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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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Market Place

Top 68 suburbs for growth in Queensland revealed

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Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed. New data has shown the top 68 suburbs in Queensland for capital growth over the last 12 months to June, with the number one spot reaching triple digits.

Top 68 suburbs for growth in Queensland revealed

Outlined in the Real Estate Institute of Queensland’s Queensland Market Monitor report, REIQ CEO Antonia Mercorella said despite the ‘doom and gloom’ of the property market, there are still locations that are seeing large gains in profitability.

“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” Ms Mercorella said.

“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”

While south-east Queensland saw a lot of attention, there were some high growth suburbs found in central and northern Queensland.

The area with the strongest growth was Blackwater, which saw a rise of 151 per cent growth, which Ms Mercorella attributed to the resurgence of coal prices.

Aside from Blackwater, 10 other suburbs saw growth over 20 percent. These included:

  • Spring Mountain with growth of 103.6 per cent;
  • Collinsville with growth of 46.2 per cent;
  • Minyama with growth of 45.8 per cent;
  • Hamilton with growth of 32.9 per cent;
  • Hollywell with growth of 30.5 per cent;
  • Miles with growth of 23.5 per cent;
  • Mount Coolum with growth of 21.9 per cent;
  • Dundowran beach with growth of 21.5 per cent;
  • Boonah with growth of 21.3 per cent; and
  • Idalia with growth of 21.3 per cent.

Ms Mercorella said the top 11 suburbs were indicative of steady growth across the state, but warned against calling it a ‘boom’.

“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak,” she said.

It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon.”

South-east Queensland

While the top 11 suburbs show a spread of high growth suburbs through the state, 41 suburbs out of the 68 are located in the ever-popular south east corner of Queensland.

Of these, 15 suburbs were located in the Sunshine Coast region, with the highest growing being Minyama, which ranked fourth overall.

The Brisbane region also saw a large number of high performing suburbs at 13. Hamilton was the region’s best performer and fifth overall.

Next was Ipswich with six suburbs, then the Gold Coast with four, Moreton Bay with three, while Redland and Logan suburbs did not rank.

Regional Queensland

Outside of south east Queensland, 27 regional suburbs ranked on the list, with the Townsville region recording four suburbs. Its highest performer was Idalia, which ranked 11th overall.

Next were the Cairns and Gympie regions, both recording three suburbs each. Cairns’ top performer was Palm Cove, which ranked 26th overall, while Cooloola Cove was Gympie’s top performer, which ranked 42nd overall.

While only recording one suburb, the Whitsunday region’s Collinsville ranked third overall.

The Bundaberg and Toowoomba regions both recorded two top suburbs, while the Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs regions all had one top suburb each

Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed

The top 68 suburbs which experienced double digit growth over the last year to June 2018, according to the REIQ, are:

Rank Suburb Median price Capital growth over 12 months (as a percentage)
1 Blackwater $94,250 151.3%
2 Spring Mountain $450,000 103.6%
3 Collinsville $95,000 46.2%
4 Minyama $1,310,000 45.8%
5 Hamilton $1,442,000 32.9%
6 Hollywell $810,000 30.5%
7 Miles $148,250 23.5%
8 Mount Coolum $670,000 21.9%
9 Dundowran Beach $607,000 21.5%
10 Boonah $324,500 21.3%
11 Idalia $485,000 21.3%
12 Rasmussen $347,500 19.9%
13 Yaroomba $749,000 19.7%
14 Biloela $272,750 18.6%
15 Burnett Heads $317,000 18.1%
16 Tivoli $295,000 18.0%
17 Cashmere $690,000 18.0%
18 Walloon $370,000 16.7%
19 Sunshine Beach $1,400,000 16.7%
20 Noosa Heads $1,070,000 16.0%
21 Hope Island $739,750 15.7%
22 Ripley $374,000 15.4%
23 Sandgate $705,000 15.2%
24 North Ward $575,000 15.0%
25 Paddington $1,150,000 14.7%
26 Palm Cove $606,000 14.3%
27 Charters Towers City $142,500 14.0%
28 Pelican Waters $761,000 13.9%
29 Cooee Bay $313,000 13.8%
30 Mount Ommaney $944,000 13.7%
31 Fernvale $357,500 13.5%
32 The Range $380,000 13.4%
33 Landsborough $432,500 13.4%
34 Sunnybank $832,500 13.3%
35 North Mackay $270,000 13.2%
36 Whitfield $540,000 13.1%
37 Graceville $932,500 13.0%
38 Hendra $1,100,000 12.7%
39 Shorncliffe $840,000 12.4%
40 Moranbah $185,000 12.1%
41 Coes Creek $442,500 12.0%
42 Cooloola Cove $317,500 12.0%
43 Battery Hill $578,000 12.0%
44 Seven Hills $940,000 11.9%
45 Nundah $755,000 11.9%
46 Monkland $240,000 11.6%
47 Bongaree $470,000 11.6%
48 Clifton Beach $557,500 11.5%
49 Maroochydore $639,000 11.2%
50 Twin Waters $823,000 11.2%
51 Cambooya $322,500 11.2%
52 Tewantin $572,500 11.2%
53 Coolum Beach $675,250 11.2%
54 Kedron $744,500 11.1%
55 Sunrise Beach $820,000 11.0%
56 Oakey $241,500 11.0%
57 D’aguilar $416,000 10.9%
58 Mountain Creek $610,000 10.9%
59 Flinders View $371,500 10.9%
60 Highland Park $570,000 10.7%
61 Rosewood $291,000 10.7%
62 Bulimba $1,300,000 10.6%
63 Kirkwood $353,500 10.5%
64 Woodgate $402,500 10.3%
65 Railway Estate $309,500 10.1%
66 Auchenflower $1,070,000 10.0%
67 Rainbow Beach $489,500 10.0%
68 Ormeau Hills $530,000 10.0%

