Kelly Landry and Anthony Bell recently bought a house in Noosa. Photo: Belinda Rolland.Source:Supplied
WHAT do a sports star, a burger-flipping entrepreneur and a celebrity power couple have in common? A penchant for property in this idyllic, seaside town.
A CASHED-UP sports star splurged $8.4 million on an oceanfront mansion there.
A burger-flipping entrepreneur just paid a record $18 million for a piece of its real estate.
And a power couple at the centre of a high profile marriage split have spent more than $10 million on a waterfront hideaway in the town.
The exclusive seaside village of Noosa, on the Sunshine Coast, has long been a favourite holiday spot for the world’s rich and famous.
But these days, they don’t just go there to relax — they go there to live.
Just ask the likes of ex-Formula One driver Mark Webber, retail billionaire John Van Lieshout, musician Jon Coghill and former car rental boss Bob Ansett, who all call Noosa home.
Former professional tennis star Joshua Eagle also owns property in the area, while Greg ‘The Shark’ Norman is reportedly hunting for a home there.
And don’t forget Suits star Gabriel Macht, whose wife is Australian actor Jacinda Barrett, has invited the royal newlyweds Prince Harry and Meghan Markle to honeymoon at their Noosa beach house, which was bought more than a decade ago for just over $750,000.
The town’s strict population cap and laid-back lifestyle, combined with its beautiful beaches, rainforest and ecological areas, have made it highly sought-after real estate.
Local agents are reporting a resurgence in Noosa’s prestige property market, which is forecast to further gather speed as a result of strong interstate migration and infrastructure investment.
A decade on from the damage caused by the global financial crisis, the super wealthy are returning to the town in droves — and they’re happy to pay top dollar for whatever they can get their hands on.
Just last month, a Little Cove beach house owned by high profile stockbroker David Evans changed hands for $11.2 million to a Melbourne-based buyer linked to the Roger David menswear chain, after selling for only half that just three years ago.
In March this year, Noosa’s median house price reached $665,000, compared to the Sunshine Coast median house price of $563,000, according to the latest Real Estate Institute of Queensland figures.
The Noosa unit market also blossomed over the past 12 months, growing a stunning 7.1 per cent to reach an annual median price of $525,000 — the most expensive unit market in Queensland.
In fact, Noosa house prices have grown 38.5 per cent since 2013 — the strongest medium-term growth anywhere in Queensland.
Tom Offermann of Tom Offermann Real Estate, who has had a long career selling beach and riverfront mansions in the Noosa region, said he had noticed a growing trend among high profile buyers looking for holiday homes not to rent out, but to use for bringing family together.
“We’ve had a large number of people in recent months come to us citing that their intention is to purchase a holiday home so they have a place to bring the family together,” he said.
Mr Offermann said it was a “pleasure” dealing with clients at the top end of the market, who were particular about what they liked, time poor and appreciated confidentiality.
“There’s a lot of people under the radar here with hundreds of millions, or even billions, that you don’t even know of,” he said.
Adrian Reed, an agent with Dowling & Neylan Real Estate Noosaville said the Noosa region’s appeal had broadened from “its traditional base of Melbourne elite”.
“There’s significant interest now coming out of Sydney and internationally and that’s changed the profile of not only the popularity of Noosa, but who’s living and working here,” Mr Reed said.
“The ability for people to work remotely now is completely changing the paradigm and allowing people to be remote CEOs.
“The convenience of the commute or a private jet to the Sunshine Coast airport means they can operate at the highest level and live in paradise.”
Mr Reed said he expected the new-found interest in the Noosa region to increase.
“When you look at what you can get for $10 million in comparison to Sydney, Noosa is exceptional value,” he said.
THE RICH AND FAMOUS WHO CALL NOOSA HOME
Adam Scott, champion golfer
Bought an oceanfront house in Sunshine Beach for $8.4 million in April 2017.
Anthony Bell and Kelly Landry, celebrity accountant and television identity
Paid $10.3 million for a six-bedroom, waterfront home on Noosa Sound in October 2017, which was rated HIA Queensland home of the year.
Richard Branson, Virgin Group founder
Bought Makepeace Island in the Noosa river in the early 2000s for $2.86 million.
The property features a main long house with a giant bar, a four-bedroom guesthouse, several two-bedroom villas, a boat house and a lagoon pool with a lap lane, dive spots and a 15-person spa. It can accommodate up to 22 guests.
Jon Coghill, former drummer of Powderfinger
Bought a house in Marcus Beach for $1.37 million in 2014.
