Friday 29 January 2021

Brisbane house prices hit record high in 2020, despite COVID-19

Brisbane house prices have soared to record heights after a steady 12 months of growth and a sizzling summer of sales, with the median price rising to an unprecedented $738,000.

The latest Domain House Price Report, released Thursday, revealed median prices in Brisbane LGA rose by 2.2 per cent over the December quarter, with the pandemic-inspired trend towards more space and a backyard fuelling the spike.

Domain senior research analyst Nicola Powell said the surge was also testament to the sheer pulling power of a city that had become a magnet for southern buyers seeking better bang for their property buck and a balmy climate.

“Interest rates are also extremely low and that cheap credit is a big lure for some buyers. This really does heighten activity and with interest rates expected to stay low I’m expecting the market activity to remain like this,” Dr Powell said.

Greater Brisbane region house prices

Greater Brisbane region house prices
Region Dec-20 Sept-20 Dec-19 QoQ YoY
Brisbane $738,000 $722,000 $705,000 2.2% 4.7%
Ipswich $437,000 $435,245 $418,000 0.4% 4.5%
Lockyer Valley $389,500 $405,000 $375,000 -3.8% 3.9%
Logan $475,000 $486,000 $450,000 -2.3% 5.6%
Moreton Bay $510,000 $515,000 $485,000 -1.0% 5.2%
Redland $579,000 $570,000 $545,000 1.6% 6.2%
Scenic Rim* $550,000 $510,000 $470,000 7.8% 17.0%
Somerset $375,000 $395,000 $345,356 -5.1% 8.6%

“But one of the other factors driving growth is the affordability. So, while Brisbane has always had a pull from southern states, I think it has been accelerated (due to the pandemic) and this is driving prices.”

Alex Jordan, of McGrath Estate Agents Paddington, said that trend had since culminated in one of the strongest markets he had ever seen, particularly for the Brisbane LGA.

“I sold 10 Bernhard Street, Paddington, for former Brisbane Broncos head coach Anthony Seibold in October last year for $2.3 million, in April 2019 it sold for $1.9 million,” Mr Jordan said.

“I also sold 100 James Street, New Farm, on November 13 for $2.91 million and it last sold in September 2018 for $2.4 million.

“Both of those examples are of homes that sold within about two years or less and they both had 20 per cent price increases with neither of them undergoing any major changes.

“On top of that I think the last quarter of 2020 was the largest migration into the Brisbane market we’ve seen in terms of inquiry and buying.”

Capital cities – median house prices
Capital cities Median QoQ YoY
Sydney $1,211,488 4.8% 6.7%
Melbourne $936,073 5.3% 3.9%
Greater Brisbane $616,387 0.8% 5.6%
Adelaide $574,264 2.1% 6.1%
Canberra $855,530 6.4% 9.1%
Perth $563,214 3% 6.3%
Hobart $564,091 6.1% 12.4%
Darwin $533,845 2.3% 3.6%
National $852,940 4.1% 5.8%
Source: Domain House Price Report, December Quarter, 2020.

While inner-Brisbane house prices clocked great quarterly growth during December, Mr Jordan said larger homes in outer suburbs were still hot property, with suburb price records smashed in a handful of the city’s hottest lifestyle spots.

“For example, in Chelmer the suburb price record was just broken with 47 Longman Terrace, which sold for $8 million [through Dixon Estate Agents],” Mr Jordan said.

Ray White New Farm agent Christine Rudolph said while interstate and overseas migration to the Queensland capital had fuelled a sky high summer of sales on her end, downsizers were leading the charge within the inner-city’s piping hot market.

“In the past quarter I’ve noticed a shift with the empty nester demographic who are now looking to downsize into house in the inner city as opposed to a unit,” Ms Rudolph said.

“Three of my $2 million-plus sales in the past quarter were all to buyers in the 60-plus (age) bracket and they set a preference for a contemporary low maintenance house in the inner city. They are spending more time at home [due to covid] while also being retired so they still wanted the benefit of the garden and the separation of space during a lockdown. Covid has definitely changed people’s requirements.”

Ms Rudolph said one hot spot for lifestyle buyers was Yeronga, where she clocked a price record for a 607-square-metre dry lot at 39 Ormonde Street in December last year.

Greater Brisbane region unit prices

Greater Brisbane region unit prices
Region Dec-20 Sept-20 Dec-19 QoQ YoY
Brisbane $427,250 $420,000 $427,500 1.7% -0.1%
Ipswich* $226,500 $235,000 $250,000 -3.6% -9.4%
Logan $245,000 $245,000 $250,000 0.0% -2.0%
Moreton Bay $348,500 $320,000 $325,000 8.9% 7.2%
Redland $430,000 $435,000 $468,000 -1.1% -8.1%
Source: Domain House Price Report, December Quarter, 2020.

“We have definitely seen price increases there. During September las year we achieved a then price record of $2.625 million (for 39 Ormonde Street) and everyone was applauding us and then three months later just before Christmas we had a buyer from Melbourne call us. They ended up superseding the previous suburb record for a 600-square-metre dry lot and paid $2.85 million,” she said.

While median house prices across Greater Brisbane also rose by a slight 0.8 per cent over the December quarter to a record $616,387, the Domain report revealed the city’s long-suffering unit market took a 1.1 per cent hit to $395,218, with experts citing gun-shy investors and the move from low-maintenance living to a home with a yard as major factors.

“The Brisbane unit market has passed its construction peak, so it’s a sector that’s still trying to find a balance. We have also seen few investors in the market (since COVID-19 struck),” Dr Powell said.

