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Sand and surf: The demand for beachside properties

Sand and surf The demand for beachside properties

In a recent article for the Australian literary journal Quadrant, architectural historian Philip Drew wrote that most of us, at some time, had toyed with the fantasy of “swapping a stressful city existence for a sensual carefree existence close to the surf”.

According to ABS data, more than 80 per cent of the population lives within 50 kilometres of the coast, making us one of the world’s most urbanised coastal dwelling populations. But, of course, only a lucky few can lay claim to a beachside dwelling – a home within easy walking distance of sand and surf.

Sunshine Coast buyer’s agent Ann Lindner of Property Business says spending time at the beach is an integral part of the great Australian dream.

Sand and surf The demand for beachside properties 1

“[You can] take the kids, the dogs and boogie boards, eat fish and chips and stay for the day,” she says. “Nearly everyone has childhood memories of holidays at the beach and now they have families of their own and they want them to experience it too.”

Stockland senior development manager Matt Patullo says a visit to the beach always leaves him in a good frame of mind.

“It’s such a beautiful thing to live next to,” he says. “Living near the beach promotes physical activity and general well-being in addition to the benefit of having a beautiful environment in which to spend quality time with family and friends.”

Sand and surf The demand for beachside properties 2

Lindner says most of her clients are keen to live on or close to the beach, and/or have water views.

“Particularly expats or retiree clients who want to walk to the beach, be it from a unit or a house, and they have the funds to purchase them,” she says.

Lindner says the Sunshine Coast offers 60 kilometres of pristine beaches, stretching north from Caloundra to Noosa. “[We’ve got] surf beaches, calm beaches, walking beaches and dog beaches,” she says. “There’s something to suit everyone both in style and budget.”

Sand and surf The demand for beachside properties 3

Lindner says quality properties sell quickly and usually attract multiple offers.

Stockland’s Bokarina Beach is a case in point with about one-third of the current release of 35 beach homes already sold. Set a 400-metre walk from the beach with lake and park views, the homes have been designed by Ellivo with high-quality finishes and a coastal aesthetic.

Patullo says the employment opportunities offered by the new Sunshine Coast University Hospital and Stockland Birtinya Shopping Centre are almost as compelling a drawcard as the gorgeous beachside location.

Sand and surf The demand for beachside properties 4

“There’s not many locations where you can live affordably within proximity to beautiful beaches and be close to employment,” he says. “It’s a really unique proposition before you even start talking about the homes themselves.”

Patullo says the strong appetite for beachside homes has Stockland very optimistic about the next stage of releases at Bokarina Beach.

“This is one of the last releases [of beachfront land in the Sunshine Coast] of such a scale and it’s a unique opportunity to really craft an amazing community,” he says. “You’ve got access to jobs, lifestyle, beaches, entertainment and leisure precincts which are key in nurturing a highly liveable and thriving community.”

Sand and surf The demand for beachside properties 5

With a limit to the number of beachside properties available both now and in future coastal development around the country, it’s little wonder established properties are slow to change hands and often claim record prices and bold headlines.

Last year four of Queensland’s top six residential sales were beachfront homes, and included the Sunshine Beach home of tennis great Pat Rafter, who has moved to another coastal gem, Byron Bay.

As Philip Drew concludes in his book The Coast Dwellers: Australians Living on the Edge, “it is the coast, not the central heart of the continent, that has shaped the Australian identity”.

 

 

Source: www.domain.com.au

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Brisbane

The Brisbane suburbs where house prices are higher than last year

The Brisbane suburbs where house prices are higher than last year

The historic suburb of Windsor in Brisbane’s north has seen the biggest growth in median house prices in the last year, with a 17.2 per cent increase year-on-year.

New figures from Domain have revealed the top 10 suburbs whose median house price has risen the most year-on-year. Despite a largely flat market, there are still plenty of suburbs where prices are surging.

Windsor had the highest increase in median house price at 17.2 per cent year-on-year, followed in second place by the leafy inner-western suburb of Auchenflower which saw a 11.4 per cent increase.

Other suburbs in the top 10 include Queenslander paradise Newmarket (10.9 per cent increase), the massive blocks at Bridgeman Downs (9.8 per cent increase), and the outer-western suburb of Heathwood (8.3 per cent increase).

Ray White Wilston principal Allistair Macmillan said the massive increases in price at top performer Windsor were likely due to the suburb not always getting the recognition it deserved.

“For a long time Windsor has been slightly undervalued,” he said. “It’s so close to Wilston and Grange. [They’ve] always been supremely popular with families, I think Windsor was dragging the chain a little bit with those values.

“When you look at values in Windsor, they can vary quite a large degree depending on whereabouts in Windsor they are positioned. What we’ve found is that now the difference between the two sides of Gympie Road is nowhere near as prevalent as it once was.

“Of late, people have really come and been able to see the value Windsor does offer.”

Mr Macmillan said other contributing factors include the recent multimillion-dollar redevelopment of the Albion public transport exchange. Buyers on the eastern side of the suburb in particular have expressed interest in the plan.

