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What sold across the Gold Coast as auctions heat up

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Million dollar sales and a Surfers Paradise classic have gone under the hammer as the Gold Coast auction season picked up pace.

AFTER a slow start to December, Gold Coast auctions have picked up the pace with a number of million dollar sales and iconic listings.

One of the last original houses at Surfers Paradise sold for $865,000 just after auction on Saturday.

“There were six registered bidders and over 40 inspections throughout the marketing campaign,” said marketing agent Russell Rollington of First National Surfers Paradise.

Vendor Ian Armstrong bought the house with his late wife Denise in the ‘80s to be closer to their antique jewellery business on nearby Cavill Ave.

Ian Armstrong of 15 Sunset Boulevard, Surfers Paradise

Ian Armstrong of 15 Sunset Boulevard, Surfers ParadiseSource:Supplied

Denise Armstrong in the couples’ antique jewellery store.

Denise Armstrong in the couples’ antique jewellery store.Source:Supplied

They paid just $138,000 for the house in 1987.

The couple’s daughter, Beth Armstrong, told the Gold Coast Bulletinof her parents’ love of the location and shared her fond memories of a childhood spent on the river across the road.

Ms Armstrong said she would love to see the house renovated to keep its history intact.

The three-bedroom, three-bathroom residence sits on a 506sq m block opposite Sunset Park with stunning river views.

The three-bedroom, three-bathroom residence sits on a 506sq m block opposite Sunset Park with stunning river views.Source:Supplied

“The buyers’ intentions are to keep the original house on the block which the current owners are pleased with,” Mr Rollington said.

The lowset home at 5 Castille Crt, Isle of Capri sold for $1.55 million.

The lowset home at 5 Castille Crt, Isle of Capri sold for $1.55 million.Source:Supplied

Over at Isle of Capri, a five-bedroom, three-bathroom home changed hands for $1.5 million.

It was one of four Gold Coast properties to crack $1 million sales over the weekend.

Preliminary property data shows the Gold Coast’s auction clearance rate was 37 per cent, while Queensland’s auction clearance rate was 41 per cent, up from 36 per cent for the week prior.

Also under the hammer was a three-bedroom, two-bathroom waterfront house at Broadbeach Waters, successfully sold for $966,000 by Matt Lanyon from Ray White Surfers Paradise Group.

16 Mexicali Crt, Broadbeach Waters sold under the hammer.

16 Mexicali Crt, Broadbeach Waters sold under the hammer.Source:Supplied

Originally Published: www.news.com.au

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Market Place

How to make $1 million ‘flipping’ houses

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How to make $1 million ‘flipping’ houses

HIS last property sale earned him a tidy million-dollar profit, so it’s safe to say when it comes to “flipping”, Tom Hall knows his stuff.

The Melbourne man has been flipping property for 16 years, and has 10 successful “flips” under his toolbelt.

The Brighton property before flipping. Picture: Supplied

The Brighton property before flipping. Picture: Supplied

For the uninitiated, flipping refers to profiting from real estate, either by “buying low and selling high” or buying a run-down home and renovating it for profit.

Mr Hall, a former electrician and real estate agent, ventured into the world of flipping when he bought his first property at 24 for $124,000, renovating it before and after work and on weekends.

He more than doubled that investment when he sold it a couple of years later for $265,000 after shelling out just $14,000 in renovations – and his love affair with flipping began.

Knowing he was onto a winning formula, Mr Hall went on to purchase bigger, more expensive properties each time, culminating in the most recent sale of a Brighton property which he bought for $1.35 million, and sold for $2.35 million 18 months later.

Mr Hall transformed the four-bedroom home. Picture: Supplied

Mr Hall transformed the four-bedroom home. Picture: Supplied

In the early days, Mr Hall and his wife Alicia used to brave the “dust and dirt” and live in each property during the renovations.

With two young boys, that’s no longer possible, but today Mr Hall runs his own renovation business, Overhall Your Property, alongside his flipping passion.

“I’m a visual person and to see the property go from nothing to something amazing gives me a thrill,” he said.

“It can be a bit stressful – it never stops and it’s very consuming.

“But I wouldn’t have it any other way. I wouldn’t want to do anything else.”

Mr Hall said a successful flip came down to meticulous market research and the ability to do most projects yourself.

When he bought it, the bungalow was looking a little run-down. Picture: Supplied

When he bought it, the bungalow was looking a little run-down. Picture: Supplied

But is flipping always a sure-fire cash-cow?

New analysis from CoreLogic revealed 90 per cent of flipped properties sold last year made a profit – but as house prices ease in Melbourne and Sydney this year, a rise in loss-making flipped properties is expected.

“Although the proportion of flips at a loss has declined from recent highs in 2009 and again in 2012, there has been a clear increase in loss-making flips recently,” CoreLogic’s Property Flipping Report stated.