David Hales, Betty’s Burgers founder
Bought Pat Rafter’s property in Sunshine Beach for $15.2 million in January 2018.
David Russell, co-founder of private equity group Equis Energy
Paid $18 million for a house in Sunshine Beach in February 2018 — the highest price ever paid for a home in the entire Sunshine Coast region.
Mark Webber, former professional racing driver
Owns a house on 1362 sqm of land in Noosa Heads, which he bought for $4.9 million in 2011 from former tennis star Thomas Muster.
John van Lieshout, billionaire founder of Super A-Mart furniture store chain
Owns two houses next to each other on the canal in Noosa Heads. He bought one for $3.68 million in 2011 and the other for $430,000 in 1989.
He also owns The Seahaven Resort overlooking Laguna Bay, which he paid just over $40 million for in 2012.
Jacinda Barrett, Australian actress
Owns a beach house in Sunrise Beach, which was bought for $762,000 in 2006.
Dawn Fraser, former Olympic swimmer
Lives in a house in Noosaville. It was bought for $1.398 million in 2004.
Bob Ansett, Budget Rent A Car founder
Lives in a house in Sunshine Beach, which he bought for just $260,000 in 1987.
Carl Hartmann, entrepreneur
Owns a house in Noosaville, which he paid $3.8 million for in November 2017.
Brian White, Ray White Group chairman
Owns a unit at Little Cove, Noosa Heads, which he bought for $4.25 million in 2001.
Graham (Skroo) Turner, Flight Centre CEO
Owns a unit in the same building as Brian White.
Euan Murdoch, Herron Pharmaceuticals founder
Owns a unit in the same building as Brian White and Graham Turner.
Joshua Eagle, former professional tennis player
Owns a three-bedroom house in Sunshine Beach, which he paid $870,000 for in 2006.
Lisa Curry, former Olympic swimmer
Bought a house in Crohamhurst with her Elvis impersonator husband, Mark Tabone, in July 2017 for $1.125 million.
She also owns a unit in Alexandra Headland and a house in Minyama, which she bought with her former husband Grant Kenny.
‘The margin will never be this close again’: Brisbane’s waterfront secret where property is still affordable
Think “Brisbane waterfront” and Moreton Bay darlings Wynnum and Manly quickly spring to mind.
But only 30 kilometres northeast, on the other side of the airport and a similar distance to the CBD, another bay-front suburb, Sandgate, appears.
The photogenic village topped Domain’s best performing Brisbane suburb list in 2018 with 18.8 per cent median house price growth.
Despite this overall rise in housing value, data-savvy local agent Jacqui McKeering makes the case that Sandgate’s waterfront properties are still undervalued compared to southside bay designer homes.
Ms McKeering, of Jim McKeering Real Estate, says Sandgate waterfront still remains great value because family groups have to buy further back to get more features.
“When the price-to-rateable-land-value gap narrows, you are getting a bit of a bargain,” she says.
“A simple calculation to illustrate this point shows the market value of Sandgate waterfront properties not that much greater than the rateable land value; on average 32 per cent greater.
“In fact one waterfront property sale, back in 2017, sold for 15 per cent less than the rateable land value, yet one block back and without bay view properties have a greater gap of 42 per cent.
“One particular [non-waterfront] property sold as high as 66 per cent greater than the rateable land value.
“The outtake here is there is plenty of money to be made on Sandgate waterfront properties.
“I do believe the margin between waterfront properties and the neighbouring streets will never be this close again.”
Flinders Parade, which runs along the foreshore of Sandgate and into Brighton, plus Eagle Crescent and Shorncliffe Parade, are the waterfront property strips in focus.
Ms McKeering says a lot of people have been buying these older houses and renovating and that at the moment there is some choice in “real cheapies” from about $900,000 to about $1.35 million.
“I know someone who bought for $1.4 million in 2017 with a $1.8 million renovation budget,” she says.
“When you see that sort of money coming into an area, it tells me people are seeing long-term capital value in this area.”
Fellow Sandgate agent Tamara Wecker of RE/MAX agrees suburb 4017’s waterfront properties are priced and selling considerably under their comparable Brisbane market values.
“When compared to Wynnum and Manly,” Ms Wecker says, “absolutely; I mean you can live in the Taj Mahal in Sandgate for about $1.5 million.”
She is seeing buyer migration from Sydney and “a little bit from Perth” because of affordability, and thinks Sandgate’s strict rules, which prohibit multi-unit developments on its waterfront, is a further drawcard.
