THESE are the suburbs where foreign buyers are most keen to own a slice of Queensland
OVERSEAS based buyers are keen on securing properties in Surfers Paradise more than any other part of Queensland.
New analysis of where foreign buyers search for properties in Queensland is dominated by beachside suburbs and those close to universities.
And while many think that China-based buyers are the group buying up big in our market, it is actually potential buyers from New Zealand who are searching in Queensland more than those from any other country.
In the past six months, there were 29,494 overseas-based buyers who searched for properties in Surfers Paradise on realestate.com.au.
The second most popular area was Noosa, which chalked up 19,687 searches followed by Broadbeach with 18,751.
St Lucia, home to the University of Queensland, was the most searched Brisbane suburb with 18,199 searches by overseas buyers in the past six months.
REA Group chief economist Nerida Conisbee said while holiday hot spots were popular, Queensland’s universities had earned a strong reputation and many overseas parents wanted their children to do their study here.
As a result plenty were searching suburbs including St Lucia and Indooroopilly for places for their children to live while they studied.
Ms Conisbee said buying close to good universities was a key criteria for potential buyers from China and Singapore.
“They are very education focused,’’ she said, “while the rest of the world is all looking for Queensland beach suburbs.’’
Ms Conisbee said New Zealanders were particularly keen on searching in beach suburbs and didn’t restrict themselves to the southeast corner.
She said the restrictions on Chinese buyers moving money out of the country had, had an impact on how many were looking at property in Australia, although Queensland had not felt the downturn as much as other states.
“What is interesting though is Queensland has been the least affected. In Sydney it dropped about 44 per cent, in southeast Queensland it only dropped off around 10 per cent.
“I don’t know why, maybe Sydney is now considered too expensive, Queensland has been pretty affordable.’’
Ray White Surfers Paradise CEO Andrew Bell was not surprised Surfers Paradise was on the radar of overseas buyer.
He said it had the highest profile of any suburb on the Gold Coast and it was a natural magnet for many overseas tourists.
“I would suggest that when we consider buying it is natural to want to be as close to or part of all of those significant lifestyle choices that happen in central locations,’’ he said.
Mr Bell said it also had a wide variety of property types and price ranges so was appealing to a broad cross section of buyers.
He said there were a lot of new buildings under development at Surfers Paradise which meant it was the easiest buying option for foreign buyers.
Not only because it was easier to get foreign investment approval, but because it could be safely locked up and left when they weren’t in the country
“Most of our foreign purchasers are people who do not move here permanently but simply choose to have a holiday home here,’’ he said.
John Newlands of Professionals Surfers Paradise said the area had all the amenity international travellers and buyers were looking for.
From restaurants and high end hotels to the casino and golf courses plus high end international retailers.
Mr Newlands agreed it was mainly investors and holiday makers buying at Surfers Paradise with not so many overseas based buyers making a permanent move there.
Under Australian legislation foreign persons need to apply for foreign investment approval before buying residential real estate in Australia.
It is generally for newly built properties with an aim of their investment helping to create construction industry jobs.
Since May last year any foreign owner who leaves their property unoccupied for more than six months within a year will be charged an annual vacancy charge.
While foreign buyers are generally not allowed to buy existing properties in Australia those who are temporary residents and need a place to live can purchase as long as they sell the property when they leave Australia.
Temporary residents cannot buy established properties to rent out or for use as a holiday home.
SUBURBS MOST SEARCHED BY FOREIGN BUYERS
Surfers Paradise – 29,494
Noosa Heads – 19,687
Broadbeach – 18,751
St Lucia – 18,199
Southport – 18,134
Mooloolaba – 16,092
Burleigh Heads – 14,765
Indooroopilly – 14,142
Robina – 12,921
New Farm – 12,668
COUNTRY OF ORIGIN
Originally published: brisbaneinvestor.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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