“But while we’ve seen a pull-back in investor activity, the Brisbane rental market has tightened significantly so that in itself could be a lure for investors which could help to absorb some of that supply in the future.”


Article Source:


from Queensland Property Investor

Severe undersupply on the Sunshine Coast

The number of properties available for sale or rent on Queensland’s Sunshine Coast has hit the lowest levels in more than a decade, which is pushing up prices rapidly.

According to SQM Research data, the number of properties available for sale on the coast is the lowest in more than a decade.

However, the situation for the Sunshine Coast rental market is even more extreme, with its vacancy rate of 0.4 per cent the lowest in more than 15 years, according to SQM Research statistics.

Image Property Sunshine Coast sales agent Matt Nickerson said contrary to popular opinion, the strong sales market was being largely driven by local buyers rather than interstate purchasers.

“Local buyers are out in force, competing strongly for the few listings available,” he said.

“We do have a lot of enquiry from interstate, and quite a few sales, but this is actually motivating local buyers to make their move sooner rather than later.”

Sunshine Coast

Matt Nickerson of Image Property Sunshine Coast


Mr Nickerson said locals were purchasing in locations that they knew and loved, which was creating a sustainable marketplace.

However, the low levels of sales stock meant property prices were rising with multiple offers often the norm, he said.

“With interest rates so low, many buyers are prepared to pay a bit more to secure a property in a location that they will live in for the long-term,” he said.

“Research is key for anyone keen to secure a slice of coast real estate at present as well as acting quickly when a property comes on the market as it won’t last long.”

The Sunshine Coast rental market is experiencing a significant undersupply of rental properties, he said, which was making it difficult for tenants.

“We are beginning to see more investors active in the market, which may start to increase the supply of rental properties somewhat,” Mr Nickerson said.

“That said, the coast rental market was undersupplied long before the pandemic, partly because of our strong local economy and major infrastructure program.

“So, with additional demand from new residents, as well as low investor activity, the situation is not overly surprising.”

According to the Residential Tenancies Authority (RTA), the median weekly rent for a three-bedroom house on the Sunshine Coast has increased 6.5 per cent to $490 per week over the year ending December 2020.

For a two-bedroom unit, the weekly rent has increased nearly eight per cent to $410 over the same period, according to the RTA.



Article Source:


from Queensland Property Investor

Sunland Sells Greenmount Beach House for $42.3m

ASX-listed developer Sunland is selling a 10-storey hotel in Coolangatta for $42.3 million to a company connected to the Abedian family.

Sunland publicly disclosed the winning bidder Arium Group Pty Ltd is a company which both its executive chairman and founder Soheil Abedian and managing director Sahba Abedian have an interest in.

The Gold Coast property also known as Greenmount Beach House was put on the market in an expressions of interest campaign in November which attracted 120 enquiries and eight bids.

The 151-room hotel at 3 Hill Street, Coolangatta was built in the 1970s on a 7,028sq m block with three street frontages.

Sunland formed an independent board committee to decide on the winning bidder who will have rights to the site through a call and put option until 2022.

The announcement follows the $12.8 million sale of the adjoining property, a vacant block on 154-156 Marine Parade, Coolangatta to a company associated with Joe Adsett Architects, Brisbane.

Greenmount Beach House

▲ In late 2020 Sunland announced its intentions to sell off 30 per cent of its inventory including the Greenmount Beach House.

Sunland purchased the hotel in 2016 for $26 million and adjoining vacant block for $6.5 million with potential plans to launch a new development in 2017 according to the group’s results.

The site is zoned for high density residential with a 38 metre height limit and is located between Greenmount and Rainbow Bay Beaches.

At the time Sunland managing director Sahba Abeian said it was an exceptional site in a vibrant beachside community and would operate as a resort pending future council approvals.

“Our vision for this landmark site is to conceive an architectural outcome which complements the existing scale, character and beauty of Coolangatta, while contributing to its ongoing renaissance,” Abedian said.

The group later lodged plans for a 248-room multi-storey residential, retail project with an end value of $366 million.

In late 2020 Sunland, the developer behind the the Palazzo Versace and Q1, announced its plans to sell off 30 per cent of its inventory and wind down business operations.


Article Source:

from Queensland Property Investor

Growing pains: Sunshine Coast tries to keep sense of community while still being popular

The future development of the rapidly growing Sunshine Coast is likely to swing back from building new greenfield estates to higher density apartment-style housing along major transport corridors after the Sunshine Coast Council decided to scrap its existing planning scheme.

The decision at today’s meeting of the council is likely to kick off a fresh round of debate about the region’s future, with some community groups vehemently opposed to accommodating future population growth with more and bigger apartment-style developments.

All but one member of the council voted to replace the planning scheme, adopted in 2014, in favour of a new document to be produced over the next three years. The new scheme will help shape the development of the region, which is expected to need 87,000 new homes to accommodate a population that will top 500,000 by 2041.

The council is under pressure from the State Government to have most of the new housing accommodated with the existing urban footprint rather than through opening up new areas for development.

However, tensions have arisen over continuing to approve new development without waiting for new infrastructure, particularly transport links.

In a report to council on adopting a new planning scheme, officers said it “will need to have an increased focus on urban consolidation (and in particular consolidation done well and at the right locations) as opposed to continued urban expansion”.

Sunshine Coast Mayor Mark Jamieson said the new scheme would need to respond to emerging issues such as implications of the COVID-19 pandemic, the predicted impacts of climate change and new technologies.

