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