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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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Revealed: The biggest apartment sales of 2018 in Qld

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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.

Revealed The biggest sales of the year 2018

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.

Revealed The biggest apartment sales

The second top sale was in Noosa, where a three-bedroom penthouse on the beachfront in Hastings Street fetched $7.2 million last year.

Revealed The biggest apartment sales of the year 2018 in Qld

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.

Revealed The biggest apartment sales of 2018

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.

Revealed The biggest apartment sales in the year of 2018 in Qld

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

Revealed The biggest apartment sales 2018 in Qld

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

Revealed biggest apartment sales of 2018 in Qld

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

Revealed The biggest apartment sales 2018

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

Revealed The biggest sales of the year 2018 in Qld

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.

Revealed The biggest apartment sales in the year 2018

Revealed The biggest apartment sales of 2018 in Qld place

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.

Revealed The biggest apartment sales of 2018 Qld

Revealed The biggest apartment sales in Qld

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

Revealed The biggest apartment of 2018 in Qld

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

Revealed The biggest sales of 2018 in Qld

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

Revealed The apartment sales of 2018 in Qld

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

 

Source: news.com.au

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The places that NSW property buyers are all trying to get into

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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.

The places that NSW property buyers

“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 places that NSW property buyers are all trying to get

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.

 

The places that NSW property buyers trying to get into

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.

The places that NSW property buyers trying to get

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

 

Source: news.com.au

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Market Place

Rentvesting Takes Off In Hobart, Gold Coast

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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.

 

Source: yourinvestmentpropertymag.com.au

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