Sydney and Melbourne buyers with deep pockets have fuelled the Gold Coast’s biggest property boom in years with house prices in coveted coastal coves surging by $1300 a day, according to the latest Domain House Price Report.
Off the back of an epic love affair with Queensland’s second-largest city, southern migrants helped spark price hikes of up to 47 per cent – or as much as $500,000 – in some sectors, with 17 suburbs now members of the $1 million-plus club.
Hot spots such as Mermaid Waters, Miami, Burleigh, Bundall and Mermaid Beach collected the biggest quarterly and annual price rises, which has led to a series of record-setting sales with pent-up demand tipped to propel the boom well into next year.
According to the report, the Coolangatta region claimed the biggest quarterly price rise of 12.1 per cent – which pushed the median house price to$1.15 million, while the nearby prestige pocket of Mermaid Beach became the Gold Coast’s first suburb with a $2 million median, following an eyewatering 32.4 per cent annual lift to $2.075 million.
Next door – in the fast-rising market of Mermaid Waters – units won gold on the annual price rise podium after it collected a jaw-dropping 47.5 per cent increase to a median of $635,000.
Houses prices in Miami, the report revealed, surged 44 per cent over the same period to $1.205 million, while in Bundall they shot up 34.7 per cent to $1.435 million.
Across the city, the overall median house price increased by a more subdued 1.9 per cent to $820,000 – indicating the growth cycle might have passed its peak – while units collected a stronger 4.9 per cent rise to push prices up by $25,000 to $535,000.
While the rampant price rise is expected to continue at a less voracious pace, Domain chief of research and economics Nicola Powell said the incredible boom in some suburbs highlighted just how much value buyers placed on lifestyle precincts.
“There are many suburbs that have seen eye-watering price changes … and those are really the ‘sand between your toes’ areas that are close to the beach,” Dr Powell said.
“Some have had extraordinary growth of almost 50 per cent [in a year] … and that speaks to the lifestyle buyers are seeking.
“But when you’ve got suburb property prices rising by 20, 30 and 40 per cent a year there comes a fear of overpaying and it leads to buyers being priced out … you also get to a point where you’re nearing the peak of a price cycle when buyers become more astute.
“And when you look at Gold Coast houses, that growth has eased compared to 5.9 per cent over the previous quarter … so, I do think what we have started to see is that momentum slowing.”
While the September quarter saw a less aggressive rise, the strong levels of buyer demand could reach a new crescendo before Christmas, said Ray White Burleigh Group chief executive Larry Malan, whose office collected a 99 per cent auction clearance rate in the past three months.
“We’ve never seen the likes of that before and we never will again … but what we will find going into the summer months is owners’ expectations are becoming quite extreme,” Mr Malan said.
“They are adding in 50 per cent [on top of a realistic sale price] for good measure in the hope they meet a mad person who’ll pay it … and some of them will get it.
“We’ve had a lot of people from down south buy sight unseen but I think there will be a good portion of people who won’t and they are itching and raring to come [once borders reopen]. And the people considering it will do so this Christmas and they’re coming with deep pockets.
“It’s sad to say but this is also having a negative effect on locals. They are being outpriced half the time … and they know what the price was a year ago and they can’t comprehend having to pay 50 per cent more for the same product.”
Mr Malan said the property price storm was centred on north-facing renovators in Broadbeach Waters and Mermaid Waters, where huge prices were being achieved almost on a daily basis.
Gold Coast buyers’ agent Jacob Butler of Hunter Gather said the southern-buyer spike had transformed their client base. Prior to the pandemic, it was 92 per cent local.
“Now, 95 per cent are from interstate. And the majority of that has been from Melbourne. It’s all about a lifestyle change. People have realised they can work remotely [and they want to live here],” Mr Butler said.
“But availability of stock is still really tight and there’s more competition in the market … and then there are a lot of sellers who are just looking to test it. But for those sellers who sell quickly to get a great price … they then get caught because they’ve got to get back into the same market.
“And I think more growth will happen but at a more sustainable level.”
According to the Domain House Price Report, other top performing suburbs included Tugun, where the median house price rose 23.9 per cent over the year to $942,000, with the unit median soaring by 30.7 per cent to $635,000.
Paradise Point houses collected a 29.6 per cent annual rise to $1.555 million, while the Broadbeach Water house median jumped 34.7 per cent to $1.46 million.
Article Source: www.domain.com.au
Macquarie Moves Ahead on 52-Storey Broadbeach Tower
Macquarie Developments Group is finally moving ahead with its plans to build a 52-storey apartment tower in Broadbeach.
It comes after more than $35 million in sales within a week of its launch and amendments to city plans to boost the tower height from the 2016-approved, 41-storey plans.
The Sydney-based developer applied to the Gold Coast City Council to make the change to the $250-million Assana tower in mid-late 2021 for the tower planned for 15 Rosewood Avenue, Broadbeach, on the corner of the Gold Coast Highway.
This changed the offering within the tower significantly to “house-like proportions”, reducing the number of apartments from 186 to 146 while increasing the bedroom count from 294 to 397.