After flipping, it was transformed. Picture: Supplied

After flipping, it was transformed. Picture: Supplied

Nevertheless, while Mr Hall agreed property prices had already cooled slightly, he said there were still plenty of opportunities to make decent money flipping.

He said lower house prices could even help flippers enter the competitive housing market.

“If you put the right product to the market and keep the purchaser in mind you’ll have no problems selling property,” he said.

“The whole idea of owning your own home and renovating it is a big Australian dream – everyone wants to own property.

“There’s definitely still a future in it.”

The house was in need of a makeover. Picture: Supplied

The house was in need of a makeover. Picture: Supplied

So how do you make it in the flipping business? Mr Hall shared his top tips for flipping success.

DO YOUR RESEARCH

“If you’re looking to buy, educate yourself on the market – entry price is the most important thing. If you pay too much getting in, you won’t make dollars and cents at the end. I read heaps of books, and really annoy real estate agents on trends and what’s going on in the market. I always hassle them because they’re pretty much three months ahead of the market – they see what’s going on in the market before it hits the papers,” Mr Hall said.

“The main thing for me is getting in at the right price. Keep an ear to the ground in your market and don’t look at 10 different suburbs, look at two, otherwise you’ll just confuse yourself.

It’s now a stylish residence. Picture: Supplied

It’s now a stylish residence. Picture: Supplied

“On my way home I always drive a different way so I can see what boards are up and what’s going on. I’m a bit nosy, but you have to be if you want to do this seriously.”

START SMALL

“I have flipped 10 different projects varying from smaller properties and apartments to bigger houses. I really built my way up from something small into property worth millions now, and the way to get into it is to start small and learn from there – I’m self-taught.”

DO IT YOURSELF

“Hiring tradies can really chop into your budget. If you can always build on your skills and learn you will save yourself a hell of a lot of money, so the more you can do yourself the better off you’ll be at the end. Always use a licensed plumber and electrician, but for example if you have someone doing rendering, hang around and learn about a trade if you’re not experienced in it, so next time you can give it a go yourself and save big money.”

Nearly nine out of 10 ‘flipped’ properties sold last year made a profit. Picture: Supplied

Nearly nine out of 10 ‘flipped’ properties sold last year made a profit. Picture: Supplied

INVEST IN A GOOD FOOTPRINT

“My strategy is always renovating what is there – I’m not a new-build man, I’m an add-value man. I try to utilise the home’s footprint to add value. You’ve got to have a bit of forward thinking in terms of what you can do with spaces.”

KNOW YOUR BUYER

“Have a target market in mind. Whether it’s a family with children or a young couple, you need to do your research and tailor your design towards the purchaser. That’s the end game – it’s not necessarily for you, it’s about getting a sale from the right purchaser who will pay the highest price.”

CoreLogic predicts a rise in loss-making flipped property this year. Picture: Supplied

CoreLogic predicts a rise in loss-making flipped property this year. Picture: Supplied

Originally Published: brisbaneinvestor.com.au

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Market Place

Queensland’s property flipping hotspots rise as profits roll in

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Queensland’s property flipping hotspots rise as profits roll in

TV presenter and renovator Cherie Barber has helped hundreds of Queenslanders add equity through renovations. Picture: Luke Marsden. Source: News Corp Australia

PROPERTY flipping — selling for a profit within a year or two of purchase — is on the rise, with new figures showing hotspots have emerged in the Sunshine State.

PROPERTY flipping is on the rise with profit hotspots emerging across three parts of South East Queensland.

A massive 90 per cent of properties flipped last year — that is, bought and re-sold within one to two years of purchase — went for a profit across Brisbane, with the figure sitting at 88.3 per cent in regional Queensland.

The latest CoreLogic data found three hotspots had emerged in the state — the Gold Coast, Moreton Bay North and Ipswich.

“Property flipping was most prevalent in the Gold Coast, comprising 7.9 per cent of re-sales for properties held between one and two years,” according to CoreLogic’s Flipping Report, released yesterday.

The GC region also experienced Queensland’s biggest growth in flipping, up 1.3 per cent over the previous year’s data.

Queensland’s highest percentage of successful flips came from Moreton Bay North in 2017, where 95.6 per cent of properties re-sold within two years were profitable.

A kitchen before it was made over by celebrity renovator Cherie Barber’s company Renovating For Profit. Source: Supplied

A kitchen before it was made over by celebrity renovator Cherie Barber’s company Renovating For Profit. Source: Supplied

The kitchen after the renovation using White Knight products. Source: Supplied

The kitchen after the renovation using White Knight products. Source: Supplied

And for those in the market for a quickie, the area that was able to deliver the highest percentage of properties bought and flipped for a profit in under a year was Ipswich (92.7 per cent).

According to the report, short term property trading profits come off “buying undervalued property and reselling at a higher price, buying property at market value and riding the capital growth curve, or by adding value to the property in some way (renovation, subdivision, development approval etc)”.

