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Beachside suburbs lead house price surge in Queensland’s southeast: REIQ

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SOUTHEAST Queensland’s world-class beaches are driving a surge in home prices in the state’s coastal property markets, as Brisbane and the Gold Coast break house price records.

SOUTHEAST Queensland’s world-class beaches are driving a surge in home prices in the state’s coastal property markets, as Brisbane and the Gold Coast break house price records.

New quarterly figures from the Real Estate Institute of Queensland reveal Noosa was the state’s top performing market in the three months to September, recording annual house price growth of nearly 10 percent.

Over the past five years, Noosa’s median house price has jumped by more than 40 percent — driven by a boost in tourism numbers.

Noosa’s median house price grew 9.6 per cent in the year to September 2017, according to the REIQ.

Noosa’s median house price grew 9.6 percent in the year to September 2017, according to the REIQ.Source: News Corp Australia

The REIQ’s latest Queensland Market Monitor shows house prices in the Sunshine Coast statistical division grew 22 percent over the September quarter, from $557,500 in June to $570,000.

The Gold Coast also performed strongly, hitting a new house price record of $606,000, while the annual median house price in Brisbane reached a new record high of $660,000 — almost 30 percent greater than it was five years ago.

But it’s a different story for Brisbane’s unit market, with prices falling 2.6 percent over the past year as the inner-city continues to suffer from an apartment glut.

The new annual median unit price is $440,750 — down from $452,500 a year ago.

“With more supply expected online over the next 12 months, we expect this market will not firm up until mid-2019 at the earliest,” the report said.

The Gold Coast has a new house price record of $606,000, according to the REIQ.

The Gold Coast has a new house price record of $606,000, according to the REIQ.Source: Supplied

REIQ chief executive Antonia Mercorella said the strong performance of the southeast corner’s coastal markets had thanks mainly to growth in the tourism sector.

Ms Mercorella said the coastal markets had helped drive overall growth in the state’s property market over the past 12 months, with more than 58,000 houses sold and median house price growth of 2.4 percent.

“Tourism is one of the largest contributors to Queensland’s gross state product, with almost eight percent of GSP coming from tourism,” Ms Mercorella said.

“This is roughly $25 billion in the year to June 2016, which means when that sector grows, it offers employment opportunities and this attracts workers who need somewhere to live.”

REIQ chief executive Antonia Mercorella. Photo: Claudia Baxter.

REIQ chief executive Antonia Mercorella. Photo: Claudia Baxter.Source: News Corp Australia

The cruise industry has been one of the biggest contributors to growth, pouring $1.1 billion into the state’s economy and supporting more than 4000 jobs, according to the Palaszczuk government.

The number of cruise ship visits to the state has nearly doubled over the past four years.

Brisbane’s housing market continued to grow steadily in the September quarter, according to the REIQ.

Brisbane’s housing market continued to grow steadily in the September quarter, according to the REIQ.Source: Getty Images

Signs of improvement in Queensland’s jobs market have also helped the housing sector, with the unemployment rate falling to 5.9 percent in September from 6.3 percent at the start of the year.

 

Brisbane’s apartment market continued to soften in the September quarter. Picture: Mark Calleja.

Brisbane’s apartment market continued to soften in the September quarter. Picture: Mark Calleja.Source: News Corp Australia

Originally Published: www.news.com.au

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Market Place

Gold Coast mansion sells for almost $6 million

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Gold Coast mansion sells for almost $6 million

31 Buccaneer Court, Surfers Paradise has sold for close to $6 million.Source:Supplied

ONE of the Gold Coast’s most recognisable waterfront mansions, once dubbed the “Addams Family house” has sold for almost $6 million.

The three-level Surfers Paradise house, previously featured in the Gold Coast Bulletin’s 50 Dream Homes magazine, underwent a multi-million transformation before it hit the market in August, 2017 through an expressions of interest campaign.

Gold Coast mansion sells for almost $6 million A sight to see from the front.Source:Supplied
Gold Coast mansion sells for almost $6 million

From the water.Source:Supplied

Gold Coast mansion sells for almost $6 millionBefore the mega renovation.Source:News Limited

It was listed at $6.95 million in October before dropping to $6.25 million in February.

It’s now under contract for close to $6 million — it’s understood a local Chinese buyer bought the property.

Vendor Pat Worboys bought the mansion with a ‘widows walk’ and sharp spires for $4.025 million in 2014.

