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Australia’s biggest auction event: $40m of property sold on the Gold Coast

More than $40 million worth of property was sold at Australia’s biggest auction event on Sunday, amid a “golden era” for real estate on the Gold Coast.

In a whirlwind of bidding spread over six hours, 90 properties went under the hammer, from entry-level apartments to waterfront mansions and lush hinterland homes. Another 15 scheduled to go to auction had sold prior.

An equine estate in Guanaba, taking in a main residence, two one-bedroom studios, stables, a dressage arena and five horse paddocks was the most expensive single property sold on the day, fetching $1,675,000.

Nervous home buyers, seasoned investors and excited sellers were among the several thousand that attended RACV Royal Pines Resort over the course of the day for the annual auction event hosted by Ray White Surfers Paradise Group.

Australia’s biggest auction event

Crowds socially distance at Ray White Surfers Paradise Group’s annual auction event. Photo: Marc Pricop

The capacity in the auditorium was reduced due to social distancing rules but those that had missed out on a seat in the auction room were able to livestream the event from an adjacent hall.

While it impacted the seating configuration, the pandemic did not slow the pace of the auctions as bidders fought hard and fast for a slice of beachside bliss.

Andrew Bell, chief executive officer of Ray White Surfers Paradise Group, said COVID-19 had triggered a shift in priorities for people, setting the scene for strong demand for property in lifestyle markets like the Gold Coast.

Australia’s biggest auction event

450 Guanaba Creek Road was the highest selling property of the auction event.

“There was a sense of eagerness,” he said. “People knew the market was hot and came to see what was going to happen.”

Median house prices have soared to new heights along the south-east Queensland coast, rising a whopping 25 per cent in Surfers Paradise in the year to September, according to Domain Group’s House Price Report.

“The Gold Coast is in a golden era,” Mr Bell said. “It’s quite unbelievable to think where we have come from in just a few months.”

The event achieved a clearance rate of 79 per cent, with Mr Bell describing the results as “the best ever”.

 

The day started with a bang as bidding on a three-bedroom villa in Chevron Island climbed from $500,000 to $1.2 million. The buyers, a couple from Goulburn, said they planned to retire on the Gold Coast.

The first 20 properties sold one after the other under the hammer, with Mr Bell noting most had sold for between five and 10 per cent over reserve.

A two-bedroom, two-bathroom apartment on The Esplanade attracted fierce competition among ten bidders, selling for $715,000.

Later, a three-storey block of units at 44 Queen Street offering 17 lettable rooms fetched the highest price of the day, with the hammer falling at $2.7 million.

Of the 379 registered bidders, about 70 per cent were local while the remaining 30 per cent were from interstate.

Owner-occupiers were the most spirited bidders, Mr Bell said, followed by interstate buyers looking for properties that could double as short-term rentals and holiday homes.

But investors also went toe-to-toe for an array of apartments in Surfers Paradise, Southport and Chevron Island.

“Our vacancy rate has dropped to 0.4 per cent,” Mr Bell said. “There is an acute shortage of rentals all along the Gold Coast.”

Australia’s biggest auction event

7B/150 The Esplanade, Surfers Paradise sold for $715,000.

He said the auction results were a statement about the market going into a new year. “When you have something of this size, it’s a real test of the market,” he said.

“It endorses the belief that the Gold Coast is in a strong position in the real estate market.”

And he can’t see it slowing down this year.

“It’s not out of control or over-heated,” he said. “It still has some way to go.”

 

Article Source: www.domain.com.au

Developments

Why downsizers and owner-occupiers have descended on Aniko Group’s No.1 Grant Avenue on Hope Island

aniko

Aniko Group, led by managing director George Mastrocostas, have fast-tracked construction for stage two of their $140 million No.1 Grant Avenue project, having secured more than 70 per cent of sales

The Broadbeach-based development firm Aniko Group has unveiled further plans for its grand Hope Island community on the Gold Coast.

Aniko Group, led by managing director George Mastrocostas, have fast-tracked construction for stage two of their $140 million No.1 Grant Avenue project, having secured more than 70 per cent of sales across the project.

Stage two of the development will feature 105 two, two plus study and three-bedroom apartments with a range of bridge free marina berths available along the Hope Island canal. Aniko also responded to the COVID-19 pandemic by creating a “post-pandemic” office precinct for those wanting to work remotely.

Fitness guru Michelle Bridges is designing the health club as part of the second stage, where they will also be a children’s play centre, theatre, residents lounge and outdoor cooking and dining facilities.

Mastrocostas said that the rapid sell-out of stage one gave them the confidence to fast-track the launch of stage two.

“To have achieved such exceptional sales and demand for our projects during a year that was filled with a lot of uncertainty is a testament to the quality offering we have brought to market,” said Mr Mastrocostas.

“The market has remained exceptionally strong during Covid and buyers who missed out on securing an apartment in stage one have already purchased within stage two.”

Part of the precinct will be No.35 Grant Avenue, with its apartments inspired by designs from New York.

The downsizer and owner-occupier market have been particularly interested in the development which allows them to downsize while still remaining in the area.

“There’s no doubt that the Gold Coast is one of the hotspots for residential property and with great lending conditions we are certainly seeing buyers transitioning into their next investment journey whether it is as an owner occupier or investor.”