CoreLogic warned that flippers needed to take into account transactional costs such as stamp duty and conveyancing, as well as selling costs like marketing and real estate agent commission, plus interest payments on the debt as well as capital gains tax on the profit.

“When housing markets are running hot, it makes sense that flipping would become more popular while when a market is weaker, owners are likely to have to hold onto properties for longer in order to return a profit.”

Bathroom before celebrity renovator Cherie Barber got stuck into it. Source: Supplied

Bathroom before celebrity renovator Cherie Barber got stuck into it. Source: Supplied

The bathroom after the renovation work. Source: Supplied

The bathroom after the renovation work. Source: Supplied

Queensland’s worst place to flip properties owned between one to two years was Townsville last year where 48.8 per cent were losses.

Across the combined capitals, property flipping has gone from 5.1 per cent in 2012 to 5.7 per cent last year — a rise that was being mirrored across regional Australia as well, the report said.

Renovation queen Cherie Barber has worked on over 100 flipped projects and trained hundreds of Queenslanders to “manufacture equity” in property through renovations and upgrades.

“You can buy a profitable property at any time, but not every property on the market will be profitable,” she warned potential flippers.

Originally published: brisbaneinvestor.com.au

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Market Place

This week’s top five sales on the Gold Coast topped $8 million

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This week’s top five sales on the Gold Coast topped $8 million

45 Conifer Cr, Broadbeach Waters was the biggest sale on the Gold Coast this week. It changed hands for $3.125 million Source: Supplied

FROM a waterfront mansion to a Glitter Strip apartment and a multi-generational island shack — the top five sales on the Gold Coast all surged past the million-dollar mark this week.

FROM a waterfront mansion to a multi-generational island shack, the top five sales on the Gold Coast were varied but had one element in common with all hitting the million-dollar mark this week.

According to CoreLogic data, the biggest sale was a Broadbeach Waters waterfront home that changed hands for $3.125 million.

45 Conifer Cr features stunning river views. Source: Supplied

45 Conifer Cr features stunning river views. Source: Supplied

The five-bedroom, five-bathroom house features resort-style living, a home cinema, upstairs retreat and expansive pool and deck setting overlooking a pontoon, outdoor shower and boat ramp.

The sale was handled by Eddie Wardale and Josh Longhitano of Kollosche Prestige Agents.

A modern residence tucked in bushland at Bonogin just pipped a Stradbroke Island abode, an apartment in Broadbeach and a designer home in Helensvale to the post for second place.

Selling for $1.285 million, 23 Fowler Crt, Bonogin was marketed by Remax Regency agent Stuart Legg.

23 Fowler Ct, Bonogin sold for $1.285 million. Source: Supplied

23 Fowler Ct, Bonogin sold for $1.285 million. Source: Supplied

The property was described as a “private resort in the bush” and was a design blend of polished concrete, wooden floorboards, and cedar framed glass doors and windows.

The bushland residence’s pool was a standout with the unique design cutting under the house and flowing to a water slide on the other side.

The water slide flows into the pool, which is built underneath the house. Source: Supplied

The water slide flows into the pool, which is built underneath the house. Source: Supplied

23 Fowler Ct, Bonogin. Source: Supplied

23 Fowler Ct, Bonogin. Source: Supplied

The third highest sale was the result of a family choosing to sell their island home after fifty decades.

The traditional timber house on South Stradbroke Island, or ‘South Straddie’ if you’re a local, has changed hands for the first time in 55 years, selling for $1.23 million.

You need to be a resident to drive a car on this island. Source: Supplied

You need to be a resident to drive a car on this island. Source: Supplied

5 South Esplanade, Stradbroke Island just sold for the first time in 55 years. Source: Supplied

5 South Esplanade, Stradbroke Island just sold for the first time in 55 years. Source: Supplied

It’s one of 61 tightly-held freehold properties in South Currigee. Source: Supplied

It’s one of 61 tightly-held freehold properties in South Currigee. Source: Supplied

The three-bedroom, two-bathroom home on South Esplanade is one of 61 tightly-held freehold properties in South Currigee and faces east to overlook the Broadwater.

The sale was handled by Stephen Cone of LJ Hooker Broadwater.

A luxury Surfers Paradise apartment changed hands for $1.2 million.

Ray White Surfers Paradise handled the sale of 101/1 Oracle Blvd — the Oracle tower apartment featured two bedrooms and two bathrooms.

Rounding out the top five was the sale of a contemporary designer home at Riverlinks Estate in Helensvale for $1.175 million.

74 River Links Bvd E, Helensvale Source: Supplied

74 River Links Bvd E, Helensvale Source: Supplied

Pool with a view. Source: Supplied

Pool with a view. Source: Supplied

The interior features a mix of materials. Source: Supplied

The interior features a mix of materials. Source: Supplied

A media room, generous master suite, central courtyard and private pontoon helped the listing change hands under the guidance of Evan Molloy and Dana Gotlieb of Hope Island Resort Realty.

Originally published: news.com.au

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