THEY are the state’s high achievers.
The suburbs that have outperformed their peers in the residential property stakes; breaking records for sale price, number of sales, days on market or for smashing through the million-dollar median price ceiling.
Benchmarks have been beaten in blue-chip areas like Ascot, Sunshine Beach and Surfers Paradise, as well as suburbs on the rise, including Kalinga and Underwood.
Records were smashed in at least 10 suburbs across the state in the past 12 months— an indicator of a shortage of stock and increase in demand in a number of competitive markets.
Here are some of Queensland’s benchmark busters of 2017/18:
The standout record-breaker in Brisbane was the sale of the trophy home of Domino’s Pizza boss Don Meij in Ascot.
The $11 million sale price of 27 Sutherland Avenue in March set a new record for the inner-city, blue-chip suburb.
It was also Brisbane’s highest sale of the past financial year.
Patrick McKinnon of Place Ascot, formerly of Coronis Hamilton, brokered the deal and said Mr Meij sold after receiving an off-market offer from a buyer who had fallen in love with the property.
Set on a sprawling 2024 sqm, the lavish home has six bedrooms, six marble ensuites and a jaw-dropping outdoor entertaining space with resort-style gardens, infinity-edge pool, pool house with outdoor kitchen and verandas.
The fastest selling suburb in Queensland is Brendale in the Moreton Bay region, where the median house price is still an affordable $461,000.
It takes, on average, just 11 days to find a buyer, according to CoreLogic.
According to the latest Census data only 14.5 per cent of properties in the suburb are houses. With so few houses available, demand can be strong when something new is listed.
The Sunshine Coast hinterland suburb had the highest number of houses change hands in 2017/18, with 573 houses selling in the 12 months to May, according to CoreLogic.
The owners of a majestic property at 10 Orme Rd, Buderim, that once hosted royalty have embarked on a new push to sell it.
With all the focus on the royal newlyweds of late, it’s only fitting this heritage-listed Queenslander now holds extra appeal, given it was the residence of choice for the Duke of Gloucester during a royal visit in 1934.
The grand residence on 6315 sqm was built circa 1913 on the highest point of the northern slope of Mt Buderim, overlooking the Maroochy coast and river valley.
This Gold Coast suburb made the million dollar club for the first time in 2017/18, with its median house price now $1.05 million.
The sale of a waterfront mansion at 8-10 Marseilles Court this year for $9 million also broke the suburb’s sale price record — trumping the $8 million sale achieved in 2009 for a house in the same street.
The resort-style home has five bedrooms and seven bathrooms and is on a huge, 2703 sqm riverfront block.
REIQ Gold Coast Zone chairman Andrew Henderson said the new record was not surprising given the Coast’s strong market and he was confident property values would continue to soar.
Andrew Stone and his partner, Naomi Freney, recently bought a five-bedroom house, which they renovated, in Bundall for $620,000.
Mr Stone said he considered it a bargain given how tightly-held the suburb had become and the increase in house prices.
“I think we probably hit pot luck with that place,” Mr Stone said.
“People had been saying that area was going to go up 20 years ago and all of a sudden, it’s growing and there’s not a lot of turnover anymore.”
Ben Latimer of LJ Hooker Southport said Bundall’s transformation into a record-breaking suburb had happened gradually.
“It’s desirable because it’s so close to everything and there’s a good mixture of waterfront and dry blocks,” he said.
Paul Nikolas agrees.
He’s been buying, renovating and selling homes in Bundall for the past six years.
The last house he sold there earned him a profit of around $700,000.
He’s now selling his latest project at 19 Donegal Crescent for a cool $3.995 million.
“I’ve found a niche market here — nice, older properties on the water,” Mr Nikolas said.
The inner Brisbane suburb achieved a new sale price record when a landmark house sold for $5.025 million just last month.
Designed by architect Eric Trewern, the English-inspired home known as Thongabel at 4 Welwyn Crescent captures views of the entire Brisbane City skyline.
The five-bedroom, three storey house had been renovated with architectural features including Tulip Oak timber floors, Italian tiles and travertine.
Other highlights included a library, gym, climate controlled wine cellar, formal office, heated lap pool, heated horizon spa and outdoor space for kids to play.
Just 4km from the CBD and with a number of good Catholic and private schools on offer, Coorparoo has become one of Brisbane’s most sought-after suburbs.
The median house price sits at $875,000, according to CoreLogic.
The tiny, up-and-coming suburb in Brisbane’s inner north made it into the million dollar club for the first time in 2017/18.
Its median house price broke through the $1 million barrier in late 2017 and currently sits at $1.04 million.
In November, 2017, records show the offmarket sale of a house at 119 Nelson Street for $4 million set a new price record for the suburb.