“A lot can change in 10 years, but one thing that remains constant is the importance of maintaining our region’s identity, character and lifestyle,” he said.

“Here on the Sunshine Coast, we’ve been experiencing growth for some decades now – it’s not something new.

The council voted to move to a new planning scheme after two hours of debate, with Maroochydore-based councillor Joe Natoli the only dissenter.

However, other councillors expressed concern about the capacity of the Sunshine Coast to carry every more rapid population growth. Others called for assurances that local residents were consulted on the new plan and educated about what it would mean for future development.

Natoli, whose division is likely to be the focus of much of the new “infill” residential development, also criticised the operation of the existing planning scheme, saying it was full of “compromises left, right and centre” in encouraging larger apartment developments in a “windfall for developers”.

He blasted the state government for imposing more density on the coast.

“We are letting them get away with it and it is time we take control. We should be saying to the State Government: “We’ll accept population growth, but on our terms not on your terms”.

Deputy Mayor and veteran councillor Rick Baberowski said the existing planning scheme had attracted 3000 submissions before it was finalised but he predicted that number would be “dwarfed” this time given the amount of community interest in the region’s future.

Jamieson said the council had to deal with both the legacy of previous planning decisions and its statutory obligations to adopt a fresh planning scheme.

He said the real beneficiaries of a good planning scheme would tend to be the younger families who have flocked to the Sunshine Coast in recent times, changing its demographic profile.

“In 2011, we had almost no development,” he said. “Young tradespeople who lived and worked on the Sunshine Coast had to leave, pack up and head to the mines.”

However, he said, it had taken just 10 years for incomes on the Sunshine Coast to go from 22 per cent below the state average to just eight per cent below and people were moving to the region to have an economic future as well as a lifestyle future.


Article Source:

from Queensland Property Investor

Thursday 28 January 2021

Charter Hall strikes $20m Brisbane warehouse deal

Charter Hall and ESR Australia have secured machinery distributor and retailer Construction Equipment Australia as the long-term tenant of a $20 million logistics facility within their Connectwest Industrial Park in Darra in Brisbane’s south-west.

CEA, part of the privately owned CFC Group of Companies founded by brothers Frank and Carl Cardaci, distribute and sell everything from diesel engines to forklifts across brands including JCB, Atlas Copco, Ditch Witch,


Article Source:

from Queensland Property Investor

The Sydney and Melbourne exodus isn’t a flash in the pan


The question we are asked the most is whether the trend to the regions will last. Many appear to think it might be a “flash in the pan” phenomenon.

The answer is: yes, this trend has legs. It has already been going on for too long to be considered a short-term wonder. Sydney has been losing population to internal migration (people moving to other parts of Australia) for 10 years.

Melbourne has been a net loser of population through internal migration for the past three years. Media has misled people by characterizing the Exodus to Affordable Lifestyle as a reaction to the pandemic lockdown periods. It is not. This trend has been under way, strongly, for years – and it’s about technology and the ability to work remotely. It’s not about COVID-19, although the pandemic year has certainly enhanced the trend.

Many people want a different lifestyle, one that’s more affordable and relaxed, away from the big expensive congested cities. Many of them lived in the inner-city areas of our big capitals only because they felt they needed to for their careers. Technology and the growing acceptance of work-from-home scenarios has released those shackles.

I made that choice a quarter of a century ago. I realised I didn’t need to be in the big city to operate my business so I moved to a hill change town. And will likely never leave.

I place great value on living in a place where there are no traffic lights, where you can get a park in the main street, where shop keepers greet you by name, where there’s a real sense of community and where crime is seldom an issue. The physical environment is spectacular and we’re an hour from the Brisbane CBD is ever we need it – which rarely happens. When I moved here from inner Brisbane, I bought a home of higher standard than the one I was leaving and it cost less. That, in simple terms, is why more and more people are making the move.

It’s not about the pandemic, it’s about lifestyle, affordability and technology. And it’s not going away any time soon. So, across Australia, property markets are booming in sea change and hill change towns, as well as the smaller capital cities.

It’s a key reason why we’re heading into a nationwide real estate boom this year and beyond. It’s not the only reason, but it’s one of the prime catalysts. And, no, the end to Federal Government stimulus measures won’t stop it.


Article Source:

from Queensland Property Investor

Interstate buyers snap up South East Queensland auction offerings

There were 315 registered bidders for the 90 properties that went under the hammer, with most of the early items selling at between five and 10 per cent over reserve

The winning $1.2 million bidders of a Chevron Island villa apartment at weekend auction have plans to relocate from their Goulburn, NSW home.

The property was sold by Ray White Surfers Paradise agent Glen Williams, with the three bedroom three bathroom Chevron Riviera villa townhouse (pictured abode) attracting some 25 bids.

It is a three level villa with basement garaging on Stanhill Drive.

Interstate buyers

“We’ve been coming up here to the Gold Coast from Goulburn for years and we also have a couple of units up here, so this one is for our retirement,” the buyer Noel Hollingworth (pictured) said.

“It’s always been in our plans to move to the Gold Coast so we’re extremely happy.

“We’ve been looking at a number of properties but this one stood out to us.

“The fact it was on Chevron Island really appealed to us,” he said.

The Chevron Riviera complex has four villas.

The offering, with pool and lift, had last sold in 2005 at $750,000. The neighbouring villa had sold in 2017 at $825,000.

South East Queensland is traditionally the busiest auction location for coastal offerings over the Australia Day long weekend. And 2020 didn’t miss despite the pandemic.

