It’s the annual winter prestige property pilgrimage from the southern states to the Sunshine Coast that leading local agent Vicki Stewart has come to know so well.
“People from Sydney and Melbourne come up the first year and fall in love with the climate and the area,” says Ms Stewart, the director of Stewart Property. “They return the next year and don’t want to go home again, so start looking at places to buy.
“And by the third year, they come, and just never go home.”
She did exactly the same thing too, 34 years ago, on a visit from Sydney, and says that migration from daydreamer to new owner causes a dramatic spike this time every year in the market.
Real Estate Institute of Queensland chief executive Antonia Mercorella agrees. “Many travel for a holiday and fall in love with our world-class beaches, fine dining and luxury retail shopping precincts,” she says.
“The seeds are planted and while our prices are high compared with the rest of Queensland, when compared with Sydney or Melbourne prices they’re an absolute bargain.”
At the same time Noosa, at the top of the Sunshine Coast market, has been performing exceptionally well and in the 12 months to March 2019 has hit 8.7 per cent growth, making it Queensland’s strongest area, as against Brisbane’s one to 3 per cent, and the Gold Coast’s 2 to 3 per cent. Since 2014, Noosa prices have risen 44 per cent.
There have been some stellar sales too in the past 18 months, including the $15.2 million sale of tennis ace Pat Rafter’s mansion on Noosa’s Sunshine Beach, followed by the Sunshine Coast record-breaking $18 million purchase of a seven-bedroom trophy home nearby. “But as a general rule of thumb, what you’d buy in Sydney for $20 million will cost you just $8 million here,” says Ms Stewart.
Domestic tourism – of which this coastal region is “the Australian rock star” according to Visit Sunshine Coast chief executive Simon Latchford – always sparks the property market, while its “Hamptons-style cool” continues to drive it on and up.
“The market does leverage off tourism but, often, as soon as people arrive they realise its strengths,” Mr Latchford says. “There are two airports, lots of new infrastructure, a laid-back lifestyle, an extraordinary climate with no cyclones, crocs or box jellyfish, a community atmosphere in a place that hasn’t been allowed to develop too fast, and Brisbane is only an hour and a half away.
“If you want to savour life as it was back in the ’70s, then this place can offer that environment.”
The prestige market from $5 million to $12 million is particularly strong at the moment, with demand surging and stock so tight that one buyer bought a home at Noosa Heads in the past few weeks for $2.9 million over the phone, sight unseen.
“We now have a lot of buyers making multiple offers and there’s not much stock as people are making generational purchases; they’re planning to keep it long-term and hand it down to family rather than sell it,” says agent Nic Hunter from Tom Offermann Real Estate.
“Noosa has always been the pinnacle of that prestige end of the market, and people just love the relaxed lifestyle and village atmosphere.”
Four homes in the area
For sale by informal tender with a guide of more than $4 million, this five-bedroom home has a spectacular waterfront position, with beautiful mountain views and a peaceful position.
“As with all the best homes on the Sunshine Coast, you have to consider the cost of not buying now,” says agent Adrian Reed of Reed & Co.
With deepwater access and an upgraded pontoon to allow the owner to keep anything up to a 58-footer safely moored at home, this family house was designed by Frank Macchia to have a true north aspect.
The home has an in-ground pool and a steam-room, while a recently-installed solar system generates over 100kWh of power in summer and is fitted has battery storage.
It’s going to auction on July 14 through Loren Wimhurst of Next Property Group, with a guide of $4.5 million to $5.5 million.
Floor-to-ceiling windows in almost every room make sure that the stunning views are maximised and that this house is flooded in natural light.
The media room has its own cosy fireplace, there are electric shutters and blinds and an openable roof to control light and temperatures, and underfloor heating on the ground level and in the bathrooms that service the master bedroom.
The home is for sale with a guide of $3.3 million, with Joe Langley of Universal Property Sales.
Billed as a 6-star resort-style home, this home has great north-east ocean views and is just a short stroll to the beach, cafes and shops from its large 1,200sqm block.
There’s an internal lift to each floor, a grand entry foyer, a sound-proofed cinema, in-ground pool and pool room, with landscaped gardens.
It’s for sale with a guide of $3.3 million, through agent Craig Porter of Next Property Group.
Gold Coast mega-mansion with private beach sells for $11.75 million
A Gold Coast mega-mansion with a private beach has sold for an eye-watering $11.75 million, blasting the city’s 2020 sales record out of the water and proving property pundits are still willing to splash big cash during the pandemic pandemonium.
