Rental demand jumps in Qld; Mackay’s vacancy rate the tightest in the state: REIQ

first_imgThe rental vacancy rate in Mackay has fallen from 1.9 per cent to 0.9 per cent in three months. Picture: Rob Maccoll.The rental vacancy rate in Mackay fell from 1.9 per cent to 0.9 per cent in just three months, which means the city is pretty much full.Rents are also on the rise, increasing in the range of 10 to 20 per cent over the past year, with two-bedroom houses and three-bedroom units reporting annual growth in the weekly median rent of $50. Mackay has the tightest rental vacancy rate in Queensland at 0.9 per cent.REIQ chief executive Antonia Mercorella said the strength of the regional economy and the employment market were driving the increase in demand for rentals.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoAbout 3900 new job opportunities were created in Mackay in the year to August — putting downward pressure on the jobless rate, which is now just 3.3 per cent.“As the state’s economy improves and the jobs market in regional Queensland strengthens, we are seeing people returning to those areas and are looking first for rental accommodation,” Ms Mercorella said. “Markets such as Mackay, Toowoomba and Bundaberg, which are tight, are stabilising after a period of correction.” Local agents take down a ‘For Rent’ sign in Cairns, which is one of the tightest coastal rental markets in Queensland.IT has become almost impossible to find a property to rent in Mackay, with the regional city’s vacancy rate now the tightest in Queensland. The latest Real Estate Institute of Queensland residential vacancy rate report shows the coastal market’s vacancy rate tightened by a whopping 100 basis points in the September quarter. REIQ chief executive Antonia Mercorella.The report found rental markets in the largest regional centres continued strengthening during the quarter as median rents trended upwards, particularly in Mackay, Rockhampton and Toowoomba.Rockhampton’s rental market moved into the tight range for the first time in six years, as vacancies shrank from 3 per cent in June to 2.3 per cent in September.The Fraser Coast and Cairns markets are the tightest coastal rental markets in Queensland with regional vacancies of 1.4 per cent.Steady rents are boosting the rental market on the Fraser Coast, with well-priced rental properties snaring a tenant in less than a week on average.The report found only two of the major regional markets in the state — Gladstone and Townsville — were weak, with vacancies above 3.5 per cent but below 4.5 per cent.Overall, the state’s rental market strengthened again in the September quarter, with 27 markets classified as tight by the REIQ, four as healthy and four as weak.The greater Brisbane rental market held steady at 2.2 per cent, but the local government area of Redland reported one of the region’s tightest vacancies of 1.5 per cent. The Brisbane LGA rental vacancy rate has tightened to 2 per cent. Image: AAP/Darren England.The Brisbane LGA tightened to 2 per cent, with vacancies for both the inner and middle ring falling to the tight range during the September quarter.“Even though this market has tightened to 2 per cent vacancies, we are hearing that pockets of the inner city are oversupplied and tenants are still negotiating well on terms,” Ms Mercorella said.She said the state’s increasing population growth would require more rental supply.last_img read more

Magical Maggie offers a wonderful lifestyle at a price that’s sure to please

first_imgMagnetic Island . Picture: BarekiwiLOCATED just 5km off the coast of Townsville is one of Australia’s best-kept secrets – the tropical paradise that is Magnetic Island, writes REIQ Townsville zone chairman Wayne Nicholson. Named by Captain James Cook, the story goes that his compass went haywire as he sailed past the island and so he named it Magnetical Island. Today, we know it as Magnetic Island or just plain Maggie. I have been going to Maggie for more than 60 years, along with many, many Townsville residents. There are permanent residents on Maggie who make the 20-minute commute to the mainland every day for work, using one of about 18 daily ferry services. Imagine the life. Some are fortunate enough to have a holiday house or unit on the island, providing them with a paradise escape whenever they have the opportunity to take a break from work and the daily grind. Whenever I spend time on Maggie, I feel as though I’ve come to a different world. I often tell people when I am leaving Maggie that I am going back to Australia because island life truly feels like a whole other world.Being a property fanatic, I keep an eye on Maggie’s property prices and I am constantly amazed at the low prices for some outstanding residential real estate that can be found there. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020If you are looking for an investment property that you can also use from time to time, I would strongly urge you to consider Magnetic Island. A quick chat to the REIQ agents on the island will help you learn more information about the rental returns and holiday letting options that are available. The vacancy rates are down and inquiry for rental accommodation remains strong. Picture this, you buy a property on the island while prices are down, finance it while bank rates are low, and use it yourself for holidays or multiple weekends throughout the year. With some careful planning, it’s possible to have your rates and/or body corp fees paid off by rental or holiday income.If this sounds appealing, why not give one of the REIQ agents on Magnetic Island a call and investigate something that you never thought was possible.And if you haven’t been to Maggie for a while jump on a ferry and cross the “paddock” to one of Australia’s best-kept secrets. It’s one of the best moves I’ve ever made.last_img read more

