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Luxury residential property prices on the rise

Luxury residential property prices on the rise

Australasia has been identified as the strongest performing region in the world in terms of luxury residential property price growth, according to the results of a global study.

The Knight Frank Prime Global Cities Index tracks the movement of residential prices across 45 cities around the world. In the year to Q2 2020, five Australian cities – the Gold Coast, Sydney, Perth, Brisbane and Melbourne – made it into the top 24 for luxury residential market performance over the past 12 months.

The Gold Coast was the highest ranked city within Australia, claiming number 10 on the list and posting 3.4% annual growth.

“Knight Frank’s analysis by world region shows prime prices in Australasia and North America were the most resilient in the second quarter of 2020, with Australasia the strongest performing world region,” said Michelle Ciesielski, Knight Frank’s head of residential research Australia.

“The relatively strong performance of Australian cities was a result of the shallow number of listings, keeping property prices firm. By global comparison, we have largely escaped the major impact of COVID-19.”

Even with the pandemic, over the June quarter, 67% of global cities registered flat or positive prime annual price growth.

In terms of Australian placements, the Gold Coast was followed by Sydney, ranked 11 and Perth which came in at 12 – both of which recorded annual growth of 3%.

Brisbane was ranked 16 with 2.5% growth and Melbourne sat at 24 with 1.2% annual growth.

Knight Frank national head of residential Shayne Harris expects demand for luxury property in Australia to not only hold steady, but perhaps even grow.

“In cities such as Sydney, we are seeing more demand for higher-value properties such as large detached homes or generously-sized apartments, which is supporting prime residential values,” he said.

“During the pandemic, we’ve seen the ultra-wealthy make their next residential property purchase decisions based on liveability, so places like southeast Queensland will become more attractive in a post-COVID world.”

Given the tighter lending criteria, limited supply of dwellings, low interest rates and both governmental and bank-driven aid, Harris does not foresee significant volumes of distressed prime sales as were evidenced in 2008 during the global financial crisis.

Manila was the top performing city in the index, with annual luxury residential price growth of 14.4%, followed by Tokyo (8.6%) and Stockholm (4.4%).

 

 

 

This article is republished from www.brokernews.com.au under a Creative Commons license. Read the original article.

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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.

1. Cello, GREENSLOPES
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.

 

Article Source: www.urban.com.au

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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.

 

Article Source: www.urban.com.au

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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.

 

Article Source: www.corelogic.com.au

 

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