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The most expensive home sales of 2017 — and those set to break records in 2018

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IT could be a record-breaking year for the state’s property market, with experts predicting a fresh wave of migration into southeast Queensland to drive home prices higher in 2018.

BRISBANE’S housing market could smash through the $20 million price ceiling in 2018 on the back of a record-breaking year that heralded a new era for the city’s property sector.

With an exodus of Sydney and Melbourne homeowners predicted to sell up and move to the Sunshine State this year, agents say the only way is up for prestige property prices.

The top sale of 2017 in Queensland was a clifftop Kangaroo Point home, which sold for a whopping $18.48 million — easily eclipsing the prior $14 million record set in late 2014 when mining magnate Gina Rinehart bought a home in Aaron Ave, Hawthorne.

The luxurious home at 1 Leopard Street became Brisbane’s most expensive residential property when it settled in March last year.

It was also one of the 25 most expensive home sales of 2017 in Australia.

Ray White New Farm principal Matt Lancashire, who brokered the landmark sale, along with four of the top five house sales of 2017, is optimistic a new record could be set this year.

“There are a number of property owners I’m talking to that may, or may not, potentially do something this year (that would see a new record set),” Mr Lancashire said.

“There are not too many properties in Brisbane that have the capacity to do that, however, there are some amazing homes.

“It’s just whether the ducks line up for the sellers.”

Mr Lancashire said he was aware of at least two properties that could fetch more than 1 Leopard Street.

“Brisbane is undervalued compared to the southern states,” he said.

“I think $20 million is the next Brisbane barrier — that’s definitely an achievable target.”

Ray White New Farm principal Matt Lancashire (L), with Hamish Bowman, negotiated four of the top five house sales in 2017, including the house behind them at 24 Palm Ave, Ascot. Picture: Lyndon Mechielsen.Source:News Corp Australia

Ray White New Farm principal Matt Lancashire (L), with Hamish Bowman, negotiated four of the top five house sales in 2017, including the house behind them at 24 Palm Ave, Ascot. Picture: Lyndon Mechielsen.Source:News Corp Australia

CoreLogic senior research analyst Cameron Kusher said there was potential for Brisbane homes to fetch even higher prices in 2018, with a fresh wave of interstate migration likely to drive prices higher.

“Migration to Queensland is picking up from New South Wales and Victoria where people are accustomed to much higher prices,” Mr Kusher said.

“I wouldn’t be surprised to see higher priced sales this year than we saw last year just because although the market’s not really hot, you are seeing some growth and people are moving here from areas where it’s a lot more expensive.”

Macquarie Bank expects about 130,000 people to move from Sydney to Brisbane in the next three years, bringing with them an estimated $8.1 billion.

But Mr Kusher admitted it would be a hard task to eclipse the record set by 1 Leopard Street.

The opulent residence spanning three levels features five bedrooms, six bathrooms, an internal lift, a gym, a sound proof cinema, a wine cellar and marble flooring imported from Greece.

A heated infinity lap pool and spa span the width of the property on the cliff’s edge, offering almost 72 metres of uninterrupted views of the Brisbane River and city skyline.

“That’s a pretty unique property,” he said.

“Not too many properties have a view like that.

“But it’s not unrealistic to see a $10 million sale this year.

“What you can get for $10 million in Brisbane, you’d probably pay $30 million for in Sydney.”

The view from the bathtub in the apartment at 10/170 Bowen Tce, New Farm. Source: Supplied

The view from the bathtub in the apartment at 10/170 Bowen Tce, New Farm. Source: Supplied

A two-floor, “sky home” apartment in New Farm was the most expensive unit sale of the year in Queensland, fetching $6.15 million.

The property at 10/170 Bowen Tce features four bedrooms and four bathrooms over two levels, with amazing views of the city from every room.

Place managing director Sarah Hackett said homes of that quality rarely became available in Brisbane, but there was definitely a strong appetite for them.

“There are people that have that sort of money looking to buy in Brisbane … but trying to find them a property that suits them is hard,” she said.

“Those properties do exist, but the owners are mostly happy living in them!”

She said she and her husband, Damian, had sold $9 million worth of property in the week before Christmas.

“The end of the year was really strong and I think (2018) will start strong,” she said.

One of the properties on the market with the potential to breach the $20 million barrier is the opulent house built by one of Australia’s most notorious businessmen, Christopher Skase.

The opulent mansion built by Christopher Skase could break records if it sells in 2018. Source: Supplied

The opulent mansion built by Christopher Skase could break records if it sells in 2018. Source: Supplied

The nine-bedroom, nine-bathroom mansion, known as ‘Bromley’, at 36 Dickson Tce, Hamilton, was built in 1988 at a reported build cost of $35 million and was extensively renovated ten years later.

