Partner at Deloitte Access Economics, Pradeep Philip, said Brisbane offered significant growth opportunities for businesses, innovators, and investors.
“Brisbane is the definition of a growth stock, with clear opportunities for innovators, investors and businesses across Australia and internationally in the years to come,” Mr Philip said.
“This is evident in Brisbane’s talent market, where it has the fastest growing working age population among Australia’s major centres, with 7.7 percent growth against an average of 4 percent across major cities.
“This, combined with Australia’s highest ranked university, a 32 percent increase in university graduates in the past five years, and the highest state-wide rates of technical and trades education attainment in the country, positions Brisbane with a highly competitive, skilled, and growing workforce.
Early indications from several big regional real-estate boards suggest March was overall another down month.
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A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.
2 min
A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.
Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.
“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.
Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.
Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.
Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.
Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.
Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.
All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.
Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.
Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.
Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.
Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.
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