62 TOP 10 & HOTSPOTS 2014-15

Redcliffe QLD (Northern bayside suburbs of Brisbane) Key Influences Government Decisions, Sea Change, Transport Infrastruct. Highlights Relatively affordable bayside residential precinct, especially for units; emergence from image as downmarket retirement area; $315 million link; plans for $1.2 billion Rail Link. Typical houses Redcliffe $375,000, Kippa-Ring $356,000, Margate $368,000, Newport $805,000, Woody Point $388,000. Typical units Kippa-Ring $260,000, Redcliffe $335,000, Margate $357,000.

Redcliffe Peninsula may be geographically close to Brisbane, but it has suffered for years from transport links that did not keep pace with demand.

Redcliffe was first connected to the ‘mainland’ in 1935 by the 2.7km , which has been replaced twice. The original bridge helped the establishment of Redcliffe as a seaside suburb. It was replaced in 1979 by the concrete Houghton Bridge and then in 2010 the $315 million Ted Smout Memorial Bridge was opened. The original bridge, for years a favourite haunt of local fishermen, was removed in 2011.

Queensland Rail does offer a train/bus service, but that involves taking the Sandgate train from the Brisbane CBD to the end of the line and changing to a bus.

However, a long-promised electric rail connection now seems much closer to reality, with the announcement in September 2013 that the construction contract had been awarded to Thiess.

Location

Redcliffe is a peninsula of the about 28km north-east of Brisbane. Within the there is the suburb of Redcliffe and half a dozen other suburbs which are part of the statistical division of Brisbane, yet separated from the broader city by .

Motorists travelling from central Brisbane can get to Redcliffe via the road bridge or by going “the long way Ted Smout Bridge (left) Houghton Bridge around” - via Road or the Gateway Motorway, then (centre) and work starting on the Hornibrook . Bridge demolition (right) in 2011. Photo: Bay Journal

Road connections in the area have been improved in recent years, in no small part due to the development of the North Lakes master-planned community on land bounded by the Bruce Highway and Anzac Avenue.

Redcliffe is administered by the Moreton Regional Council, the third largest local government organisation in the country. TOP 10 BRISBANE & QUEENSLAND HOTSPOTS 2014-15 63

Population and Demographics

The Redcliffe Peninsula has a relatively small urban footprint of just 37 square kilometres, but is home to about 55,000 people, according to the Australian Bureau of Statistics, compared with 52,500 at the 2006 Census.

Significant development occurred during the post-war years, with the population growing rapidly from about 4,500 in 1949 to 18,000 in 1959. Rapid growth continued between the 1960s and 1980s, reaching a population of nearly 48,000 in 1991.

The population was relatively stable between 1991 and 1996, and then increased slightly between 1996 and 2006, rising to over 52,000. Most of the recent growth has been through new estate development in Rothwell, with some growth in Redcliffe and Scarborough.

Redcliffe was perceived in the past as a retirement village, but the latest statistics suggest that has changed. In fact, 82% of the population is under retirement age and 41% of residents are under 34, with 18% of the population aged under 15. Couples with children and single parents with children account for almost half of the population.

Economy and Amenities

The location's name originates from "Red Cliff Point" named by the explorer . Redcliffe became Queensland's first colony in 1824. However, it was soon abandoned for Brisbane.

Since the 1880s, Redcliffe has been a popular seaside resort location due to its proximity to Brisbane. But in recent years it has become a conurbation, a collection of dormitory suburbs for people commuting to work elsewhere.

A high proportion of the 55,000 people who live in the Redcliffe precinct commutes to work in Brisbane and the fast-developing northern suburbs. But there are plenty of jobs locally too, with a dozen schools, two hospitals, three marinas and major shopping centres.

According to Census statistics, 17% of the working population are engaged in retail trade, 13% in manufacturing and 10% in health and community services. There are 3,763 local businesses, mostly (very) small businesses – only 519 of them employ more than five people.