Source: brisbaneinvestor.com.au

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Market Place

Four Gold Coast suburbs see double digit property price growth

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Four Gold Coast suburbs see double-digit property price growth

Four Gold Coast suburbs see double-digit property price growth. The property price boom has continued on the Gold Coast, with four suburbs seeing massive double-digit growth over the last 12 months.

Almost 70 Queensland suburbs delivered double-digit growth over the 12 months to June, according to the latest research from the Real Estate Institute of Queensland.

The waterfront suburb of Hollywell was the best performer on the Gold Coast, coming in at sixth with a capital growth of 30.5 per cent.

The median house price in the area is now around $810,000.

Hope Island came in 21st with prices increasing 15.7% to a median of $739,750.

Highland Park ranked 60th an increase of 10.7% to $570,00 while Ormeau Hills scraped in at 70th with 10% increase to $530,000.

REIQ CEO Antonia Mercorella said while many headlines predicted doom and gloom for the property market, the reality was very different with many markets in Queensland performing exceptionally well.

“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” she said.

“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”

She said it was good to see the suburbs delivering good growth are not all focused in the southeast corner.

“This spread of suburbs is a good indication that Queensland real estate is delivering steady sustainable growth across the board. We’re seeing growth outside the southeast corner,” Ms Mercorella said.

Four Gold Coast suburbs see double digit property price growth

List of Top Performing Suburbs in Queensland (Supplied REIQ)

Four Gold Coast suburbs see double-digit property price growth

Reference: MyGC.com.au

 

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Market Place

Gold Coast Athletes’ Village Get New Name, Hits the Market

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Gold Coast Athletes’ Village Get New Name, Hits the Market

Gold Coast Athletes’ Village Get New Name, Hits the Market

Gold Coast Athletes’ Village Get New Name, Hits the Market. The former site of the Gold Coast Commonwealth Games Athletes’ Village looks set to become a thriving community “unlike anything the Gold Coast has seen”.

In a first for the Gold Coast, all 1,251 apartments and townhouses in the $550 million Grocon-built Athletes’ Village will be offered solely for long-term rent.

The new residential and retail centre will include 18 apartment buildings, 82 double-storey townhouses and will be called “Smith Collective”.

At the heart of the precinct will be a 6,280sq m retail and dining hub, with major supermarket chain Woolworths and retail giant BWS already securing tenancies.

The land is still formally owned by the state government and held under a lease agreement to a company jointly controlled by developer Grocon and global investment bank UBS.

Gold Coast Athletes’ Village Get New Name, Hits the Market

 

Gold Coast Athletes’ Village Get New Name, Hits The Market

Gold Coast Athletes’ Village Get New Name, Hits the Market. All 1251 apartments in the former athletes village will be offered solely for long-term rent

Michael Woodrow, executive director of Smith Collective project manager UBS Asset Management, said international trends showed people were increasingly willing to forgo homeownership in favour of the quality of lifestyle and location offered by precincts such as Smith Collective.

“Research shows that while an increasing number of people want to live where they work, shop and play, they also yearn for the security of long-term leases and ability to add personal touches to their homes,” Woodrow said.

“By maintaining ownership of Smith Collective’s residential offering, we are able to grant those wishes and help our residents and retailers build a sense of community often lost within large-scale urban developments.”

Woodrow highlighted that Smith Collective’s new name was relatable and reflective of the future community.

“As the most common surname in Australia and one of the 10 most common in the world, ‘Smith’ highlights that the community really is for everyone,” Woodrow said.

The name was also chosen as a geographical link to the Smith Street Motorway, which the complex is situated on.

Set among seven hectares of parkland, the community is located within close proximity to Griffith University’s Gold Coast campus, Gold Coast University Hospital, Gold Coast Private Hospital and the Southport CBD.

Global real estate services company JLL has been appointed to manage the site with dwellings set to be released in stages as the community grows.

A community of 2,500 academics, students, scientists, doctors and nurses is expected once complete.

Internal works, on the “bright and airy” self-contained apartments and townhouses, are set to be completed in December.

Source: theurbandeveloper.com

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