THE lure of affordability, lifestyle and world-class beaches made southeast Queensland’s coastal markets the stars of the property sector in 2017.
While home values grew just 2.4 percent in Brisbane over the past 12 months, they jumped nearly 7 percent on the Gold Coast, while houses climbed in value by more than 7 percent on the Sunshine Coast, according to the latest data from property analytics firm CoreLogic.
Half of the top 10 property sales in Queensland last year were made on the Gold Coast; totalling $48.9 million.
And some agents say the markets are set to strengthen further in 2018 as Sydney and Melbourne homeowners cash out of their million-dollar homes in favour of a more laid-back, affordable lifestyle in the tropical north.
The REIQ’s latest Queensland Market Monitor shows the median house price in the Sunshine Coast statistical division jumped from $557,500 in June to $570,000 in September, while the Gold Coast achieved a new house price record of $606,000.
The Queensland government recently declared the number of interstaters migrating to the state was at its highest level in eight years, with 15,716 people moving here in the year to March 2017 — most coming from New South Wales.
CoreLogic senior research analyst Cameron Kusher said both the Gold Coast and Sunshine Coast property markets had benefited from that boost in interstate migration more than Brisbane.
Ray White Surfers Paradise holds its major auction event of the year later this month to coincide with the January holiday period when many interstate and overseas visitors flock to the Gold Coast.
More than 100 properties will go under the hammer at its annual ‘The Event’ on January 28, with many holiday homes and investment properties set to sell to interstate and local investors.
Ray White Surfers Paradise chief executive Andrew Bell said the region had recorded solid sales figures in 2017 thanks to economic stability, job creation and steady population growth.
Mr Bell said the property market at the northern end of the Gold Coast had strengthened considerably because of new medium and high rise development in areas like Southport and Hope Island.
“That’s where all the new development is and it’s given people a lot more opportunity,” he said.
Mr Bell said suburbs like Coomera and Pimpama were had also become “powerhouses” for house-and-land developments, attracting demand from interstate.
“It’s not just people buying holiday homes,” he said.
“It’s just getting so difficult to live in Sydney with the cost of living and the traffic.
“People are saying ‘it’s time to move!’ and I think they’re seeing the Gold Coast as being the best it’s ever looked.”
And with vacancy rates of less than 1 per cent on the Gold Coast, Mr Bell said an increase in home construction was more than welcome.
“We can have 20 plus people turn up to an open home, so we desperately need more investors to buy some stock to help with this huge demand from tenants,” he said.
Kollosche Prestige Agents managing director Jordan Williams said the Gold Coast property market experienced periods of strength and weakness in 2017, but he predicted a bigger year in 2018.
“I know for a fact that for the last half of last year a lot of buyers were sitting on their hands reading the negative articles that said the market was going to crash,” Mr Williams said. “They’ve bought off me since then and realised its actually going to continue to improve.
“I think it’s going to be an exciting year.”
Mr Williams also said the majority of homes he sold were cash contracts, unlike the pre-GFC days.
“We have very affluent local and interstate buyers who are fourth, fifth and sixth generation wealthy,” he said.
“Our vendors who own these homes are also affluent, successful people and they don’t muck around with finance and building and pest inspections.”
Kristian and Haley Hughes are selling their five-bedroom waterfront home at 31 Pilot Court, Mermaid Waters through Kollosche Prestige Agents.
They’ve lived there for nearly three years, but have decided to sell and rent in the area so they can use the capital to fund Mrs Hughes’ new make-up venture.
Mrs Hughes, who runs The Institute of Makeup beauty school, said Mermaid Waters had benefited from the growth in popularity of nearby Burleigh Heads.
“I feel it’s becoming the new central location — nestled between Burleigh and Broadbeach,” she said.
The Hughes are hopeful they’ll benefit from the growth in the market over the past 12 months, with the median house price in Mermaid Waters increasing by more than 17 per cent.
Their family home is decked out with floor-to-ceiling glass, which captures spectacular 180 degree views.
“For someone who wants to make it their forever home, they’ll never run out of room,” she said.
“It was hard finding a place to put an offer on even then, because (homes) were selling before they even went to market.”
Further north, Noosa was the standout performer in 2017.
REIQ figures show Noosa was the state’s top performing market in the three months to September, recording annual house price growth of nearly 10 per cent.
