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Millions going into Brisbane homes with Asia boom 2.0 well underway

MILLIONS of dollars worth of savings of Chinese buyers have begun flooding into Queensland property, with Brisbane the key destination.

Chinese market specialist, the Ausin Group – which set up an office in Brisbane because of rising demand for property here – has been sealing at least one residential deal a day, averaging between $550,000 and $600,000 each.

The vast bulk of transactions were from individual investors, said Ausin Group managing director Joseph Zaja, with homes bought for students making up around 10 per cent of sales.
“We’re getting between 30 to 60 sales a month ($16.5M-$36M) out of mainland China and seeing that trend increasing. The signs are extremely positive, we’re looking at Brisbane growing further and gaining a larger share of sales.”

“We’ve got lots of enquiries from lots of people who have pulled out of Chinese stock and are looking at stable options offshore. It’s still volatile over there whereas property here is extremely safe and stable.”

The biggest chunk of buyers, he said, were sophisticated investors who had bought property previously in southern states, but there was also a big number for whom Brisbane would be their first ever Australian purchase.

“They’re looking at other options to diversity their holdings and Brisbane has popped up really quite recently as an option. Brisbane yields are higher than Sydney and Melbourne so from an investment point of view it seems to stack up.”

Real estate agent Tom Zhang of Yong Real Estate said some of the amounts Asian buyers were prepared to pay to get the right property was staggering.

A 10 Monteith Strett property in Robertson, which sold for $1.17M in 2013, was relisted last month when the owner returned to China and sold for $1.5M. Two years ago the bank valuation on the property was $950,000.

While that sort of capital gain was rare, Mr Zhang said Brisbane property prices were considered affordable by Chinese buyers and places like Sunnybank, Eight Miles Plains and suburbs close by could expect to see massive property rises.

Phillip Cheung and Mandy Ma have just put down $900,000 for their MacGregor home, preferring to put an offer in before auction than take a chance on missing out.

The previous buyer had paid $530,000 for the Nevern Street property but then put the home through a renovation program before resale.

“We got married last year so we planned to get a new house,” Ms Ma said, with the couple deciding to move as soon as possible after seeing how high prices elsewhere were.

“We think is Brisbane is a good start, especially compared to Sydney and Melbourne. In Brisbane you can get a start into property now.”

Ms Ma, who was from mainland China, said she met her Australian husband after completing her studies here, and the couple decided to settle here

She was impressed with the news of a massive mixed use casino development in Brisbane city which augured well for growth here.

“We feel the house prices will keep increasing. We wanted to get a property here while the prices are good.”

Mr Zaja said his firm was seeing inner city and surrounding suburbs land the most deals “because of infrastructure, amenities and accessibility”.

The biggest chunk of buyers, he said, were sophisticated investors who had bought property previously in southern states, but there were also many buyers who were making their first-ever Australian purchase.

“They’re looking at other options to diversity their holdings and Brisbane has popped up really quite recently as an option. Brisbane yields are higher than Sydney and Melbourne so from an investment point of view it seems to stack up.”

Originally published as Millions going into Brisbane homes
Source:perthnow.com.au

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Market Place

October Real Estate Market Round Up by Allie Coutts

October Real Estate Market Update. Hello everyone, my name is Allie Coutts from Madeleine Hicks Real Estate and I’m doing the October roundup for sales that settled in October for our 4053 postcodes.

We’ll start with McDowall, there were just four properties that settled in McDowall in October and the highest of which was the one in Gielgud Street for $747,000.

 

For Stafford Heights, there were 7 properties that settled on October, 24 available. The highest of which was $631, 500 and that was the one in Caratel Street and $620, 000 for that property in a Mott Street. In Stafford also 7 properties settled in October, 51 available and ranged from the high $860, 000 Gamelin Circuit, round to the low was $200 for though the units have settled and for Everton Park that wins the competition, 11 properties settled in October, 92 available. The most impressive one is that large plot of land in Pullen Road which settled $1,200,000 and I learn a lot of properties in the mid-fives up to 600, 000 thousand that settled in Everton Park. So that’s our market roundup for October. I hope to speak to you next month.

For more information or to arrange an inspection please call 07 3355 6845 or visit: www.madeleinehicks.com.au

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Homesellers come out on top in 4213 as market surges ahead

Gold Coast property investment

HOUSE sellers in the 4213 postcode — which includes Mudgeeraba and Tallai — are reaping big profits, thanks to a surging property market.

According to CoreLogic’s Most Profitable report, 100 per cent of properties sold in Tallai and 97 per cent in Mudgeeraba made money compared to their last sale price.

In Tallai, the average gain was $264,167 while in Mudgeeraba it was $122,222. Neighbouring 4213 suburbs Bonogin and Worongary also appeared in the top 10 list.

Justin and Claire King recently sold their house at Hinterland Dr in Mudgeeraba and used the profit they made to upgrade to a larger two-storey home at Equinox Court, Mudgeeraba which they are in the process of renovating. (L-R) Kalel King, 7, Claire King, Gabriella King, 6, Justin King, and Anakin King, 9. Photo: Kit Wise

The couple, who have three children, put their home on Hinterland Drive on the market after renovations, including a new kitchen, bedroom and open-plan living area.

“It was time to get a bigger house for the kids,” Mr King said. “The profit was enough to get that bigger house.”

Mr King said the house was on the market for a few weeks before selling, attracting eight offers before a deal was nailed down.

Mudgeeraba was popular because of its “country feel” while being close to the business hub of Robina.

“It’s a country town in the city,” he said. “People want to move to the country but still want the city close by.”

