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Sunshine Coast, Gold Coast house prices soar by up to 25 per cent amid health crisis

Sunshine Coast, Gold Coast

The global health crisis has spawned a once-in-two-decade property boom along the south-east Queensland coast with median house prices soaring to record heights as buyers flee the nation’s capitals in search of a bit of beach bliss.

Key hotspots across the Sunshine Coast and Gold Coast have seen price hikes of up to 25 per cent, fuelled by low interest rates and the promise of a laidback lifestyle free of pandemic pain.

The two south-east Queensland coastal regions far outstripped Brisbane, with Surfers Paradise house prices rising a whopping 25.5 per cent over the past year to a median of $1.6 million, Domain’s House Price Report for the September quarter found.

House prices in the central Gold Coast suburb of Miami also surged by 21.8 per cent in the year leading up to September, bringing the median price to $835,000.

On the Sunshine Coast, it was buyer hotspot Sunshine Beach that stole the limelight after house prices rose a colossal 46.5 per cent over the past year to reach a record median of $1.8 million – almost double what it was five years ago.

Domain senior research analyst Nicola Powell said buyers were increasingly being attracted by south-east Queensland’s affordability and lifestyle and this was likely to be accelerated by the current health crisis.

She said prices in the region reached new highs with houses on the Gold Coast overall increasing 0.6 per cent over the quarter to $669,000 and Sunshine Coast houses increasing 1.6 per cent to $650,000.

“Gold Coast units increased 1.2 per cent and units on the Sunshine Coast held steady, both at $435,000. This is a high for units on the Sunshine Coast, while Gold Coast units are back to the peak of mid-2018,” Dr Powell said.

Sunshine Coast, Gold Coast2

187-191 Hedges Avenue, Mermaid Beach, sold recently for $22.6 million to a local buyer. Photo: Supplied

Robert Graham, of Ray White Surfers Paradise, said hotspots across the Gold Coast were now nothing short of outrageous – with Surfers Paradise through to Main Beach enjoying boom levels of buyer activity with local home hunters leading the prestige charge.

“We are, for the first time ever, now the go-to place for Aussies to invest money,” Mr Graham said.

“In the sub-million and $1.2 million market, in one week alone, we had nine sales sight unseen to interstate parties. But in the $3 million-plus range … when you start spending a lot, people want to see and touch it.

“That said, the potential for high-end interstate buyers could change potentially in the next few months [when the borders open].

“My prediction is at the end of December and January we will have the largest captive audience that the Gold Coast has ever seen.

“Activity in Main Beach is already uncontrollable … it’s better now than what it’s been in years and years. There are people chomping at the bit … we just cannot sell homes quick enough.”

Queensland’s border is set to open to regional NSW on Tuesday, November 3, but will remain closed to Greater Sydney and Victoria for now.

Mr Graham said in the past week, over a period of four days, Ray White Surfers Paradise clocked 51 contracts for residential properties – a figure he said was virtually unprecedented outside of the agency’s big selling events in January.

“They are record numbers – I believe from conversations within Ray White, this is the highest ever September on record for us,” Mr Graham said.

“But finding the stock is the difficulty and the competition for listings is huge.”

Sunshine Coast, Gold Coast

Stonelea, in Noosa’s hinterland, was listed for $15 million plus. Photo: Jason Smith Photography

Rob Spencer, of Sunshine Beach Real Estate on the Sunshine Coast, said the COVID-19 pandemic, a lack of demand and cheap money had sparked a boom unseen since 2004, with interstate buyers snapping up homes from as far away as Adelaide and Melbourne.

“This is all pretty amazing. Some of the agents here are struggling to keep up with it and buyers are being left behind,” Mr Spencer said.

“I believe [the current median house price] would be a record. The houses [in Sunshine Beach] that used to be worth $1 million are now selling for $1.5 million. It feels like a [recent] 25 to 30 per cent rise to me.

“The other thing driving the market so aggressively is sight-unseen purchases and they [interstate buyers] are paying big prices sight unseen. Obviously it’s a perfect storm with supply and demand and cheap money.”

Mr Spencer said they had just sold a house at 46 Bryan Street in Sunshine Beach in under a week after the sprawling four-bedroom abode clocked multiple offers. He said while they were unable to disclose the price, it was marketed at offers over $2.5 million.

Other top performing suburbs in the Domain House Price Report included Tamborine, on the Gold Coast hinterland, where houses rose by 11.7 per cent over the past year to reach a median of $715,000, and Sunrise Beach on the Sunshine Coast, where median house prices soared by 22.6 per cent to $1.05 million over the year leading up to September.

House prices in Noosaville also skyrocketed by 19.5 per cent over the past year to reach a median of $980,000.