A luxury residence built into the side of a hill at 10 Morgan St, Ascot, is tipped to change hands for more than $14 million — when the right buyer comes along.

This house at 10 Morgan St, Ascot, is tipped to sell for more than $14 million. Source: Supplied

This house at 10 Morgan St, Ascot, is tipped to sell for more than $14 million. Source: Supplied

The four-storey home had been expected to set a new record for Brisbane before 1 Leopard St sold.

Other properties with the potential to fetch big dollars if they sell this year include ‘Cintra House’ at 23 Boyd St, Bowen Hills, which is one of Brisbane’s oldest and most prestigious homes, and ‘Rivergum Retreat’ at 36 Needham St, Fig Tree Pocket, which is owned by Linc Energy founder Peter Bond.

Stefanie Brown at the historic Cintra House which she is selling. Picture: Peter Wallis.Source: News Corp Australia

Stefanie Brown at the historic Cintra House which she is selling. Picture: Peter Wallis.Source: News Corp Australia

The second highest sale in Queensland in 2017, according to property data firm CoreLogic, was on the Gold Coast, where a palatial Hope Island mansion changed hands for $16.75 million.

A Vietnamese businessman bought the waterfront residence at 2620-2622 Virginia Drive after just five days on the market.

This home at 2620-2622 Virginia Dr, Hope Island, fetched $16.75m in 2017. Source: Supplied

This home at 2620-2622 Virginia Dr, Hope Island, fetched $16.75m in 2017. Source: Supplied

Further north, the biggest house sale of the year in Cairns was at Trinity Park for $2.5 million, while a house in Townsville’s North Ward fetched $1.825 million.

TOP QLD HOME SALES OF 2017

BRISBANE

Houses

Price Sale Date Address

1. $18.48m March 2017 1 Leopard St, Kangaroo Point

2. $8.8m September 2017 128 Crosby Rd, Ascot

3. $8.3m February 2017 24 Palm Ave, Ascot

4. $7.6m June 2017 26 Mayfield St, Ascot

5. $7.6m June 2017 2 Castleton St, Hamilton

Units

Price Sale Date Address

1. $6.15m March 2017 10/170 Bowen Tce, New Farm

2. $5.662m March 2017 450/1 Newstead Tce, Newstead

3. $4.9m June 2017 2141/32 Refinery Pde, New Farm

4. $4.3m May 2017 602/1 Gray St, New Farm

5. $4m May 2017 141/1 Newstead Tce, Newstead

(Source: CoreLogic)

GOLD COAST

Houses

Price Sale Date Address

1. $16.5m May 2017 2620-2622 Virginia Dr, Hope Island

2. $9.5m February 2017 201-205 Monaco St, Broadbeach Waters

3. $9m March 2017 75-77 Monaco St, Broadbeach Waters

4. $6.95m February 2017 The Promenade, Surfers Paradise

5. $6.95m June 2017 Southern Cross Dr, Surfers Paradise

Units

Price Sale Date Address

1. $5.5m April 2017 Gold Coast Hwy, Broadbeach

2. $3.795m March 2017 Brighton Pde, Southport

3. $3.7m January 2017 The Esplanade, Surfers Paradise

4. $3.5m June 2017 Enderley Ave, Surfers Paradise

5. $3.38m May 2017 The Esplanade, Palm Beach

(Source: CoreLogic)

TOWNSVILLE

House

Price Sale Date Address

1. $1.825m August 2017 Cleveland Tce, North Ward

2. $1.4m May 2017 Saltwater Dr, Toomulla

3. $1.25m May 2017 Landsborough St, North Ward

4. $1.2m February 2017 Panorama Crt, North Ward

5. $1.12m May 2017 Edinburgh Crt, Castle Hill

Unit

Price Sale Date Address

1. $1.4 October 2017 The Strand, North Ward

2. $1.2m September 2017 Walker St, Townsville City

3. $1.19m November 2017 Mariners Dr, Townsville City

4. $1.15m April 2017 Mariners Dr, Townsville City

5. $1.1m May 2017 Mariners Dr, Townsville City

(Source: CoreLogic)

CAIRNS

House

Price Sale Date Address

1. $2.5m October 2017 Brindabella Quay, Trinity Park

2. $2.15m November 2017 Apollo Quay, Trinity Park

3. $2.025m October 2017 Knott Crt, Whitfield

4. $1.75m February 2017 Marina Quay, Trinity Park

5. $1.5m February 2017 Gaway St, Caravonica

Unit

Price Sale Date Address

1. $2.35m January 2017 Marlin Pde, Cairns City

2. $1.25m February 2017 Grafton St, Cairns City

3. $1.2m February 2017 Esplanade, Cairns North

4. $1.1m March 2017 Marlin Pde, Cairns City

5. $1.1m September 2017 Colonel Cummings Dr, Palm Cove

(Source: CoreLogic)

Originally published: www.news.com.au

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Market Place

Metro Property’s discounts leftover Brisbane apartments

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Metro Property's discounts leftover Brisbane apartments

Want a bargain? Metro’s Newstead Towers in Brisbane has 20 per cent discounts. Supplied

Real estate agents are offering 20 per cent discounts on apartment sales at four of Brisbane-based developer Metro Property Development’s Brisbane CBD projects as the apartment market continues to face headwinds.

