SIXTEEN property owners at the humming suburb that is Palm Beach could well have sweaty palms as they sit by the beach and await the outcome of one of the more adventurous site amalgamations of the year.
The reason — if a buyer comes along for what is a major beachfront site, the average value of each of their holdings will approach $1 million.
One of the so-called sellers owns a unit bought for a mere $53,300 way back in 1981.
The most any of the other owners has paid is $980,000 two years ago and that was for a highway-front house at the ‘back’ of the amalgamated site.
The undisclosed fellow who’s put the holding together has it on the market at $15.6 million but obviously he won’t be paying that much to the 16 owners if he does find a buyer.
He’ll get his own ‘earn’ and also will be paying sales commissions to a couple of CBRE agents, Lachlan Harris and Mason Kidman, who have enjoyed a rather lucrative run on the Palm Beach beachfront in 2017 thanks to an aged-care provider.
The new amalgamation exercise is the latest example of the rollicking surge in popularity that Palm Beach has enjoyed in the past couple of years, both with owner-occupiers and developers.
The biggest ‘play’ under way is by the Sunland Group, with its Magnoli project on the former Palm Beach caravan park, a project that is to include two 12-level apartment towers.
Earlier this year Regis, an old hand in the aged-care game, spent more than $15.6 million assembling a 3304 sqm beachfront site, buying the bulk of it from former motorcycle champion Mick Doohan.
Last month Don O’Rorke’s Consolidated Properties and a partner agreed to pay $16.25 million to buy the balance of the highway-front Pavilions residential-retail project.
Another high-spec boutique building also has sprung up by the ocean, with former ABC Learning boss Eddy Groves reportedly in the development background.
The holding that’s on the market at $15.6 million has three street frontages — to The Esplanade, the highway, and Twenty Fifth Ave.
The 2458 sqm site is home to the Cannindah, Wistari Reef, Davidson Place and Glenarrow unit buildings, along with a house.
Its mixed-use zoning allows a building of up to 29 metres high, which would take it above a boutique beachfront tower completed in 2015 two doors to the north.
That building is called La Vie, or The Life, and was undertaken by property veteran Bill McHarg, one of the founders in the 70s of Colliers International.
A bundle of new owners could be enjoying the good life by the beach too within a couple of years if the amalgamated site sells and is developed.
Sunland’s Magnoli Residences at Palm Beach. A PROPERTY deal that would be the third biggest the Gold Coast has seen is believed to be bubbling away in the background.
The deal, unrelated to the hospitality industry, would slot in behind the 1988 sale of Sanctuary Cove for $341 million and the 2002 deal on the resort at $208 million.
Those behind the negotiations are playing their cards close to their chest but are believed to have multiple runners on the mystery offering.
The looming sale is unrelated to the hospitality industry. JOHN Calleija, international jeweller, and wife Noni obviously view Ephraim Island in the Broadwater as a rare gem — Calleija cash spent there has just topped $8.5 million.
The buying, in Noni’s name, started last year when three waterfront lots were bought from Riyu Li’s Ridong group for $5.35 million, deals which came after the Calleija family home at Sanctuary Cove sold for $10.9 million.
A freestanding home a stroll away on the waterfront has just been added to the Calleija ‘collection’ for $3.165 million.
Jeweller John Calleija. PERTH group Delstrat, hoping to get $6.5 million for a Southport tower site, appears to have fallen well short.
There’s a contract on the Queens St site that’s apparently closer to $4 million, or around $65,000 land content for each of the 67 units in a 14-level Burling Brown-designed tower approved for the property.
Delstrat’s unlikely to be grimacing too badly over the price — the two-title 1593 sqm site was bought for a total of $1.35 million 14 years ago.
Originally Published: www.myaccount.news.com.au
Renters Seek Out Lifestyle in South-East Queensland
For the first time on record renters are paying more to live in a unit in Brisbane than their urbane Melbourne counterparts.
Brisbane rental prices have soared to a new high with residents of southern states migrating north not only for the sunshine, but a less Covid-impacted lifestyle.