“People tend to think of Wynnum and Manly but here you can have a premium home and lifestyle only 30 minutes from the city,” Ms Wecker says.
“To be honest, it has been a bit of a secret because we are off the highway so you have to have a reason to come here, but that is changing in the past 18 months.
“We are getting more inquiries from people, even from Brisbane, who just did not know about us.”
Mark Crew has been selling Sandgate housing since 1990 and thinks people have woken up to how great a suburb it is in the past 18 months.
The Professionals’ agent has reported strong interest from Sydney buyers “looking for a better family lifestyle”.
He estimates 25 to 30 per cent of Sandgate buyers this year have come from the neighbouring suburbs of Shorncliffe, Deagon and Brighton; people who want to upgrade but stay in “the village”.
“It is 31 minutes to the CBD and you can be walking on the waterfront with your kids after work and we’ve got excellent schools too,” Mr Crew says.
Regarding Sandgate’s waterfront property market and its value, he says three factors should be considered.
“There are few waterfront properties for sale, land is scarce and over the past 20 years there has been a lot of change to the houses themselves, a lot of renovation and/or raising older three-bedroom cottages and transforming them into often substantial five-bedroom luxury houses,” he says.
“So these houses on their waterfront blocks are, quite rightly, going to fetch more in sale prices when they do one day return to the market; and that is showing.”
Cheap Units In Brisbane Suburbs
Twelve suburbs in Brisbane have a median unit price of just under $400,000, according to Domain’s June House Price Report.
Ten out of these 12 suburbs are in the inner city, the report said.
Bowen Hills, Fortitude Valley, Albion, and Spring Hills are all within three kilometres of the Brisbane CBD. The median unit prices in these suburbs are below $400,000, the figures showed.
East Brisbane, Coorparoo, Clayfield, Nundah, Taringa, and Kedron also offer some of Brisbane’s cheapest unit values, according to the report.
Bowen Hills is the cheapest suburb to buy a unit, with prices falling 13.7% in the past 12 months, the figures showed.
Here are Brisbane’s cheapest suburbs to buy units by median price, according to Domain:
|Suburb||Median price||YoY % growth||5-year % growth|
In Greater Brisbane, the median unit price fell 8.6% over the year to June, according to the report.
The capital city’s unit prices are “sitting at 2013 levels”—down from their peak in 2015, according to Domain research analyst Eliza Owen.
However, prices are expected to bottom out this year, with the end of the downturn in the unit segment in sight, Owen said.
“Unit listings are also moderating, which should reduce downward pressure on prices,” she said.
High-end property prices are booming in these five Aussie cities
The Australian economy is recovering from a property downturn, but the growth in national house prices is still faster than many cities across the world.
And it’s expensive property that’s in highest demand.
In fact, a handful of Australian cities rank among other leading global cities for having some of the fastest luxury property price growth in the world.
Sydney, Brisbane, Melbourne, Gold Coast, and Perth all feature on Knight Frank’s Prime Global Cities Index of Q2 2019, which tracks the movement in luxury residential prices across 46 global cities.
Sydney ranks in at 18th place, with 2.5 per cent rise in luxury property prices in the 12 months to June 2019.
Brisbane came 20th place, recording 2.2 per cent price growth, followed closely by Melbourne at 2.1 per cent.
Gold Coast is a new name on the list, with the newcomer ranking 27th and recording 1.1 per cent growth in luxury property prices, while Perth – at 32nd place – saw 0.6 per cent growth.
Sydney, Melbourne and Brisbane’s price change was above the overall average of 1.4 per cent across the 46 cities.
Berlin took out first place on the list with a stunning 12.7 per cent growth in high-end property, followed by Frankfurt at 12 per cent.
Break it down
Knight Frank head of residential research research Australia Michelle Ciesielski said Sydney had recorded its sixth consecutive year of growth, averaging 8.7 per cent across this period.
“This outstrips the average of 1.8 per cent recorded the six years prior,” she said.
“The Sydney prime market remains resilient at a healthy 2.5 per cent growth per annum, being the best prestige performer in Australasia.”
Meanwhile, Gold Coast was noted for making its first appearance on the list.
“The Gold Coast has been included in the Prime Global Cities Index for the first time in the second quarter of 2019, reflecting stability and depth in the city’s established luxury home market, with a solid pipeline of new projects catered towards affluent local and interstate downsizers,” a Knight Frank statement said.
Who made the cut?
This is the full list of the 46 global cities where luxury property prices have grown the fastest:
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