Fairytale auction ending for Gold Coast cottage inspired by Jack and the Beanstalk

first_imgThe new owners of 5A Magnetic Drive, Tamborine Mountain, hope to live happily ever after.MAGIC beans weren’t traded to secure the keys to a Jack and the Beanstalk-inspired cottage but it was a fairytale ending to a competitive auction. Seven bidders vied for the keys of the enchanting cottage in the Hinterland, which was built by an English author. A drawn-out auction where 21 bids were placed saw the hammer fall at $655,000 for the property at 5A Magnetic Drive, Tamborine Mountain. MORE NEWS: New top sale notched for Coast “If you buy a new house they have no character. This is a one-off, you won’t get anything else like this,” Mr Mudie said when the property hit the market. More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“Mt Tamborine is really nice, I look down at the Gold Coast and see the sunrise and on certain days of the year the moon comes up and lights up the South Pacific and it becomes an inky black colour.” A Brisbane-based buyer secured the keys. It is affectionately known as Foh Fum Cottage.The property has two titles, one of which the couple will build their next home on.“We are not moving off the mountain, I never got round to building the second property so we will sell this and build the next one,” Mr Mudie said.“We will probably make it an alpine log cabin — a totally different take.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:40Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:40 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, 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 Rate1xFullscreenOpen for inspection etiquette for buyers00:41 The cottage, inspired by Jack and the Beanstalk, sold under the hammer for $655,000.Investors, locals and house hunters from Brisbane and the Gold Coast all showed interest in the two-bedroom house. Harcourts Scenic agent Tom Van, who sold the property alongside Eli Van, said it was an action packed auction day. “It was a mad house, it was all going on,” he said. “There was a sausage sizzle, coffee, champagne and balloons out.“It (the auction) went for a while because at one point bidding stalled as a phone bidder came in and they ended up buying it.” Mr Van said the Brisbane-based buyers planned on moving into the property in the future and hoped to live happily ever after. The property was owned by author William Andrew Mudie and his wife Lynne. Seven parties registered to bid at the auction.The property, called Foh Fum Cottage, was built by engineer and writer William Andrew Mudie. The author’s cottage has been home to Mr Mudie and his wife Lynne for the past two decades, with four of his books produced there. Mr Mudie’s books, The Foh Fum Legends, follow the real stories behind fairytale Jack and the Beanstalk. MORE NEWS: More Coast properties selling at a profit last_img read more

Maine Governor Places Wind Energy Moratorium, Plans Introducing New Permitting Bill

