They are bigger than your average house, come with killer views and are fast becoming the new way of life for the well-heeled. Here are Queensland’s biggest apartment sales of 2018.
THEY are bigger than your average house, come with killer views and are fast becoming the new way of life for well-heeled home buyers.
Queensland’s biggest apartment sales of 2018 have been revealed, with the state’s most luxurious sky homes fetching eye-watering prices fuelled by interest from high flyers and demand continuing to outstrip supply.
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The top 10 list is dominated by the Gold Coast, Noosa and Brisbane’s inner city, with a palatial four-bedroom penthouse in the glamorous heart of Surfers Paradise taking the crown for the most expensive apartment sold last year at $9.5 million.
The 39th-floor Chevron Renaissance apartment, formerly owned by developer and entrepreneur Ron Bakir, became the most expensive penthouse ever sold on the Gold Coast — eclipsing the previous record of $9.2 million.
The second top sale was in Noosa, where a three-bedroom penthouse on the beachfront in Hastings Street fetched $7.2 million last year.
And in Brisbane, the biggest apartment sale of 2018 was a three-bedroom riverfront unit in New Farm, which changed hands for $6.5 million.
It comes as 2019 is shaping up to be even bigger for apartment sales, with real estate agents seeing signs owner-occupier demand for unit living has hit new heights.
Brisbane’s shrinking unit development pipeline and rising interstate migration means owner-occupier apartment stock is failing to keep up with demand.
After years of living in houses, Brisbane couple Ken and Toni Scrogings decided to buy a luxury apartment in a new development on the river in Hamilton.
With two of their children no longer living at home, the Scrogings wanted to make the move to apartment living and a lower maintenance lifestyle.
They have bought a three-bedroom, luxury sky home in Brookfield Residential Properties’ Gallery House, which will be completed later this year.
“Ken and I had a list of things we wanted for ourselves in an apartment, and we also wanted somewhere that could double as a ‘family home’ when our kids come to stay,” Mrs Scrogings said.
“Above all, we wanted top quality finishes. We are fussy — we have a beautiful home in Clayfield so we wanted to buy something that was nicer than what we have.”
Brookfield Residential Properties’ general manager Lee Butterworth said the Scrogings were typical of many Gallery House buyers.
“Our penthouses and sky homes have been sold to local downsizers who live in high-end homes and are now looking for something even more luxurious with incredible views and low maintenance,” Mr Butterworth said.
TOP 10 APARTMENT SALES OF 2018 IN QLD
1. 3250/23 Ferny Ave, Surfers Paradise $9.5m
It is one of the country’s best penthouses with a huge 21 car spaces and holds the Gold Coast penthouse record.
Complete with its own cigar and wine-tasting area, this record-breaking penthouse is spread over two floors and was sold with $1 million worth of imported designer furniture.
Features included secure basement parking for 21 cars, 918 sqm of living space and a fully electronic, remote-controlled kitchen.
The property was reportedly bought by a Gold Coast local.
2. 11/37 Hastings St, Noosa Heads $7.2m
This penthouse is right in the heart of the action on Noosa’s famous Hastings Street.
The three-bedroom, two-bathroom apartment in the ‘La Mer’ building overlooks Main Beach and sold for the first time in 27 years in October.
One of only nine apartments in the complex, the property has its own rooftop terrace and direct access to the pool and beach via a private stairwell.
3. 5/81 Moray St, New Farm $6.5m
This riverfront property in the prestigious Aquila building in New Farm fetched the biggest price for an apartment in Brisbane in 2018.
The tower only has 10 apartments, with one occupying each floor.
It comes with a media room, lift access, a built-in barbecue triple lock-up garage and a gym and heated pool.
4. 7001/4 The Esplanade, Surfers Paradise $6.5m
One of Australia’s largest and highest penthouses changed hands last year for $6.5 million. The four-level apartment in the beachfront Soul building in Surfers Paradise was owned by Hong Kong billionaire Tony Fung.
The property was sold as a concrete shell — stripped bare of all fixtures and fittings by receivers.
5. 4/63 River Esplanade, Mooloolaba $5.85m
This penthouse was in a luxury apartment block that was built on land once home to a fishing shack used as a holiday home to the stars.
For more than a century, the site at 63 River Esplanade was owned by Fred Eager of motoring fame and his ‘Pink House’ used by Hollywood A-listers, until it was sold in 2014 for $3.8 million.