“With the recent border re-openings, we expect to see an increasing number of southern buyers purchasing in the project and we look forward to meeting the buyers who purchased in stage one, sight unseen, who haven’t been able to see their apartments until now.”

 

Article Source: www.urban.com.au

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Developments

Eight reasons Palm Beach apartment development Cabana should be on your shortlist

Cabana

Ignite Projects are behind Cabana at 1 Nineteenth Avenue. They had Plus Architecture design the luxury tower.

Cabana, the new luxury development at Palm Beach, has seen soaring levels of interest since its launch just a few months ago.

And the sale of 23 of its 34 apartments, secured within two weeks of the project hitting the market, has seen construction of the six level absolute beachfront block fast-tracked. Construction will now begin in June, with a late 2022 completion date.

Ignite Projects are behind Cabana at 1 Nineteenth Avenue. They had Plus Architecture design the luxury tower.

Urban has taken a look at the eight reasons why Cabana should be on your short list.

Cabana

1. The onsite beach club

It would be remiss not to start with the unique onsite beach club Cabana is planning on its lower level.

The resort-style beach club facing the beach was a key feature in the design of Cabana. There will be a number of day beds on and off the water, and cabana’s on the private lawn.

Cabana

2. The location

Cabana is located directly in front of the recently completed Artificial Reef, a surfers dream. Cabana has also catered for the surfers in its amenities, with a number of surfers racks and storage for residents.

It sits between Tallebudgera and Currumbin Creeks and is a stone’s throw from Burleigh. There’s a number of trendy bars, beachfront cafes and eateries nearby, as well as boutique shopping venues and entertainment precincts.

Cabana

3. There are just 34 apartments

The six level block is home to just 34 premium apartments, which is likely to see a push to owner-occupiers rather than investors seeking holiday rental returns.

The smaller units creates a stronger sense of a neighbourhood community, and quieter communal areas.

4. All apartments have at least three bedrooms

Cabana is targeting the downsizer market, where there’s a lack of supply across the Gold Coast.

Agents in the neighbouring Burleigh Heads are saying the supply lines for three bedroom apartments are at a critical stage, with a number of buyers seeking a less demanding lifestyle by the beach.

Each of Cabana’s apartments span at least 200 sqm and have three bedrooms, two bathrooms and two parking spaces.

5. The design

Plus Architecture have ensured Cabana blends organically into its pristine coastal environment.

Fluted concrete, floor-to-ceiling glazing and detailed screening lend a classical tranquility to the building, while maintaining an absolute connection with the spectacular ocean views.

With a definitive nod to a tropical Palm Springs beach house, Cabana’s design merges seaside relaxation with elevated luxury.

The elevated tower form creates a rhythmic, organic shape that’s sturdy but delicate, reminiscent of the sweeping and rocky formations along the headlands that define the Gold Coast.

6. An entertainer haven

The kitchen has been planned to be the social focal point of the apartment with an extra-wise island bench and first class fittings.

Designed not to follow trends, but to set them, the kitchen is an opulent combination of modern and classic elements.

Each kitchen features VZUG appliances, Phoenix tapware, panelled doors, and natural stone benchtops and splashback.

7. The master bedroom view

Cabana

The master bedroom has been designed to take in the views just as much as the open plan living spaces. The floor-to-ceiling glass doors capture the natural light and cooling sea breezes, and open to a private balcony with glass balustrading.

8. The master bedroom ensuite

Each master suite has its own walk-in-robe and ensuite which feature large-format white wall tiles and a feature wall of Japanese mosaic tiles. An aqua-coloured natural stone bench top, limestone-look flooring and Phoenix tapware complete the ensuite.

Each will also have a freestanding stone bath, floating vanities and a large open shower.

Cabana

 

Article Source: www.urban.com.au

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Brisbane

Brisbane, Gold Coast, Perth outstrip Sydney and Melbourne prestige property markets

prestige property markets

The hunt for a house that’s not just a home, but a COVID-free castle, has pushed up prestige property prices in Perth, the Gold Coast and Brisbane, with a new report revealing the three cities outstripped the nation’s two biggest capitals during 2020.

The Knight Frank Wealth Report 2021, released today, also revealed the trio made a global splash in the Prime International Residential Index (PIRI 100), which tracks the movement of luxury home prices across the world’s 100 best residential markets.

Off the back of surging buyer demand, low interest rates and a greater emphasis on lifestyle, the three cities, with Perth in the lead, were ranked in the top 44 of prestige markets, after they each clocked up annual price growth of more than 2.5 per cent.

Sydney was ranked 56 – after prestige home prices grew just 1.1% – while Melbourne came in at 63 after prices rose 0.9 per cent.

A roaring resources sector and a push towards relaxed lifestyle locations saw Perth not just top the national list and rank 34th globally, but dramatically leap from last place among Australian capital cities in 2019 after prestige property prices soared by 3.6 per cent last year.

Luxury home prices in the Western Australian capital had remained almost stagnant the year before, rising by just 0.9 per cent.

The Gold Coast achieved a global ranking of 36 after prices grew by 3.2 per cent – compared to 1.8 per cent growth the year before.

 

Article Source: www.domain.com.au

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