RUSSELL ISLAND REAL ESTATE SALES TOP QUEENSLAND AND 7TH HIGHEST IN AUSTRALIA Russell Island is included in the dozens of suburbs across Australia where home values continue to surge despite the broader property market cooldown, new data shows.
PropTrack has released its latest quarterly automated valuation model (AVM) to the end of September, showing there were 83 suburbs where prices are up by 10% or more in the past three months. And in 12 of those locations, the quarterly pace of growth was above a staggering 20%. An AVM combines mathematical modelling with the latest price data and recent comparable sales to give the most accurate estimate of the value of properties in a particular area. The results show the largest rate of quarterly growth in the country took place in the heart of the Eyre Peninsula in South Australia, in the wheatbelt town of Cleve. However, 7th on the list is our very own Russell Island. A mix of affordability, location and lifestyle have attracted buyers to our islands, and Russell Island in particular, despite recent rises in interest rates. Figures reveal the average price for a home on Russell Island is now $314,897 as at September 2022 This represents an amazing Q0Q 21.41% quarterly increase and an annual increase of 16.95% An automated valuation model (AVM) is a statistically derived estimate of the value of a given property. AVM’s use advanced data analytics and mathematical models, such as machine-learning, to analyse a suite of available data points for a given property to accurately estimate its value on a given date. Combining advanced predictive modelling with unique proprietary data and industry expertise, the valuation tool delivers estimates for more than 80% of residential properties in Australia. “It should be noted that quarterly changes in suburb level AVM estimates can be volatile,” Eleanor Creagh, senior economist at PropTrack, said. “Often, analysing the trend over a longer period can be a fairer reflection of actual market conditions and how values have changed.” Whatever way it is calculated, island home owners can take some comfort in the recent high results and outcomes for the island real estate market. Island Real Estate agents endorsed the AVM data. Chris McGregor of Bay Islands Property said: “With many of our island buyers selling mortgaged properties in Sydney and Melbourne, these buyers can afford to live on the islands without a mortgage and no longer be affected by raising interest rates.” Geoff Walsh of Russell Island Real Estate says the data has not come as a surprise. “Interest in Russell Island and the islands in general has been increasing for some time now. “Despite the interest and the higher average home price on the islands, we still represent good value to the home purchaser,” he said.
NEXT STAGE OF WEINAM PDA BUILDS HAMILTON STREET ‘LOOP’ ROAD The master plan for Council’s Weinam Creek Priority Development Area (PDA) has been approved and the next stages of the redevelopment project are about to commence. Stage 3a is the first step towards providing vital road infrastructure improvements to the area. The roads reconfiguration will have a huge impact on the area and will change the current access considerably. Plans include transforming the northern end of Banana Street into a cul-de-sac and extending Hamilton Street to generate a new loop road for better public access to the Marina Ferry Terminal and exit past the Queensland Government’s new Health Facility. Preliminary works for Stage 3b will coincide with Stage 3a. Stage 3b will include works in Moores Road car park to begin preparations for the new recreational boat ramp. These stages will be commencing by early December and will take about 12 months to complete. To assist construction phases, Council’s project delivery team will be based from a temporary construction office site on Hamilton Street, on the edge of the sporting ovals also housing the heavy equipment required for the project. Subject to approval, it is anticipated it will take about five years to deliver the remainder of the Weinam Creek PDA project. The rejuvenation of Weinam Creek is set to create more than 700 jobs and generate almost $30 million for the local economy, as well as deliver much-needed transport upgrades, community services and local jobs. Redland Investment Corporation (RIC) on behalf of Council is delivering this catalyst project that will transform Redland Bay into a vibrant waterfront precinct with restaurants, cafes, a supermarket, more parking, new walkways and more open space. The strategic changes further support the islands and southern Redlands Coast communities. The master plan includes:
More open space
New pedestrian and cycle ways
Rejuvenation of existing parkland
More car parks
Improved drop off and storage facilities for island residents and visitors
A new boat ramp to separate emergency and public access
A mix of residential and retail spaces including cafes, restaurants and potential for a medical precinct.
Stage 1 of the project has already delivered more than 500 new parking spaces at Moores Road, new pathways, and a footbridge connecting to the Marina Ferry Terminal.
• The site where Heavy Equipment for the loop road project is being housed. THE TOP 10 PLASTICS COUNCIL URGES RESIDENTS TO STOP RECYCLING Redlands Coast and island residents are urged to become better recyclers, especially when it comes to plastic. Redland City Mayor Karen Williams says non-recyclable plastics are the largest contributor locally to contamination within kerbside recycling bins. “Contamination rates in recycling bins across the city have almost doubled over the past six years, from 6.9 per cent in 2015 to 11.3 per cent in 2021,” she said. “Council is committed to reducing waste contamination and aims to halve it by 2030 with the help of our residents. “An audit in February this year showed non-recyclable plastic was the largest contributor to contamination within kerbside recycling bins, followed by non-recyclable paper, garden waste and non-recyclable metal. “Knowing what items can be recycled can sometimes be confusing, especially with the wide range of plastic packaging and products available, and it’s important to realise that not all plastic can be recycled. “If in any doubt on what items can be recycled, go to the Recycling on Redlands Coast page on Council’s website or download the free Recycle Map app.”