Buoyed by the booming demand for Gold Coast property from interstate buyers, Ray White Surfers Paradise Group has reported over $40 million worth of property sales at its big weekend auction.

The RWSP CEO Andrew Bell described it as “the best ever.”

There were 315 registered bidders for the 90 properties that went under the hammer, with most of the early items selling at between five and 10 per cent over reserve, along with 15 listings selling prior.


Article Source:

from Queensland Property Investor

Record $32 million auction bid rejected for Sovereign Islands waterfront mansion

Vendor Riccardo Rizzi, who rejected the $32 million bid and last year a $28 million bid, remains confident he will achieve his desired price

A record $32 million auction bid was made for a waterfront mansion on The Sovereign Islands in South East Queensland.

But the vendor Riccardo Rizzi, who rejected the $32m bid offered at weekend auction, remains confident he will achieve the desired price.

“The Queensland market’s hot, it’s booming,” he told The Courier-Mail post-auction.

“The house reached $32 million, it didn’t sell. It’s now on the open market at $36 million and there’s a couple of people interested.”

There was an onsite auction attended by eight registered bidders last October when a $28 million vendor bid was lodged.

The now Perth based civil engineer Riccardo Rizzipurchased the incomplete house in 2013 for $5.3 million.

Set on 4255 square metres, the finished home has six bedrooms and a 30-metre pool in a roman-inspired garden.

It has been listed through Amir Mian of Amir Prestige.


Article Source:

from Queensland Property Investor

Keylin, Kinstone Secure Final Piece of Coomera Town Centre

Work will soon begin on a master plan for the final remaining piece of Coomera’s town centre with the purchase of a significant parcel of land on Foxwell Road.

Brisbane-based joint venture partners Keylin and Kinstone bought the 47.7ha site following an expressions of interest campaign in December.

Fund manager QIC offloaded the prime greenfield site for an undisclosed figure, reportedly in excess of $30 million.

The 47.7ha site is included within the emerging town centre precinct and comes with a preliminary approval for residential, commercial and retail developments under the Coomera Activity Centre South Development Code.

The joint venture’s acquisition follows its $50 million purchase of the Serenity 4212 estate at Helensvale.

“We are delighted to have successfully secured what we believe is one of the key sites on the northern Gold Coast,” Keylin managing director Louis Cheung said.

“This is one of the area’s most strategically important sites that will shape the future of the urban heart of Coomera, considered to be the final piece of the Coomera Town Centre puzzle.”

Under the Coomera Activity Centre South Development Code, there are a range of uses and development types permitted including commercial, retail and residential with building heights of up to 15 storeys.

Selling agent Brendan Hogan of Colliers International said there was a lot of interest in the prime site.

“The property attracted an extraordinary level of interest with a very competitive process from some of Australia’s largest public and private development groups,” he said.

Keylin has been active in development at Hope Island and recently revealed plans for a hotel and residential precinct in Brisbane’s Spring Hill.

Joint venture partner Kinstone recently completed the $70 million Novotel South Brisbane and the Monarch and Sovereign Heights subdivision developments in Brisbane’s South.

Major projects currently planned around the existing Westfield Coomera include a new Costco outlet to the north of the site along with plans for a new public hospital on 13ha of land near the Coomera Railway Station.


Article Source:

from Queensland Property Investor

Crown Group Revives $500m West End Project

Sydney-based developer Crown Group has returned to the drawing board for the design of its $500 million apartment project in Brisbane’s West End, enlisting Japanese architect Kengo Kuma and and local firm Plus Architecture.

The contentious development, which has been paused since mid-2019, will be completely redesigned after initial plans for an FJMT-designed scheme were scrapped.

The approved scheme for 455 apartments across the 1.25-hectare site at 117 Victoria Street was met with strong backlash from the local community, arguing the approved development didn’t have enough supporting infrastructure.

Crown will now push forward with the redesign, planning for fewer but larger apartments across a greater gross floor area in response to local market conditions.

Crown Group chief executive Iwan Sunito said the decision to approach Kuma had been driven by the architect’s star power, with the project set to be his maiden design in Queensland.

Crown Group

▲ Crown Group and Kuma collaborated previously for the Mastery by Crown Group, at Waterloo in Sydney. Image: Kengo Kuma and Iwan Sunito

“The West End development has the potential to become the largest residential development that [Kuma] has designed to date, in terms of its expansive floor area.

“In two to three years’ time, there will be a huge demand for new homes in Australia that will not be met by supply because of the lag in construction that is happening now, particularly in areas of need such as inner-city areas.

“All this, coupled with the low cost of borrowing due to record low interest rates, are expected to drive new apartment prices up,” Sunito said.

Revised designs are expected to be lodged with Brisbane City Council in mid-2021 with off-the-plan sales starting next year.

Plans are expected to feature 450 high-end apartments as well as a pool, barbecue and poolside facilities, gym and community room.

The developer also has plans to break ground on its first apartment projects in Melbourne and Los Angeles, after reporting a rise in both profit and off-the-plan sales across a difficult 2020 financial year.

The group saw a 6 per cent lift in pre-tax profit to $35.6 million, selling $131.5 million worth of new apartments, up from $92.7 million the previous year.

Crown Group

▲ Crown Group originally submitted its application for a FJMT-designed scheme in January 2018 after picking up the site for $35 million. Image: FJMT

The group said the improved result had been helped by settlements at its $395 million Waterfall by Crown Group in Waterloo during the peak of lockdown.