A prestigious development known as ‘Tangalooma’ was then built on the site featuring four 500 sqm units and the sale of the penthouse for $5.85 million last year set a record for the central part of the Sunshine Coast.
It reportedly sold to a local downsizer.
6. Lot 6/3533 Main Beach Pde, Main Beach $5.6m
This apartment sold in March last year, but the penthouse and apartment 5 in the same building are currently on the market for $8.95 million and $5.75 million, respectively.
The beachfront development, called Sea, comprises only seven apartments.
7. 3/63 River Esplanade, Mooloolaba $5.58m
This was another one of the units in the ‘Tangalooma’ development, which also sold to a local buyer.
Each floor in the exclusive complex is specifically designed and comes with its own entry foyer and pool entry, plus a basement carpark.
8. 4/3565 Main Beach Pde, Main Beach $5.5m
This brand new, beachfront apartment sold for $5.5 million late last year.
The four-bedroom, four-bathroom property spans an entire floor of the M3565 development and includes sliding timber screens on its open balconies that encircle the apartment.
It offers ocean views from every room.
Another apartment in the building is currently for sale for $5.75 million.
9. 150/59 Pacific St, Main Beach $5.3m
This spectacular, three-level penthouse in the Xanadu North building sold just a month after hitting the market.
CoreLogic data reveals the four-bedroom apartment last changed hands in 2014 for $4.06 million.
An indoor heated pool, spa, home theatre, bar and 400-bottle wine cellar are among its standout features.
10. 702/252 Hedges Ave, Mermaid Beach $5.25m
This stunning, four-bedroom apartment was bought by Victorian property developer and former vice-president of the Carlton Football Club, Colin DeLutis.
It had previously belonged to ex-Coles boss John Fletcher, who paid $6.7 million for it in 2007.
The two-level property sold within 14 days of hitting the market.
It also has a rooftop terrace with a 15-metre lap pool and spa.
Originally published as Biggest apartment sales in Qld
The making of Maroochydore: Why this part of the Sunshine Coast should be on your radar
It may have been among the first list of locations in the song I’ve Been Everywhere, but Maroochydore has long played second fiddle to the rest of the Sunshine Coast.
Perhaps, in years gone by, that was because it didn’t have the same sex appeal as Mooloolaba a few short kilometres south, or most southerners simply drove straight to Noosa on their holidays after landing at the coast’s airport a few kilometres to the suburb’s north.
Until relatively recently, I, for one, had never frequented its bevy of beaches but now am a die-hard fan because of fewer people on the sand and definitely fewer out in the waves.
While it has long been recognised as the commercial hub of the coast, Maroochydore wasn’t known for much else apart from being home to Sunshine Plaza and a surf club.
Its property market didn’t even usually make the cut when journos chose to write a story, because it was often outshone by the coast’s million-dollar suburbs such as the aptly named Noosa beach suburbs of Sunrise and Sunshine up the road.
In fact, while it borders the expensive enclave of Alexandra Headland, Maroochydore’s median house price is just $635,000, according to the latest Domain data.
However, its time off the front pages brings with it plenty of market opportunity in the years ahead courtesy of an embarrassment of major local and regional projects.
The biggest one of them all, which again seems somewhat off the radar, is the creation of one of the largest regeneration projects in southeast Queensland.
Construction is about to start on the first buildings in Maroochydore’s brand-new CBD, which is on the site of a former golf course not far from the ocean.
“Once complete, the new city centre will be one of the most connected CBDs in Australia in terms of communications and public transport, which will benefit the entire suburb, not just the city centre,” SunCentral Maroochydore chief executive John Knaggs says.
“Sunshine Coast businesses will all be able to take advantage of the high-speed global connectivity delivered through the new international sub-sea cable and light rail to the heart of the site, which will make it easier for people to get around Maroochydore and access main train routes.”
The long-term project, set on about 50 hectares, is now in its second stage, with it expected to create 15,000 permanent jobs on the Sunshine Coast as well as inject billions into the local, regional, and state economies.
The project, which launched four years ago, seems particularly prescient given the region is now welcoming the second highest number of interstate migrants in the country.
Indeed, the Sunshine Coast population is expected to reach half a million by 2036.
“Maroochydore is becoming a stronger hub and centre of attraction, with businesses, particularly those at the forefront of technology, keen to get a foothold in the area,” Mr Knaggs said.