Data from Domain’s Rent Report for the fourth quarter of 2020 shows that the median unit rental price in Brisbane was $400, compared to Melbourne’s median rental price of $388, a four-year low, making Melbourne a tenant’s market.
Domain senior research analyst Nicola Powell said the increased rental demand was largely driven by people relocating to Brisbane during Covid-19 and the resumption of local and interstate short-term travel.
“Tenants are seeking liveability, affordability, and are no longer tied to a specific location in the work-remote era,” Powell said.
“A rebounding jobs market and lifestyle locations will continue to see accelerated demand, factors that are likely to drive significant rent rises.”
The Sunshine and Gold Coast outperformed Brisbane in unit rental yields with a median price of $430 and $445 respectively.
“It is clear lifestyle locations are experiencing an increase in demand from local travellers and those working from home opt to relocate,” Powell said.
Median house rent prices
Nationally house rental prices have continued to surge ahead with rents now at a record high, following the steepest annual gain in more than a decade.
But this is in stark contrast to the unit rental market, which experienced its steepest decline in price to 2014 levels.
This steep decline in unit rental markets has largely been driven by Melbourne and Sydney who are heavily exposed to the cessation of international migration, international students and local and international tourism.
There has also been an increase in first-home buyer numbers.
Across the rest of the country the story is not as bleak.
Sydney house rental prices reached a record high with a quarterly increase of 1.9 per cent to $550 per week.
This has been largely supported by a migration to the outer suburbs, the Blue Mountains and the Central Coast.
Median unit rent prices
Adelaide is now the most affordable city to rent a house or unit, despite a strong growth in house rental prices last quarter.
Canberra is officially the most expensive place to rent either a house or a unit, and with a less transient population with travel restrictions in place this is likely to continue.
“Tenants will find securing a lease remains competitive and some may have to resort to offering above advertised asking rents,” Powell said.
“The estimated number of vacant rentals is 24 per cent lower annually.
“This lack of vacant rentals will continue to drive up rent prices.”
Rental vacancy rates have plummeted 63 per cent compared to the previous year in Perth, where it is now a landlords’ market, and the city has posted the biggest rental recovery over the December quarter.
House rental prices have increased 6.3 per cent to a median rental asking price of $420, and units increased by 2.9 per cent to a rental price of $350.
Hobart’s rental prices remained steady, and it continues to be the tightest rental market in the country.
Darwin posted significant increases in rental prices, now at a peak last seen in 2017.
Article Source: theurbandeveloper.com
Noosa Heads hosts Queensland’s priciest apartments: CoreLogic
CoreLogic’s best of the best 2020 report has revealed that the highest median unit value in Queensland was found in Noosa Heads, just shy of $900,000
CoreLogic’s best of the best 2020 report has revealed that the highest median unit value in Queensland was found in Noosa Heads, just shy of $900,000.
The report revealed Australia’s $7.2 trillion residential real estate market proved resilient in the face of a global pandemic, leaving an overall positive market outlook for 2021.
Eliza Owen, CoreLogic’s head of research, said the report highlighted the resilience of luxury markets in Australia.
On the overall top ten apartment markets every suburb listed amongst the nation’s best for unit value were located in Sydney, with Point Piper taking the top spot as it did in 2019 with a median unit value exceeding $2.28 million.
Queensland’s Laguna Quays however had Australia’s lowest median unit value at just $76,123
“The Sunshine Beach on the Sunshine Coast has seen the highest annual capital growth in houses nationally, compared with 2019 when St Kilda in Melbourne saw the highest housing growth,” Eliza Owen said.
Here are a two luxury apartments available on the Sunshine Coast
1. First Bay by Mosaic
With an estimated completion time late 2021 the direct beach-front location, First Bay, will feature a very limited collection of apartments across two boutique buildings.
Featuring just 36 two and three-bedroom residences, featuring the Masterpiece full-floor penthouse for $2,900,000.
Their nearby development Drift by Mosaic, built in 2019 is already sold out.
2. Lumina Residences
Developed by Cape Bouvard, Lumina Residences in the exclusive residential enclave of Settler’s Cove offering the facilities of a 5-star luxury resort.
Also known as L2, luxury residences are available From $1.75 million.
Article Source: www.urban.com.au
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