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.
Revealed: The biggest apartment sales of 2018 in Qld
They are bigger than your average house, come with killer views and are fast becoming the new way of life for the well-heeled. Here are Queensland’s biggest apartment sales of 2018.
THEY are bigger than your average house, come with killer views and are fast becoming the new way of life for well-heeled home buyers.
Queensland’s biggest apartment sales of 2018 have been revealed, with the state’s most luxurious sky homes fetching eye-watering prices fuelled by interest from high flyers and demand continuing to outstrip supply.
* PICK UP A COPY OF THE COURIER MAIL AND THE COURIER MAIL REAL ESTATE GUIDE TOMORROW TO SEE THE TOP APARTMENT SALES OF ALL TIME.
The top 10 list is dominated by the Gold Coast, Noosa and Brisbane’s inner city, with a palatial four-bedroom penthouse in the glamorous heart of Surfers Paradise taking the crown for the most expensive apartment sold last year at $9.5 million.
The 39th-floor Chevron Renaissance apartment, formerly owned by developer and entrepreneur Ron Bakir, became the most expensive penthouse ever sold on the Gold Coast — eclipsing the previous record of $9.2 million.
The second top sale was in Noosa, where a three-bedroom penthouse on the beachfront in Hastings Street fetched $7.2 million last year.
And in Brisbane, the biggest apartment sale of 2018 was a three-bedroom riverfront unit in New Farm, which changed hands for $6.5 million.
It comes as 2019 is shaping up to be even bigger for apartment sales, with real estate agents seeing signs owner-occupier demand for unit living has hit new heights.
Brisbane’s shrinking unit development pipeline and rising interstate migration means owner-occupier apartment stock is failing to keep up with demand.
After years of living in houses, Brisbane couple Ken and Toni Scrogings decided to buy a luxury apartment in a new development on the river in Hamilton.
With two of their children no longer living at home, the Scrogings wanted to make the move to apartment living and a lower maintenance lifestyle.
They have bought a three-bedroom, luxury sky home in Brookfield Residential Properties’ Gallery House, which will be completed later this year.
“Ken and I had a list of things we wanted for ourselves in an apartment, and we also wanted somewhere that could double as a ‘family home’ when our kids come to stay,” Mrs Scrogings said.
“Above all, we wanted top quality finishes. We are fussy — we have a beautiful home in Clayfield so we wanted to buy something that was nicer than what we have.”
Brookfield Residential Properties’ general manager Lee Butterworth said the Scrogings were typical of many Gallery House buyers.
“Our penthouses and sky homes have been sold to local downsizers who live in high-end homes and are now looking for something even more luxurious with incredible views and low maintenance,” Mr Butterworth said.
TOP 10 APARTMENT SALES OF 2018 IN QLD
1. 3250/23 Ferny Ave, Surfers Paradise $9.5m
It is one of the country’s best penthouses with a huge 21 car spaces and holds the Gold Coast penthouse record.
Complete with its own cigar and wine-tasting area, this record-breaking penthouse is spread over two floors and was sold with $1 million worth of imported designer furniture.
Features included secure basement parking for 21 cars, 918 sqm of living space and a fully electronic, remote-controlled kitchen.
The property was reportedly bought by a Gold Coast local.
2. 11/37 Hastings St, Noosa Heads $7.2m
This penthouse is right in the heart of the action on Noosa’s famous Hastings Street.
The three-bedroom, two-bathroom apartment in the ‘La Mer’ building overlooks Main Beach and sold for the first time in 27 years in October.
One of only nine apartments in the complex, the property has its own rooftop terrace and direct access to the pool and beach via a private stairwell.
3. 5/81 Moray St, New Farm $6.5m
This riverfront property in the prestigious Aquila building in New Farm fetched the biggest price for an apartment in Brisbane in 2018.
The tower only has 10 apartments, with one occupying each floor.
It comes with a media room, lift access, a built-in barbecue triple lock-up garage and a gym and heated pool.