“A growing business community will lead to increased employment, which leads to more demand for property. Demand inevitably leads to future property price growth.”
Plans are also under way for a light rail to link Maroochydore to Caloundra, subject to funding, while Sunshine Plaza recently underwent a $440 million redevelopment.
Plus signs of gentrification are already visible, with the Duporth Avenue and Ocean Street precinct now home to a plethora of groovy cafes, bars, and new units with water views.
Local sales agent Amber Werchon said downsizers were particularly prevalent in the market at present.
“The coast itself has seen an increase in unit sales,” she said.
“We’re finding many downsizer buyers for apartments or townhouses who want to be close to the action but affordable.
“Maroochydore and the Sunshine Coast are both active markets, which we can expect to potentially see more of moving forward, with the approval of new business and housing developments in the new CBD.”
Another game-changing project is the Sunshine Coast Airport expansion, with a second runway and associated facilities due to be completed in 2020.
The project has the potential to deposit two million more local and overseas passengers every year on Maroochydore’s doorstep by 2040 – that will be triple the airport’s current annual passengers.
Justin Nickerson, of Apollo Auctions, says the suburb “ticks a lot of boxes” for property buyers with major amenities as well as a desirable beachside location.
“Maroochydore has been the poor cousin – you only went on holiday there if you left it too late to get into Mooloolaba or Alex – but now from a pure infrastructure point of view, it has more than both of those suburbs combined,” he says.
“When you look for places to live and places to invest, particularly if you have a young family, you look for infrastructure and Maroochydore definitely has that in spades.”
The southeast Queensland suburbs where vendors are discounting their sale prices
The southeast Queensland suburbs where vendors are discounting their sale price by the largest percentages have been revealed.
New data analysis by Domain looked at the average rate of vendor discounting on properties in suburbs throughout Brisbane, the Gold Coast and the Sunshine Coast over the six months to March this year and found some areas were discounting by as much as 12 per cent.
Houses at Carindale, Clontarf, Redcliffe and Rochedale South topped out the list of Greater Brisbane suburbs with the highest percentage of vendors discounting their asking price, while Chermside, New Farm, Redcliffe and South Brisbane had the highest rate of discounting for units.
On the Gold Coast, houses at Broadbeach Waters and Hope Island both recorded double-digit average vendor discounting, while units at Main Beach and Southport had the highest rate of discounting.
Maroochydore and Tewantin headed up the Sunshine Coast houses that were being the discounted by the highest percentage.
Domain economist Trent Wiltshire said the rate of discounting was another market indicator that could help assess conditions in certain suburbs.
The data was compiled using a minimum of 30 observations and did not include properties that sold via auction or without a listed price.
“This can be a bit more timely than price data,” he said. “But it is only an average figure and, while the average or median is the simplest way to look at a suburb, it doesn’t tell the full story.”
Will Torres of Torres Property said overall the housing market in Carindale was performing well but that the average discounting rate was likely brought down by a specific price point.
Carindale’s median house price is $879,750, a rise of 1.1 per cent over the year to March.
“I’d say the market that is being affected at the moment is that mid-$1 million price range,” he said.
“Rewind to six months ago I was selling houses in this price range in three weeks — now I’m struggling to get numbers in the door. That’s where the discounting will be, around that $1.5 million range and that’s why the Carindale percentage is that high.
“Anything under that price point is still performing really well and selling well. Days on market have stretched but the buyers and the demand is overall still there.”
Broadbeach Waters recorded the highest rate of vendor discounting, by up to 12 per cent. Jordan Williams of JW Prestige said that figure had likely been increased by houses in the $2 million to $3 million range, which were sometimes overpriced.
“If you’re 10 per cent over the odds you won’t get a result, you won’t get a deal — that’s why you’re seeing that average discount for Broadbeach Waters,” he said.
“So this figure doesn’t mean the market has dropped here, it means some properties were overpriced. I sold a house for $4.5 million where the owners originally were asking $4.7 million. That’s a massive discount.
“But it started out that high because the owners said they wanted to give it a go, test the waters. There’s a million different scenarios for why people discount their properties.”
At Hope Island, where the average vendor discount is 10.3 per cent, agent Warren Hickey is selling a four-bedroom, two-bathroom contemporary home on Virginia Avenue, which is listed for offers over $995,000 and advertised as a huge price reduction.