It was also supported by $6.5 million in sales, over a two-week period, at its twin-tower Artis development at 175 Sturt Street in Melbourne’s Southbank.

The project saw a limited release, virtually via Zoom, to the Indonesian market in December during the countries’ most severe lockdown period.

“It shows that there is a market among Indonesian buyers, particularly for Melbourne, and that buyers are looking to a future beyond the pandemic,” Sunito said.

Crown Group said it will focus this year on sales at its Sydney projects, the $575 million Mastery at Waterloo and the $1 billion Eastlakes Live project in the inner south.

The developer is also working towards launching its proposed Los Angeles project, a $650 million apartment and hotel tower in the city’s Downtown district, which is pending entitlement approval in late 2021 by the City of Los Angeles.


Article Source:

from Queensland Property Investor

Wednesday 27 January 2021

Gold Coast residents fed up with illegal campers walking around naked, urinating in public

Beachfront residents on the southern Gold Coast say they are fed up with illegal campers urinating in public, dumping rubbish, and taking up valuable parking bays.

Mena Tsikleas has been living at Rainbow Bay since 1966 and said he was frustrated by the large number of people illegally camping along the beachfront.

He said there was a white van with Western Australia licence plates that had been parked beside the beach on Snapper Rocks Road for three weeks.

“I think it’s rude,” he said.

Mr Tsikleas said two illegal campers were recently seen exiting their van naked and wandering into bushland to urinate.

He said he had complained to council numerous times about the ongoing problem of illegal campers.

“Especially up the top of Greenmount Hill. It stinks up there in the mornings.

“I’ve seen people pull up outside my place and cook breakfast, wash their dishes, and the whole lot went down the drain.”

The long-term resident founded the Friends of Rainbow Bay Society and said many locals shared his frustration.

illegal campers

A campervan parked beside Flagstaff Beach (Duranbah) on the Queensland-NSW border.(ABC Gold Coast: Tom Forbes)

“What about the people that are paying $3,000 a week to stay in Rainbow close by, and they drive to the beach to take their kids out for two or three hours and they can’t find a parking spot,” Mr Tsikleas said.

“That’s hardly fair.”

Using toilets ‘not a given’

Bernie McGuiness moved to Rainbow Bay in 2009 and said the location was ideal for campers because the council provided them with all of the facilities they needed.

“They’ve got barbecues, hot water, toilets and showers,” he said.

“They come here, basically live here, cook their meals, and hopefully they use the toilets. But that’s not a given.”

Mr McGuiness said the City of Gold Coast council had laws prohibiting illegal camping but they were not being enforced.

“We complain about it but all we get is excuses about ‘we’re understaffed’ or ‘we can’t do much about it unless we knock on their door and they respond’,” he said.


Article Source:

from Queensland Property Investor

Australia’s biggest auction event: $40m of property sold on the Gold Coast

More than $40 million worth of property was sold at Australia’s biggest auction event on Sunday, amid a “golden era” for real estate on the Gold Coast.

In a whirlwind of bidding spread over six hours, 90 properties went under the hammer, from entry-level apartments to waterfront mansions and lush hinterland homes. Another 15 scheduled to go to auction had sold prior.

An equine estate in Guanaba, taking in a main residence, two one-bedroom studios, stables, a dressage arena and five horse paddocks was the most expensive single property sold on the day, fetching $1,675,000.

Nervous home buyers, seasoned investors and excited sellers were among the several thousand that attended RACV Royal Pines Resort over the course of the day for the annual auction event hosted by Ray White Surfers Paradise Group.

Australia’s biggest auction event

Crowds socially distance at Ray White Surfers Paradise Group’s annual auction event. Photo: Marc Pricop

The capacity in the auditorium was reduced due to social distancing rules but those that had missed out on a seat in the auction room were able to livestream the event from an adjacent hall.

While it impacted the seating configuration, the pandemic did not slow the pace of the auctions as bidders fought hard and fast for a slice of beachside bliss.

Andrew Bell, chief executive officer of Ray White Surfers Paradise Group, said COVID-19 had triggered a shift in priorities for people, setting the scene for strong demand for property in lifestyle markets like the Gold Coast.

Australia’s biggest auction event

450 Guanaba Creek Road was the highest selling property of the auction event.

“There was a sense of eagerness,” he said. “People knew the market was hot and came to see what was going to happen.”

Median house prices have soared to new heights along the south-east Queensland coast, rising a whopping 25 per cent in Surfers Paradise in the year to September, according to Domain Group’s House Price Report.

“The Gold Coast is in a golden era,” Mr Bell said. “It’s quite unbelievable to think where we have come from in just a few months.”

The event achieved a clearance rate of 79 per cent, with Mr Bell describing the results as “the best ever”.


The day started with a bang as bidding on a three-bedroom villa in Chevron Island climbed from $500,000 to $1.2 million. The buyers, a couple from Goulburn, said they planned to retire on the Gold Coast.

The first 20 properties sold one after the other under the hammer, with Mr Bell noting most had sold for between five and 10 per cent over reserve.

A two-bedroom, two-bathroom apartment on The Esplanade attracted fierce competition among ten bidders, selling for $715,000.

Later, a three-storey block of units at 44 Queen Street offering 17 lettable rooms fetched the highest price of the day, with the hammer falling at $2.7 million.

Of the 379 registered bidders, about 70 per cent were local while the remaining 30 per cent were from interstate.

Owner-occupiers were the most spirited bidders, Mr Bell said, followed by interstate buyers looking for properties that could double as short-term rentals and holiday homes.

