A housing recovery on the Gold Coast is stirring activity in the region’s prestige property market, prompting a swag of big-ticket listings and multi-million-dollar sales.
Buyers are showing more propensity to look at homes priced above $3 million, according to local agents, after a period in which more affordable homes priced under $2m dominated market activity.
“We started to see a recovery kicking in during the second half of 2015 for prestige homes, and it’s been accelerating up though price brackets,” Ray White Surfers Paradise agent Andrew Bell said.
“We’re seeing a lot of movement in the $2m and above brackets, and it’s giving us this sense that the market is ready to move into the next tier, which is $5m and above.”
The agent named the new light rail, the burgeoning Commonwealth Games development and a return of offshore visitors as the driving forces behind the upswing. Locals looking to trade up into bigger houses or better-heeled locales were also driving the trend. More turnover activity meant they had more confidence in knowing the true value of their homes, Mr Bell added.
“It’s impossible to spend that much money around here without the locals starting to take notice and feeling more confident themselves,” he said.
Significant sales in the region include a Broadbeach penthouse apartment in the Oracle complex that fetched $8m in September. The two-level apartment set across the 50 and 51st floors of the tower measured 1117sq m with four bedrooms, a media room, a study and private rooftop pool, spa and steam room. It also has 360 degree views from the coastline to the Hinterland.
In October, a modernist-inspired modern home at 1029 Edgecliff Drive in Sanctuary Cove with six bedrooms, seven bathrooms and a 10-car garage netted $5.65m. A nearby property at 8066-8067 Riverside Drive with six bedrooms, a circular staircase and riverside pool and entertaining terrace attracted a price of $4.2m in October.
This year, notable sales include the Wild family’s purchase of a home at Taromeo Court on Hope Island for $2.7m and the Dern family’s $2.3m purchase at The Parkway.
There are signs that the developers are back in play, too.
Elsewhere at Hope Island, private developers known as Fernwood paid $16.5m in November for a 3.7ha parcel set along the waterfront. In January, another private developer paid $10.2m for another riverfront development parcel on Marina Quays Boulevard. Stockland last month paid $40m for a 116ha slab on the riverfront at Coomera where it will build 747 homes, including upscale residences on two islands at the centre of the property.
Higher-priced homes were showing little evidence of capital growth, but homes priced under $2m had appreciated 10-12 per cent during the past 18 months, Mr Bell said, which was prompting homeowners to trade up.
An Italianate home on Sovereign Island has emerged as the latest significant listing to come on to market, with expectations of more than $3.95m.
The four-bedroom waterfront home owned by the Hamilton family has a swimming pool and eight-car garage.
Elsewhere on Sovereign Island, Juan Qin and Jianhua Tian have put their six-bedroom Knightsbridge Parade residence on the market after just six months of ownership.
But waiting times can be long. John Corbett is still shopping his gothic castle-inspired home at 55 Knightsbridge Parade for more than $11m after 351 days on show.
Originally Published On: http://www.theaustralian.com.au/