QUEENSLAND homeowners have pocketed more than $2.1 billion in property profits in the last three months as new figures reveal there is little pain in the market.
While property price growth has slowed the overwhelming majority of sellers achieved more than they had paid for their property during the September quarter, according to the latest CoreLogic Pain and Gain report.
Within the Brisbane City Council region 90.4 per cent of property sales in the quarter achieved a profit, with a median profit of $182,500.
Councils outside of Brisbane also did well during the quarter with Logan, Moreton Bay and Redland all recording more than 90 per cent of sales for a profit.
The report analyses sales during the September quarter and how many properties sold for more or less than the owners previously paid for them.
It said with the housing market experiencing a slow down in the rate of price growth, it was anticipated that nationally the number of loss making sales could increase in the next couple of quarters
CoreLogic analyst Cameron Kusher said the figures hadn’t changed dramatically in Brisbane during the quarter.
“I think in Brisbane things are pretty steady as she goes, except I guess the one talking point is we have probably seen a slight edging higher of resales at a loss for houses, which had been trending lower for quite a while and obviously units are still pretty inflated,’’ he said.
“We have seen upticks in loss making sales like that in the past. It is nothing too concerning yet, but certainly something to watch if it continues.’’
The median profit was $121,000 and a total profit of $290,350,926.
Mr Kusher said coastal areas had experienced a massive turnaround in the past couple of years.
“The Gold and Sunshine Coasts in particular. I think that again reflects the fact that in terms of value growth the Gold and Sunshine Coasts are actually stronger than Brisbane at the moment.
“I think a lot of migration we are getting into southeast Queensland is into the Gold and Sunshine Coasts and not necessarily into Brisbane.’’
The report found that nationally 90.8 per cent of properties which were resold in the September quarter were at a price at or more than the previous purchase price.
This was only 0.1 per cent lower than the previous quarter.
Regional markets still struggled with more than half, 52.5 per cent of properties sold in Mackay, Isaac and Whitsunday region sold at a loss.
Central Queensland was not much better with 44.3 per cent of sales at a loss and in Townsville 42.9 per cent were for less than owners originally paid. In the Wide Bay region about a third of properties sold for a loss.
Originally Published: http://www.news.com.au
Seaside suburbs the star performers of southeast Queensland property market
THE lure of affordability, lifestyle and world-class beaches made southeast Queensland’s coastal markets the stars of the property sector in 2017.
While home values grew just 2.4 percent in Brisbane over the past 12 months, they jumped nearly 7 percent on the Gold Coast, while houses climbed in value by more than 7 percent on the Sunshine Coast, according to the latest data from property analytics firm CoreLogic.
Half of the top 10 property sales in Queensland last year were made on the Gold Coast; totalling $48.9 million.
And some agents say the markets are set to strengthen further in 2018 as Sydney and Melbourne homeowners cash out of their million-dollar homes in favour of a more laid-back, affordable lifestyle in the tropical north.
The REIQ’s latest Queensland Market Monitor shows the median house price in the Sunshine Coast statistical division jumped from $557,500 in June to $570,000 in September, while the Gold Coast achieved a new house price record of $606,000.
The Queensland government recently declared the number of interstaters migrating to the state was at its highest level in eight years, with 15,716 people moving here in the year to March 2017 — most coming from New South Wales.
CoreLogic senior research analyst Cameron Kusher said both the Gold Coast and Sunshine Coast property markets had benefited from that boost in interstate migration more than Brisbane.
Ray White Surfers Paradise holds its major auction event of the year later this month to coincide with the January holiday period when many interstate and overseas visitors flock to the Gold Coast.
More than 100 properties will go under the hammer at its annual ‘The Event’ on January 28, with many holiday homes and investment properties set to sell to interstate and local investors.
Ray White Surfers Paradise chief executive Andrew Bell said the region had recorded solid sales figures in 2017 thanks to economic stability, job creation and steady population growth.
Mr Bell said the property market at the northern end of the Gold Coast had strengthened considerably because of new medium and high rise development in areas like Southport and Hope Island.
“That’s where all the new development is and it’s given people a lot more opportunity,” he said.
Mr Bell said suburbs like Coomera and Pimpama were had also become “powerhouses” for house-and-land developments, attracting demand from interstate.
