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Buyers lament fewer listings in big weekend of South East Queensland auctions

More than a dozen downsizers competed to buy a luxury penthouse in Brisbane’s south-west at the weekend.

The three-bedroom apartment which took up the entire top floor of the Waterford complex at 7/88 Macquarie Street, St Lucia, drew 13 registered bidders, who fought it out for the keys.

Macquarie Street, St Lucia
7/88 Macquarie Street, St Lucia QLD 4067
It sold under the hammer for $2.2 million to a local buyer looking for a smaller home close to Brisbane River and was one of the biggest results from the weekend’s auctions.

Ray White Ascot’s Nick Kouparitsis said while most of the bidders were locals, two were from outside Queensland.

An expat bidder from Singapore was willing to buy the property, which has views of the river and Brisbane CBD, sight unseen. A bidder from Tasmania also tried their luck, Mr Kouparitsis said.

The apartment, one of seven in the building, was extremely popular with retirees looking for a waterfront lifestyle.

“We had more than 90 groups through in the four weeks it was on the market,” he said.

The auction was one of 67 scheduled for Saturday. Brisbane’s preliminary auction clearance rate sat at 51 per cent after 35 reported results on Saturday evening. There were just two properties withdrawn from auction.

Although the coronavirus pandemic has made it difficult for interstate and international buyers to get into the Queensland property market, local buyers have been very keen to get into the market.

“The market has been very strong,”  Ray White Bulimba’s Trevor Egan said. “It’s a property bubble with a sugar hit.”

“It’s definitely hot right now with so many buyers, but at the end of March when JobKeeper and JobSeeker ends, it’s definitely going to be [looking into] the crystal ball,” he said.

25 MacDonald Street, Norman Park
25 MacDonald Street, Norman Park QLD 4170
He helped sell a three-bedroom Queenslander in Brisbane’s eastern suburbs at the weekend for a vendor who owned it as an investment property.

The home at 25 MacDonald Street, Norman Park, had three registered bidders compete. It sold for $1.1 million under the hammer to a local family.

In the city’s north, 38 buyers registered to bid for a 607-square-metre block of land at 20 Sturt Street, Kedron.

The land, which had no house sold for $1,155,000 after 10 of the bidders actively competed for the property.

Ray White Lutwyche David Lazzarini said the winning bidder was from a local family.

The land had been vacant since 2001 and was owned by the same family since the late 1920s, he said.

“You won’t find another vacant block like this so close to the city,” Mr Lazzarini said.

A professional couple snapped up a three-bedroom Queenslander that had undergone a complete renovation, at 34 Deviney Street, Morningside.

34 Deviney Street, Morningside
34 Deviney Street,Morningside QLD 4170
Place Estate Agents Bulimba’s Glenn Bool said two registered bidders competed at auction, with the house selling for $900,000.

The vendors, also a professional couple, will now be moving to a new home in Camp Hill, Mr Bool said.

Many young buyers were struggling to find a property to call home in South East Queensland with the shortage of homes listed for sale, he said.

“By and large there’s been an overwhelming shortage of stock,” Mr Bool said. “I deal with mostly first-home and second-home owners from $600,000 to $1 million and there is such little stock they keep telling us ‘we’ve gone to a few auctions and missed out’.”

This article is republished from under a Creative Commons license. Read the original article


Melissa Heagney


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Market Place

Karam Group matches HomeBuilder grant for first home buyers at Maasra

Karam Group

Karam Group has announced it will match the Queensland Government’s first home owners’ grant with an additional $15,000 for first home buyers purchasing eligible apartments

Brisbane developer Karam Group has announced it will match the state’s first home owners’ grant with an additional $15,000 for first home buyers who purchase an eligible apartment at their Coorparoo project, Maasra Apartments.

The $15,000 Developer Grant will see eligible first home buyers receive up to $45,000 towards their new home, with the development also qualifying for the Federal Government’s $15,000 HomeBuilder grant.

Hindmarsh Construction Australia has started work on a $102 million mixed use development in Coorparoo, qualifying the project for the federal government’s HomeBuilder grant.