Looking less like a home and more like a Thai resort catering to Hollywood royalty, the six-bedroom mansion Riverpoint, at 1-3 La Scala Court, occupies a gargantuan 2623-square-metre block on the glitter strip’s Isle of Capri, while featuring a cinema, seven bathrooms, tropical gardens and a tennis court.
The home was placed under contract by Amir Mian of Amir Prestige, and while co-selling agent Charlon Delos Angeles remained tight-lipped about the buyer, he said the incredibly short time on market was testament to the abode’s star-appeal.
“It was launched just over three weeks ago … so when you’re looking at statistics on high-end properties, there’s only seven sales of this calibre a year and they normally just don’t sell this quickly,” Mr Delos Angeles said.
“We’re surprised it was such a speedy sale but not surprised because it’s such a unique style of home. It’s more of a resort and as beautifully photographed as it is, that’s nothing in comparison to a walk-through.
“There’s this beautiful running stream that feeds into the pool, and even just walking in you can hear it … As soon as you step through those doors, it’s like the overflow of feelings you get all at once. You’re in the middle of suburbia – you’re in Isle of Capri – and then you step into something that should be Thailand.”
Mr Delos Angeles said everything about the magnificent mansion oozed getaway vibes – from the wellness centre with space for a private masseuse to the countless outdoor entertainment areas that lapped up pristine views.
While that luxury X-factor attracted global buyer interest, he said the city’s prestige market was continuing to enjoy international attention and barely paused for breath during the pandemic.
“We have had increased inquiry and people are starting to look at the Gold Coast as a safe area … and I’m sure that Australia is a really good investment right now because of the dollar,” Mr Delos Angeles said.
He felt the sheer opulence on offer in prime waterfront hotspots was a major pull for the city, and said they were nothing short of thrilled to have clocked such a high ticket sale in such a challenging time.
While Riverpoint may be far from the Gold Coast’s overall price record of $27 million (achieved in 2008 at Mermaid Beach), it remains the stuff stay-cation dreams are made of.
Taking up an impressive 90 metres of main river frontage, the home boasts multiple indoor and entertainment areas, a kitchen to make Gordon Ramsay swoon, three powder rooms, a wellness retreat and five-star bedrooms that boast sweeping water views.
To add to the Oprah-level extravagance, there’s also a private beach, a pontoon, a 10-car basement garage and a boat ramp.
Prior to Riverpoint, the top sale for 2020 on the Gold Coast was a $6.75 million Paradise Point home that was snapped up earlier this year.
This article is republished from www.domain.com.au under a Creative Commons license. Read the original article.
Gold Coast Apartment Sales Pick Up, Supply Falls Off
The Gold Coast apartment market has transitioned into the Covid-19 crisis in a much better position than it was going into the global financial crisis, planning and advisory firm Urbis says.
In its latest quarterly survey, Urbis found that the Gold Coast market was tracking well, recording 265 sales in the first quarter of 2020, sitting above the two-year quarterly average of 238 sales.
The weighted average sales price also lifted by 10 per cent over the quarter to $809,811, buoyed by strong pre-Covid sales.
Urbis said that over the year the Southern Beaches Precinct recorded the highest sales rate, yet a recently launched projects in Surfers Paradise had rebooted enquiry and transactions in the Gold Coast Central Precinct.
Over the quarter 64 per cent of a sales were to owner occupiers and only five per cent to overseas buyers, while interstate investors accounted for 19 per cent of sales.
Urbis senior consultant Lynda Campbell said the current environment had pushed developers to reassess projects to ensure they are ready for changes in the market.
“It is more important now to make sure projects are targeting buyer demand in order to weather the storm,” Campbell said.
“Projects with a high exposure to the investment market will need to put in place solid pre-settlement work to maintain a strong settlement rate.”
Urbis said the city had also benefited from a shift in sentiment in recent years, favourably trending away from large developments targeting international investors and instead towards smaller boutique projects, targeting owner occupiers.
Moving forward the market is tipped to remain resilient, further supported by low interest rates, a low level of supply and a higher level of product aimed at the owner occupier market.
Worryingly, the supply of new apartments remained relatively weak at 1,000 apartments, the lowest level recorded in over five years.
“There is a pipeline of projects ready to launch over the next six months, but whether they do will be something to watch,” Campbell said.
“If project launches slow, this will put pressure on the current supply.”
Urbis said it would be watching fourteen forthcoming projects containing approximately 1,160 apartments due to settle throughout 2020 closely to see if the Covid-19 border restrictions were impacting the market.