Redcliffe is marketed as a tourism destination, with 22km of beaches, good fishing, whale-watching and attractions like the Redcliffe Museum and Settlement Cove aquatic park. Redcliffe became home to Way in early 2013 when the last surviving member of the Bee Gees, Barry Gibb, unveiled a statue of the famous band members who grew up in the seaside town. 64 TOP 10 BRISBANE & QUEENSLAND HOTSPOTS 2014-15

Of historical significance is the Redcliffe Jetty which dates back to the late 1800s.

Recent infrastructure and property developments include the upgrade of the Bridge in 2010, a $27 million upgrade of Redcliffe Hospital, the $65 million Woolworths-anchored Bluewater Square shopping centre, an $80 million upgrade of the nearby Kippa-Ring Shopping Village and a hotel with 184 residential and serviced apartments in two 12-storey towers in place of the old Seabrae Hotel.

Property Profile

The Peninsula offers affordable dwellings and proximity to Brisbane - and yet has the laid-back atmosphere of a bayside village.

Redcliffe had its years in the sun when its suburbs were identified by people looking for affordable real estate within striking distance of employment. It had a major price peak in 2004 and another in 2008. Growth has been more subdued since then, with most of the peninsula markets experiencing declines in median house prices in 2011-12, before the first signs of a return to growth in 2013. This has continued in 2014, with several Peninsula suburbs recording solid growth in the past 12 months.

Most Peninsula suburbs have long-term growth averages of 3-4% per year for houses, which is below par for the Brisbane metropolitan area, but expected to improve in coming years.

There are good opportunities to buy well in the Peninsula apartment markets following recent reductions in median prices. The unit market revolves around two tiers: (i) higher-priced high-rises built in the last few years and (ii) lower-priced older units built decades ago. A flurry of sales of modern units a couple of years ago depleted the higher end of the unit market. Subsequent sales of the lower-end market have possibly skewed the median price over the last 12 months.

The following table reflects a sample of properties currently listed for sale:-

Suburb Type Beds Price Rent Yield Comments

Margate Res. Land - $310,000 - - 405m² near water Redcliffe House 2 $277,000 $320 6.0% Fully furnished, close to water, cafes Scarborough Apartment 2 $320,000 - - Close to shops, beach Scarborough Unit 2 $399,900 $550 7.1% Dual key, views to Clontarf Unit 2 $399,000 $450 5.8% Water views, tenanted Kippa-Ring House 2 $265,000 $280 5.4% Close to shops, proposed train station Redcliffe House 3 $389,000 $355 4.7% Close to schools, t/port, shops, tenanted Redcliffe House 3 $299,000 $320 5.5% Lowset timber, close to shops, schools Margate Unit 3 $359,000 $380 5.5% Modern, close to shops, schools, beach Clontarf House 3 $350,000 $350 5.2% Close to cafes, school, hospital, t/port Clontarf House 4 $329,000 $350 5.5% Timber, a/c, close to Houghton Hwy Source: realestate.com

Vacancies in postcode 4020 (Redcliffe, Scarborough) are 2.1%, says sqmresearch.com.au, while in postcode 4019 (Margate, Woody Point, Clontarf) it’s 1.7% and in postcode 4021 (Kippa-Ring) 1.2%. Many suburbs have median yields for houses are in the 5.0%–5.5% range, while for units they’re generally around 5%. TOP 10 BRISBANE & QUEENSLAND HOTSPOTS 2014-15 65

The Redcliffe housing market can be summarised as follows:

Suburb Number of Median House 1-year 10-year Median Sales Prices Growth Growth Yields Clontarf 159 $363,000 7 % 3 % 5.3 % Kippa-Ring 174 $356,000 5 % 3 % 5.4 % Margate 155 $368,000 5 % 3 % 5.1 % Newport 64 $805,000 15 % 4 % 4.3 % Redcliffe 173 $375,000 12 % 4 % 5.1 % Scarborough 174 $449,000 8 % 3 % 4.7 % Woody Point 85 $388,000 -2 % 3 % 4.8 % Source: Australian Property Monitors. “No. of sales” is the number of house sales in the past 12 months; “10yr ave.” is the average annual rise in median house prices in the past 10 years. “Snr”: Statistically not reliable.