Karam Group director Anthony Karam said he was pleased to announce the additional grant to help first home buyers get their foot in the door of a brand-new apartment.

“This is a terrific opportunity for first-time buyers to get into the market, as saving this kind of money takes most people years,” he said.

Karam Group

Designed by HAL Architects, Maasra offers residents access to a podium recreational space with multiple resort-style entertainment areas at an entry-price of $399,000.

Amenities include a 25-metre pool with timber decking, sun beds, beautifully landscaped surrounds, a residents’ lounge, a gym, and retail space on the ground floor.

“Maasra Apartments in Coorparoo is perfectly positioned for eligible first home buyers wanting to purchase a quality apartment in a prime city location,” TOTAL Property Group managing director Adrian Parsons said.

The apartment’s inner-city fringe location of Coorparoo appeals to young professionals seeking to buy an apartment in an area with transport infrastructure and lifestyle offerings on its doorstep.

Parsons claimed the area was one of Brisbane’s most vibrant lifestyle hubs.

Other residential developments near Coorparoo on the market right now

“The Brisbane property market is currently in its prime,” Parsons said.

With the advantage of flexible working arrangements and Queensland’s desirable climate, affordability and lifestyle, Brisbane is a very attractive place to live.

Address: 5-9 Flora Street, GREENSLOPES QLD 4120
One-bedroom apartments from $349,000

Karam Group

CS Development Group’s Cello Apartments is the latest addition to Brisbane’s suburb of GREENSLOPES. Offering residences in one, two and three-bedroom configurations, this development is the ideal home for buyers searching for properties with exceptional on-site amenities.

These amenities include a swimming pool, gym, on-site library, rooftop observation deck and multi-purpose space.

2. Minnippi Quarter, Carina
Address: 193 Fursden Road, Carina QLD 4152
One-bedroom apartments from $415,000

Karam Group

Located next to the Minnippi Parklands is Frasers Property’s latest masterplanned community, Minnippi Quarter. Situated on a large, newly developed site, residents will have access to 6000 square metres of private parkland and precinct parks.

Each property in the development offers open-plan living, natural light and a full suite of resort-style amenities, including a 25-metre infinity edge lap pool and a fully equipped gym.


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Gold Coast

Surf legend Mick Fanning lists Coolangatta apartment block

Surf legend Mick Fanning

Surfing royalty Mick Fanning has listed a Coolangatta apartment block he’s renovated since buying 14 years ago.

Fanning, who stepped away from professional surfing in 2018 having won three world championships over his near two decade professional career, paid $3.1 million for the tired 1980s brick block in 2007.

Surf legend Mick Fanning

Now the Boundary Street building has a coastal white facade and each of the units and granny flats have been renovated.

There are two three bedroom apartments, one on the ground level and one on the second level.

Each unit has its own granny flat at the rear of the 505 sqm block. There’s a blank canvas back yard and two garages.

Surf legend Mick Fanning

LJ Hooker Palm Beach agents David Lonie and Mishy Canning suggest the building can provide four incomes streams, around $770 to $800 a week for each apartment and $470 to $500 a week for the two granny flats.

Lonie and Canning have a February 7 auction on site at the block which is footsteps to Snapper Rocks. They advise there is potential for separate sales of the apartments.

Fanning will retain a foothold on the street. He owns the block of four two doors down, which he bought for $1.2 million in 2006, and the block next door to that, secured in 2005 for $1.39 million.

Coolangatta’s newest developments

Miles Residences Kirra Point

Address: Corner Miles Street and Marine Paradise, Kirra QLD 4225
Prices from: $545,000

Surf legend Mick Fanning

Miles Residences at Kirra Point, the luxury redevelopment of the Kirra Beach Hotel by KTQ Group, is Coolangatta’s most impressive new developments. Already nearly 50 per cent of the 118 apartments have sold since their launch in December.

Designed by Woods Bagot, the project, which includes a pub and pavilion, is set to be completed in early 2023.

