Up to $40 million worth of property is set to exchange hands in a single day next week, as investors and potential migrants head to Queensland to bid at one of the country’s biggest auction events.
Buyers from Sydney and Melbourne will make up a significant part of the crowd at The Event next week, as investors and owner-occupiers look to capitalise on the Gold Coast’s thriving market.
Ray White Surfers Paradise holds the yearly auction event – one of the largest in Australia – where it routinely auctions more than 100 properties in a single day. This year it will be held on Sunday, January 28.
Chief executive Andrew Bell said most of the interest so far had come from out-of-towners.
“If you asked me to use one word to sum up buyers at the moment I’d say: Sydney,” he said. “We’ve had about 50 per cent of people at open homes coming from Sydney.”
Investors and homemakers were turning away from the NSW capital, Mr Bell said.
“There are pure investors, looking to rent a property out for a return and they just think Sydney is too expensive. There’s good value for money here,” he said. “Then there’s the people who are exiting Sydney permanently for the Gold Coast.”
For a long time the glitter strip hasn’t been seen as a viable relocation destination, but Mr Bell believed that perception was shifting.
“There was a lack of higher-paying jobs and all of a sudden those jobs are now available,” he said. “The city has diversified significantly and there are a lot more high-paying jobs than ever before.
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“The economy has become very broad-based, where a few years ago we were more service industry and retail.”
This year the numbers are a bit shy of last January’s record 135 properties up for auction, but Mr Bell said the market had tightened since then. “With the high demand, they’re not being replaced as much as they’re being purchased.”
Mr Bell’s standout property this year was the Abbey of Roses, a sandstone convent built 127 years ago in Warwick, west of Brisbane.
The 19th century mansion is a little different to the usual Main Beach units and Sanctuary Cove mansions, but the vendors felt it would still be a good fit for The Event.
“It’ll be seen by thousands all around Australia,” owner Sonia Hunt said. “[The Event] is great for the exposure, they do a great job getting all those homes together.”
Ms Hunt and her husband spent the past eight years living in the 14-bedroom home, repairing it, and operating a bed and breakfast and function centre.
“Most of the old heritage homes are either owned by the government or privately owned so people can’t stay in them,” she said. “We didn’t plan to move out here forever. This was just our little adventure to come out here.”
After selling up, the Hunts plant to move back to the Gold Coast.
Selling agent Josh Thomas said auctions were already great at driving interest in unique properties, but The Event took that up another notch.
“I think at the end of the day you want the best possibility to tell people about a property as possible and there’s no better opportunity than The Event,” Mr Thomas said. “Being so unique the buyer’s going to be someone who embraces its history while taking it into the future.”
Originally Published: www.domain.com.au
Gold Coast among the most expensive regional QLD cities to rent property
A new report reveals the Gold Coast is one of the most expensive regional Queensland cities to rent property.
RENTERS on the Gold Coast are forking out some of the highest prices for properties in regional Queensland.
A new report released by non-government social housing provider, Compass Housing Services, reveals the Gold Coast has the second highest median rent in regional Queensland.
The report lists the median rent each week on the Coast as $440, meaning tenants would need a weekly income of $1467 to be able to afford it.
While also in the top five of least affordable areas are; Noosa at $457.50, Gympie at $285, Hervey Bay at $320 and the Sunshine Coast at $430.
REIQ Gold Coast zone chairman Andrew Henderson said one of the main factors affecting prices was the lack of properties available for rent as owner-occupiers were the region’s dominant buyers.
He said the fluctuating number of tourists and transient workers also contributed to the property shortage as well as the type of those available, while the slow release of land for new housing estates put added pressure on the rental market.
“The Gold Coast has got some unique factors,” Mr Henderson said.
“That diversity is also a bit of a challenge when trying to break down those figures.”
Latest data from the Residential Tenancies Authority shows suburbs in the 4217 postcode — including Benowa, Bundall, Main Beach and Surfers Paradise — were the most expensive areas to rent with $850 the median price per week for a four-bedroom house.
That is $120 more than the same period the previous year.
The cheapest place to rent was the 4209 postcode — which included Coomera, Pimpama and Willow Vale — with $179 the median price per week for a one-bedroom flat.
Coomera, Pimpama and Willow Vale are among the cheapest suburbs to rent on the Gold Coast.
Lucy Cole Prestige Property managing director Lucy Cole said areas in the northern corridor were cheaper because there were plenty available.
“Because there’s so much competition up there, (rent) is lower,” she said.
She said quality homes at the heart of the city were harder to find and offered the best of the coast lifestyle, which made them more expensive.
“We know that there’s a scarcity of good properties,” she said.
“The size and (number of) rooms also plays a big part.
“If it’s a multimillion-dollar home … that’s where you’d expect to pay more.”
