Nearly 1500 houses sold for over $1 million in southeast Queensland in only a three month period, new figures show.
The latest data from the Domain Group reveals 1413 properties went under contract for more than $1 million in Brisbane, the Gold Coast and the Sunshine Coast over the March quarter.
A whopping 189 properties sold for more than $2 million and, perhaps even more surprisingly, 17 properties sold for more than $5 million.
The healthy figures at Brisbane and the Gold and Sunshine coast’s top end are in stark contrast to the rest of Brisbane, where house prices actually fell during the same quarter. It was the largest quarterly drop since September 2011.
Annual growth is still positive, at 3.4 per cent, but this is the slowest growth rate recorded in Brisbane since 2013.
But the top 10 sales alone in the three months to March were worth $64 million collectively, a concrete sign of southeast Queensland’s strength at the high end, Domain Group chief economist Andrew Wilson says.
“The rest of the market may have started off slowly this year but at the top end, Brisbane, the Sunshine Coast and the Gold Coast are really firing,” he says. “Buyers from Sydney and Melbourne can really see the value in prestige real estate up here.”
Leading the spending spree was the Taiwanese billionaire who bought his son a $9.5 million residence to use as a holiday home at 201-205 Monaco Street, Broadbeach Waters, a street famous for its multimillion-dollar homes and high profile owners.
The deal was brokered by Savills Gold Coast agent Lisa Halpin, who sold the six-bedroom, eight-bathroom landmark residence in only 21 days.
“It’s going to be a great year; I’m getting demand from across the globe,” Ms Halpin says. “And the Taiwanese billionaire is coming back soon to buy another holiday house, this time for his other son.”
The third-highest sale of the quarter was 14 Admiralty Drive, Paradise Waters, which was purchased by Gold Coast Titans director Darryl Kelly for $7.7 million.
Marketing agent Michael Kollosche, whose agency Kollosche Prestige has settled a staggering $73.75 million worth of property in the March quarter alone, says buyer activity is strong.
“I would expect that to continue through this quarter. Factors like end of financial year or the budget don’t affect these buyers; if they see something they want, they just buy it.”
In Brisbane, Ray White Ascot agent Damon Warat negotiated the $5.1 million sale of 63 Laidlaw Parade, East Brisbane. Records show it was purchased by former AMA Queensland president and TV medical journalist Ingrid Tall and her partner Yolande York.
Mr Warat said he negotiated four sales totalling $9 million so far this month, with a lot of the interest being driven by wealthy buyers wanting to “go back to basics”.
“They’re chasing nice houses on large allotments and there’s not enough stock, so everything is selling,” he says.
“I had 40 groups though at an open house on the weekend for one property. It’s going to continue to stay busy.”
Top sales (that went under contract) during the March quarter, 2017:
- 201-205 Monaco Drive, Broadbeach Waters, $9.5 million. Agent: Lisa Halpin, Savills Gold Coast
- 24 Palm Avenue, Ascot, $8.3 million. Agent: Hamish Bowman and Matt Lancashire, Ray White New Farm
- 14 Admiralty Drive, Paradise Waters, $7.7 million. Agent: Michael Kollosche, Kollosche Prestige Agents
- 12 Aminga Street, Fig Tree Pocket, $6 million. Agent: Jason Adcock, Adcock Prestige
- 25 Southern Cross Drive, Cronin Island, $6 million. Agent: Sam Guo and Julia Kuo, Ray White Broadbeach
- 41 Mossman Court, Noosa Heads, $5.5 million. Agent: Tom Offerman, Tom Offerman Real Estate
- 67 Commodore Drive, Surfers Paradise, $5,485,000. Agent: Jesse Willcox and Mitchell Lambert, Lambert Willcox
- 37 Macquarie Street, Teneriffe, $5.1 million. Agent: Hamish Bowman and Matt Lancashire, Ray White New Farm
- 63 Laidlaw Parade, East Brisbane, $5.1 million. Agent: Damon Warat, Ray White Ascot
The story Nearly 1500 buyers spend over $1m on a property in three months first appeared on The Sydney Morning Herald.
Originally Published: http://www.queenslandcountrylife.com.au/
Home in blue-chip street sells for $4.1 million
Queensland’s population hits 5 million people today
Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.
Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.
“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.
“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”
Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.
PHOTO: The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)
“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.
ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.
Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.
Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.
The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.
Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.
ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.
ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.
“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.
But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.
Queensland could be leading growth state in future
Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.
‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.
Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.
“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.
Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.
“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.
“Perhaps we could do more to encourage people to move outside the south-east corner.
“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”
APRA to end cap on property investor loan growth
APRA is removing the 10 per cent ‘speed limit’ on investor loan growth.
Photo: Louise Kennerley
The banking regulator is axing a 10 per cent speed limit on bank lending to property investors, saying the cap has served its purpose and improved credit standards.
With Sydney house prices falling and credit growth slowing, the Australian Prudential Regulation Authority on Thursday said it would remove the cap for bank boards that could prove they had been following its guidelines on prudent lending.
In late 2014, amid a surge in borrowing by property investors and rapid house price growth, APRA took the rare step of setting a 10 per cent limit on the annual growth in banks’ housing investor loan portfolios.
The measure has rocked the mortgage market in recent years, prompting banks to jack up interest rates for housing investors, and demand borrowers stump up bigger deposits.
But on Thursday, APRA chairman Wayne Byres said it was prepared to remove the measure because there had been an improvement in lending standards and a slowdown in credit growth.
“The temporary benchmark on investor loan growth has served its purpose. Lending growth has moderated, standards have been lifted and oversight has improved,” Mr Byres
Even so, the regulator will retain a separate 2017 policy that requires banks to limit their new interest-only lending to less than 30 per cent of all new home loan approvals.
APRA also said there was “more to do” in improving other aspects of banks’ lending, including how they assessed borrowers’ expenses, their existing debts, and the approval of loans that fell outside of banks’ formal lending policies.
APRA said it expected banks to introduce limits on the proportion of new lending that could be done at “very high” debt-to-income levels.
“In the current environment, APRA supervisors will continue to closely monitor any changes in lending standards,” Mr Byres said.
“The benchmark on interest-only lending will also continue to apply. APRA will consider the need for further changes to its approach as conditions evolve, in consultation with the other members of the Council of Financial Regulators.”
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