But investors also went toe-to-toe for an array of apartments in Surfers Paradise, Southport and Chevron Island.

“Our vacancy rate has dropped to 0.4 per cent,” Mr Bell said. “There is an acute shortage of rentals all along the Gold Coast.”

Australia’s biggest auction event

7B/150 The Esplanade, Surfers Paradise sold for $715,000.

He said the auction results were a statement about the market going into a new year. “When you have something of this size, it’s a real test of the market,” he said.

“It endorses the belief that the Gold Coast is in a strong position in the real estate market.”

And he can’t see it slowing down this year.

“It’s not out of control or over-heated,” he said. “It still has some way to go.”


Article Source:

from Queensland Property Investor

Home solar and batteries “the norm” in new Brisbane property developments

Two residential developments being built in suburban Brisbane will feature “futuristic” new homes fitted out with rooftop solar, battery storage and heat pump hot water systems, a standard the Queensland government hopes will become “the norm” in the state as it aims for net-zero emissions by 2050.

The state Labor government-led developments, one in Carseldine in Brisbane’s north and the other in the south-western suburb of Oxley, will include AlphaESS and Tesla Powerwall home batteries, respectively, with the Powerwalls offering the option to link to a virtual power plant.

Queensland deputy premier Steven Miles said both developments would demonstrate the use of innovation across different housing markets, with Carseldine Village featuring terrace homes and Songbird at Oxley catering for traditional detached homes.

“We’re hoping to inspire more home builders and developers to design and build sustainable, net zero emission homes across Queensland.”

The construction of new housing developments, and indeed whole new suburbs, with solar and batteries included off the plan is nothing new in Australia, but neither is it anywhere near as common as it should be. In this case, the fact that the developer is the state government, via Economic Development Queensland (EDQ), offers a promising sign that policy-makers might be close to pushing for higher standards from industry.

Certainly, this would be good news for consumers. The combination of the batteries, alongside the solar PV and other energy smart and efficient features – including being “electric vehicle charger ready” – is expected to save home owners at both the Brisbane developments between $1,600 and $2,000 a year on energy costs.

“All the Carseldine Village terrace homes and the Oxley Songbird detached residential dwellings homes will come with solar PV, battery storage systems, heat pump hot water systems, WiFi air conditioning and will be electric vehicle charger ready,” said Miles, who is also Queensland’s minister for state development.

“This could save owners up to $1600 per year off their power bills.”

That figure comes from an energy assessment that compared an average existing Brisbane home to a similar sized energy efficient terrace home at the Carseldine Village development, which will pair solar with an AlphaESS battery system.

The Oxley Songbird development, meanwhile, will tap a “landmark deal” with Natural Solar and Tesla that will offer on- and off-grid capability, and the option to link into a virtual power plant to generate extra revenue for the homebuyer, said Miles.

“This is incredible technology which will mean that in the event of a Queensland storm or power-outage in Oxley, these homes will still have power, so they will be able to use their fridge, lights, and favourite streaming service,” the deputy premier said.

Natural Solar CEO Chris Williams said the solar and battery systems, and other features of the homes, would deliver savings of up to $2000 a year for home owners, offering a return on investment in around five years.

Queensland’s relatively new minister for energy, renewables and hydrogen, Mick de Brenni said the “futuristic homes” would also help ensure that Queensland reached its renewable energy target of 50% by 2030.

“We know that Queenslanders want smart, efficient homes that run on clean energy because ultimately it will save them money,” de Brenni said.

“As we move to a carbon-neutral future this sort of housing design is something that we are working towards becoming the norm across Queensland with updates for the National Construction Code in the pipeline.”

As noted above, new housing developments offering solar and battery storage as the standard are becoming increasingly common around Australia, although most of them still with the backing of either state or federal government grants or schemes.

A recent example is the ARENA-backed project by Fraser’s Property Australia that will build 51 all-electric, solar homes that will generate more power than they consume, starting with a $1.42 million net-zero energy housing project in south west Sydney.

That project, called Ed.Square, will build 51 medium density Balanced Energy Homes – or BE.Homes – in the suburb of Edmondson Park that will integrate a suite of renewable energy, electrification and energy efficiency measures, including 4kW of solar PV, ground source heat pump space conditioning, and electric boosted solar hot water.

In Victoria, a 460-home collaboration by Villawood Properties and state-owned utility South East Water offered home buyers the option of 5kW of rooftop solar, plus battery storage provided by sonnen.

Both developments in Brisbane, Songbird and Carseldine Village, are open to buyers or expressions of interes. House prices start at $462,050 at Carseldine and at $480,000 at Songbird.


Article Source:

from Queensland Property Investor

From crumbling hovel to multimillion-dollar mini-mansion

A former crumbling hovel in one of Brisbane’s hottest pockets has sparked an international buying frenzy after a year-long extreme makeover turned the “unloved” rotting Queenslander into a multimillion-dollar mini-mansion.

Once home to countless students on a two-minute-noodle budget, the now-lavish abode at 18 Thornbury Street, Spring Hill, is the stuff of caviar dreams after “cupboard-sized” bedrooms and “rotted floorboards” were swapped for luxury living spaces, a rooftop deck and a wine cellar – all on a rare 500-


Article Source:

from Queensland Property Investor

Monday 25 January 2021

Kirra Point’s Miles Residences nearly 50% sold in just three weeks

The KTQ Group’s $380 million re-development of the site will feature 118 apartments in total and a new pub and pavilion.

