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Queensland leads the charge in luxury real estate markets

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Pat Rafter’s property at 46 Seaview Terrace, Sunshine Beach.

Pat Rafter’s property at 46 Seaview Terrace, Sunshine Beach.

 

The $9.3m Sunshine Beach house.

The $9.3m Sunshine Beach house.

Micheal Chapman’s Tinbeerwah property.

Micheal Chapman’s Tinbeerwah property.

Queensland’s luxury real estate markets leapt into action this week producing a $25 million sale at Surfers Paradise, swiftly followed by the record sale of a beachfront mansion further up the coast at Noosa’s swanky Sunshine Beach.

Even fallen mining giant Nathan Tinkler’s sprawling estate at Pullenvale on Brisbane’s outskirts sold this week albeit through receivers Grant Thornton.

Despite the high prices achieved — think $9.3m for a house just outside Noosa — agents confirmed values were still up to 15 per cent below the top of the market prices achieved eight years ago when the Sunshine State’s real estate market was on fire.

Records set then are still to be toppled.

Entrepreneur Tony Smith’s partially completed beachfront mansion on Mermaid Beach, which sold for $27m in 2008, retains the record for the highest sale price in the Gold Coast.

Smith says the $25m paid for Scott Perrin’s 41 Albatross Avenue, Mermaid Beach mansion, through agent Michael Kollosche of Kollosche Prestige Agents, this week is comparatively cheap.

“The replacement cost would be up to $35m,” says Smith of the six-bedroom and six-bathroom property that sources said would cost the buyer at least $200,000 annually in repair and maintenance costs.

“(But) this sale is a great thing, it shows confidence in the beachfront market,” Smith says.

North of Brisbane at Sunshine Beach near Noosa, Tom Offermann, of Tom Offermann Real Estate, says a record price was set with the $9.3m sale of Sunshine Beach House at 11 Webb Road.

The house had been on the market for just 37 days and was initially listed at $9.85m by Perry Taylor and Vivienne Taylor, who had lived in Sunshine Beach for 32 years, public records reveal.

Offermann says the price achieved is the highest single lot residential sale in Noosa and the sale would help underpin the area’s property values that were still 15 per cent below the prices achieved at the height of the global financial crisis in 2008.

“In some areas of Noosa, values are back to pre-GFC levels, but generally we are still 10-15 per cent below those values.

“There is still good value here. The coastal market recovery has been slower than capital cities, which is why suddenly over the past 6 months we have experienced a lot of capital city buyers from Brisbane, Sydney and Melbourne picking up properties in the Noosa market.”

Offermann says the price paid for the Webb Road property was a good deal given a 600sq m lot fronting 24 Arakoon Crescent, Sunshine Beach, had recently sold for $5.25m. It might be the lead-up to summer but Offermann says the days of Noosa attracting only seasonal buyers are long over.

“For coastal holiday destinations summer is when people like coming here the most but we do have a very busy winter period mainly because of Melbourne holiday-makers.

“Noosa used to have a lot of ups and downs, when it wasn’t a holiday you could fire a gun down Hastings Street. These days it’s fairly even and hard to tell when it’s off peak. This year most of the resorts have been achieving occupancy rates in excess of 80 per cent.”

Offermann, who is also handling the sale of Pat Rafter’s 46 Seaview Terrace, Sunshine Beach, property — on the market for $18m — says he had fielded a lot of inquiry from domestic buyers as well as potential US buyers, but under Foreign Investment Board Review rules the property did not qualify for a foreign sale.

While $18m might be a big ask for a holiday house, Offermann says the price paid depends on the net worth of the individual.

“There are holiday homes around the world, and if you are a billionaire $18m is well within the realms of being justifiable for a holiday home for your family.

“It is right on the beach front, and there are a lot of billionaires who own real estate in Noosa as holiday homes.”

Meanwhile, song writer Micheal Chapman is about to list his 40.5ha Tinbeerwah property called Cintimani — or wish fulfilling jewel — through Offermann.

Offermann says Chapman, who moved to the US some years ago, will be guided by the market.

The Connecticut-based Chapman bought the property in 2007 for about $8m. Tenders for the 430 Sunrise Road, Tinbeerwah, property close in December.

“This is the next big offering,” Offermann says.

Original article published at www.theaustralian.com.au  by Lisa Allen 23/9/16

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Home in blue-chip street sells for $4.1 million

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Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million

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The canal-front home at 59 Witta Circle, Noosa Heads, sold on April 30 for $4.1 million through Tom Offerman Real Estate.

Source: www.sunshinecoastdaily.com.au

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Queensland’s population hits 5 million people today

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Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

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.

Queensland's population hits 5 million people today
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.

 Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

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.”

Source: brisbaneinvestor.com.au

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APRA to end cap on property investor loan growth

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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.”

Source: brisbaneinvestor.com.au

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