4. 7001/4 The Esplanade, Surfers Paradise $6.5m
One of Australia’s largest and highest penthouses changed hands last year for $6.5 million. The four-level apartment in the beachfront Soul building in Surfers Paradise was owned by Hong Kong billionaire Tony Fung.
The property was sold as a concrete shell — stripped bare of all fixtures and fittings by receivers.
5. 4/63 River Esplanade, Mooloolaba $5.85m
This penthouse was in a luxury apartment block that was built on land once home to a fishing shack used as a holiday home to the stars.
For more than a century, the site at 63 River Esplanade was owned by Fred Eager of motoring fame and his ‘Pink House’ used by Hollywood A-listers, until it was sold in 2014 for $3.8 million.
A prestigious development known as ‘Tangalooma’ was then built on the site featuring four 500 sqm units and the sale of the penthouse for $5.85 million last year set a record for the central part of the Sunshine Coast.
It reportedly sold to a local downsizer.
6. Lot 6/3533 Main Beach Pde, Main Beach $5.6m
This apartment sold in March last year, but the penthouse and apartment 5 in the same building are currently on the market for $8.95 million and $5.75 million, respectively.
The beachfront development, called Sea, comprises only seven apartments.
7. 3/63 River Esplanade, Mooloolaba $5.58m
This was another one of the units in the ‘Tangalooma’ development, which also sold to a local buyer.
Each floor in the exclusive complex is specifically designed and comes with its own entry foyer and pool entry, plus a basement carpark.
8. 4/3565 Main Beach Pde, Main Beach $5.5m
This brand new, beachfront apartment sold for $5.5 million late last year.
The four-bedroom, four-bathroom property spans an entire floor of the M3565 development and includes sliding timber screens on its open balconies that encircle the apartment.
It offers ocean views from every room.
Another apartment in the building is currently for sale for $5.75 million.
9. 150/59 Pacific St, Main Beach $5.3m
This spectacular, three-level penthouse in the Xanadu North building sold just a month after hitting the market.
CoreLogic data reveals the four-bedroom apartment last changed hands in 2014 for $4.06 million.
An indoor heated pool, spa, home theatre, bar and 400-bottle wine cellar are among its standout features.
10. 702/252 Hedges Ave, Mermaid Beach $5.25m
This stunning, four-bedroom apartment was bought by Victorian property developer and former vice-president of the Carlton Football Club, Colin DeLutis.
It had previously belonged to ex-Coles boss John Fletcher, who paid $6.7 million for it in 2007.
The two-level property sold within 14 days of hitting the market.
It also has a rooftop terrace with a 15-metre lap pool and spa.
Originally published as Biggest apartment sales in Qld
The places that NSW property buyers are all trying to get into
The main factor influencing potential NSW buyers in their house hunt is looking for the most bang for their buck, which is why this location is drawing so much attention.
It could be the bright lights of Surfers Paradise, or maybe the laid back lifestyle of Burleigh Heads, but let’s face it — the main reason potential buyers from NSW are househunting on the Gold Coast is “bang for buck”.
The various beachside suburbs in the greater Gold Coast area proved to be the most clicked on interstate locations for New South Welshmen in the year to January 31, according to data from realestate.com.au.
“When we look at property seekers outside of Queensland who are looking on the Gold Coast, more than half of them are coming from NSW,” said Nerida Conisbee, chief economist at REA Group.
“It is in direct contrast to Victorian property seekers who quite like the Gold Coast but have a much stronger preference for Tasmania.”
“I think a lot of it has to do with lifestyle. The Gold Coast is like Sydney, but warmer, easier to get around, more relaxed and certainly a lot cheaper,” she added.
A whopping 90,222 searches for Surfers Paradise originated from NSW according to the REA statistics.
The famous South Queensland spot is home to a host of high-rise apartments where the median price for a two-bedroom unit is $386,750 – a price tag unheard of in any Sydney beach suburb for the best part of two decades.
The second most popular spot for wannabe buyers from the Premier State with 69,801 searches was Coolangatta, right on the boarder of NSW and Queensland.