The luxury redevelopment of the Kirra Beach Hotel site in Coolangatta’s Kirra Point has already seen nearly half of their 118 Miles Residences apartments in stage one sell.

Some $88 million has been secured for the KTQ Group, whose $180 million first stage is part of their $380 million re-development of the site which will also include a new pub and pavilion.

The average sale price has been $1.61 million.

The sales conversion has come off the back of more than 1,000 inquiries prior to the project’s much launch on December 27.

KTQ Group development director Jeremy Holmes said the very promising sales start would fast track the commencement of construction on the project.

Kirra Point's Miles Residences

“We’re pleasantly surprised at the sales, but we were always of the belief that when we went to the market with Miles Residences there would be significant interest no matter what type of market we were in,” Mr Holmes said.

“The reality is it is impossible to replicate this offering on a one-hectare site overlooking Kirra Beach. The fact that the southern Gold Coast market has been so strong, along with a pent-up demand for this particular development, has provided a solid foundation for the launch campaign.

Miles Residences has targeted predominantly owner-occupiers and will offer spectacular views across the Gold Coast from its location on one of Australia’s most famous north-facing beaches.

“We have seen a great cross section of buyers to date, with 70% coming from Queensland and 23% from New South Wales. The high level of Queensland buyers is mainly due to the local market acting quickly to choose their ideal apartment. They have been waiting 10 years for this project and didn’t want to miss out on the uninterrupted view lines.”

Sales have ranged across a diverse mix of apartments with one-bedroom residences selling from $550,000 up to the most spectacular three bedroom plus MPR residences reaching $3,000,000.

Kirra Point's Miles Residences

Prices start from $545,000 for the one bedroom apartments, from $795,000 for the two bedders and from $1.5 million for the three bedroom, three bathroom apartments.

Tim Keenan, of Keenan & Co which is marketing Miles Residences, said the interest had been overwhelming.

“We have not stopped. The inquiry from locals as well as interstate purchasers has been relentless,” Mr Keenan said.

“The reality is that the southern Gold Coast has never seen such a quality offering and the market has responded in kind.

“Buyers who know and understand the uniqueness of one of Australia’s most iconic north facing beachfront locations have been waiting for a project of the quality and scale that KTQ Group has put together.

“We are pleased that we still have some of the best apartments available for sale and we are seeing buyers across all price points and unit types.

“This is the first major destination precinct for Kirra and the quality of these superlatively designed apartments to match such a wonderful location has combined to create enormous interest and sales conversions.”The Woods Bagot-designed tower is slated for completion in early 2023.

The Kirra Beach first stage is expected to take two and a half years to deliver and will create hundreds of initial construction jobs and then a number of hospitality jobs upon completion.

The family-owned KTQ Group are the owners of the award-winning Elements of Byron resort which has won multiple tourism and design awards including the urban Development Institute of Australia’s 2017 and 2018 Awards for Excellence in retail and regional development.


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from Queensland Property Investor

Gold Coast Rides Wave of Development

As the Gold Coast continues to attract local and interstate interest, developers are taking advantage of strong buyer demand as Sydney and Melbourne residents look north.

With the end of 2020 seeing a wave of development applications, the latest figures from the Real Estate Institute of Queensland show the two most popular destinations for interstate migration still remain the Sunshine Coast and Gold Coast.

Four projects lodged in the past four weeks include developments spanning from Hope Island on the Gold Coast’s northern tip through to Palm Beach on the coast’s sought after southern end.

Hope Island

Gold Coast

▲ Plans for 6-8 Sickle Avenue, Hope Island.

One of the largest developments lodged over the December period is Aniko Group’s $140 million development plans in Hope Island.

Property records show the 6-8 Sickle Avenue site was purchased for $3.5 million in May 2019.

The Archidiom-designed project spans a 8,244sq m site.

Led by George Mastrocostas, the group’s proposed project will comprise two apartment buildings standing 8-storeys in height with a total of 185 units and 370 bedrooms. Plans also show a total of 273 car parking spaces.

Palm Beach

Gold Coast


Plans for a nine-storey residential building at 1214-1220 Gold Coast Highway, Palm Beach have also been lodged by an entity linked to Daniel Chippendale.

The BDA-designed project will comprise 58 units, located on the corner of Tenth Avenue and the Gold Coast highway.

The 1641sq m sized site comprises four freehold allotments and is currently occupied by a series of double-storey residential brick homes.

Plans for the development show the building has 65 per cent site coverage.

The proposed project includes ground and rooftop communal areas, a pool, gym, outdoor dining, and open terrace areas.

Palm Beach

Gold Coast

Another project in the council pipeline is a 14-storey Cottee Parker-designed tower backed by Gold Coast developer Anthony Gordon.

The $140 million development, known as Reef Palm Beach, sits on a 3304sq m site at 332 The Esplanade, also in Palm Beach.

Plans propose 76 apartments across 13 levels along with two basement levels of car parking space.

Gordon picked up the beachfront site late last year for $21 million, in a deal managed by Cushman & Wakefield’s Kyle Youngson.

Burleigh Heads

Gold Coast

Plans are lodged for a 12-storey residential development in development busy Burleigh.

The project, known as Kailua, is bordered by Rudd Park and proposes 55 apartments.

The applicant, Robkel Burleigh Pty Ltd, is linked to David John Roberts, a local Gold Coast resident, and Brisbane based Michael Kelso.

The entity picked up the 1805 Gold Coast Highway, Burleigh Heads site, occupied by a two-storey office building, for $6.7 million in mid-2020.