The Redcliffe unit market can be summarised as follows:

Suburb Number of Median Unit 1-year 10-year Median Sales Prices Growth Average Yields Clontarf 51 $430,000 -10 % 8 % 4.8 % Kippa-Ring 29 $260,000 5 % 2 % 4.9 % Margate 42 $357,000 13 % 2 % 4.5 % Redcliffe 186 $335,000 -9 % 2 % 5.1 % Scarborough 89 $385,000 3 % 0 % 4.8 % Woody Point 51 $325,000 -4 % 5 % 4.9 % Source: Australian Property Monitors. “No. of sales” is the number of house sales in the past 12 months; “10yr ave.” is the average annual rise in median house prices in the past 10 years. “Snr”: Statistically not reliable.

Future Prospects

After hearing about it for 30 years, Redcliffe Peninsula residents may finally believe that the 12.6km Moreton Bay Rail Link between Petrie (a station on the rail line stretching north from central Brisbane to the Sunshine Coast Hinterland and beyond) and Kippa-Ring could become a reality.

In August 2013, Thiess Contractors was awarded the $1.15 billion contract to build the rail line between Kippa-Ring and Petrie. Funding is provided by the Federal Government ($742 million), State Government ($300 million plus land) and Moreton Bay Regional Council ($105 million).

In readiness for the project, an extra 1.5km of rail line is to be constructed between Petrie and Lawnton Stations and a 310-metre rail bridge will be built across the North . The bridge will be wide enough to accommodate the third track and a future fourth track.

Costing $169 million, the extra track will deliver more passenger capacity for both commuters and long-distant passengers and provide additional support to freight trains.

Construction on the Moreton Bay Rail Link began in early 2014. It will have stations built at Kallangur, Murrumba Downs, Mango Hill, Rothwell and Kippa-Ring. 66 TOP 10 BRISBANE & QUEENSLAND HOTSPOTS 2014-15

It will do more than provide fast, efficient public transport to and from the peninsula. The broader region is home to 375,000 people and is one of the fastest-growing areas in the country with the population set to exceed 500,000 by 2031. Currently, over half the region’s population leave home each day to work and most of them (83%) use a private vehicle for their journey.

It’s predicted that an express train from Kippa-Ring will take 45 minutes to reach the Brisbane CBD, compared with over an hour by car in peak-hour traffic. Each full train on the new line is predicted to remove 600 cars from surrounding roads, thus reducing congestion.

News of the rail link seems to be prompting confidence in the local property market with PRDnationwide Research director Aaron Maskrey saying the increased sales activity in Redcliffe could be attributed in part to the construction projects set to begin. "Momentum is clearing building for detached dwellings on the Redcliffe Peninsula," Maskrey said. "Interest has been growing over the past two years and with $215 million in the investment pipeline for the region, we expect the housing market will continue to gain traction." Many of the new development applications are for civil engineering projects, but the majority of funds are being allocated for attached residential dwellings. An example is the Azure Blue aged care facility, which will cost $50 million.

It is worth noting the growth of nearby North Lakes (previously known as Mango Hill) over the last decade, on the fringe of the Redcliffe Peninsula. North Lakes is a master-planned community initiated by Lend Lease and now owned by Stockland.

North Lakes, named by the UDIA as 's Best Master-planned Community in 2010, has evolved from a housing sub-division into a suburb with three schools, six child-care centres, a major shopping centre (Westfield North Lakes), an industrial estate, an 18-hole championship course, 80km of bikeways and walkways, 53 parks and eight sports fields.

As more people come to live in North Lakes, the list of amenities (including a private hospital, medical facilities, vet services, retirement village and a TAFE Skills Tech facility) continues to grow. The latest addition is the $45 million Corso North Lakes project – a destination library and community centre.

North Lakes has helped to lift the appeal of the Redcliffe Peninsula suburbs by improving the lifestyle and amenities of the area.