first_imgOn 24 January, Maine Governor Paul LePage issued an executive order setting up the Maine Wind Energy Advisory Commission and placing a moratorium on new permits to wind energy projects until the newly-established commission releases its report after studying the economic impact wind turbines have on tourism. Maine Governor Paul LePage speaking at the 2017 Conservative Political Action Conference in National Harbor, Maryland. Photo: Gage Skidmore“Tourism, especially returning visitors, is a major driver for the Maine economy. We cannot afford to damage our natural assets in ways that would deter visitors from returning to Maine,” LePage said. In 2016, Maine attracted more than 35 million visitors who spent nearly USD 6 billion, and this was exceeded in 2017, according to the press release on the governor’s website.The executive order focuses on Western Maine, the state’s coast and coastal islands, and bird migratory pathways, saying these areas attract significant tourism to the state and any decision regarding siting wind turbines in these areas will have long-term consequences to the tourism industry, with the benefit from wind turbines being uncertain.Governor LePage also announced he intends to introduce legislation to amend the laws governing expedited permitting for wind energy development.“Current law is too ambitious and overly permissive in areas of the state where we must protect our scenic vistas. While I believe that some expedited permitting for wind is appropriate, my bill will implement constraints on where expedited development can occur to protect our tourism-based economy,” the governor said.When it comes to offshore wind projects, there are no leased sites off Maine. Statoil submitted an unsolicited lease request in 2011, with the Bureau of Ocean Energy Management (BOEM) determining no competitive interest a year later and deciding to proceed with a noncompetitive lease process. However, Statoil withdrew its lease request later on.Nevertheless, there is offshore wind activity in the state with the University of Maine-led Maine Aqua Ventus project. The 12MW floating offshore wind pilot project, also known as New England Aqua Ventus I, is planned off of Monhegan Island. It is expected to demonstrate the VolturnUS system at full-scale as a viable and economical alternative for offshore wind developments in water depths greater than 50 meters. The project recently encountered challenges related to its power purchase contract, as the Maine Public Utilities Commission (PUC) decided to delay its final decision on the contract until it determines the price impact the project would have today, considering that the initial terms were set in a Term Sheet from 2014.Maine governor signed support to new offshore drilling planAs Offshore WIND reported earlier this month, most of the officials of the U.S. coastal states affected by national offshore oil & gas plans had already provided their responses to the new 2019-2024 plan to make more than 90% of OCS available for oil and gas exploration and production.Maine’s governor responded within the OCS Governors Coalition (Maine, Alabama, Mississippi, Texas, and Alaska), which sent in a joint letter stating that it supports all new oil and gas leasing options laid out in the Draft Proposed Program (DPP).The Coalition’s comment letter, signed by Governors Paul LePage (Maine), Kay Ivey (Alabama), Phil Bryant (Mississippi), Greg Abbott (Texas), and Bill Walker (Alaska), states that they believe it is prudent to include all leasing options in the DPP, understanding that circumstances affecting leasing decisions could change during the course of the National OCS Program’s development and implementation. They propose that access to offshore energy resources will allow coastal states and communities to realize great economic opportunities and that the successful development of the GOM and the initial exploration of Alaska’s OCS demonstrate how responsible offshore energy development can generate many good paying jobs, spur activity in a host of associated industries, and generate billions of dollars in tax revenue.” – BOEM/ DPP.In their response, the governors of the OCS Governors Coalition welcomed the decision to re-evaluate permits to conduct seismic surveys in the Mid- and South Atlantic, stating that the coalition believes that states must have an up-to-date assessment of the potential resource base off their coasts to inform decision-making regarding offshore development.Of the 23 coastal states affected, BOEM received responses from governors and/or state agencies of 20 states, with New Hampshire, Rhode Island and South Carolina’s inputs provided only by local governments and other organisations.Twelve of the 20 states that delivered official responses requested exclusion, opposing to new oil & gas leasing. These include: Massachusetts, Connecticut, New York, New Jersey, Delaware, Maryland, Virginia, North Carolina, Washington, Oregon, California and Hawaii. Seven states requested inclusion: Maine, Georgia, Alabama, Mississippi, Louisiana, Texas and Alaska. Florida has been registered by BOEM as not stating its specific position.Offshore WIND Stafflast_img read more

Highlights of the Week

first_imgMermaid Sees Red as Revenues Cut in Half Subsea World News has put together a recap of the most interesting articles from the previous week (August 13 – August 19). AGR Joins Buzzard Phase 2 Project Oceaneering E-ROV Gets Equinor Jobcenter_img CNOOC Orders Aker Solutions Umbilicals for Liuhua Ex-CEO of DeepOcean Joins Boskalislast_img

Vattenfall Announces Inspection and Recertification Tender

first_imgVattenfall Vindkraft AB has issued a contract notice for the provision of statutory inspections and recertification of the company’s onshore and offshore wind assets across Europe.This tender will be opened for competition to selected candidates on 11 October.It concerns the statutory inspection, repair if required, and recertification works for Vattenfall’s existing assets in the United Kingdom, Netherlands, Germany, Sweden and Denmark.The portfolio consists of multiple wind turbine generator platforms.The contract will start in February 2016 and run for a period of 24 months.Vattenfall has the option of extending the agreement up to 2 times, each for a period of 1 year.last_img