Project sales

As for recent sales, Brisbane developer Paul Gedoun has plans for a second residential building at Rainbow Bay following the 2020 sell-out of his $74 million Flow Residences project.

The Flow’s final luxury apartment sold within three months of the project launching.

And the first stage of the $380 million Kirra Beach Hotel re-development, touted to transform one of the Gold Coast’s most famous pubs into a tower, has clocked $88 million in sales following its official launch to market in late December.

Marketing collateral states that almost 50 per cent of the 118 apartments, which form the $180 million Miles Residence, have sold in the first stage for an average $1.61 million price tag in the three weeks since launch.

The redevelopment, helmed by Peggy Flannery’s KTQ Group, spans a one-hectare site overlooking Kirra Beach.

KTQ Group development director Jeremy Holmes said the cross-section of buyers to date involved 70 per cent from Queensland and 23 per cent from New South Wales, with the mix of apartments including one-bedroom residences priced at $550,000 up to three-bedroom residences priced at $3,000,000.

‘Record lows’: Gold Coast rental market

According to the Real Estate Institute of Queensland, the two most popular destinations for interstate migration still remain the Sunshine Coast and Gold Coast.

Citing liveability, affordability and lifestyle along with economic opportunities and education, the Sunshine Coast’s rental market is firmly gripped at 0.3 per cent, shows the REIQ’s latest vacancy data for the December 2020 quarter.

Areas such as Buddina (0.3%), Caloundra (0.3%), Maroochydore (0.5%), Noosa (0.4%) and Sunrise Beach (0.5%) have continued to tighten marginally over the past three months.

As for the Gold Coast market, REIQ chief executive Antonia Mercorella says rental properties are being “snapped up across all regions”.

Surfers Paradise recorded more than 2,100 vacant rentals at the peak of the pandemic nine months ago, and currently has 0.7 per cent stock availability, with its rental market now rebounding beyond pre-Covid levels to reach a new record low.

Record low vacancies have also been reported across the Gold Coast region.

In the north, which has a median vacancy of 0.6 per cent, stocks have reached all-time lows in areas such as Arundel (0.6%), Labrador (0.7%), Oxenford (0.1%), Runaway Bay (0.5%) and Southport (0.7%).

And on its southern end, a median vacancy of 0.3% across suburbs including Broadbeach (0.8%), Currumbin (0.3%), Miami (0.2%), Palm Beach (0.3%) and Varsity Lakes (0.6%).



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from Queensland Property Investor

Relocating to Queensland? Get in line, Sunshine state builders record four-fold rise in new home enquiries

A building company says the level of inquiry for new homes in south-east Queensland is “phenomenal,” with a mass domestic migration apparently underway to the Sunshine State.

Metricon Queensland general manager Luke Fryer said new homes sales were up 80 per cent and the level of enquiry in local property had been extraordinary.

“The major relocation companies are quoting 400 per cent increases in quotes to people who are wanting pricing to relocate from Sydney and Melbourne up to the Gold Coast and Greater Brisbane,” Mr Fryer said.

Interstate migration and government stimulus measures have helped boost new homes sales and building approvals across south-east Queensland, he said.

“We are seeing a significant increase in domestic migration.

“The level of enquiry and level of people committing to building a new home on the Gold Coast and south-east Queensland has really been phenomenal.”

“It’s been an extraordinarily positive result and response from Australians who do have certainty around their employment.”

While trades and product supply pressures were currently manageable, Mr Fryer said they could become an issue later this year when more building approvals will be processed.

“Certainly trades will come under pressure in 2021, because there’s only so many plumbers, so many brickies, so many electricians to go around at the moment.”

‘Absolutely the biggest boom’

Darryl Meehan director of Q Coast Homes said demand for renovations was unprecedented and unlike anything he had experienced in over 40 years.

“The renovation sector is doing even better than the new home market, especially on the Gold Coast,” Mr Meehan said.



Article Source:

from Queensland Property Investor

Friday 22 January 2021

Former Socceroo Brett Holman buys Peregian Beach new-build

The former Socceroo Brett Holman and wife Femke have downsized on the Sunshine Coast.

Having sold their Peregian Beach holiday home for $2.55 million mid-way through last year, they’ve gone off-market to secure a near new property in the same coastal suburb.

They’ve spent $1.15 million on a home on the Peregian Golf Course.

Only completed last year, the home has five bedrooms, including a master with its own sitting area, walk in wardrobe and ensuite which spans the entire length of the top level.

There’s a dedicated media room, a kitchen with butler’s pantry and an alfresco area overlooking the pool.

Peregian Beach

Richardson & Wrench Noosa agent Kerry Sullivan secured the sale off-market.

The Holman’s had previously nearer the beach, but flipped the modern 2018-built home half way through last year.

Having paid $1.95 million, they sold the Tim Ditchfield-designed four bedder for $2.55 million.

Holman, who runs a small football academy in the Sunshine Coast, and Femke are based in a five bedroom home in New Farm, which they bought for $2.43 million in 2016 when returning to Australia after spending 14 years playing soccer across Europe and Asia.

Born in Bankstown, Holman started his soccer career at Parramatta Power in the NSL before joining Dutch club Feyenoord in 2002.

Holman left Holland in 2012 to join Aston Villa in the English Premier League for a season then went on to play in Dubai and Abu Dhabi.

Holman has represented the Socceroos 63 times, scoring nine goals.


Article Source:

from Queensland Property Investor

QLD island property listed for less than house in parts of Logan

This spectacular island property off Far North Queensland has two houses, a beach hut and views to rival the Maldives. But this one w...