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.
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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
Hollywell, the often overlooked Central North Gold Coast suburb: HTW
Hollywell is often overlooked in property searches due to its size and the well known surrounding suburbs, according to a recent Herron Todd White (HTW) residential report.
It is a small suburb located just below Paradise Point and just above Runaway Bay on the Gold Coast, Queensland.
It features canal front properties with bridge free broadwater access to a number of sites, as well as broadwater views.
“Whilst the suburb does lack quality shopping facilities, restaurants and cafes, it is within walking distance to suburbs that offer these,” the valuation firm said.
“Furthermore, public transport is readily accessible and runs straight through the middle of the suburb.”
Price points within the suburb do range as the property mix comprises units, dry block houses and canal front houses.
“Over the past six months we have seen entry level two-bedroom, two-bathroom units being acquired for just under $400,000, dry block houses selling upwards from $525,000 and canal front properties with bridge free broadwater access from $900,000,” the report said.
There was a recent $900,000 sale.
A circa 1980 five bedroom brick house at 361 Bay View Street, Hollywell was sold for $900,000 (pictured above).
The house features updated kitchen with timber floors, solar panels, concrete boat ramp, pontoon jetty and swimming pool.
Other highlights include north-east facing, 18 metre canal frontage with bridge free broadwater access, and 725 square metre land area.
The property is positioned on a local thoroughfare road that runs through Hollywell, which is a detracting factor.
The property was on the market for 64 days and original asking price was $1.15 million.
Gold Coast rainforest retreat sells in multimillion-dollar deal
A Gold Coast family will head to the hills after securing the keys to a picturesque property in a multimillion-dollar deal.
A rainforest retreat in Currumbin Valley has changed hands in a multimillion-dollar deal, selling to a large local family seeking a tree change.
The picturesque property sold for $2.4 million to the family from Sovereign Islands last week.
It was aptly named the Palasari Rainforest Estate and had a lush mountain backdrop and tropical rainforest surrounds.
Two residences were on the sprawling 10.52 ha property.
The main house was perched at the highest point and featured four bedrooms, a resort-style pool and an Asian-influenced design.
On the lower side of the block was an updated four-bedroom guesthouse.
Kollosche Broadbeach agent Rob Lamb, who sold the estate alongside Laura Delaney, said a Melbourne buyer also flew up and put in an offer but the local family had an unconditional cash contract.
“They are a large family with lots of kids who wanted to get out of the small confinements of urban living,” Mr Lamb said.
“There’s a bit more maintenance with a rural property but they can ride motorbikes and have a bit more freedom and privacy as the kids are growing up through their teens.”
Mr Lamb said the family plan to live in the guesthouse while renovating the main residence to better suit their needs.
A freestanding cellar door with a 1600-bottle, climate-controlled wine room, butler’s kitchen, powder room and outdoor patio was another impressive feature of the property.
The large block also had a thriving orchard with citrus, stone fruit, mangoes, avocadoes, apples, paw-paw, guava, banana, berries, macadamias, gapes, figs and vegetables.
The property was listed through Kollosche from late March, first with a $2.899 million price tag that was later reduced to $2.6 million, according CoreLogic.
Property records also showed it first hit the market with a different agency in January seeking more than $4 million.
The property last changed hands in 2015 for $2.3 million.
Currumbin Valley’s median house price has grown by 19.5 per cent in the past five years to $920,000. It is the Gold Coast 11th most expensive suburb.
Mr Lamb said he hadn’t seen any shift in the prestige property market in the lead up to the federal election and expected it to keep soldiering on. “For owner occupiers and particularly prestige properties, it shouldn’t affect anything too much,” he said.
“Interest rates look like they are heading down so it should suit the buyers looking to live in those prestige properties.”
The southeast Queensland suburbs where vendors are discounting their sale prices
The southeast Queensland suburbs where vendors are discounting their sale price by the largest percentages have been revealed.
New data analysis by Domain looked at the average rate of vendor discounting on properties in suburbs throughout Brisbane, the Gold Coast and the Sunshine Coast over the six months to March this year and found some areas were discounting by as much as 12 per cent.
Houses at Carindale, Clontarf, Redcliffe and Rochedale South topped out the list of Greater Brisbane suburbs with the highest percentage of vendors discounting their asking price, while Chermside, New Farm, Redcliffe and South Brisbane had the highest rate of discounting for units.
On the Gold Coast, houses at Broadbeach Waters and Hope Island both recorded double-digit average vendor discounting, while units at Main Beach and Southport had the highest rate of discounting.
Maroochydore and Tewantin headed up the Sunshine Coast houses that were being the discounted by the highest percentage.
Domain economist Trent Wiltshire said the rate of discounting was another market indicator that could help assess conditions in certain suburbs.
The data was compiled using a minimum of 30 observations and did not include properties that sold via auction or without a listed price.
“This can be a bit more timely than price data,” he said. “But it is only an average figure and, while the average or median is the simplest way to look at a suburb, it doesn’t tell the full story.”
Will Torres of Torres Property said overall the housing market in Carindale was performing well but that the average discounting rate was likely brought down by a specific price point.
Carindale’s median house price is $879,750, a rise of 1.1 per cent over the year to March.
“I’d say the market that is being affected at the moment is that mid-$1 million price range,” he said.
“Rewind to six months ago I was selling houses in this price range in three weeks — now I’m struggling to get numbers in the door. That’s where the discounting will be, around that $1.5 million range and that’s why the Carindale percentage is that high.
“Anything under that price point is still performing really well and selling well. Days on market have stretched but the buyers and the demand is overall still there.”
Broadbeach Waters recorded the highest rate of vendor discounting, by up to 12 per cent. Jordan Williams of JW Prestige said that figure had likely been increased by houses in the $2 million to $3 million range, which were sometimes overpriced.
“If you’re 10 per cent over the odds you won’t get a result, you won’t get a deal — that’s why you’re seeing that average discount for Broadbeach Waters,” he said.
“So this figure doesn’t mean the market has dropped here, it means some properties were overpriced. I sold a house for $4.5 million where the owners originally were asking $4.7 million. That’s a massive discount.
“But it started out that high because the owners said they wanted to give it a go, test the waters. There’s a million different scenarios for why people discount their properties.”
At Hope Island, where the average vendor discount is 10.3 per cent, agent Warren Hickey is selling a four-bedroom, two-bathroom contemporary home on Virginia Avenue, which is listed for offers over $995,000 and advertised as a huge price reduction.
However, he said the listing was not representative of the local market.
“On average we’d sell a property a week in Hope Island. I would say if you look back at everything we’ve sold in the past few years, we’ve probably only advertised one as having a price reduction and this is it. It’s the exception,” he said.
On the Sunshine Coast, where Maroochydore recorded an average discount on houses of 7.5 per cent, local Century 21 agent Damien Said said a lot of the properties in higher demand were now auctioned.
“That needs to be noted — those properties are automatically excluded from the data,” he said.
“If anyone in Maroochydore is discounting, I’d say it’s more of a reflection of a few properties that came on the market with unrealistic expectations.
“Generally, we’re finding that when properties do come on the market, as long as the price is realistic, our days on market are reducing. The coast market is still quite active.”
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