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
Luxury Gold Coast ‘castle’ on the market
It’s the mega mansion that towers over water. Fit for a King or Queen.
Welcome to the South East’s real-life “castle” home. Nestled on Knightsbridge Parade West at Sovereign Islands on the Gold Coast.
“It’s got a very palatial feel to it… Most of the feedback is it’s very European, built very solid,” Ali Mian from Ray White Runaway Bay told 9News.
The floor plan is as big as eight tennis courts.
Seven bedrooms, nine bathrooms, a gym, sauna, pool, pontoon, cigar and games room, home theatre, all stretched across three floors.
Of course there’s a lift to help you get to each one.
And lots of room to store one, two, even 15 of your own cars.
The list keeps going.
“The entire upstairs is master penthouse we call it… and it’s got a roof top terrace.”
The land was snapped up in 2005, among four blocks that fetched $9.5 million. At the time it was dubbed Queensland’s most expensive.
It took 12 years in total to design and build the fortress.
Based on the Taj Mahal, as well as UK TV Show ‘Midsomer Murders’.
Since 2010 just two owners have called it home, and now it’s back on the market.
The owner is asking for $9.8 million dollars and says he won’t budge. That’s because five blocks down from the castle, a home sold for $7 million last month, and it’s half the size.
Property experts say it’s likely to receive exactly that.
“A lot of them are still being sold under replacement cost and the unique positions that some of these do offer they’re locations you won’t sort of see again” John Newlands from REIQ said.
So far there are three buyers interested.
All are already Gold Coast residents, one is a nearby neighbour.
Gold Coast property: Why this neighbourhood is Surfers Paradise’s best-kept secret
It’s one of the quirks of property journalism that when you discover somewhere exciting and new, well, you just have to write about it.
However, in doing so the secret is let well and truly out of the bag.
Did someone say Byron Bay?
So one can only hope that doesn’t happen in Budds Beach, which is technically part of Surfers Paradise – not that the die-hard locals want to be reminded of that.
It only has about 10 streets, stretching west from the Gold Coast Highway north of the glitter strip to the beach, which purists would say is actually part of the Nerang River … but that’s just semantics.
Height restrictions in some of its streets, unlike the soaring high-rise towers a few hundred metres down the road, mean that many residents have some sort of water view towards the precinct’s namesake of Budds Beach.
Yet, for a seemingly exclusive enclave, its property prices are surprisingly egalitarian with multimillion-dollar waterfront homes a hop, skip, and jump from older units priced from about $300,000.
“You’ve got million-dollar houses and million-dollar duplexes to high-rise apartments and walk-up apartments,” Harcourts Coast Sales Consultant Katrina Keegan said.
“There’s a lot of locals that have been there for 30-plus years and we’re getting a lot of people looking for a sea change because sometimes Surfers can be really overwhelming, just with the tourism factor of it.
“It’s perfect for any downsizer – many of those buyers are now coming to Budds Beach because they like the fact that it’s a little quieter and it is kind of Surfers Paradise’s best-kept secret.”
The precinct might be only about one kilometre long and a few hundred metres wide, but it seems to have an embarrassment of options for those lucky enough to stake a claim as an owner or a tenant.
There remains a smattering of holiday houses, often old Gold Coast beach shacks, however owner-occupiers are by far in the majority.
And what a lucky bunch they are, given they can stroll to a protected beach in mere minutes, perhaps stopping at the community’s social hub, Bumbles Cafe, along the way.
Lambert Wilcox Estate Agents director Mitchell Lambert has been frequenting Budds Beach since he was a boy and these days has been known to slowly pull up on a jet-ski, given the six-knot speed limit, to partake in its myriad amenities.
He said listings never last long – multiple offers are the rule rather than exception – with would-be buyers often living down the street because they never intend to leave Budds Beach.
“Most people who move into Budds Beach move out of Budds Beach in a box,” Mr Wilcox said.
“If you live in Budds this what you’re doing: you’re walking down to Bumbles for a coffee, you’re walking your dog, you’re going to the park, you’re going to have a swim in a really nice section of the river with nice sand, and then you’re going to watch the sunset.”
Oh dear. I fear Surfer’s Paradise’s best-kept secret is no longer.
Investors rush to Gold Coast property market ahead of federal election
The Gold Coast property market may be getting an unexpected shot in the arm from the federal election.
After a quiet finish to 2018, during which the median house price rose by only 1.6 per cent and units were down slightly by 1.2 per cent, Ray White Surfers Paradise CEO Andrew Bell has noted an increasing sense of urgency among buyers eager to lock in a purchase sooner rather than later.
These buyers were factoring in a change of government at the next federal election and the likelihood of changes to the tax treatment of investment properties, as previously signalled by Labor, he said.
“Elections often create uncertainty in the market, but this time it’s a little different because of proposed changes mooted by the Labor Party,” Bell said.
“The market is well and truly factoring a Labor victory and the likelihood of major changes to the taxation regime for property owners.
“Many are buying now to take advantage of the grandfathering provisions proposed by Labor for existing properties.”
Labor’s plans include the abolition of negative gearing on established properties and a reduction of the capital gains discount from 50 per cent to 25 per cent. Negative gearing would remain in place for newly built homes and apartments.
The current rules for capital gains tax and negative gearing would still apply for investors who already own properties.
“The proposed changes are the most significant in a generation for the property market and that’s prompted many buyers to bring forward their plans to step into the market,” Bell said.
“We tapped into this thought process in the planning for The Event last month, which led to an exceptional clearance rate during and following the auction program.”
Bell said the election stimulus had coincided with a cyclical increase in buyer inquiries for Gold Coast property from local and interstate investors.
“We’re certainly seeing an uptick in inquiry from investors keen to buy now before any of the proposed changes are made,” he said.
Bell has warned the proposed changes to property tax rules will affect the broader market, especially those who are unprepared.
“However, there are significant advantages for those who buy properties before these new laws come into effect,” he said.
“The market is definitely more anxious about what’s coming but there are many buyers looking to lock in their position now well ahead of the changes.”
Australia’s biggest auction event, held last month on the Gold Coast, reported a clearance rate of 60 per cent and rising, making it among the most successful RWSP auction programs held on the glitter strip, Bell said.
“There are compelling reasons still in play to support the Gold Coast property market going forward, and we don’t believe that will change any time soon,” he said.
“Strong migration rates, combined with the strength and diversity of the local economy should see buyer activity hold up well throughout the year.”
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