Maya Kirra Beach

Address: 1 Coyne Street, Coolangatta QLD 4225
Prices from: $1.93 million

Surf legend Mick Fanning

Only a few residences remain in the top end Maya Kirra Beach block of just 15 three and four bedroom residences. The building, developed by Spyre Group and completed in September 2020, only has four bedroom apartments left starting at $1.93 million.


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Gold Coast

Commercial Market Update – Gold Coast Cityscope January 2021

The latest research from Gold Coast Cityscope shows property sale figures have increased over the past three months. Sales recorded in the three months to December 2020 recorded 41 sales for a total of $95.2 million. Of this, $54.3 million was for commercial, $13.7 million was for commercial strata, $6 million was for retail, $14.9 million was for retail strata and $6.2 million was for other.

In comparison, the three months to September 2020 recorded 19 sales for a total of $59.4 million. Of this, $3.8 million was for commercial, $3.6 million was for commercial strata, $9.3 million was for retail, $1.5 million was for retail strata and $41.2 million was for other.

The latest data raises the 12-month total to over $340.7 million, over $200.4 million less than the previous 12-month period.

The table below shows sales recorded for the past eight updates of Gold Coast Cityscope:

Commercial Market Update

The most significant sales recorded this quarter together totalled over $54.63 million.

Acuity Business Park Building 1 was sold off-market for just over $41.29 million to 209 Robina Pty Ltd as trustee for the 209 Robina Trust. The four-storey building comprises 5,937 sqm of space and was completed in mid-2020; tenants include Metricon, Medrecruit and Intrapac Property. Mike Walsh and Peter Court of Cushman & Wakefield Gold Coast negotiated the sale, which represents an initial yield of 6.5% on passing income of $2,684,303.96.

The entire 1,510 sqm third floor of Eastside Robina, plus a 27 sqm cafe on the ground floor have been purchased for just over $7.234 million by Agroha Dham Pty Ltd as trustee for the KL Eastside Unit Trust. Steven King and Tony Wang Colliers International and Mark Witheriff of CBRE Gold Coast negotiated the sale, which represented an initial yield of 9.75% on a passing income of $705,000 (net).

Eleven units at 38 Cavill Avenue were purchased together for $6.1 million by Cavill Avenue Holdings Pty Ltd as trustee for BM Coast Holdings Trust. Steven King and James Crawford of Colliers International Gold Coast negotiated the sale. The units, comprising lots 1 to 11, were advertised with a net income of $405,155, which represents an initial yield of 6.64% on a passing income of $405,155 (net).

Commercial Market Update

Properties currently listed for sale include:

  • Surfers Paradise Beach Units – six storeys with 16 one and two-bedroom holiday units (6 one-bedroom; 10 two-bedroom) above ground floor parking. Scheduled for auction January 21, 2021; agent, Amir Prestige Property Agents (Matthew Biviano).
  • 21-27 Davenport Street, Southport – a two-storey, 490 sqm retail and office building. For sale with an asking price of $980,000; agent, Raine & Horne Commercial Gold Coast. The property was advertised with a gross income of $118,000.
  • 25 Griffith Street, Coolangatta – a two-storey building with a ground floor retail shop and a three-bedroom, two-bathroom residence upstairs. Building area, 348 sqm. The property includes a swimming pool and two-car garage to the rear. For sale with an asking price of $2.9 million; agent, Tsimos Commercial Real Estate (John Black).

Properties currently under contract (conditionally or unconditionally) include:

  • 1 Paddington Place, Robina, a 4,040 sqm vacant site. Under contract unconditionally with an extended settlement period expected; agent, Colliers International Gold Coast (James Crawford).
  • 6 Short Street, Southport – a two-storey, 811 sqm office building with basement car parking for 16 vehicles. Under contract; agent, Colliers International Gold Coast (Steven King). The property was advertised with a net income of around $99,358 per annum.
  • 44 Thomas Drive, Chevron Island – a two-storey, 281 sqm retail/office building with frontages to Thomas Drive and Karloo Street. Under contract in with settlement expected January 2021; agent, Raine & Horne Commercial Gold Coast (David Task and Michael Parisi). The property was advertised with a fully leased gross income of $172,932.72.


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