Armed with a set of plans and the guidance of her designer Michelle Marsden, she transformed the Victorian property into a dreamy French Chateau in 18 months.

The mother-of-three said she took on the impossible renovation challenge after getting advice from a number of architects.

 Gold Coast mansion sells for almost $6 millionPat Worboys has sold her mansion at Paradise Waters. Picture: Jerad WilliamsSource:News Corp Australia

“We bought it on December 14 and decided to have an ‘Addams Family’ Christmas party before ripping out all the old interiors,” she told the Bulletin at the time.

“I knew it was going to a be a renovation that you had to put all in or nothing.

“We wanted to keep the integrity of the house but create a more liveable space with more light.”

 Gold Coast mansion sells for almost $6 millionUnwind beside the fireplace.Source:Supplied
 Gold Coast mansion sells for almost $6 millionThere is plenty of space here.Source:Supplied
 Gold Coast mansion sells for almost $6 millionLuxury at every turn.Source:Supplied

Sam Guo and Julia Kuo of Ray White Broadbeach handled the sale and described the property as a “landmark residence”.

Inspired by a classic French Chateau, the house has iron balconies, imported french window shutters and a grand staircase.

With an internal lift, the home boasts the finest fittings and fixtures, including imported marble, polished Italian Shivakashi granite, pristine Baltic Oak parquetry floors and a grand staircase.

 Gold Coast mansion sells for almost $6 millionThe kitchen has plenty of space for the entire family.Source:Supplied
 Gold Coast mansion sells for almost $6 millionWelcome to luxury.Source:Supplied

In a rare point position at the end of a cul-de-sac and set out over a sprawling 1102sq m, the property has 180-degree Hinterland and skyline views.

All the bedrooms feature ensuites and walk-in robes, complete with ducted airconditioning and plenty of views.

The renovation included moving the pool, creating an outdoor entertaining space and putting in a balcony on the third level which required a 100m crane.

The house originally belonged to a European couple who built the house in 2000.

 Gold Coast mansion sells for almost $6 millionMake a splash in the pool.Source:Supplied
 Gold Coast mansion sells for almost $6 millionStart entertaining.Source:Supplied

Source: www.news.com.au

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Market Place

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games

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Dozens of Gold Coast homes set to go to auction during the Commonwealth Games

74-76 The Promenade, Isle Of Capri, will be auctioned off on April 7.Source:Supplied

SELLERS and real estate agents are hoping to leverage off the thousands of visitors flocking to the Gold Coast for the event.

ABOUT 1.5 billion people are turning their eyes to the Gold Coast over the next 10 days, providing a unique opportunity for homeowners to sell their properties.

Dozens of auctions have been scheduled throughout the Commonwealth Games to leverage off the hundreds of thousands of visitors expected to flock to the city.

Despite road closures and plenty of sporting action, sellers and real estate agents are hoping interstate and overseas visitors will attend auctions to secure their own slice of paradise.

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games
23 Hill Ave, Burleigh Heads, is among one of the first to go to auction throughout the Games on April 7.Source:Supplied

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games
47 Gumtree Crescent, Upper Coomera, will also go under the hammer on April 7.Source:Supplied

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games
This Coolangatta property at 38 South Street will go to auction on April 8.Source:Supplied

Ray White Burleigh Waters sales agent Brent Hodge said its Gold Coast South Network had organised a marketing campaign around the event.

More than 20 properties will go to auction on April 8, which would be held at one location in Tweed Heads – well away from the city’s chaos.

He said they couldn’t guarantee people were going to “come off the aeroplane and buy property” but thought it was worth a try.

Ray White Prestige Gold Coast agents Sam Guo and Julia Kuo have multiple properties set to go under the hammer over the next two weeks.

Mr Guo said sellers didn’t want to miss out on the influx of visitors.

They had been inundated with requests from buyers to market or auction their homes throughout the Games.

“Our clients are hoping they might take advantage of all the interstate (visitors),” Mr Guo said.

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games

27 Knightsbridge West Parade, Sovereign Islands, will go under the hammer on April 8.Source:Supplied

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games
19 Naples Ave, Isle of Capri, will go to auction on April 14.Source:Supplied

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games
9/17 Marseille Court, Sorrento, will also be auctioned off on April 14.Source:Supplied

He said they were hoping to appeal to those who wanted to explore the city while they were here and were interested in buying.

“I don’t believe everyone will go to see all the games,” Mr Guo said.

However, some agents remained unconvinced that holding auctions during the event would make much of a difference.