The location, which famously inspired Porpoise Spit in the 1994 film Muriel’s Wedding, has a two-bedroom unit median price of $503,000 – barely enough to snag a studio in Bondi Beach or Manly.
“In terms of who is searching, unfortunately we don’t know exactly. We do know that not only do we see a lot of people looking to buy on the Gold Coast from NSW, but we also see a lot of people looking to rent. This means we have a pretty good mix of people wanting to live there, as well as invest there,” Ms Conisbee said.
Tony Coughran of Gold Coast Property Advisors said value for money was definitely a driver.
“We’re often helping clients relocate from NSW, or more specifically Sydney. They see great value for the lifestyle they can achieve in this part of Queensland,” he said, adding that retirees and downsizers make up a large proportion of buyers he sees.
“You know, in this area you can even buy a mansion for $1 million if you really look around,” Mr Coughran said.
According to CoreLogic data the median house price in Sydney is $985,000.
The Sunshine State also has lower stamp duty rates than NSW.
When purchasing a home for $500,000 in NSW the tax is $17,990, while the same valued property in Queensland only attracts a duty of $8750.
While some savvy investors might be put off by the rocky past Queensland property has suffered over the past 10 to 20 years, Mr Coughran said those days are long gone.
“The Gold Coast is really moving away from the ‘boom and bust’ time of the 1980s and 1990s.
Those peaks and toughs have really started to level out. Back then it was all about tourism and not much else. While tourism will never go away, there is more industry here now,” he said.
Broadbeach, also on the Gold Coast, was next on the list of popular places with 66,990 searches followed by the nearby beachy Burleigh Heads with 62,648 hits.
Surprisingly, number five on the most searched list was Wodonga, 1400kms south of the Gold Coast on the Victorian side of the NSW border with 61,012 hits.
Overall, searches for Queensland property that originated in NSW totalled 8.788 million hits.
Top searched areas from NSW buyers looking interstate
Surfers Paradise – QLD90,222
Coolangatta – QLD 69,801
Broadbeach – QLD 66,990
Burleigh Heads – QLD 62,648
Wodonga – VIC 61,012
Southport – QLD 55,285
Palm Beach – QLD 53,433
Launceston – TAS 43,420
Hope Island – QLD 39,384
Wangaratta – VIC 38,898
Originally published as The place Sydneysiders want to buy
Rentvesting Takes Off In Hobart, Gold Coast
Hobart and the Gold Coast property market are seeing new demand as people begin seeking bargains outside their states and building their property portfolios, according to a report by news.com.au.
An increasing number of Melbourne and Sydney residents have opted to rent instead of purchasing property in their expensive cities.
Data from realestate.com.au showed that more than 513,000 searches for homes outside of NSW in 2018 were centred on the areas within 30 kilometres of the Gold Coast. Nine of the top 20 interstate searches were suburbs near the seaside Queensland city.
Residents in Sydney, meanwhile, are looking north, while property seekers from Victoria are interested in locations across the Bass Strait.
Realestate.com.au Chief Economist Nerida Conisbee identified the trend as “rentvesting,” wherein buyers choose to pay rent and inject their funds into growing markets.
“The lower price point is a good thing because if you have a look at what you can buy in Hobart with a fairly low deposit compared to what you can buy in Melbourne, it does give you more home and a better location for your money,” she told news.com.au.
Conisbee also said that younger people, who may not be able to afford a deposit for a home in Melbourne, are inclined to buying houses outside Victoria’s capital.
The extreme costs of property in Sydney and Melbourne caused people to consider alternative ways to enter the market, and rentvesting is an ideal way to do that, according to Connisbee.
She also said that buyers are likely looking for a home rather than an investment since searches from more affordable regions such as South Australia and Queensland were dominated by areas just over the border.
Tim Lawless, CoreLogic head of research, agreed, noting that additional costs linked to owning property were overwhelming for residents in both Sydney and Melbourne.
“Purchasing outside of Sydney and Melbourne as an investor has been a worthwhile option for many buyers. It does highlight the affordability constraints that have become formidable barriers to participating in the Sydney and Melbourne housing markets,” he told news.com.au.
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