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Gold Coast

Hope Island prestige estates report boost in sales amid luxury market spike

Hope Island

The Gold Coast suburb of Hope Island has seen a huge spike in sales amid the luxury market boom.

Sanctuary Cove, Park Cove, the Palladium and The Gallery homes in Hope Island on the Gold Coast have seen staggering figures, thanks to the recent prestige property boom.

Sanctuary Cove has notched over $100 million in sales in recent months.

Two waterfront properties sold for over $10 million in the exclusive community. Sanctuary Cove also saw two homes sold under the hammer for more than $5 million, while a vacant lot of land sold for $3.25 million.

Ray White Surfers Paradise sales consultant Matt Gates was surprised by the number of rare under the hammer sales for the luxury estate.

“The auction results alone are an unprecedented outcome as it’s incredibly rare for such high-end properties to sell under the hammer in Sanctuary Cove,” Mr Gates said.

“We’ve witnessed an influx of buyers from across the board, including the interstate sea change seekers, and both upsizers and downsizers, all chasing their slice of premium quality living.”

Another upcoming Sanctuary Cove listing is expected to hit the market at around $20 million.

Meanwhile, The Gallery is the latest Gold Coast development to attempt to satiate interest in high-end living, achieving a complete sell-out of its 46 lots in Hope Island, totalling $33 million.

The Gallery sales and marketing consultant Tony Hymus suggested the sell-out comes amid the growing shortage of property on the Gold Coast, as well as the re-emerging interest in the luxury market.

“It’s becoming increasingly rare to find good value land on the Gold Coast given how much of a boom the market is experiencing, let alone ones that are immersed in such lush, sprawling surrounds.”

The Gallery comprises of 46 lots with golf course, lakefront and parkside homesites.

The neighbouring Palladium project, sold out of 39 luxury villas worth $30 million during the first stage of construction.

Brisbane-based developer Keylin director Louis Cheung aimed to target owner-occupiers with the resort-style offerings.

“We saw incredible response to the Palladium villas from the moment they hit the market. Our homes ticked all the right boxes for owner-occupiers seeking that luxury standard, waterfront lifestyle that connects them to a sense of community,” Mr Cheung said.

A further 80 villas, 31 parkside terraces and 16 waterfront homes from the sale developer sold out at the Park Cove development, still within the Northern Gold Coast suburb.

Mr Cheung believed the spiking interest was due to the limited offerings of undeveloped luxury land on the Gold Coast.

Director of Ashwin Property Tony Ashwin, who is in charge of marketing the project, agreed with this sentiment.

“With limited opportunity remaining for buyers on the Gold Coast to secure land in the area, Park Cove has exceeded our expectations for how well each stage was received by buyers,” Mr Ashwin said.

Drawcards for the suburb include the $65 million Hope Island Market Place, Hope Island Marina Shopping Centre, the nearby M1 highway connecting residents to the rest of the Gold Coast, and several schooling, retail, medical and hospitality offerings.

 

Article Source: eliteagent.com

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Developments

Southport, Gold Coast apartment development site sells for $6 million

Southport

Sales activity for high-density-zoned development sites in Southport had been relatively subdued compared to the rest of the Gold Coast market

A Southport, Gold Coast development site – once planned for a 47-level tower – has sold at auction for $6 million.

It was bought by an undisclosed Gold Coast investor.

The 2430sq m site is at 114 Scarborough St, on the corner of Hicks St.

The receivers listing was sold by Colliers International who had five bidders compete.

It fetched above price expectations.

“Sales activity for high-density-zoned development sites in Southport has been relatively subdued this year compared to the rest of the Gold Coast market,” agent Steven King said.

“While sites in southern beachside markets continue to attract record prices, this sale demonstrates that Southport has begun its development site rebound,” he told the local paper.

The vacant site is within Southport’s designated Priority Development Area.

It was reported that a NSW-based company and Chinese investors had previously planned a 47-level apartment/hotel tower.

The DA approval was for a 47 level tower comprising of a 225 bed hotel and 264 (1, 2 and 3 bed) apartments

The site had cost $7.65 million, The Gold Coast Bulletin reported.

The site borders the Gold Coast City Council’s recently proposed “Towers Of Power” government and court precinct, a proposed $300 million development.

 

Article Source: www.urban.com.au

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Gold Coast

Gold Coast Developers Hand Over Habitats

Keylin and Kinstone Group are the latest developers to give land back for nature reserves on the Gold Coast as the state government continues its bid to muscle in on another site.

A 27ha “gift” to the Gold Coast City Council has been made as part of the $650-million Serenity 4212 development near Hope Island.

The parcel of land dedication was a requirement of the application approval and is expected to the Coombabah Nature Reserve and Wetlands.

Keylin director Louis Cheung said it was also an opportunity to contribute to wildlife preservation.

“One of Serenity’s greatest appeals is it’s immersion in natural surrounds despite being just moments from a sought-after lifestyle precinct, and so it was extremely important to us that we preserve the ecological amenity wherever possible,” Cheung said.

Keylin and Kinstone purchased the development in February, 2020 from Sime Darby and Brunsfield International Group.

As well, 30ha at Merala Nature Refuge, next to the Currumbin Valley Eco Village, originally purchased by private landholders for preservation, was added to the state government’s protected areas in recent weeks.

Bid to buy 148ha at Currumbin continues

The Queensland government is in the process of trying to “compulsorily acquire” 148ha of farmland at Currumbin Waters which was originally approved for 348 residential lots.

The site, known as Martha’s Farm or Martha’s Vineyard, was put on the market mid-2020 by Aveo Group and bought by brothers John and Bruce Neumann of theNeumann Group.

