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Questions:


Assessment Task 1 Case Study

Options for purchase

Options for rental

Assessment Task 2 Workplace Project

An overview of the type of properties within the given area

An analysis of demand in the given area - present situation and trends

A summary of the state of the market and the trend over the coming months

An analysis of the opportunities available for investment in the area and the factors which will affect returns on different types of property including rental prices, rates, costs of maintaining property

 

Answers:

Assessment task 1

Options for purchase or rental of house property in Queensland

The interstate client looking for a family accommodation can shift to the growing town of Jimboomba that is situated in Logan City, Australia and has a population of around 11387 (Cheshire, 2013).  Keeping in mind the client’s needs it can be suggested that Flagstone in Jimboomba is the suitable place for the client to avail the accommodations. The town has various primary and higher level schooling options namely Flagstone Primary, Jimboomba Primary, Green bank Primary and higher level schools like Flagstone State college, Beau desert high and Park Bridge high. Thus, the client in Flagstone has the option of a primary as well as high schools for all the three kids (Flagstone.com.au, 2015).
 

Following are the house sale options available to the client in Flagstone, Jimboomba

Type of accommodation

Facilities

Price

Elite homes

3 bedrooms, open living room, master bedroom fully furnished, drive off for two cars, opposite reserve park

$ 284650

Casuarinas

4 bed rooms, furnished living areas, majestic master bedroom,  Central kitchen, surrounding garden, nearby schools

$ 478400

Avoca 1698

3 bedrooms, Master bedroom with attached bathroom, separate playroom, separate entertainment room, small living area, [parking facility for 2 cars (Domain.com.au, 2015).

$ 342115

 

 

Following are the options for rental

Type of accommodation

Facilities

Price

 

2 bedrooms, modern appliances, air-conditions, medium dining, small storage rooms, parking space for 1, 1 bathroom

$ 295 per week

(monthly 1180, yearly 14160)

Spring Time

3 bedrooms, 1 bathroom, parking space for 2, public transport at door, local schools nearby, large dining room, open kitchen

$ 350 per week

(monthly 1400, yearly 16800)

Golden Penda Drive

4 bedrooms, 2 bathrooms, furnished and appliances, one dining room, one entertainment room, local schools at walking distance, medium sized lawn (NewsComAu, 2014)

$ 412 per week

( monthly 1648,  yearly 19776)

 

As per the Queensland Real estate market the annual growth rate of a house, property in Jimboomba is around 0.5%.  This annual growth depends upon the median price of $431 k. Median price is the price of the property that falls in the middle of the total number of properties sold (realestate.com.au, 2015). As per January, the annual growth is 0.5%.  However, the rental yield on a house property is around 5.0% with a median rent of around $410 per week. The above table shows that the annual rental charges are also low compared to the purchase price. Thus, it is advisable for the client to opt for a rental house rather than purchasing a new house property since the client is going to stay for a period of 3 years only. In future, the sale value will not be high hence; the client can discard the rent payment and shift to other locations (Wilkinson, 2013).

In this case considering the amount of investment the client can make it is advisable that the client should opt for the 4 bedroom houses for rental purpose. Since it has all the required facilities and is also nearby to the public schools and public transport (realestate.com.au, 2015).

Assessment task 2

Overview of the properties market

Analysis of the Jimboomba property market in Queensland shows that the town records a median sales price of around $436000 with a sale of 135 houses as per the last years data (Lennon, 2006). The data shows that compared to the last 5 years the median price of the houses have increased indicating an annual growth rate of 0.8%. Jimboomba is a growing town hence the town is providing different types of property options like new occupation house, rental accommodation, vacant land, specialist farm land and occupation of ownership houses.

Analysis of demand

The average property visits in Jimboomba is 81 compared to the average property visits in Queensland that is around 181. Hence, the average number of visits shows that the demand for property in this town is very high. The following graph shows the average vistis fro two types of properties in Jimboomba namely the rental properties and the purchase properties. The graph shows that since the average rental rate is around $410 per week for a 4 bedroom furnished flat hence the demand for the rental properties are higher in this town (Realestate.com.au, 2015).