However, he said the listing was not representative of the local market.
“On average we’d sell a property a week in Hope Island. I would say if you look back at everything we’ve sold in the past few years, we’ve probably only advertised one as having a price reduction and this is it. It’s the exception,” he said.
On the Sunshine Coast, where Maroochydore recorded an average discount on houses of 7.5 per cent, local Century 21 agent Damien Said said a lot of the properties in higher demand were now auctioned.
“That needs to be noted — those properties are automatically excluded from the data,” he said.
“If anyone in Maroochydore is discounting, I’d say it’s more of a reflection of a few properties that came on the market with unrealistic expectations.
“Generally, we’re finding that when properties do come on the market, as long as the price is realistic, our days on market are reducing. The coast market is still quite active.”
The booming property hotspots which have defied the housing downturn – and it’s good news for homeowners living in Queensland
Coastal and regional hotspots are bucking the housing market downturn with property prices at record highs.
As the market in Sydney and Melbourne continues to weaken, it’s a different story in regions such as Hobart, Canberra and Queensland’s Gold and Sunshine coasts.
The regions dominate in the 11 suburbs across Australia identified as the most resilient areas, according to CoreLogic data.
New figures released this month revealed national housing values have plummeted 7.2 per cent, the largest annual fall since the 12 months ending February 2009 during the global financial crisis.
But Core Logic head of research Tim Lawless says homeowners in weak markets are unlocking significant equity, helping to boost prices in coastal areas.
‘Baby boomers are retiring, having gone through a number of property cycles and have the equity to fund a lifestyle purchase,’ he told The Australian.
‘The money goes further in these markets than in Sydney and Melbourne.’
So, where are Australia’s most resilient areas?
The Sunshine Coast, Queensland
The latest figures are good news for those looking to sell on Queensland’s Sunshine Coast.
The median housing price in Sunshine Beach have soared 5.3 per cent in the last 12 months to almost $1.16million and up 26.6 per cent in the last five years.
The suburb was followed closely by Noosa Heads ($1.11 million) with a 2.9 per cent rise, where prices have jumped 29.5 per cent in five years.
In nearby Diddillibah-Rosemount, prices have jumped 16 per cent in the last five years to $747,812, 1.8 per cent rise in the last 12 months.
Renowned as a popular tourist mecca and for its laidback lifestyle, the Sunshine Coast is a growing region which attracts more than 3.2 million visitors a year and is Queensland’s third most populated area.
Further south of the Sunshine Coast, the median price in the Brisbane suburb of Windsor rose by 6.04 per cent to $902,000 while on the Gold Coast, the coastal suburb of Palm Beach now stands at $872,400, up 2.8 per cent and 42.8 per cent over five years.
Many parts of the nation’s capital are also bucking the downturn trend, according to CoreLogic.
Experts have hailed Canberra the strongest real estate economy out of all of the capital cities.
The median price in Garran has skyrocketed by 10.7 per cent to just over $1million in the last 12 months and 41.9 per cent over five years.
There were even higher rises in Lyons (14.1 per cent to $769,518) and Cook (17.4 per cent to $749,743).
A town not far from Canberra that also made the list was Yass in the NSW southern tablelands, where the median property price jumped by 4.8 per cent to $760,000, where prices have soared by a third within five years.
Hobart, Tasmania and West Beach, South Australia
2018 was a record year for real estate sales in the Apple Aisle, known for its relaxed lifestyle, affordability and cooler climate.
There were 11,400 property transactions worth a record $4 billion last year, according to Real Estate Institute of Tasmania data.
In Hobart, the average property price has risen 6.5 per cent to $809,300, a 39.3 per cent within five years.
Also in Australia’s southern states bucking the trend is Adelaide seaside suburb of West Beach, where the average price is now over $800,000 after a 4.4 per cent rise and 27.3 per cent change over five years.
At the other end of the scale, 17 of the 20 biggest price drops for the year were in Sydney’s mid-priced suburbs such as Epping, where prices have plummeted by almost a third in the last 12 months, The Australian reported.
Mr Lawless said there are signs that the worst of the housing market conditions are now over.
‘Values are still broadly declining, however the pace of decline has moderated since December last year and there are some tentative signs that credit flows have improved, albeit from a low base,’ he said earlier this month.
‘The prospect for lower interest rates is another factor that could support an improvement in housing market activity later this year.’
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