Bigger is better: buyers scramble to secure ‘golden’ or ‘splitter’ blocks close to Brisbane’s CBD

first_imgReal estate agents say demand for splitter blocks is still high despite the impact of coronavirus.“Savvy buyers are very much in the market for double blocks,” Peter Stone of REMAX Results said. “I think people see them as good investments, whichever way things go with the current situation we’re dealing with.“Potentially, they feel they might get them at a reasonable price at the moment, if they’re cashed up and ready to buy.”Mr Stone said the preference from buyers was for the splitter block to have subdivision potential, but there were plenty of owner-occupiers who simply want the space.“I suspect the reason we’re still seeing solid inquiry is because usually double blocks sell for a premium because everybody wants them,” he said. “Now, people are taking advantage of the fact that there might not be quite as much competition in that space. That’s the vibe I’m getting at the moment.”Mr Stone has just sold a Queenslander on a double block at 33 Dutton St, Hawthorne, for an undisclosed price, to a family who wanted a big block close to the city.This property at 33 Dutton St, Hawthorne, appealed to the buyers because it is a double block.This property at 33 Dutton St, Hawthorne, has just gone under contract.Sarah Hackett of Place Estate Agents has just sold a four-bedroom, post-war home on a 863 sqm, subdividable block at 74 Waverley Rd, Camp Hill, to a local builder for $1.225 million. Hauss Graceville principal Charles Wiggett said splitter blocks in Brisbane’s inner west were so in demand they rarely made it to the public market.“If I had one turn up on my books now, I’d have it sold in two or three days,” Mr Wiggett said.“It can depend on the block. People are generally looking for the more vanilla style ones, where the bare minimum is 810 sqm — obviously the bigger, the better.“Wide frontage blocks will fetch a premium because you can put a more substantial house on it.”Sarah Hackett of Place Estate Agents has sold this splitter property at 74 Waverley Rd, Camp Hill, for $1.225m.Mr Wiggett said a double block in a good street in Graceville, preferably with a post-war house on it, would “easily” fetch $1.1 million to $1.2 million. “Although, I do have clientele who look at double blocks with old Queenslanders on them and move them sideways,” he said.More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoBrisbane couple Ryan and Kirsty Jackson, who own the Fitstop Greenslopes gym franchise, are in the market for a splitter block in an inner-city suburb, but have had trouble getting their hands on one.“I think there’s a lot of offmarket deals done,” Mr Jackson said.“It’s hard for non-developers to get in because there is such a demand for them.” Camp Hill:212Norman Park: 205Coorparoo: 182Bardon: 160Annerley: 149(Prepared by Place Advisory. Source: PriceFinder) FOLLOW ELIZABETH TILLEY ON TWITTER But property pundits say the uncertain conditions mean there is less competition, increasing our chances of grabbing a splitter block for less. Splitter blocks in Coorparoo like this one on Kenneth Street are in high demand.Daniel Prosser of REMAX First National, who is marketing a splitter property at 38 Kenneth St, Coorparoo, said now was a good time for “mum and dad investors” or owner-occupiers to look at buying one.“From a finance point of view, builders and developers aren’t really purchasing at the moment, so for mum and dad investors, young couples or families with stable jobs, it’s a really good opportunity to swoop in and beat the developers and bigger companies, who were buying them on a regular basis,” Mr Prosser said.“Mum and dad investors are definitely in the drivers seat to snap up one of these at the moment.” A report by Place Advisory reveals just how many of these coveted properties remain within 10km of Brisbane’s CBD.The report found the suburb of Annerley, in Brisbane’s inner south, had the highest number of splitter blocks in the city at 337, followed by Coorparoo (298) and Camp Hill (285).Perhaps surprisingly, the report found that only 19 per cent of splitter blocks above 800 sqm in Brisbane were owned by investors — the rest were owned by owner-occupiers. “This gives further evidence that this is not just an investor avenue,” the report stated.The report describes a splitter block as being a single property comprising two lots of land on one title.This house on a double block at 38 Kenneth St, Coorparoo, is for sale.Place Advisory director Lachlan Walker said one of the main benefits of owning such a block was that it could remove the need to subdivide a new property, saving hassle and money.Subdividing a property in Brisbane costs close to $30,000 in council contribution fees, which are similar to a tax or levy.But Mr Walker said it depended on whether the block could be subdivided, or not. Place Advisory director Lachlan Walker.Mr Walker said splitter blocks offered a unique investment opportunity. “They’re properties with upside,” Mr Walker said. “Rather than having to purchase a house solely on its own lot and renovate, you’re almost creating a second income.“You could sell one and hold the other or hold both and rent one, or both, out.”Mr Walker said double blocks were becoming more rare every year and some buyers simply wanted them for the space they provided.“There are definitely people looking for a larger block, so they can have the backyard and pool, but it depends on street and location too — and it usually does come with a price tag,” he said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:37Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:37 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHomes perfect for self-isolation01:37 Annerley: 337Coorparoo: 298Camp Hill: 285Norman Park: 224West End: 201 (Supplied by Place Advisory. Source: PriceFinder) Ryan and Kirsty Jackson of Bulimba want to buy a splitter block in Coorparoo (Photo: John Gass)HOME seekers have been gifted a rare opportunity to snag one of Brisbane’s most sought-after pieces of real estate thanks to the COVID-19 crisis. Large land parcels of 800 sqm or more, known as ‘golden’ or ‘splitter’ blocks, have become a dying breed in the city’s inner and middle rings. More often than not they sell before making it to the market, having been snapped up by savvy investors or developers, who can subdivide them. MORE REAL ESTATE NEWS Granny flats keep families together during isolation COVID-19 puts first-time buyers in the property driver’s seat Top five suburbs for splitter blocks (within 10km of Brisbane’s CBD – all sizes) Ten luxury retreats in which to hiberntate Mr Jackson, whose income has taken a hit from the coronavirus, said the attraction with a splitter block was that it could generate value.“For us, we’d look at building two places on it and using one of them to partially fund our live-in home,” he said.This property at 38 Kenneth St, Coorparoo, is for sale. Top five suburbs for splitter blocks (within 10km of Brisbane’s CBD and above 800sqm):last_img

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