SJB Architects designed the tower for the 1235sq m site with Arcadia Landscape Architecture responsible for the landscaping.
Assana’s design included 47 residential levels, a ground floor lobby and retail area as well as communal facilities on the mezzanine and level 10.
There would be three five-bedroom apartments, 63 two-, 64 three- and 16 four-bedroom apartments in the tower.
Macquarie Developments Group chief executive Peter Galvin said they were feeling positive about the project and potential for more developments in the area.
“The response has been great with most of the purchasers commenting that they really like the large apartments as they provide great value for money,” Galvin said.
“They are also impressed with the smart home automation that is all part of the package and the high-level appointments.
“I have always been interested in the Gold Coast and really love the lifestyle that the area provides.
“We also feel that there is true value in developing on the Gold Coast compared to Sydney and other areas in Australia at this current time, however, we are always on the lookout for opportunities.”
SJB director Nick Hatzi said the building was uniquely positioned and would set a precedent for the immediate area.
“It’s currently the only tower in that block, so for us it was very much about getting off on the right foot and showing the direction for the future character of the area,” Hatzi said.
“The curved façade corners and articulated shape have been carefully designed to reduce bulk, maximise views and daylight whilst also responding to the site’s high wind conditions to make usable spaces and providing better amenity for the residents and guests.”
The high unit sales for this development follow a trend for the city which pushed Broadbeach into the top five regional locations for apartment sales in the country.
It recorded $510 million in sales in the 12 months to September 2021 across 654 units.
Laver Residential Projects director James Lampropoulos said the views, location and size of the apartment helped with sales in the ultra competitive market.
“They [they buyers] are also very reassured to know that our project is DA approved and we have one of Australia’s largest tier one construction firms in Multiplex involved, with the expectation we’ll be breaking ground before the middle of the year,” Lampropoulos said.
Article Source: www.theurbandeveloper.com
The Gold Coast’s best off the plan penthouses
We’ve had a look at some of the best penthouses on the market from the south of the Gold Coast in Coolangatta to Surfers Paradise and Chevron Island
One of the biggest trends in 2021 was developers going above and beyond to make sure their development was crowned by a luxury penthouse, with the majority expecting to see a sale in the double digits.
Given the shift in demand from one-bedroom holiday makers to the three-bedroom plus owner-occupier market, developers are ensuring there’s high end penthouses or sub-penthouses, even in high density projects.
We’ve had a look at some of the best penthouses on the market from the south of the Gold Coast in Coolangatta to Surfers Paradise and Chevron Island.
Sea, Burleigh Heads
Price: $16 million
There’s a $16 million price tag on the two-level penthouse crowning Forme’s Koichi Takada-designed Sea, facing Burleigh Beach on The Esplanade.
The two-level space, with 825 sqm of space, one of the largest produced in Burleigh, has six bedrooms, six bathrooms, a gym, office and library, multiple kitchens and entertainment areas and a theatre.
There’s a staircase leading to the exclusive rooftop, kitted out with a swimming pool, sun deck and alfresco kitchen.
“It’s our best penthouse ever produced”, Forme managing director David Calvisi says.
Forme has had great success in the luxury apartment space, selling the penthouse in their nearby Norfolk, Goodwin Terrace development for $9 million, the most expensive apartment south of Mermaid Beach to settle.
Koichi Takada also handled the design of Norfolk, which was a hit across the country. The curved facade even became one of the famous Bondi-based Aquabumps prints, going viral on Instagram and being featured by design blog Dezeen.
Project: Emerson Kirra
Developer: Hirsch & Faigen
Price: $8 million
Emerson at Kirra Beach, the second Gold Coast development by the Melbourne-based developer Hirsch & Faigen, is crowned by an impressive $8 million, full floor space.
Spanning 494 sqm including terracing on the 14th level, the penthouse will have four bedrooms, including a master suite with walk in wardrobe and an ensuite with double shower and double vanity.
It will feature over three metre ceilings and windowed walls offering unrivalled views across the ocean and distant Gold Coast skyline, as well as two living spaces.
Project: The AU, Surfers Paradise
Developer: ASF Group
ASF Group netted a near $9 million buyer for one of their tri-level penthouses. There are two penthouses in the boutique block of just 16 on The Esplanade, just across the road from the beach.
Offering nearly 480 sqm of space, ASF Group offer a number of customisation options for the penthouse. There’s potential for the third level to become an ocean view master suite, although the plans are already for four bedrooms.
ASF Group Marketing Director Daniel Fang said there’s options for a yoga or meditation room, with full-width views of the beach. That or a cinema room, or even a private gym, are other options.
The penthouse starts from level 17 and has a separate private lift within to access the higher levels. Offering 16m frontage directly facing the ocean, the penthouses feature four bedrooms with the second level having the option of including a lap pool.
Project: Chevron One
Developer: Bensons Property Group
Price: $15 million
Late last year the Melbourne-based Bensons Property Group released their higher levels to the market of their Chevron Island tower, Chevron One.