Figure 1: Average visits per month

(Source: Realestate.com.au, 2015)

Market state and trend in future months

As per the Australian Bureau of Statistics, the new home lending yielded higher growth in the Jimboomba property market. Population growth continues to increase in Queensland recording around 98000 people in 2008 and recording for interstate migration of around 23000 people (Reed & Wu, 2010). The Federal government has also introduced grants for the first home buyers hence it can be forecasted that the median property price and the number of property price will increase in the future years. The following graph shows the current trend in the median property price in Jimboomba on a monthly basis. Form the graph it can be concluded that the average median price is around 430000 and there is not much decrease in the price levels (Cradduck, 2013).

Figure 2: Current trend in the median price of properties in Jimboomba

(Source: Realestate.com.au, 2015)

Investment opportunities

As per the real-estate reports top three property investment suburbs of Queensland are namely Clontarf, East Toowmba and Wilsonton. These areas provide the following returns on the various types of property sale.

Clontarf – 3-bedroom apartment – 11.3%

East Toowoomba – 3 Bedroom apartments – 7.9%

Wilsonton – 2-bedroom apartment – 6%

The following table shows the returns on investments of the different towns in Queensland

Town

Type of property

Return percent (%)

Median price ($)

Waterford

3 Bedroom houses

16.1%

$ 410 K

Hawthorne

2 Bedroom houses

12.7%

$ 991 K

Jimboomba

4 Bedroom houses

0.8%

$ 410 K

Red bank Plains

4 Bedroom houses

12.4%

$ 315 K


The table above shows that compared to the other towns in Queens land the return or the annual growth rate in Jimboomba is low (Adamuscin, 2010). Hence, it is not advisable to purchase house properties in Jimboomba rather the customers should go for a rental option since the rate of rent is lower. Purchasing a house in Jimboomba will not give the customer desired return on the property. Moreover, the property maintenance charge in Jimboomba starts from $25 per hour (Serviceseeking.com.au, 2015).

 

References

Adamuscin, A. (2010). Investing in European market real property through reits. Slovak Journal Of Civil EngineeringXVIII(1). doi:10.2478/v10189-010-0001-9

Cheshire, P. (2013). Land market regulation: market versus policy failures. Journal Of Property Research30(3), 170-188. doi:10.1080/09599916.2013.791339

Cradduck, L. (2013). Living a managed community lifestyle: managed community lifestyle from Queensland. Property Management31(4), 326-334. doi:10.1108/pm-12-2012-0049

Domain.com.au,. (2015). Jimboomba 4280 - House Prices, Auction Results, Sales History. Retrieved 2 March 2015, from https://www.domain.com.au/apm/Research/?AddressLine=Jimboomba%20QLD&LocationType=Suburb&State=QLD&SuburbId=18134

Flagstone.com.au,. (2015). Flagstone | Now Selling - House and Land | House and Land Sales Jimboomba, Queensland. Retrieved 2 March 2015, from https://www.flagstone.com.au/now-selling/house-and-land.aspx

Lennon, J. (2006). Lisanne Gibson and Joanna Besley, Monumental Queensland: Signposts on a Cultural Landscape. International Journal Of Cultural Property13(01). doi:10.1017/s0940739106000051

NewsComAu,. (2014). Is housing about to become much more affordable?. Retrieved 2 March 2015, from https://www.news.com.au/finance/real-estate/murray-inquiry-negative-gearing-in-the-firing-line-but-what-will-it-mean-for-house-prices/story-fncq3era-1227150976541

Realestate.com.au,. (2015). Jimboomba House Prices, Real Estate Market & Jimboomba Lifestyle Info. Retrieved 4 March 2015, from https://www.realestate.com.au/neighbourhoods/jimboomba-4280-qld

realestate.com.au,. (2015). View property investment data for All houses in Jimboomba. Retrieved 2 March 2015, from https://www.realestate.com.au/invest/house-in-jimboomba,+qld+4280?shd=annual_growth

Reed, R., & Wu, H. (2010). Understanding property cycles in a residential market. Property Management28(1), 33-46. doi:10.1108/02637471011017163

Serviceseeking.com.au,. (2015). Jimboomba Property Maintenance Experts from $25/hr. Retrieved 4 March 2015, from https://www.serviceseeking.com.au/handymen/property-maintenance-experts/jimboomba-4280

Wilkinson, S. (2013). Conceptual understanding of sustainability in the Australian property sector.Property Management31(3), 260-272. doi:10.1108/02637471311321496

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