Brisbane’s bayside is a sleeping giant only held back by lack of stock, according to one of Manly’s leading agents.
The suburb set a new sale price record for both houses and units in the past financial year.
Marc Sorrentino of Place Manly recently sold a unit in the seaside suburb for a whopping $1.2 million — smashing the previous record price paid for an apartment there by $345,000.
A couple from Sydney snapped up the luxurious three-bedroom, two-bathroom pad at 301/177 Melville Terrace, which had been advertised for offers over $1.1 million.
The median unit price in Manly, just 15km from Brisbane’s CBD, is $485,000, according to property research firm CoreLogic.
Late last year, Mr Sorrentino sold a family home on a huge, waterfront block at 497 Royal Esplanade for $3.9 million — smashing the suburb record for the sale price of a house.
“I keep saying it’s Australia’s best kept secret, but you watch. The prices are just going to keep going up and up and up,” he said.
“There’s just been a lack of good stock.”
The sale of a beach house in Sunshine Beach for $18 million in March set a new price record for the entire Sunshine Coast region.
The seven-bedroom, eight-bathroom property at 21-23 Webb Road was bought by David Russell, the owner of private equity group Equis Energy.
Just streets away, former tennis star Pat Rafter’s beachfront home sold for $15.2 million to Betty’s Burger founder David Hales, within weeks of the Webb Road sale.
A whopping 1398 units were sold in the Gold Coast’s glitziest suburb in the past financial year — more than any other property type in any other suburb.
It seems only fitting then that the most expensive penthouse Queensland has ever seen is under construction in Surfers Paradise.
Priced at a whopping $41m and spread across two full floor levels, the highest home in the $1.2 billion Spirit 89 building easily tops the list of Queensland’s most expensive penthouses.
The 1899sq m sky home will also be one of the largest in the country, almost twice as large as Hong Kong billionaire Tony Fung’s $7.95 shell of a penthouse in the Soul building, and just a fifth smaller than the hyper-exclusive Boyd Residence above ANZ Tower in Sydney — which at $66m is Australia’s most expensive penthouse.
“Without the spire on Q1, it is the tallest residential building in Queensland,” agent Julian Sutherland of Ray White Projects told The Courier-Mail.
The working class suburb in Brisbane’s south experienced the highest capital growth in Queensland in the past 12 months.
The Logan suburb’s median house price climbed nearly 25 per cent to $601,345 in the past financial year.
Underwood’s median house price also jumped a massive 65.6 per cent between May 2008 and May this year — the highest growth of any Brisbane suburb in the past decade.
CoreLogic senior research analyst Cameron Kusher told The Courier-Mail it was “a bit surprising” given the suburb’s location, 17km from Brisbane’s CBD, but its affordability and access to the highway and Gold Coast made it attractive.
“But its median (house) price is now up over $600,000, so it’s not really that cheap anymore,” Mr Kusher said.
Gold Coast Property attracting buyers
The Gold Coast may be famous for attracting millionaire buyers, but it’s also home to a host of affordably-priced properties that make the most of their heavenly surroundings.
Whether you’d like to see and be seen at celebrity-favourite Surfers Paradise or unwind at the peaceful sands of pristine Palm Beach, these apartments offer the enviable Gold Coast lifestyle without the lavish price tag.
Just moments from the sea and sand, these five properties cost under $500,000 — a sensible spend for your first-home buyer, down-sizer or investor.
80 The Esplanade, Surfers Paradise QLD 4217
Spectacular views on a budget: On the balcony of 80 The Esplanade, Surfers Paradise.
2 bed, 2 bath, 1 car
Agent: Ray White Surfers Paradise Group, Jordan Thams 0414 602 022
This spacious apartment in the heart of Surfers Paradise has a glorious outlook over the beachfront and the skyline, viewable from an extended wrap-around balcony.
Featuring both an indoor and outdoor pool, a spa, tennis court, entertainment area, spa and steam room, the complex is perfectly positioned to provide a host of lifestyle and leisure options.
Agent Jordan Thams said its location and amenities made the block increasingly popular for owner-occupiers.
“There [are] 164 apartments in the building and there [are] only about 38 properties that are still in a holiday pool, and that number’s been decreasing for the past ten years,” he said.
“It’s extremely close to the Cavill [Avenue] Mall. It’s only probably a three minute walk down the road, so close enough to walk in to all the facilities of Surfers Paradise, but far enough away that you don’t have any noise issues.
“The light rail is directly behind the building as well, so there is a back entrance gate to the building where you can step straight out to Surfers Paradise Boulevard and the light rail stop is right there.”
27/1941 Gold Coast Highway, Burleigh Heads QLD 4220
Views and vibes: 27/1941 Gold Coast Highway, Burleigh Heads.