The Brisbane suburbs where house prices are higher than last year 1

The vast majority of buyers in the area are younger families who are looking to be in the Windsor State School catchment area, and are attracted to the many local parks, bikeways, and public transport options.

“Stock is incredibly tight,” Mr Macmillan said. “Generally speaking if you look at the volume of properties, there’s not a lot that are for sale in Windsor. It’s still a very tightly held suburb.”

Elsewhere, the northern suburb of Northgate also fared very well, with a median house price increase of 8.9 per cent year-on-year. Local agent Dwight Colbert at Ray White Aspley said the location and amenities were the big drawcards.

“[We’ve seen] popularity due to the proximity to the Brisbane CBD, Brisbane Airport, and also an array of public transport,” he said. “You are on the Northgate train line, which is the main one on the north side, and the hub.

“You’re between Nundah Village, you’ve got Banyo Village, you’ve got good access to the Gateway [Motorway], Toombul Road, Sandgate Road, Gympie Road. It’s quite a desirable locality to get in and out of everywhere.”

Mr Colbert said the area was traditionally seen as a haven for older buyers, but in recent years many young couples and professionals had taken the plunge.

The Brisbane suburbs where house prices are higher than last year

“There is a lot of property development going on in Northgate as well,” he said. “So a lot of the older, bigger blocks are being subdivided. Which is also certainly going to help with the average house price.”

West Brisbane family-favourite Auchenflower pulled out a particularly impressive result, posting a 11.4 per cent increase in median house price year-on-year. This makes it the third-most expensive suburb in the city, up from 12th last year.

Place West principal Andrew Degn credits the suburb’s massive gains to the recent completion of major infrastructure in the area.

“Five or six years ago they finally finished gentrification of the old Milton tennis centre and turned it into a park called Frew Park, which is adjacent to [Milton State School], and the playground, and that goes through to the Rosalie village,” he said.

Auchenflower also features the Wesley Hospital, the recently upgraded Milton State School, and various inbound and outbound public transport options. Mr Degn was so passionate about the area he decided to buy and live there himself.

“Real estate people are supposed to know good real estate, and I live in Auchenflower,” he said with a laugh. “So there you go, I’m personally responsible for pushing the price up.”

Top 10 suburbs with the largest house price increase since last year

1. Windsor – 17.2%
2. Auchenflower – 11.4%
3. Newmarket – 10.9%
4. Yamanto – 9.9%
5. Northgate – 8.9%
6. Heathwood – 8.3%
7. Brassall – 8.1%
8. Toowong – 7.6%
9. St. Lucia – 7.4%
10. Hendra – 7.1%
11. Karana Downs – 7.1%
12. Indooroopilly – 6.9%

 

 

Source: www.domain.com.au

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Brisbane

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Australia’s ultra-luxury residential market, largely unaffected by the impact of recent lending restrictions, has continued to record positive growth in the prestige sector of the market.

Sydney, Melbourne, Brisbane, the Gold Coast and Perth make up the five Australian cities which rank in the world’s top 30 cities for luxury residential price growth.

The major east coast cities of Sydney, Melbourne, Brisbane and the Gold Coast have now recorded 25 quarters, or more, of positive annual growth for luxury property, according to Knight Frank’s Prime Global Cities Index for the third quarter 2019.

Defined as the most desirable and expensive property in a given location, prime property is generally the top 5 per cent of each market, by value.

Sydney ranks 17th in the global rankings, with 2.6 per cent annual growth, Melbourne at 21st spot recording 2 per cent growth.

Brisbane followed closely ranking 22nd with 2 per cent growth, the Gold Coast which was included in the Index for the first time earlier this year moved up the rankings to 26 with a 1.3 per cent increase, and Perth ranked at 30th recording a 0.7 per cent rise.

Knight Frank’s Prime Global Cities Index

City12-Month Change (Q3 2018 -Q3 2019)
1. Moscow11.1%
2. Frankfurt10.3%
3. Taipei8.9%
4. Manila7.4%
5. Berlin6.5%
6. Guangzhou6.2%
7. Geneva5.6%
8. Zurich4.5%
9. Delhi4.4%
10. Madrid4.2%
17. Sydney2.6%
21. Melbourne2%
22. Brisbane2%
26. Gold Coast1.3%
30. Perth0.7%

Knight Frank’s head of prestige Residential Deborah Cullen says the top end of the market is showing more consideration and time in transacting.

“There is still strong interest from local and expat buyers for blue ribbon areas and for “best in class” assets, in particular the waterfront areas of Sydney,” Cullen said.

“Growth in prime property prices closely follows the performance on the stock exchange,” Knight Frank head of residential research Michelle Ciesielski said.

“And there have been some significant gains made on the Australian sharemarket in 2019.

“Collectively the Australian prime market has continued to see sustainable growth of 2 per cent in the year ending September 2019, whilst the sharemarket recorded a 7.7 per cent return,” Ciesielski said.