“It’s not just people buying holiday homes,” he said.
“It’s just getting so difficult to live in Sydney with the cost of living and the traffic.
“People are saying ‘it’s time to move!’ and I think they’re seeing the Gold Coast as being the best it’s ever looked.”
And with vacancy rates of less than 1 per cent on the Gold Coast, Mr Bell said an increase in home construction was more than welcome.
“We can have 20 plus people turn up to an open home, so we desperately need more investors to buy some stock to help with this huge demand from tenants,” he said.
Kollosche Prestige Agents managing director Jordan Williams said the Gold Coast property market experienced periods of strength and weakness in 2017, but he predicted a bigger year in 2018.
“I know for a fact that for the last half of last year a lot of buyers were sitting on their hands reading the negative articles that said the market was going to crash,” Mr Williams said. “They’ve bought off me since then and realised its actually going to continue to improve.
“I think it’s going to be an exciting year.”
Mr Williams also said the majority of homes he sold were cash contracts, unlike the pre-GFC days.
“We have very affluent local and interstate buyers who are fourth, fifth and sixth generation wealthy,” he said.
“Our vendors who own these homes are also affluent, successful people and they don’t muck around with finance and building and pest inspections.”
Kristian and Haley Hughes are selling their five-bedroom waterfront home at 31 Pilot Court, Mermaid Waters through Kollosche Prestige Agents.
They’ve lived there for nearly three years, but have decided to sell and rent in the area so they can use the capital to fund Mrs Hughes’ new make-up venture.
Mrs Hughes, who runs The Institute of Makeup beauty school, said Mermaid Waters had benefited from the growth in popularity of nearby Burleigh Heads.
“I feel it’s becoming the new central location — nestled between Burleigh and Broadbeach,” she said.
The Hughes are hopeful they’ll benefit from the growth in the market over the past 12 months, with the median house price in Mermaid Waters increasing by more than 17 per cent.
Their family home is decked out with floor-to-ceiling glass, which captures spectacular 180 degree views.
“For someone who wants to make it their forever home, they’ll never run out of room,” she said.
“It was hard finding a place to put an offer on even then, because (homes) were selling before they even went to market.”
Further north, Noosa was the standout performer in 2017.
REIQ figures show Noosa was the state’s top performing market in the three months to September, recording annual house price growth of nearly 10 per cent.
Over the past five years, Noosa’s median house price has jumped by more than 40 per cent.
Tom Offermann Real Estate principal Tom Offermann said the company ended 2017 with eight sales averaging $5.9 million each.
The agency sold a sprawling waterfront home with a drive-through boatshed, two jetties and a boat ramp at 29-31 Wyuna Dr, Noosaville, for close to $11.9 million late in 2017 — setting a new record for the area.
“It’s not just the prestige properties that buyers are targeting,” Mr Offermann told The Courier-Mail.
“There are good opportunities for buyers at all levels who want to invest or live here.”
Another driving factor behind demand for the Gold Coast and Sunshine Coast markets is a lack of stock, but BIS Oxford Economics expects rising supply over the next three years to slow forecast price growth.
Another coastal market in Queensland that performed better than expected in 2017 was Cairns.
BIS Oxford Economics noted Cairns had benefited from improved tourism and a deficiency of dwellings, which was estimated to have pushed the median house price up by 20 per cent in the past five years.
It expects home prices to grow another five per cent until 2020.
Originally published: www.goldcoastinvestor.com.au
The Gold and Sunshine Coast markets are making a comeback
THE Gold Coast and Sunshine Coast property markets are making a comeback. Check out some of the amazing listings.
THERE are plenty of amazing coastal properties to choose from on the market at the moment, particularly if you’ve got plenty to spend.
The Gold Coast is renowned for having some of the most amazing beachfront and waterfront homes on offer.
One of the most impressive listings is a seven-bedroom home at 7-13 King Arthurs Court, Sovereign Islands.
The home, known as Château de Rêves is on a 3070 sqm absolute waterfront site at Sovereign Islands. It has 85 metre of water frontage and uninterrupted views of the Gold Coast broadwater and skyline.
The home was built in 2001 and also has two studies, two kitchens and staff quarters.