2 bed, 2 bath, 1 car
Agent: PRD Nationwide Burleigh Heads, Braiden Smith 0413 203 626, Mark Smith 0418 768 053
This bright, cheerful apartment has a secret feature: its own private walkway to the white sands of the beach.
Its two spacious bedrooms offer unfettered views of the ocean and hinterland, while the open plan living space spills out to a sunny north-facing entertaining deck.
For sale fully furnished, it’s the perfect weekend getaway or investment opportunity, just a short walk away from Burleigh’s popular retail and dining precinct at James Street.
Further along the coastline, there’s also easy access to the famous surf break of Burleigh Heads Beach, the striking headland and lush nature reserve.
25/8-12 Marine Parade, Miami QLD 4220
Live at the beach for less: 25/8-12 Marine Parade, Miami.
Price: Interest over $499,000
2 bed, 1 bath, 1 car
Agent: Kingfisher Realty, Juliana Gomes – LREA 0409 205 012
This contemporary north-facing unit is set on the top floor of a boutique complex of just 27 apartments, minutes from Miami’s vibrant cafe culture.
Currently leased for $400 a week, it would make a low-maintenance addition to an investment portfolio.
Agent Juliana Gomes said the home’s strong bones and stellar location made it highly desirable.
“The apartment has high ceilings so it’s very airy and bright, and you do have a glimpse of the ocean from the balcony,” she said.
“It has very spacious bedrooms and it’s an older style apartment, so the construction is very solid.
“The location is fantastic. It’s just across the road from Piccolo [coffee shop] and Miami Surf Lifesaving Club — it’s really an area that’s growing and emerging, and it’s really popular.
“That’s a very desirable position to be in: beachside at Miami.”
1F/973 Gold Coast Highway, Palm Beach QLD 4221
Unit 1F/973 Gold Coast Highway, Palm Beach, is located in the iconic Royal Palm complex.
Price: Over $450,000
2 bed, 2 bath, 1 car
Agent: McGrath Palm Beach, Brendan Andrews 0417 788 882, Rebecca Leo 0419 880 822
If you’ve ever dreamt of living in a resort befitting of an island paradise, this may be your lucky find.
This immaculately-kept apartment is part of the luxurious and iconic complex “Royal Palm” which features an enormous pool, spa, tennis courts and mini-golf.
Minutes from the beach, shops, cafes and the picturesque Currumbin Creek, the two-bedroom unit is bright, functional and a perfect blank canvas for your inner interior designer.
It was recently updated with new paintwork and carpets, so would make an easy move for the keen owner-occupier.
8F/50 Old Burleigh Road, Surfers Paradise QLD 4217
Unit 8F, 50 Old Burleigh Road, Surfers Paradise.
2 bed, 2 bath, 1 car
Agent: HC Realty, Jim Mylonas 0459 922 066
It doesn’t really get more beachfront than this.
This apartment complex offers green lawns and lounges just metres from the sand — not to mention a tennis court, pool, sauna, spa and barbecue area.
Set on the eighth floor, this home’s compact floor plan is ideal for those looking to de-clutter or enjoy a low-maintenance lifestyle.
An added bonus? Investors would barely have to change a thing, as the property is currently tenanted for $500 a week.
Hinterland areas rising in demand
Analysis by CoreLogic has highlighted locations in close proximity to capital cities which have seen interest due to ‘tree changes’, that has been the result of a wide number of factors.
Analysed by Tim Lawless, CoreLogic’s head of research, there were three main factors behind the increased demand in tree changes.
The first was due to the ‘wealth effect’, with home owners – especially those in Sydney and Melbourne – previously seeing their own finances increase due to their property, as well as the rising number of baby boomers looking for holiday homes or downsizing options.
Telecommuting was the second factor, which allows for employees to work from home, thereby de-emphasising the need to travel to a physical location for employment.
Affordability is always an important choice, and in this case is Mr Lawless’ third factor, as analysis showed hinterland properties tend to be priced lower than those in coastal or big city areas.
The analysis took a look at key hinterland markets in six states:
Unsurprising to some, the hinterlands markets in NSW are on the more premium end of the market; the Southern Highlands area currently has a median price of $735,371, the Blue Mountains is currently at $619,778, while theValley – Hinterland is more on the affordable end of the scale with a median price of $335,718.
In the short-term of the last 12 months, these three areas have seen limited value growth, with the former two rising by 1.4 per cent and 3.2 per cent respectively, while the Blue Mountains entered negative territory, declining 0.7 of a percentage point.