Slowdown gathers pace in top-tier cities

The global cities index increased by just 1.1 per cent in the year to September 2019, down from 3.4 per cent last year, with slower prime price growth attributable to mounting economic headwinds.

Despite a longer-than-expected period of loose monetary policy and steady wealth creation, the report notes that luxury sales volumes are at their weakest for several years in many of the first tier global cities.

“Slower global economic growth– the IMF lowered its 2019 forecast from 3.3 per cent to 3 per cent in October – along with escalating headwinds: US-China trade relations, Hong Kong’s political tensions, a US presidential election in 2020 and the Brexit conundrum are influencing buyer sentiment,” the index notes.

Moscow recorded the highest rate of growth with an 11 per cent increase over the year to September.

The report notes that Moscow leads the index largely due to strengthening demand and the completion of a number of high-end projects in prime areas like Ostozhenka and Tverskoy.

The prime global cities index is a valuation-based index that tracks the movement in prime residential prices in local currency, using data, across 40 cities.

 

 

Source: theurbandeveloper.com

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Gold Coast

The Gold Coast suburbs posting double-digit price growth

The Gold Coast suburbs posting double-digit price growth
The Gold Coast property market has seen impressive sales booms in some suburbs while prices have fallen in Brisbane, new data has shown.

House prices have grown 6.8 per cent in the Gold Coast hinterland over the past year, and 2.7 per cent in city’s eastern suburbs, while Brisbane’s city-wide median house price fell by 1.8 per cent over the same period, according to Domain’s House Price Report for the September quarter.

Median house prices have risen most in Clear Island Waters, Paradise Point and Coombabah, while units in Mermaid Waters, Arundel and Coombabah saw the biggest jumps.

The median unit price in Mermaid Waters had increased by 21.2 per cent to $472.500 in the year to October. Local agents say the interest in the area stretches from Mermaid Waters right across to the ocean.

 Median price growth – houses
SuburbMedian priceYoY change
Clear Island Waters$932,00013.0%
Paradise Point$1,155,00011.1%
Coombabah$440,0006.7%
Merrimac$514,0006.0%
Tugun$698,0005.9%
Carrara$571,0005.3%
Biggera Waters$610,0005.2%
Hope Island$905,0005.1%
Burleigh Heads$815,0003.8%
Runaway Bay$8755003.0%
Source: Domain

Mermaid Beach is the second-most expensive suburb in Queensland with a median house price of $1.455 million, and the Gold Coast’s exclusive beachfront street Hedges Avenue is experiencing a surge in sales.

A number of notable sales this year have included 99 Hedges Avenue which sold for $6.395 million and 223 Hedges Avenue, which sold for $6.325 million. A vacant lot at 49 Hedges Avenue sold for $4.2 million.

Leading agent Luke Henderson from John Henderson Professionals Mermaid Beach said prestige buyers were feeling extremely confident about the economic future of the Gold Coast and the city’s property market.

“I think you just can’t beat waking up to the sound and the sight of the waves crashing onto the beach,” Henderson said. “Mermaid Beach is a lifestyle destination, with its relaxed coastal vibe. Strict height limits ensure that its village feel is retained and buyers feel comfortable when paying for such a great location that their investment has good potential for capital growth.

“Currently we’re seeing the lowest listing levels I can recall in 20 years of selling real estate in the suburb, which I believe is due to concern from sellers that if they sell out they may not be able to get back in at the same price level.

“Strong growth has also been recorded in Mermaid Waters which is a highly popular area for families, due to its larger land sizes and location in the heart of the Gold Coast making it easily accessible to shopping, cafes and transport.”

He added he expected the market to remain strong heading into the Christmas and New Year period.

“Spring and summer are always growth periods on the Gold Coast,” he said. “Southerners look to secure a position in readiness for next year’s school commencement and to ensure the great warm weather we see at this time of year.”

 Median price growth – units
SuburbMedian priceYoY change
Mermaid Waters$472,50021.2%
Coombabah$451,50012.9%
Arundel$378,50012.3%
Main Beach$785,0008.3%
Runaway Bay$530,0005.5%
Benowa$570,0003.6%
Burleigh Heads$598,5002.7%
Broadbeach Waters$533,0002.5%
Surfers Paradise$385,0001.3%
Nerang$330,7500.8%
Source: Domain

The median unit price in Arundel rose 12.3 per cent over the past 12 months to $378,000, and 26.2 per cent over the past five years, Domain data shows.

“Arundel is seeing growth because we have bigger blocks, bigger houses and property is well priced,” said Neil Cameron, principal at Harcourts Arundel said. “We’ve seen growth around the golf course and the light rail has also attracted interest. Schools are good in this area, and we’re close to the M1.”

In Coombabah median unit prices were up to $451,000, an increase of 12.9 per cent over the past 12 months, and 24.7 per cent over a five-year period.

The location and value for money were the main draw cards to the area, according Ray White Runaway Bay sales agent Ross Kachel.

“Parks, shops and Coombabah Lakes are all right on the door step, as is Runaway Bay shopping centre,” he said.

 

Source: www.domain.com.au

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