Neumann Developments was contacted regarding the issue and declined to comment.

Gold Coast

▲ Martha’s Farm at 75 Piggabeen Road, Currumbin Waters was sold by Knight Frank in April 2020 and has 200m of Currumbin Creek frontage. 

Minister for State Development Steven Miles said they had been in talks with landowners since the start of the year to purchase the site.

“Unfortunately, an agreement has not been reached, and we have had to take further action. We remain open to a commercial resolution with the landowner,” Miles said.

“Martha’s Farm or Martha’s Vineyard has been subject to several development approvals since the 1980s, with the current approval for 348 residential lots, a marine precinct and artificial lake.

“It’s a highly constrained site with steep topography and flooding issues, making it difficult to develop, but has some unique features that make it worth preserving and enhancing.”

The state government is already in the early stages of masterplanning the Currumbin Eco Parkland for that site.

 

Article Source: www.theurbandeveloper.com

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Gold Coast

Sunshine Coast property market outstrips Brisbane and the Gold Coast for house price growth

property market

The Sunshine Coast property market is now outstripping Greater Brisbane and even the Gold Coast after house prices rose an eyewatering 23.1 per cent in a year, raising fresh fears over affordability and questions as to just how high prices will grow.

Spurred on by the swelling sea-change trend, low interest rates and the state’s track record of low COVID-19 cases, median house prices inched their closest yet to the million-dollar mark, arriving at a record-blasting $825,000 in the June quarter, according to the latest Domain House Price Report.

 On the Sunshine Coast, house prices increased $155,000 in just a year, making it the steepest annual rise since 2004 and sparking new waves of buyer anxiety, particularly as stock levels remained painfully tight.

On the Gold Coast, house prices shot up by an exorbitant 18.2 per cent over the same period, bringing the median to a record $792,000 – which is $122,000 more than in June 2020.

By contrast, Brisbane house prices rose by 13 per cent to $678,236.

property market

Sunshine Coast house prices increased by $155,000 in the space of a year. Photo: iStock 

While detached houses continued to steal the show in both coastal cities, their respective apartment sectors managed to also collect impressive annual growth. Unit prices on the Sunshine Coast rose by 14.3 per cent from $490,000 to $560,000, and by 9.9 per cent on the Gold Coast to a clean $500,000 – up $45,000 from this time last year.

The climb in both sectors has revealed the incredible pulling power of each coastal hot spot, according to Domain chief of research and economics Nicola Powell, who said that, despite soaring prices, the cities remained cheap compared to Sydney and Melbourne.

While it could be a moot point for frustrated locals, Dr Powell said the last three months could spell a reprieve.

“It’s the first time the Sunshine Coast has exceeded $800,000 but while prices are continuing to rise for the Gold Coast and the Sunshine Coast, the rate of growth has eased,” she said.

Over the June quarter, house prices increased by a slightly more subdued 4.8 per cent, and by 4.2 per cent on the Gold Coast.

 property market

The median unit price on the Gold Coast now sits at $500,000. Photo: Darren Tierney 

On the Sunshine Coast, Tom Offermann, of Tom Offermann Real Estate, said house prices were up by as much as a third in some pockets of Noosaville and Sunshine Beach – which he felt was largely fuelled by the pandemic.

“COVID-19 stimulated a lot of people to search for a new lifestyle, especially those from southern states, and coupled with historically low interest rates the flood of buyers descended on the Sunshine Coast with sizeable budgets,” he said.

“The supply side has been very tight [however], especially in Noosa where there is minuscule opportunity for new development due to strict planning controls and almost no vacant land. Over the past year we have had six to 12 registered bidders at most auctions and that is showing no sign of reducing.

“Premium properties are no exception,” Mr Offermann added. “We recently auctioned a beachfront block at 2 David Low Way [in Castaways Beach] which had expectations around $20 million, and we had 14 registered bidders. It reached $16 million at auction and has since sold for a much higher price.

“A heart-warming sale recently was when we were asked by a young 97-year-old lady to sell her Noosa Heads waterfront house … she and her late husband built the house in 1984.

“The sale was by auction with 13 registered bidders fighting it out until the hammer fell at $7.25 million. The low-set house was very modest by today’s comparisons, so the buyers saw the value in the 600-square-metre allotment.

“The interesting thing is that we had a dozen unsatisfied buyers left over, each with capacity in excess of $5 million to spend. Meanwhile, Joyce wasn’t too concerned about the wonderful price – all she needed was enough for the next move.”

Asked how he saw the interstate migration trajectory, Mr Offermann said he believed the trend would continue for years to come thanks to a backlog of sea changers still waiting to pounce.

On the Gold Coast, Ivy Realty director Isaac Kim said despite the documented ease over the past quarter, the three months up to June were among of the best he had had in eight years.

“I see record sales almost every week now … it is unbelievable and we are very overwhelmed. And it’s that demand from people from interstate [driving the growth],” Mr Kim said. “Since last year we have had about 27,000 or so interstate migrants and it’s going to continue to grow.

“And everyone is complaining there’s not enough stock because it’s all selling … in fact, it’s becoming a big problem for us … and I think we’ll see another big wave coming from interstate soon.

“The Gold Coast population doubles during summer time … and it’s because of the lifestyle and the climate here and that’s also what’s driving the price up … also the fact that the government is spending millions on infrastructure.

“So there’s huge room for [more] growth … this is just the beginning, we haven’t hit the highest peak yet

Mr Kim, who broke his own personal sale price record with the $14.18 million transaction of 3-7 Sir Lancelot Close, Sovereign Islands, earlier this year, said the region’s prestige sector was still considered cheap by southern standards.

 

Article Source:www.domain.com.au

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