Issue 17 | Thursday 24 August 2023 | Exclusive Property Preview and Navigating the Rental Housing Landscape
Andrew Bell here with you. From time to time, I take great pleasure in offering glimpses of noteworthy homes and hidden gems that occasionally become available for sale here on the Gold Coast. Today, I extend to you the privilege of being the first to explore a property owned by one of our esteemed Australian Olympians.
Today we find ourselves at 13-15 Burnside Court in Ashmore, where an iconic Georgian-inspired residence graces a vast expanse of 5,287 square meters. This exceptional dwelling boasts an extensive 75-meter waterfrontage along the main river, rendering it truly unique within our coastal enclave. Nestled in a secluded corner of our city, it strikes an exquisite balance between exclusivity and a central location. While you enjoy the accompanying video, I will concurrently share insights from this fortnight’s report and subsequently provide you with additional details about the property.
The pace of events at present is truly remarkable. Last week saw the convening of the National Cabinet in Brisbane, with the primary focus being the housing market. As a Board Member of the Real Estate Institute of Australia, I can affirm our active collaboration with governmental bodies and opposition parties to influence policy direction. Encouragingly, our efforts are manifesting positive indications, particularly in crucial spheres.
The housing predicament encompasses two facets: the rental market and the realm of home purchases. At the recent National Cabinet session, a proposal was tabled for a substantial augmentation in new housing construction nationwide. While we warmly embrace this initiative, it’s important to recognise that it will be around five years before we witness meaningful inroads into addressing the housing crisis. Meanwhile, a surge of approximately 1.5 million migrants is anticipated.
Consequently, the immediate challenge resides in determining how to tackle the ongoing issue. A shortage of available rental properties and homes for purchase prevails across numerous markets. Primarily, our focus should revolve around augmenting the supply of rental properties, thereby enabling individuals to lease accommodations if purchasing options prove elusive. Nonetheless, it’s important to note that the rental property supply has actually decreased by about 15% across the nation, comparing pre-pandemic figures to the present. This dip stems from various factors, including property divestitures by investors, alongside the customary triggers such as life events and financial pressures. However, the significant dearth of new investors entering the market has substantially exacerbated this predicament. The market has been inundated with discussions that have dissuaded potential investors, including stringent state legislations, concerns over escalating land taxes, and more recently, the prospect of a two-year rent freeze.
It’s reassuring to observe that during the National Cabinet discussions, both Federal and State Governments rejected the imposition of rental caps. While they agreed upon a limitation of one annual rent increase, this arrangement is reasonable. Speculating on the potential consequences of a rent freeze prompts consideration of a substantial exodus of landlords from the rental sector.
The Real Estate Institute of Australia remains steadfast in pursuing pragmatic solutions to these challenges.
Currently, the priority lies in incentivising investors to acquire investment properties. Numerous commendable recommendations in this regard have surfaced, which we will continue to present to the authorities. Indeed, there exist incentives that, if enacted, could significantly bolster the rental housing inventory within mere months. Yet, it’s prudent to temper optimism, as this process may take time. The concept of “build to rent” holds a pivotal role, a topic I intend to delve into in forthcoming updates.
Encouragingly, the prevailing rental supply won’t be detrimentally impacted by the proposed rent freeze. Additionally, we are witnessing a modicum of stability in the rental market. Vacancy rates have begun a gentle ascent, and the escalation of rent prices is tapering off due to affordability constraints faced by many. It’s worth noting that landlords too confront elevated annual expenses, encompassing local government rates, insurance premiums, body corporate levies, land tax, and the newly introduced requirements stipulated by state legislations.
As custodians of the largest rent roll on the Gold Coast, we can assert that the overwhelming majority of landlords are conscientious individuals. A significant portion have refrained from raising rents over the past two years, while others have implemented modest increments. A staggering 95% of our landlords have exhibited remarkable compassion throughout this rental crisis, refraining from capitalising on the scarcity.
With optimism, we anticipate the proliferation of pragmatic solutions and a receptive stance from governments towards our further recommendations aimed at alleviating the housing crisis.
Now, shifting gears to the captivating 13-15 Burnside Court in Ashmore. Is it not truly astounding? This residence boasts one of the most expansive land parcels along the main river, a remarkable 75 meters of waterfront allure. The residence exudes an air of grandeur, meticulously designed with Georgian influences and encompassing remarkable proportions. Recent modernisation efforts have seamlessly melded contemporary comforts with historic charm, as evidenced by the retention of high ceilings, panelled walls, resplendent timber flooring, art deco-inspired windows, and more. The crowning jewel is undoubtedly the nationally acclaimed kitchen, adorned with premium integrated appliances. Expansive and lavish bedrooms, media rooms, and a plethora of extraordinary amenities further grace the residence. Outside, the landscape breathes, with a generously sized 12.5-meter swimming pool and enchanting entertainment spaces. Words alone scarcely do justice to the magnificence; I urge you to witness it firsthand. Details of our marketing agent, Jackson Paradise, are conveniently displayed on the screen. He will readily furnish you with open house timings or arrange a private viewing tailored to your schedule. I implore you to seize this opportunity and explore the property in person.
In my forthcoming report, I am excited to distill a wealth of diverse information, concisely presented in bullet points. As mentioned at the outset, the current landscape is replete with dynamic developments that warrant the attention of anyone vested in the Gold Coast.
The anticipation is building for our Charity Ball on September 2nd, and I am eagerly looking forward to meeting many of you there. If you are contemplating reserving a table, rest assured it’s not too late. Equally, if you’re considering attendance as a pair or a quartet, your interest is most welcome. Reach out to Selena Carson, our Event Coordinator, to secure your place as the deadline rapidly approaches. Our annual ball serves as a poignant reminder of our own fortunate circumstances. These young children battling the debilitating and ultimately fatal Muscular Dystrophy deserve our support. At an age when life should be brimming with vitality, they grapple with confinement due to this affliction. While economic conditions may pose challenges for many of us, these children confront the twilight of their existence, and we can contribute by furnishing them with essential equipment for comfort and channeling funds into research for a cure. If attending the event isn’t feasible, you can still make a difference by reaching out to Selena Carson for donation avenues.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group