CoreLogic research analyst Cameron Kusher said while house value growth was slowing across the Coast, rental growth looked to remain strong.
“This is potentially reflective of the increasing number of residents moving to the region but they are choosing, at least initially, to rent rather than buy,” he said.
“Rental growth is expected to continue along at a fairly strong pace, especially considering that migration to southeast Queensland remains strong.”
Maturing Gold Coast Apartment Market No Longer ‘Boom and Bust’
Real estate firm Knight Frank have underlined a market in transition, becoming more solid and reliable due to continued population growth and changes in market focus in recent years.
The latest Knight Frank Australian Residential Development Review 2018 found apartment stock on the Gold Coast is being built to cater more for owner-occupiers, with a move towards larger apartments with more bedrooms.
It found two-bedroom apartments have been favoured in developments built between 2014 and 2017, making up 43 per cent of total stock.
Banks and the developers they lend to have also been careful not to oversupply the market with product as has been the case in previous cycles.
A shift towards smaller developments has also created less supply enabling buyers more time to make decisions, and this, along with growing long-term demand, has led to more stability.
North Residences, at 296 The Esplanade, features seven beachfront apartments in a residential-only boutique building.Image: Bureau Proberts
“While there will always be a market for the larger developments because of the amenity they provide, the emerging trend for smaller developments has resulted in a more balanced market and given the buying public a real choice,” Knight Frank director and head of project marketing in Queensland Chris Litfin said.
“With the steady increase in population on the Gold Coast and the ever-increasing downsizer demand from retirees, the result is a very stable property environment.”
An array of smaller projects have successfully navigated the changing market to provide high-quality boutique developments.
Recently, Brisbane-based developer Synergy Property Partners completed NORTH Residences in Burleigh, a nine-storey apartment building comprising large whole-floor living.
“It ticks all the boxes for affluent buyers looking for quality, new beachfront product on the southern Gold Coast,” Selling agent Jamie-Lee Edwards of Kollosche Prestige Agents said.
The market will also benefit from the proposed $30 billion development pipeline in the wake of the Commonwealth Games.
More than 250 projects rolling out over multiple sectors including residential, transportation, tourism, retail, health and services.
They include the $615 million third stage of the Gold Coast Light Rail, $500 million Westfield Coomera Town Centre, the $385 million Gold Coast Cultural Precinct, and the second stage of the Gold Coast Airport’s $300 million masterplan.
Gold Coast property: Gold Coast’s fastest selling suburbs revealed
An undated aerial view of Merrimac, Gold Coast
HOUSE hunters are snapping up Gold Coast properties in some inland suburbs within weeks of them hitting the market.
New figures released by property researcher CoreLogic show Currumbin Valley, Merrimac and Mudgeeraba top the list of fastest-selling suburbs on the Gold Coast.
Property experts attributed the demand to the unique homes on offer and better value for money in the areas.
Who wouldn’t wanna live here though?
Currumbin Valley and Merrimac shared first place, with houses on median sold 19 days of being on the market.
The figure is based on a total of 86 sales within those areas throughout the past year.
While McGrath Palm Beach agent Andy Hogarth was surprised 20 homes had sold in Currumbin Valley over the past year, he said the figure still accurately reflected the market.
He sold a luxury American-style barn in May after a week on the market while colleague Richard Snowden sold the country retreat of AFL legend Jonathan Brown following a four-week auction campaign.
An undated aerial view of Merrimac, Gold Coast
“I think it’s just the uniqueness of the properties that we have had out there that’s attracting people,” he said.
The 212 house sales in Mudgeeraba sold within a median of 22 days.
RE/MAX Regency Gold Coast agent Stuart Legg said properties in Mudgeeraba offered better value for money than many of those along the coast.
“During the (Gold Coast’s) growth period over the past four years, I think people have realised their budget will only go so far,” he said.
Mudgeeraba — where you get the best value for money.
Mr Legg said there was also a limited number of homes on the market, which meant people were quick to buy as soon as they were listed.
He recently sold a Mudgeeraba property, which attracted 20 groups for inspections and five offers, in four days.
“The number of sales are definitely down this year on last year, but that just increases the demand for properties as well,” he said.
Despite the data, CoreLogic research analyst Cameron Kusher said properties on the Coast were actually taking longer to sell compared to previous years, “which is reflective of the overall slowing of dwelling value growth over the past year”.
Aerial photo shoot this morning of Beach Erosion along the Gold Coast from Main Beach to Miami Beach — Surfers Paradise
Gold Coast’s fastest selling suburbs:
1. Currumbin Valley and Merrimac (houses) — 19 days
2. Mudgeeraba (houses) — 22 days
3. Burleigh Waters (units) — 23 days
4. Currumbin Waters, Mudgeeraba, Tugun (units) — 24 days
5. Miami (units) and Worongary (houses) — 25 days
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