“The next quarter’s results will be highly anticipated,” Campbell said.
“Interest rates are still low, and there is not a large volume of expensive product aimed at investors, as was the case going into the GFC.
“Though we expect sales to slow, conversations with developers suggest that enquiry is still strong.”
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
Property price slashing has doubled and tripled in Australia’s biggest cities
Property price cutting has nearly doubled and tripled in Australia’s two largest cities, new data shows, signalling a slowing housing market.
More than 13 per cent of property listings in Sydney and 10.7 per cent in Melbourne had their prices discounted in April, according to Domain data.
This was up from 6.7 and 3.7 per cent respectively from April 2019, equating to nearly double the amount of discounts in Sydney and almost three times the amount in Melbourne.
“It’s a good leading indicator of where prices are going to go,” Domain senior research analyst Nicola Powell said.
“When you see an increase in the proportion of listings with a discount, it normally means that you’re going into a softening market.”
March saw a jump in the proportion of listings discounted which has eased in April
Percentage of live listings with asking prices discounted
All capital cities across the country saw a higher percentage of properties being discounted in April 2020 compared with April 2019.
But the percentage of discounted properties was the highest in March this year as the economy went into a rapid hibernation amid the escalating COVID-19 outbreak.
“March was particularly a turning point, we saw that in other market indicators and the fact that we had the ban on open homes and auctions and the economic shutdown,” Dr Powell said. “The positive thing for April is that percentage has now started to ease.”
All cities besides Darwin and Hobart saw more than 10 per cent of listings discounted in March, with Sydney reaching 14.1 per cent and Melbourne 12.6 per cent.
Adelaide was the next most marked-down city at 11.1 per cent in March, while Canberra, Perth and Brisbane saw between 10 and 10.6 per cent of properties take a price cut.
In April, all cities saw the percentage of properties with price cuts slip – with all besides Sydney and Melbourne seeing property discounts of less than 8.3 per cent.
Dr Powell said the few new properties listed in April were potentially priced more competitively than those in March, which were likely to have been listed earlier in the year in a rising market.
“We were perhaps seeing vendors coming to the market being a little bit more bullish in terms of the prices they wanted to achieve,” she said.
Most capitals had a jump in listings discounted in March with fewer properties discounted in April
Percentage of live listings that have had the asking price revised down
While the percentage of properties with price reductions was higher than it was during the 2017-19 downturn in Sydney and Melbourne, Dr Powell said the dollar amount reduction was relatively similar.
“When you look at the percentage of price edits, it’s actually more or less the same, and in some cities the percentage is actually smaller than this time last year,” she said.
Most capitals saw prices revised between 3 and 5 per cent, with Hobart slightly higher at 5.2 per cent and Darwin recording a higher percentage of 8.2.
While the number of listings discounted jumped, the amount of the price discount has eased
Percentage of median price edit
Sydney’s Northern Beaches region, which includes suburbs as far south as Manly and as far north as Palm Beach, saw the highest proportion of discounted properties in the country at 17.6 per cent in April.
That number was up from 10.5 per cent in April last year, and from an 18-month low of 5.8 per cent in September 2019.
Prices in the area were coming down from a high peak (the median house price in the area is $1.97 million, up 18.6 per cent on the previous year), Joshua Perry from Belle Property Dee Why said, which meant widespread discounting was expected.
“There’s always some owners who aren’t adjusting, but most are now seeing that what is happening now is a fair price,” Mr Perry said.
He said inspection and auction restrictions being lifted meant there was more confidence from both buyers and sellers.
A rising number of listings have prices discounted during downturns
Sydney, percentage of listings with prices discounted against annual house price growth
The Mornington Peninsula and Melbourne’s inner south saw the highest proportion of discounted properties in Victoria and were tied for the second-highest across the country, along with Newcastle in NSW, at 14.3 per cent.
McEwing Partners director Dean Phillips said the Mornington Peninsula had seen a high number of holiday homes turn over since the beginning of COVID-19 restrictions with people becoming more realistic about the price of their properties.
“They’re not trying to profiteer as they were prior to COVID,” Mr Phillips said. “They’re selling for genuine reasons and we are seeing a return to a genuine real estate market.”
The regions where prices had been discounted the most deeply included Shepparton in Victoria where buyers could expect a 9.4 per cent discount, Daly – Tiwi – West Arnhem in the Northern Territory at 9 per cent and the Southern Wheatbelt in Western Australia at 8.7 per cent.
This article is republished from www.domain.com.au under a Creative Commons license. Read the original article.
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