Looking more mid-term over the last five years, a different picture is painted, with values in the Southern Highlands rising 9.3 per cent, the Blue Mountains rising 9 per cent, and the Richmond Valley – Hinterlands area saw a rise of 3.9 per cent
Also in the more premium side of the market, noteworthy hinterland markets in Victoria are the Yarra Ranges and the Macedon Ranges with median dwelling values of $674,944 and $700,664 respectively. In the short term of the last 12 months, the Macedon Ranges has performed exceptionally with a rise of 7.5 per cent in value change, while the Yarra Ranges have been underperforming, declining by 0.6 of a percentage point. In the mid-term of the last five years however, the top performer switches with the Macedon Ranges growing only 2.6 per cent, while the Yarra Ranges have seen values rise by 7.8 per cent.
Moving into more affordable territory, theCoast Hinterland and Gold Coast Hinterland regions have median dwelling values of $539,292 and $593,954 respectively. Both these areas have experienced solid growth in the short- and mid-term; in the last 12 months, the Sunshine Coast Hinterland value rose by 2.2 per cent while the Gold Coast Hinterland rose by 8.1 per cent; the largest rise out of all of the key hinterland markets. Over the last five years, the ranking stays the same but the percentages normalise slightly; Sunshine Coast Hinterland saw values grow by 4.5 per cent and the Gold Coast Hinterland rose by 6.8 per cent.
The main hinterland regions for metropolitanfollow a similar trend to that of Perth itself – continued softening. Mundaring and Kalamunda currently have similar median dwelling values of $452,224 and $457,055 respectively. In the short-term of the last 12 months, these values have declined by 4.3 per cent and 5.7 per cent respectively, while in the mid-term of the last five years the declines are less severe with drops of 3.8 per cent and 2.6 per cent respectively.
The Adelaide Hills region is the only noteworthy hinterland area according to CoreLogic, which has seen little success, but success none the less. With a median dwelling value of $494,166, this has been a rise of just 0.8 of a percentage point in the short-term of the last 12 months, and a rise of 2.1 per cent for the mid-term of the last five years. This puts Adelaide Hills as the smallest value growing hinterland market for both the short- and mid-terms.
The Central Highlands of Tasmania is the most affordable hinterland region analysed with a median dwelling value of $214,000, but it is delivering solid growth. In the short-term of the last 12 months, the Central Highlands saw dwelling values rise by 6.8 per cent, and in the mid-term over the course of the last five years, dwelling values rose by 5.1 per cent.
Gold Coast among the most expensive regional QLD cities to rent property
A new report reveals the Gold Coast is one of the most expensive regional Queensland cities to rent property.
RENTERS on the Gold Coast are forking out some of the highest prices for properties in regional Queensland.
A new report released by non-government social housing provider, Compass Housing Services, reveals the Gold Coast has the second highest median rent in regional Queensland.
The report lists the median rent each week on the Coast as $440, meaning tenants would need a weekly income of $1467 to be able to afford it.
While also in the top five of least affordable areas are; Noosa at $457.50, Gympie at $285, Hervey Bay at $320 and the Sunshine Coast at $430.
REIQ Gold Coast zone chairman Andrew Henderson said one of the main factors affecting prices was the lack of properties available for rent as owner-occupiers were the region’s dominant buyers.
He said the fluctuating number of tourists and transient workers also contributed to the property shortage as well as the type of those available, while the slow release of land for new housing estates put added pressure on the rental market.
“The Gold Coast has got some unique factors,” Mr Henderson said.
“That diversity is also a bit of a challenge when trying to break down those figures.”
Latest data from the Residential Tenancies Authority shows suburbs in the 4217 postcode — including Benowa, Bundall, Main Beach and Surfers Paradise — were the most expensive areas to rent with $850 the median price per week for a four-bedroom house.
That is $120 more than the same period the previous year.
The cheapest place to rent was the 4209 postcode — which included Coomera, Pimpama and Willow Vale — with $179 the median price per week for a one-bedroom flat.
Coomera, Pimpama and Willow Vale are among the cheapest suburbs to rent on the Gold Coast.
Lucy Cole Prestige Property managing director Lucy Cole said areas in the northern corridor were cheaper because there were plenty available.
“Because there’s so much competition up there, (rent) is lower,” she said.
She said quality homes at the heart of the city were harder to find and offered the best of the coast lifestyle, which made them more expensive.
“We know that there’s a scarcity of good properties,” she said.
“The size and (number of) rooms also plays a big part.
“If it’s a multimillion-dollar home … that’s where you’d expect to pay more.”
CoreLogic research analyst Cameron Kusher said while house value growth was slowing across the Coast, rental growth looked to remain strong.
“This is potentially reflective of the increasing number of residents moving to the region but they are choosing, at least initially, to rent rather than buy,” he said.
“Rental growth is expected to continue along at a fairly strong pace, especially considering that migration to southeast Queensland remains strong.”
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