Over the past five years, Noosa’s median house price has jumped by more than 40 per cent.
Tom Offermann Real Estate principal Tom Offermann said the company ended 2017 with eight sales averaging $5.9 million each.
The agency sold a sprawling waterfront home with a drive-through boatshed, two jetties and a boat ramp at 29-31 Wyuna Dr, Noosaville, for close to $11.9 million late in 2017 — setting a new record for the area.
“It’s not just the prestige properties that buyers are targeting,” Mr Offermann told The Courier-Mail.
“There are good opportunities for buyers at all levels who want to invest or live here.”
Another driving factor behind demand for the Gold Coast and Sunshine Coast markets is a lack of stock, but BIS Oxford Economics expects rising supply over the next three years to slow forecast price growth.
Another coastal market in Queensland that performed better than expected in 2017 was Cairns.
BIS Oxford Economics noted Cairns had benefited from improved tourism and a deficiency of dwellings, which was estimated to have pushed the median house price up by 20 per cent in the past five years.
It expects home prices to grow another five per cent until 2020.
Originally published: www.goldcoastinvestor.com.au
Gold Coast’s $ 4 million penthouse
THE Gold Coast’s prestige real estate market got off to a flying start in 2020, selling a trophy penthouse for $ 4 million.
Paid-out Brisbane buyers are buying the sprawling four-bedroom residence in the One Palm Beach development, with completion expected later this month.
Harcourts Coastal’s Tolemy Stevens, who handled the sale, said buyers would use the property as a vacation home.
“The buyers looked at Main Beach, Broadbeach and Mermaid Beach, but ended up in Palm Beach,” said Stevens.
“They loved the size of the penthouse, the fact that it took up the entire level and that they were on the eighth floor and still felt connected to the beach.”
The 466 m² penthouse is located on the top floor and offers a 360-degree view of the Gold Coast.
A media room, a butler’s pantry, an all-round deck and state-of-the-art equipment are among the outstanding features.
Mr. Stevens said the properties on the southern end of the coast are very exciting.
“It shows that Palm Beach is definitely in the spotlight and is becoming more popular over the years,” he said.
“Instead of Main Beach, Surfers Paradise and Broadbeach, buyers are welcome to expand their search criteria, which we didn’t see five years ago.”
The Velocity Property Group developed One Palm Beach with 17 apartments, including the penthouse.
National sales manager Caroline Humbert said the penthouse on the beach would be a fantastic vacation home for the buyer due to its location, space, and views.
“We are thrilled that the buyer can call this incredible 466-square-meter penthouse with four bedrooms, including four parking spaces, an escape to the Gold Coast,” she said.
Ms. Humbert said the Velocity Property Group recognized the unique properties of Palm Beach a few years ago, including the emerging lifestyle factors of restaurants and retail.
One Palm Beach was recognized as a finalist at the UDIA Queensland Awards for Excellence in late 2019.
The average apartment price in Palm Beach is $ 457,750, according to realestate.com
Six-storey proposal for heritage seaside suburb sparks protest
A quiet seaside suburb in Brisbane’s north could see six-storey buildings rubbing shoulders with single-storey heritage-listed buildings under a neighbourhood plan being drafted by Brisbane City Council.
The Sandgate Neighbourhood Plan, which sets requirements for development and zoning in the suburbs of Sandgate, Shorncliffe and Deagon, proposes increasing height limits along the town centre shopping strip on Brighton Road to six storeys.
But the plan has become a point of contention, with about 500 residents forming a group to protest some of the draft changes which they say could damage Sandgate’s heritage facade and character.
Once Brisbane’s seaside retreats, the coastal suburbs are full of heritage-listed buildings in low-lying streets close to the picturesque foreshores, also heritage listed.
Much of Sandgate is zoned low-density residential, or low-medium with a two-storey height limit.
The council’s proposed neighbourhood plan would also allow the six-storey building height limit behind Brighton Road, between the state school and overlooking the heritage-listed Einbunpin Lagoon.
A similar proposal to allow three-storey buildings around Deagon train station was removed by the council after strong feedback from residents.
Sandgate property owner Theresa Dow has been at the forefront of many protests against the six-storey proposal, arguing allowing mixed-use commercial development would destroy Sandgate’s picturesque appeal and heritage aspects.
She also said residents only discovered the potential for six-storey buildings in a document uploaded to the council’s website.
