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Seaside suburbs the star performers of southeast Queensland property market

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Seaside suburbs the star performers of southeast Queensland property market

Haley Hughes, pictured with her 3-year-old son Harry, is selling her waterfront home at Mermaid Waters. Picture: Nigel Hallett. Source: News Limited

THE lure of affordability, lifestyle and world-class beaches made southeast Queensland’s coastal markets the stars of the property sector in 2017.

THE lure of affordability, lifestyle and world-class beaches made southeast Queensland’s coastal markets the stars of the property sector in 2017, fuelled by a fresh wave of interstate migration.

While home values grew just 2.4 percent in Brisbane over the past 12 months, they jumped nearly 7 percent on the Gold Coast, while houses climbed in value by more than 7 percent on the Sunshine Coast, according to the latest data from property analytics firm CoreLogic.

Half of the top 10 property sales in Queensland last year were made on the Gold Coast; totalling $48.9 million.

And some agents say the markets are set to strengthen further in 2018 as Sydney and Melbourne homeowners cash out of their million-dollar homes in favour of a more laid-back, affordable lifestyle in the tropical north.

The REIQ’s latest Queensland Market Monitor shows the median house price in the Sunshine Coast statistical division jumped from $557,500 in June to $570,000 in September, while the Gold Coast achieved a new house price record of $606,000.

The Queensland government recently declared the number of interstaters migrating to the state was at its highest level in eight years, with 15,716 people moving here in the year to March 2017 — most coming from New South Wales.

CoreLogic senior research analyst Cameron Kusher said both the Gold Coast and Sunshine Coast property markets had benefited from that boost in interstate migration more than Brisbane.

Areas like Broadbeach Waters on the Gold Coast have experienced strong property price growth. Photo: Chris Bashall. Source: Supplied

Areas like Broadbeach Waters on the Gold Coast have experienced strong property price growth. Photo: Chris Bashall. Source: Supplied

 SQM Research managing director Louis Christopher expects both markets to outperform the state’s capital in 2018, writing in his latest Boom and Bust Report that the Gold Coast had a diversified economy and had benefited from the lead-up to the Commonwealth Games.

Ray White Surfers Paradise holds its major auction event of the year later this month to coincide with the January holiday period when many interstate and overseas visitors flock to the Gold Coast.

More than 100 properties will go under the hammer at its annual ‘The Event’ on January 28, with many holiday homes and investment properties set to sell to interstate and local investors.

This house at 80 Admiralty Dr, Surfers Paradise, is going to auction on January 28 through Ray White. Source: Supplied

This house at 80 Admiralty Dr, Surfers Paradise, is going to auction on January 28 through Ray White. Source: Supplied

Ray White Surfers Paradise chief executive Andrew Bell said the region had recorded solid sales figures in 2017 thanks to economic stability, job creation and steady population growth.

Mr Bell said the property market at the northern end of the Gold Coast had strengthened considerably because of new medium and high rise development in areas like Southport and Hope Island.

“That’s where all the new development is and it’s given people a lot more opportunity,” he said.

Mr Bell said suburbs like Coomera and Pimpama were had also become “powerhouses” for house-and-land developments, attracting demand from interstate.

“It’s not just people buying holiday homes,” he said.

“It’s just getting so difficult to live in Sydney with the cost of living and the traffic.

“People are saying ‘it’s time to move!’ and I think they’re seeing the Gold Coast as being the best it’s ever looked.”

And with vacancy rates of less than 1 per cent on the Gold Coast, Mr Bell said an increase in home construction was more than welcome.

“We can have 20 plus people turn up to an open home, so we desperately need more investors to buy some stock to help with this huge demand from tenants,” he said.

Kollosche Prestige Agents managing director Jordan Williams said the Gold Coast property market experienced periods of strength and weakness in 2017, but he predicted a bigger year in 2018.

“I know for a fact that for the last half of last year a lot of buyers were sitting on their hands reading the negative articles that said the market was going to crash,” Mr Williams said. “They’ve bought off me since then and realised its actually going to continue to improve.

“I think it’s going to be an exciting year.”

Mr Williams also said the majority of homes he sold were cash contracts, unlike the pre-GFC days.

“We have very affluent local and interstate buyers who are fourth, fifth and sixth generation wealthy,” he said.