The internal finishes were imported from around the world and include Venetian Murano glass, an Italian imported timber balustrade and Botticino marble floors.
A main staircase was designed and manufactured in Italy and shipped in one piece. It is listed by Vivian Yu and Paul Arthur of Queensland Sotheby’s International Realty.
Also impressive is an incredible seven-bedroom home at 2585 Gracemere Circuit North, Hope Island.
The house, which is known as Sails, has 176 metres of water frontage and is guarded by marble lion sentinels.
Inside the double-height foyers is s Versace inspired water feature. The home was designed with curves and extensive balconies to simulate the sensation of sailing on an ocean liner.
There are gold swan taps n the bathrooms, Swarovski crystal chandeliers, and a self-contained penthouse apartment with a balcony which its listing describes as “big enough to land a helicopter’’.
The block has deep water frontage and a protected mooring for a 160-foot vessel.
It is listed through Douglas Hoang and Claire Dai of The Venetian Real Estate – Surfers Paradise.
Another amazing home listed for sale on the Gold Coast is at 3-7 Sir Lancelot Close, Sovereign Islands.
The seven-bedroom, Mediterranean inspired, waterfront mansion has views to Stradroke Island and Surfers Paradise.
The home has private guest accommodation and secure parking for up to 15 cars including basement parking.
It has 55 metres of water frontage and formal and informal living spaces.
The outdoor dining area has a Teppanyaki barbecue and there is a 25 metre swimming pool, gym and steam room, plus a yoga studio and meditation/massage room.
It is listed through Lisa Halpin of Savills – Gold Coast.
On the Sunshine Coast at home at 46 Seaview Tce, has 7 bedrooms, five bathrooms and an asking price of more than $18 million.
The beachfront home which is owned by former Australian tennis champ, Pat Rafter, is at the northern end of Sunshine Beach. It is on 1286sq m of land with its own landscaped path to the beach.
The open plan home has extensive decking, an infinity-edge pool and ocean views.
There is also a fireplace.and storage for surfboards.
Also on the Sunshine Coast a five-bedroom home at 9 Kiamba Court is listed for $4.75 million.
The home, known as Cloudbank, is also at the northern end of Sunshine Beach.
It has large balconies and views over the beach. The home is fitted out with plenty of new technology including a 360 degree rotating view television, SONOS entertainment control system that can be controlled with a smart phone, in-built speakers, ducted airconditioning, ducted vacuum and motorised awnings.
The kitchen has a built in cold room and there are vegetable gardens, multiple storage areas and parking for four cars.
It is listed through Jesse Stowers of Tom Offermann Real Estate – Noosa Heads.
Originally published: www.goldcoastinvestor.com.au
The first residents have staked their claim in a new Sunshine Coast community
THE first residents have staked their claim in what will eventually be a $3 billion Sunshine Coast community.
Ben Francis and his partner Caisa Tottszer, both aged 21, moved in just before Christmas, and are among the first of 12,000 residents expected to move in to the masterplanned community over the next 15 to 20 years.
“We were looking to buy a house for around six months and looked at places and developments all over the coast,” Mr Francis said.
“We decided to buy a piece of land in Harmony, as we had heard great things about the plans for the development, as well as it being so central to everything on the Sunshine Coast.
“I work in Caloundra and my partner works in Noosa, so it is the perfect location for us. We both grew up on the Sunshine Coast and love the lifestyle here.”
The couple chose a three-bedroom, single story house by Sunshine Coast builder, NuTrend Quality Homes.
“Harmony has been almost 10 years in the making and it is rewarding to finally see our first residents settling in and buyers’ dreams becoming a reality,” Mr Harper said.
“We are looking forward to hosting a range of events, like long table dinners, that will help residents meet their neighbours and develop lifelong friendships.”
Mr Harper said there was a “hive of activity on-site” with lots of homes due for completion.
Once complete, Harmony will feature 4800 homes, 100 hectares of open space, including Queensland’s first grand linear park, and a 15,250sq m town centre.
Harmony is home to the largest display village on the Sunshine Coast, Harmony Display World.
The display precinct showcases 43 architecturally designed homes from 25 local and national builders.
Developer: AVID Property Group
Price: House and Land Packages from $416,261
Originally published: www.news.com.au
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