TOP Ships Seals USD 92.5 Mn Sale and Leaseback Deal

first_imgGreek shipowner TOP Ships has concluded the USD 92.5 million financial deal for two Suezmax newbuilds under construction at Hyundai Samho Heavy Industries in South Korea.  The deal with an undisclosed Chinese leasing company was announced in September this year.The sale and leaseback agreements envisage for the two newbuilds to be sold following their delivery from the shipyard in April and May of 2019, respectively. The proposed financing deals include pre and post-delivery financing and have a term of seven years. The company can buy back the vessels after the three year anniversary of each vessel’s delivery up until the expiry of the agreements.Once delivered, the vessels are scheduled to enter into three-year time charters with an oil major at a daily charter rate of USD 25,000 per vessel.“Our Suezmax vessels, which account for the largest portion of our newbuilding capital expenditure, are now fully funded,” Evangelos Pistiolis, the President, Chief Executive Officer and Director of the company, said.“We are now focused on arranging the finance of our newbuilding vessel that will be delivered in January following the completion of which, the company will have completely covered its capital needs in relation to its current newbuilding program.”The company also announced that it has increased the maximum borrowing capacity of the family trading credit facility to USD 25 million and that it has drawn down an additional USD 5 million from the company’s outstanding loan facilities.last_img read more

Seaspan Completes 2nd Tranche of Investment with Fairfax

first_imgHong Kong-based containership owner and operator Seaspan Corporation revealed that Fairfax Financial Holdings Limited closed the second tranche of its USD 1 billion investment commitment in the company. As with Fairfax’s initial USD 500 million investment in Seaspan, the second tranche of funding is structured as a USD 250 million issuance of 5.50% senior notes due 2026 and approximately 38.46 million warrants.Pursuant to a deal entered into at the end of May 2018, Fairfax has agreed to immediately exercise the 2019 warrants at a price of USD 6.50 per warrant, for additional equity proceeds to Seaspan of USD 250 million. As a result, Seaspan’s aggregate proceeds from the Second Fairfax Investment will be USD 500 million, the company explained.This brings Fairfax’s total investment in Seaspan to USD 1 billion, the proceeds of which will be used to fund future growth initiatives, repay debt and for general corporate purposes.With the closing of the second investment, Fairfax’s aggregate shareholdings in Seaspan are 76.9 million Class A common shares or 36% of shares outstanding.Fairfax continues to hold the 25 million seven year warrants, with an exercise price of USD 8.05, which were issued to it on July 16, 2018.“This additional investment will enhance Seaspan’s ability to execute on our long-term goals of deleveraging, strengthening our balance sheet, and creating value through disciplined and thoughtful capital allocation,” David Sokol, Chairman of Seaspan Corporation, said.last_img read more

Noble Corp. lands extensions for jack-ups working in UK and Saudi Arabia

first_imgOffshore drilling contractor Noble Corporation has been awarded contract extensions for two jack-up rigs in the UK and Saudi Arabia.Noble Sam Hartley; Source: Noble Corp.In its latest fleet status report released on Thursday, Noble Corp. said that Total had awarded a contract extension to the Noble Sam Hartley jack-up.The extension is from mid-July to mid-April 2020. The 2014-built rig has been working for Total in the UK since October 2018.According to Bassoe Offshore, the dayrate for the rig’s contract and extension with Total is $90,000.Furthermore, Saudi Aramco has awarded an extension to the Noble Joe Beall jack-up. This will keep the rig working in Saudi Arabia until late December 2019 with a dayrate of $65,000.The Noble Joe Beall has been working for Saudi Aramco since January 2016. The rig was built in 1981 and rebuilt in 2004.In other news, the 2013-built drillship Noble Don Taylor is preparing at a shipyard in the U.S. Gulf of Mexico for mobilization to Guyana where it will operate for ExxonMobil.The 2014-built jack-up Noble Houston Colbert is at a shipyard in the UK preparing for a contract with an unnamed client, which is scheduled to start in early November 2019.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

Polish LNG terminal receives Qatari cargo

first_imgImage courtesy of Polskie LNGPolish sole liquefied natural gas (LNG) import facility, the President Lech Kaczyński terminal in Świnoujście, has received a new cargo on Monday. It was the 88th delivery since the project started operation, Polskie LNG said in a brief statement through its social media channels.It was also the tenth delivery of 2020, the operator said.The operator further noted that the facility is operating without any restrictions as measures have been introduced to protect employees.Polish Oil and Gas Company (PGNiG), in charge of all the LNG supplies coming to the import terminal, added in its statement that a total of 90,000 tons of LNG have been delivered onboard the Al Ruwais LNG carrier.The was loaded at Qatar’s Ras Laffan LNG complex and will equal 120 million cubic meters of natural gas after regasification. LNG World News Stafflast_img read more