“Our vendors who own these homes are also affluent, successful people and they don’t muck around with finance and building and pest inspections.”

Kristian and Haley Hughes are selling their five-bedroom waterfront home at 31 Pilot Court, Mermaid Waters through Kollosche Prestige Agents.

They’ve lived there for nearly three years, but have decided to sell and rent in the area so they can use the capital to fund Mrs Hughes’ new make-up venture.

This property at 31 Pilot Court, Mermaid Waters, is for sale. Source: Supplied

This property at 31 Pilot Court, Mermaid Waters, is for sale. Source: Supplied

Mrs Hughes, who runs The Institute of Makeup beauty school, said Mermaid Waters had benefited from the growth in popularity of nearby Burleigh Heads.

“I feel it’s becoming the new central location — nestled between Burleigh and Broadbeach,” she said.

The Hughes are hopeful they’ll benefit from the growth in the market over the past 12 months, with the median house price in Mermaid Waters increasing by more than 17 per cent.

The view from the home at 31 Pilot Court, Mermaid Waters. Source: Supplied

The view from the home at 31 Pilot Court, Mermaid Waters. Source: Supplied

Their family home is decked out with floor-to-ceiling glass, which captures spectacular 180 degree views.

“For someone who wants to make it their forever home, they’ll never run out of room,” she said.

“It was hard finding a place to put an offer on even then, because (homes) were selling before they even went to market.”

Further north, Noosa was the standout performer in 2017.

REIQ figures show Noosa was the state’s top performing market in the three months to September, recording annual house price growth of nearly 10 per cent.

Over the past five years, Noosa’s median house price has jumped by more than 40 per cent.

Main Beach at Noosa. Photo: Chantay Logan. Source: Supplied

Main Beach at Noosa. Photo: Chantay Logan. Source: Supplied

Tom Offermann Real Estate principal Tom Offermann said the company ended 2017 with eight sales averaging $5.9 million each.

The agency sold a sprawling waterfront home with a drive-through boatshed, two jetties and a boat ramp at 29-31 Wyuna Dr, Noosaville, for close to $11.9 million late in 2017 — setting a new record for the area.

This property at 29-31 Wyuna Dr, Noosaville, recently sold for about $11.9m. Source: Supplied

This property at 29-31 Wyuna Dr, Noosaville, recently sold for about $11.9m. Source: Supplied

“It’s not just the prestige properties that buyers are targeting,” Mr Offermann told The Courier-Mail.

“There are good opportunities for buyers at all levels who want to invest or live here.”

Another driving factor behind demand for the Gold Coast and Sunshine Coast markets is a lack of stock, but BIS Oxford Economics expects rising supply over the next three years to slow forecast price growth.

Another coastal market in Queensland that performed better than expected in 2017 was Cairns.

BIS Oxford Economics noted Cairns had benefited from improved tourism and a deficiency of dwellings, which was estimated to have pushed the median house price up by 20 per cent in the past five years.

It expects home prices to grow another five per cent until 2020.

Originally published: www.news.com.au

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Hollywell, the often overlooked Central North Gold Coast suburb: HTW

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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.

Hollywell, the often overlooked Central North Gold Coast suburb HTW 1

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.

 

 

Source: www.propertyobserver.com.au

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Gold Coast rainforest retreat sells in multimillion-dollar deal

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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.

Gold Coast rainforest retreat sells in multimillion-dollar deal 1

Gold Coast rainforest retreat sells in multimillion-dollar deal 2

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.

Gold Coast rainforest retreat sells in multimillion-dollar deal 3

Gold Coast rainforest retreat sells in multimillion-dollar deal 4

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.

Gold Coast rainforest retreat sells in multimillion-dollar deal 5

Gold Coast rainforest retreat sells in multimillion-dollar deal 6

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.”

 

 

Source: www.news.com.au

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The southeast Queensland suburbs where vendors are discounting their sale prices

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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.

The southeast Queensland suburbs where vendors are discounting their sale prices 2

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.

The southeast Queensland suburbs where vendors are discounting their sale prices 1

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.

The southeast Queensland suburbs where vendors are discounting their sale prices 3

“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.

The southeast Queensland suburbs where vendors are discounting their sale prices 4

“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.”

 

Source: brisbaneinvestor.com.au

 

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