To be the only true high-rise tower on Chevron One having been approved before stricter height limits were set on the exclusive Gold Coast island, Chevron One will soar 41 levels in to the sky.
The special penthouse crowning the development isn’t actually for sale. That two-level space, spanning levels 40 and 41 with nearly 2,000 sqm of living space, the Gold Coast’s largest ever penthouse, will be retained by Bensons Property Group’s Chairman Elias Jreissati.
But the subpenthouse, spanning nearly 1,000 sqm of space, is up for grabs. Priced at just shy of $15 million, the penthouse will have five bedrooms, five bathrooms and garaging for four cars.
Developer: Bottega Group
The boutique 13-apartment Broadbeach development, 123OBR, is capped with a sprawling two-level penthouse, with 529 sqm of internal living space.
Bottega Group Director Nick Malloch says 123OBR’s penthouse is the ultimate experience of luxury beachside living on the Gold Coast.
“123OBR’s penthouse is a unique opportunity in that every element of the design has been carefully curated to speak to the opulence and intrinsic beauty of Gold Coast living at its very best,” says Malloch. Elegant gallery wall corridors, floor to ceiling glazing in the living and dining space, a feature fireplace and oversized master retreat complete the experience.
Project: Miles Residences, Kirra Beach
Price: $16.75 million
Last year KTQ sold out Miles Residences, all 118 apartments in their first stage of the $350 million redevelopment of the Kirra Beach Hotel. But they saved something special for 2022.
They’ve just launched the two-level penthouse, with a price tag of $16.75 million.
The 760 sqm split-level penthouse will be made up of five ensuited bedrooms, a state-of-the-art gym, home office, three living areas, and a study.
The heart of the heart of the home if the open plan kitchen, living and dining area, which also homes a bar.
The penthouse also features a rooftop entertaining deck, accessed by private lift and featuring a private pool, as well as offering unobstructed views north across Kirra Beach to Surfers Paradise and south to Snapper Rocks.
Project: DE-LUXE, Burleigh Heads
Developer: Weiya Holdings
Price: $23 million
The priciest penthouse to hit the market last year was the sprawling apartment atop the 14-level DE-LUXE in Burleigh Heads.
They Sydney-based developer Weiya Holdings, who are transforming the Old Burleigh Theatre in to 28 apartments and two beach houses, slapped a $23 million price tag on the 1,200 sqm of space, which will have six bedrooms.
There will be a number of living areas, a walk-in wine cellar and whisky room, a luxury cinema, expansive library, a sauna and steam room, a private gym, and a sky garden feature.
One of the most striking features will be the glass pool next to the living space.
Patrick Pancur has been handling the sales at DE-LUXE, which is all but sold out.
Article Source: www.urban.com.au
Arvia, Coolongatta apartment resale highlights southern Gold Coast market strength
The latest sale equals the Arvia block’s prior highest sale for higher whole floor spaces
Queensland’s Rainbow Bay has seen a holiday apartment resale when $3.8 million was paid in ARVIA, the Marine Parade complex of 17 apartments.
The three bedroom, three bathroom Coolongatta apartment with two car spaces was sold just before its December scheduled auction by Harcourts Coastal agent Katrina Walsh.
It occupies a half floor with 265 sqm space.
It was among the first apartments to be sold off the plan in 2016 at $1.65 million.
The latest sale equals the block’s prior highest sale for higher whole floor spaces.
The complex has an 8 Star energy rating after its design by Ellivo for Aspect Property Group headed by Allan Larkin.
The company has been building apartments since 1989.
Its salt water pool is surrounded by luxuriant coastal native plantings at the address of 47 Eden Avenue, aka as 158 Marine Parade.
Coolangatta’s Rainbow Bay latest development is for a 12-level tower on the bay’s high ground, close to the Greenmount Resort.
It is being proposed by KingBella Group’s Lu Li, whose family built the first Quest hotel in Brisbane in partnership with CapDev and Steer Development.
The syndicate has secured a 1924 sqm site amalgamation at 44-50 Eden Avenue with plans for a 12-storey development comprising 94 apartments.
There is also a forthcoming proposal by Rob Steer’s Steer Developments to undertake a $50 million redevelopment of the Ashmore Steak and Seafood restaurant site.
Brisbane architect Joe Adsett is planning a 13-floor tower, Rockpool, next to the Greenmount resort.
Urban reported the quick sell-out of Adsett’s Rockpool by Rainbow Bay came without any need for marketing.
Paul Gedoun, the Brisbane developer with nearby towers Flow and Awaken, is marketing Esprit, that saw some $70 million in sales in its first weekend on the market.
Urban reported last September that around three quarters of the initial buyers in the S&S Projects were local owner-occupiers, with around 30 per cent coming from Sydney and Melbourne.
Melbourne developer BeckDev’s Palais Coolangatta is proposed as the redevelopment of the old Jazzland Dance Palais on a 2,355 sqm McLean Street site.
It will see 175 one, two and three-bedroom apartments built, as well as resident facilities and a street-level plaza with retail space.
Article Source: www.urban.com.au
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