Professionals Mermaid Beach managing director Andrew Henderson said they would continue to market properties throughout the games but would hold off on auctions until May.

“We avoided April,” Mr Henderson, who is also the REIQ Gold Coast zone chair, said.

“It’s a great time to promote, we’ve been putting on as much stock as we can.

“I just didn’t think it was the right (time to) do auctions with road closures.”

Professionals Southport sales consultant Andrew Wright considered pushing one of his properties set to go under the hammer on April 8 back.

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games
This Mermaid Waters home at 19 Cadence Avenue will go to auction on April 14.Source:Supplied

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games

32 Emu Court, Sorrento, will go under the hammer on April 15.Source:Supplied

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games
13 Glauca Street, Burleigh Heads, will also go to auction on April 15.Source:Supplied

He was concerned about traffic congestion but said they had already postponed an auction on the property.

“It came into consideration because we were actually thinking of cancelling … but we just decided to proceed,” Mr Wright said.

“Geographically, that place is a long way from the Southport and Cararra hustle and bustle.

“There’s a lot of locals … that are interested (in the property), there may well be some interstate interest as well. But it certainly wasn’t a marketing plan.”

Burleigh Miami Realty principal Neil Pasley would have changed the April 15 auction of one of his properties if it were close to a big Games sporting venue.

He said the owners chose the date based on personal reasons but it didn’t bother him because it was not near a Games precinct.

He didn’t think many visitors would attend.

“Most people will either be at the Games or watching it on TV,” Mr Pasley said.

“If someone is interested, they’re going to come anyway.”

Auctions during the Commonwealth Games:

– 23 Hill Ave, Burleigh Heads (April 7)

– 47 Gumtree Crescent, Upper Coomera (April 7

– 74-76 The Promenade, Isle of Capri (April 7)

– 38 South St, Coolangatta (April 8)

– 27 Knightsbridge Parade West, Sovereign Islands (April 8)

– 19 Naples Ave, Isle of Capri (April 14)

– 9/17 Marseille Court, Sorrento (April 14)

– 19 Cadence Ave, Mermaid Waters (April 14)

– 32 Emu Court, Sorrento (April 15)

– 13 Glauca St, Burleigh Heads (April 15)

Source: www.news.com.au

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Market Place

Queenslanders to be 5m strong within weeks, and real estate is set to reap the rewards

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Queenslanders to be 5m strong within weeks, and real estate is set to reap the rewards

Population surges have put greater pressure on areas like the Gold and Sunshine Coasts especially. Picture: NIGEL HALLETT.Source:News Corp Australia

QUEENSLAND will hit the magic five million headcount in May, official figures show, a milestone helped by a surge in births and migration – putting real estate in the crosshairs.

ABS demography director Anthony Grubb said the state had hit 4.9m by the end of September last year and was growing at 1.7 per cent, helped along by the likes of 12,000 New South Welsh-people crossing the border last year alone.

“Natural increase and net overseas migration each added an additional 31,000 people to the state’s population in the year preceding September 2017,” he said. “The third component, net interstate migration, contributed 19,000 over the same period, including a net flow of 12,000 from New South Wales.”

At the turn of the 20th century (1901), there were half a million Queenslanders, and it took 37 years to double that figure and another 36 to then go to two million in 1974.

The Commonwealth Games in April is set to see Queensland attract even more attention from a worldwide audience. Picture: NIGEL HALLETT

The Commonwealth Games in April is set to see Queensland attract even more attention from a worldwide audience. Picture: NIGEL HALLETTSource:News Corp Australia

“After that, population growth picked up its pace, taking only 18 years to get to three million in 1992, and just 14 years to reach four million in 2006.”

Real Estate Institute of Queensland chairman Rob Honeycombe said $54b worth of properties changed hands in the state last year.

“Our popularity means demand for housing is growing and this is good news for some of our weaker markets such as the inner Brisbane apartment market and regional Queensland.

“Of course, there are pockets where housing supply is tight and this population growth is placing pressure on markets such as the Sunshine Coast and the Gold Coast, where prices are rising steady and vacancy rates are at historic lows.”

He welcomed the northern migration by NSW residents.

“We have known for some time that many southerners are also moving to regional Queensland, seeking a peaceful lifestyle change. Downsizers and pre-retirees are selling their Sydney property to move to regional coastal towns, such as Bundaberg and the Fraser Coast, to buy waterfront property and a great lifestyle.”

Originally published: www.news.com.au

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