He said Mudgeeraba State School, which his children attended, was within walking distance while Robina Town Centre and Robina Hospital were a short drive away.

First National Mudgeeraba principal Murray Duthie, who is vice-president of the Mudgeeraba Chamber of Commerce, said proximity to Robina and the “unique” character of the area was fuelling demand for property.

“Demand is outstripping supply,” he said.

“Buyers are still mindful of price but the old adage of location, location, location tells the story.”

Mr Duthie said the chamber worked hard to promote the character of the area through heritage-style signs and other aspects of “Australiana”.

“We have always marketed Mudgeeraba as the most unique part of the Gold Coast not associated with water,” he said.

REIQ Gold Coast zone chair John Newlands said improving infrastructure and proximity to growing business hubs was driving the popularity of these suburbs.

“You can be in Robina Town Centre and within five minutes be in Mudgeeraba,” he said. “There is a number of major schools out there and shopping centres.”

Mr Newlands said the suburbs were not as remote as they once were.

“I lived in Mudgeeraba and Tallai and going into town was quite a trek,” he said. “The distance has not changed but the roads are better.”

Tallebudgera had the highest financial gain in the report, with sellers making on average $267,773 and 92 per cent of sales profitable. The report tracked resales over three months to August.

According to CoreLogic figures, the median sale price in Mudgeeraba rose 5.4 per cent for the 12 months to December to $525,000 while in Tallai it jumped 5.7 per cent to $697,500.

TOP 5 SUBURBS

SUBURB — AVERAGE GAIN:

— Tallai — $264,167

— Mudgeeraba — $122,222

— Highland Park — $137,710

— Burleigh Waters — $239,476

— Palm Beach — $183,089

Source: CoreLogic Most Profitable report, three months to August, 2015

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Italian palace on The Sovereign Islands tops list of highest property sales in 2015

property investor gold coast

AN ITALIAN palace and two of the city’s most prestigious penthouses were among the year’s top property sales with Chinese buyers leading the charge.

The highest price paid was for the Palazzo di Venezia villa at The Sovereign Islands, which sold in January for $8.6 million to Chinese national Wei Zhang.

The ornate and opulent mansion is modelled on the centuries-old Venetian stately home, Villa Rotunda, and boasts an 8m copper dome, which is part of the terracotta roof, as well as arches, columns and curves.

In the same month former AFL player Tony Smith sold his beachfront home at Surf St, Mermaid Beach for $8.42 million to Brisbane entrepreneur Michael Dempsey.

It has 30m of frontage to the beach as well as five bedrooms, a lap pool and barbecue gazebo.

Gold Coast Investment Property1-5 Surf St, Mermaid Beach sold for $8.42 million.
That was followed three months later by Melbournians Nabil and Roula Grege shelling out $8.4 million for a beachfront house down the road from Surf St at Albatross Ave, which was created through merging two villas into one.

 

The exclusive property has seven ensuited bedrooms, a home theatre, a gym, a 25m lap pool, an internal lift, and a plunge pool and spa on the rooftop entertaining terrace.

investment property Gold Coast107 Albatross Ave, Mermaid Beach sold for $8.4 million
Two penthouses, one in Broadbeach and the other in Surfers Paradise, round out the top five sales of the year.

In March Hong Kong billionaire Tony Fung snapped up Soul’s penthouse for $7 million after an unusual marketing campaign by John Natoli and James Ledgerwood of McGrath Estate Agents.

The pair had the four-level apartment, which was the subject of a legal dispute over a 2006 $16.85 million sale contract, stripped back to a shell to present buyers as a blank canvas.

Mr Fung’s purchase marked his first foray into the residential market, after he bought mining magnate Nathan Tinkler’s Patinack Farm holdings at Canungra for $20.8 million.

The Soul penthouse in Surfers Paradise was stripped back to a shell for its sale.
In August Chinese buyer Yue Bai bought Oracle Tower One’s two-level penthouse in Broadbeach for $8 million, after it had spent years on and off the market.

The 1117sq m skyhome features four bedrooms, media room, study, and rooftop pool, spa and steam room as well as expansive views including the coastline, ocean and Hinterland.Gold Coast property investor

The Oracle beachfront tower penthouse sold for $8 million.
Leading Gold Coast agents are pointing towards a better year for prestige in 2016 with the market recovery expected to boost all parts of the property sector.

Ray White Broadbeach principal Larry Malan said now that the bottom of the market had moved, many prestige buyers were getting into the market.

Mr Malan said he expected improving values at the lower end to feed into the luxury property market.

“We’ve had a really good December quarter based on the fact those big ticket items are moving,” he said.

“Those buyers have been more cautious … because they were waiting for other parts of the market to go up.”

Ray White Runaway Bay principal Ali Mian said a shortage of land at The Sovereign Islands was behind a spike in sales for established homes at the elite enclave.

“Prestige will hold up quite well next year,” he said.

“The Sovereign Islands because of a lack of land. We’re seeing premium prices because of that with lots of sales in excess of $4 million.” – New glossy property guide starts on Saturday.

TOP 5 SALES:

1) 38-40 Knightsbridge Pde East, The Sovereign Islands

Sale Price: $8.6 million

2) 1-5 Surf St, Mermaid Beach

Sale Price: $8.42 million

3) 107 Albatross Ave, Mermaid Beach

Sale Price: $8.4 million

4) 5001/1 Oracle Blvd, Broadbeach (Oracle penthouse)

Sale Price: $8 million

5) 7001/4-14 The Esplanade, Surfers Paradise (Soul penthouse)

Sale Price: $7 million

Source: CoreLogic, house and unit sales in 2015

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