Ms Dow said she and others in the group were working on their own suggestions for the area.
They submitted petitions to the council asking for extended time for community consultation from the prescribed 20 business days that ended in early November, arguing the council had not advertised the proposed changes widely enough.
“We’re going to do the people’s plan and then hand it to the council,” she said.
“We know we’ve got to change but we just think they need to be talking to us, all of us … not just property owners, but all the people that have lived here. [We] choose to live here because of its beauty, and the way it is.”
Ms Dow said she and others had no problem with change, agreeing the area needed new life and focus, but the council should have consulted more widely and listened more closely to resident concerns.
But, she said, some residents supported the proposal, calling for new shops and upgrades to the area’s commercial centre.
City planning committee chairman Matthew Bourke said hundreds of residents had attended community consultation sessions.
“From the feedback received, lord mayor Adrian Schrinner announced that the proposed changes to zoning around the Deagon train station would be excluded from the neighbourhood plan going forward,” Cr Bourke said.
“Feedback received on the revitalisation of the Sandgate Town Centre will be considered as the draft plan is prepared.
“This was only the first step in the consultation process and residents, businesses and community groups will again have the opportunity to have their say on a revised plan.”
Cr Bourke said the next stage of consultation would be on the draft plan to be released this year.
The local councillor Jared Cassidy, also Labor opposition leader, spoke at length during December’s final council meeting about the frustrations of residents who attended council’s consultation sessions.
“… Earlier on I stood up and said, yes, my community does need a renewed Sandgate neighbourhood plan, but I didn’t for one second think that we would have such a hollow process of consultation and such a poor outcome even in this very first stage of the neighbourhood plan,” Cr Cassidy told the chamber.
Cr Cassidy said the council’s consultation with the suburbs was “not good enough” and he was “not going to take this lying down”.
The leading eye surgeon in Brisbane lists the top bayside houses
An iconic Wynnum home is back on the market after a record price was set three years ago.
The Queenslander from the 1890s, known as San Remo, is located in a 1113 m² block on the water with a pool.
Owner Les Manning said he fell in love with the property at 25 Waterloo Esplanade in Wynnum when he first saw it in 2016.
“It is a magnificent waterfront residence with direct access to the water and the small beach across the street,” said the distinguished Queensland eye surgeon.
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“To be a great family home was the big attraction for us, along with the view, the wonderful breeze and the direct access to the water.”
San Remo is mostly on one level and has a spacious all-round veranda with balustrades made of iron lace.
There are polished wooden floors, high ceilings and a marble fireplace.
There are formal living and dining rooms, a family room that opens onto the front porch, and an open kitchen and dining area that lead to the rear deck. The modern kitchen has a walk-in pantry and a cold room.
The master suite extends over the entire upper floor and includes the master bedroom with a walk-in closet that leads to an ensuite with bath and shower, a private balcony and a study.
One of the bedrooms on the ground floor has a bay window and access to a smaller room that can be used as a study or dressing room, while the third bedroom has access to a winter garden.
There are two bathrooms in addition to the master bath.
Outside on the flat, fenced block there is an underground pool and landscaped gardens.
“Many places in Wynnum and Manly that have water access or water views are on steep blocks,” said Dr. Manning.
“This particular house is mostly on the main level.”
Dr. Manning was trained by the renowned humanitarian and eye surgeon Professor Fred Hollows before receiving his scholarship in 1980.
Dr. Manning was also instrumental in setting up Queensland’s first Vitreo retinal unit in the Mater Hospital, which has restored vision to hundreds of blind patients.
He said San Remo was a great family home and he only sold because circumstances had changed.
He said he hoped the property would be passed on to another family who valued his character.
“I hope that the new owners will upgrade the property. Even if it is so beautiful, it can be improved and updated. “
Place Manly principal Marc Sorrentino said the house is one of the most iconic on the bay and has everything it takes to set a new record sale price.
“All of the properties that have had record prices in the area are waterfront homes that are larger than average,” he said.
“San Remo is located on a 1113 square meter property right on the water with a wide facade and in a quiet part of the promenade.
“It’s also a nice, nasty home.”
Mr. Sorrentino said that this property would “absolutely” set another record.
“The person who will buy it will be a casual buyer,” he said.
“You will be someone who has admired the house for a while and maybe missed it last time.”
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