The post “Sunshine Coast, Gold Coast house prices soar by up to 25 per cent amid health crisis” by SARAH WEBB appeared first on the Blog

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Builder appointed for new luxury Gold Coast development The Monaco

The Monaco 1

Gold Coast-based developer Ignite Projects have appointed McNab Construction to build their 25 level Main Beach project, The Monaco. 

The Monaco at 2-4 MacArthur Parade will home 25 half and full-floor residences, adjacent to the Southport Marina. 

Designed by Rothelowman, the new tower will feature the Southern Hemisphere’s first car elevator to apartments, sky garage and a custom-designed kitchens for each buyer. 

The Monaco 2

Apartments in the Monaco will offer up to 362 sqm of living space, a communal 24-metre heated pool and an additional multi-purpose space, as well as the sky cave.

One whole floor of the Monaco has been dedicated to private storage space.

“McNab has a brilliant track record for delivering projects that exceed all expectations in terms of quality and deliverables, so they are a good fit for our project team,” Ignite Projects’ Josh Foote said. 

The Monaco 3

Construction is expected to take 20 months to complete and will begin around mid-next year. 

The project is expected to support over 200 construction jobs a day during peak times, McNab Construction manager Mark Jewell said. 


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Elysian Broadbeach finishes construction, selling final apartments

The luxury Broadbeach tower Elysian has finished its construction and has released the remaining apartments for sale.

The Spyre Group’s Broadbeach development sold 85 percent of its stock and has released only 10 apartments remaining, a mix of two, three, and four-bedroom units. 

Elysian at 185 Old Burleigh Road has 61 apartments across its 21 levels.

Elysian Broadbeach Apartments

Prices start at $785,000 for a two-bedroom apartment or from $1.5 million for a three-bedroom.

Designed by ML Architecture and Boyds Bay Group, Elysian’s amenities include a swimming pool, yoga terrace, sauna room, and gym. 

Just 70 meters from the beach, the rare beachfront offering enjoys 180-degree views of the expansive ocean, city, and Gold Coast hinterland.

Its features include open-plan living and dining, balconies, floor-to-ceiling windows, and timber flooring.

Elysian Broadbeach Apaertments

CBRE Gold Coast is marketing the project. 


The post “Elysian Broadbeach finishes construction, selling final apartments” by Joel Robinson appeared first on the Blog

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Gold Coast set for Australia’s first Mondrian brand residences and five-star hotel

five-star hotel

The boutique US hotel operator Mondrian has announced it will open its first five-star hotel and brand residence in Australia at Burleigh Heads on the Gold Coast.

Mondrian, a partnership between SBE Entertainment and hospitality giant Accor, has engaged the local developer Vitale Project to construct the two tower development which is slated for completion in mid-2023.

The two towers, designed by the multi-award-winning architect Elenberg Fraser, will separate the 89 private residences from the hotel, which will have 208 guest rooms.

Studio Carter, the international hospitality design consultant, was commissioned to oversee the interior design.

The building will be connected by a three-level podium that acts as the building’s communal space and will home a state-of-the-art fitness center, spa, restaurants, and swimming pools, all overlooking the beach.

It’s being built on 4,035 sqm on the corner of First Avenue and The Esplanade Burleigh Heads.

five-star hotel

Mondrian Gold Coast is one of nine new Mondrian properties that SBE plans to open globally by 2022, with six more to be announced.

It follows the company’s recent opening of Mondrian Seoul Itaewon, and the announcement of Mondrian Shoreditch London set to open in 2021.

The Gold Coast has grown into one of Australia’s leading travel destinations and the opening of Mondrian Gold Coast is the next step in our strategic global expansion for the Mondrian brand, selecting communities at the heart of the most exciting cultural destinations in the world,” SBE’s chief operating officer Chadi Farhat said.

Accor Pacific chief executive Simon McGrath said the expansion of the first-ever Mondrian into Australia reflects Accor’s commitment to developing innovative, lifestyle-oriented hotels alongside SBE.

“With the Mondrian brand, SBE creates destinations within the destination, bringing together regional authenticity with sophisticated design, creative programming, and a lively bar and restaurant scene.

“Mondrian Gold Coast will be the embodiment of this philosophy: providing residents and guests with elevated hospitality experiences that match the beauty and vibrancy of Australia’s Gold Coast region.”

LGC Property Investments, directed by Chris and Letitia Vitale, paid $22 million for the site, which currently houses the 1960s apartment block White Horses Apartment, in July.

There had been an agreement in place for the Brisbane-based Neilson Properties to buy the site in 2018, but that failed to proceed.

The White Horse Apartment owners had been in court battles for a number of years trying to band together to sell their combined 49 apartments.

But because it was a company titled block, they needed 100 percent of the vote to approve a sale, however, six owners resisted.


The post “Gold Coast set for Australia’s first Mondrian brand residences and five-star hotel” by Joel Robinson appeared first on the Blog

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