Along with 20 per cent discounts on one and two-bedroom apartments, buyers were being offered a 4.5 per cent rental one-year guarantee at Aqua Newstead, Broadway on Ann, Canterbury Towers, and Newstead Towers. These apply to apartments priced between low $400,000 to nearly $600,000.

The oversupply problem in Brisbane is heating up, with the Queensland Treasury now warning its apartment market could take a turn for the worse, especially if the bigger Sydney and Melbourne markets begin to falter.

But Metro said the discounts applied only to residual stock, not entire projects or launch prices, with residual discounting being part of a business-as-usual stock clearance.

“We are not discounting [the original prices of] apartments in Brisbane, but rather managing an orderly sell down of any remaining stock we have,” Metro marketing and sales general manager Phil Leahy said.

“The heat has certainly come out of the Brisbane market from where it was a couple of years ago, but we see it as just back to normal market conditions with good buying opportunities and plenty of growth potential in the coming years to buyers entering the market now.

“We have already secured buyers for the four buildings and are in the run up to settling the last of these units over the next couple of months.”

He said discounts were sometimes offered by agents on their own accord, hoping developers would accept the lower prices.

“We see this all the time, however I can confirm there is no discounting to our [original] price lists and we have been successful in maintaining pricing levels thanks to the locations, amenity, inclusions and designs offered in the apartment projects we have been selling,” Mr Leahy said.

Discounts aside, a 4.5 per cent rental guarantee was reasonable and agrees with SQM Research’s data which show the latest rental yield for two-bedroom units in Brisbane was close to 5 per cent.

“We are taking an average of 18 days from handover to secure a tenant via our in-house rental team. Given this strong demand, we do offer a one-year rent guarantee to investors,” Mr Leahy added.

“We are having excellent success getting investors from both Melbourne and Sydney to look at Brisbane as a more affordable investment option than the other wo capitals vis-à-vis lower purchase prices with high rental yields.”

Source: www.afr.com

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Analysis: Brisbane’s backyards emerge victorious over townhouses but for how long?

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Analysis: Brisbane’s backyards emerge victorious over townhouses but for how long?

Three years ago, Madonna King wrote that Brisbane was “at risk of becoming downright ugly”.

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Queensland Budget 2018: What it Means for the Property Industry

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Queensland Budget 2018: What it Means for the Property Industry
Queensland Treasurer Jackie Trad handed down the Queensland State Budget on Tuesday, delivering a surprise $1.5 billion surplus and putting an extra $200 million into people’s pockets.

This year’s budget focused on infrastructure, tourism and mining funding.

Property investors will also be met with a 0.5 per cent increase in the land tax rate for aggregated holdings above $10 million, as well as an increase in the additional foreign acquirer duty from 3 per cent to 7 per cent.

The government also announced it will cut back the first home owners’ grant.

So what does the state budget mean for the property industry?

Here is what you need to know.

Additional Foreign Acquirer Duty

Aligning with states nationwide, the Queensland government announced an increased rate for additional foreign acquirer duty.

The AFAD is an additional tax on relevant transactions that are liable for transfer duty, landholder duty or corporate trustee duty which involve a foreign person directly or indirectly acquiring certain types of residential land in Queensland by foreign persons.

The duty will rise from 3 per cent to 7 per cent and is forecasted to result in an increased revenue of $33 million per annum.

Infrastructure Improvements

The state government will dedicate $4.217 billion to transport and roads.

The Sunshine State’s long-awaited duplication of the Sunshine Coast rail line received $161 million.

The Toowoomba Second Range Crossing project received $543.3 million, a route to the north of Toowoomba from Helidon to the Gore Highway.

Brisbane’s Cross River Rail received $733 million to go toward the $5.4 billion project. The federal government failed to pledge any assistance towards the Cross River Rail project earlier this year leaving the state government to foot the bill.

There’s also $487 million over four years for upgrades to the M1 on Brisbane’s south and on the Gold Coast.

Queensland Budget 2018: What it Means for the Property Industry

Proposed Exhibition station on Cross River Rail. Artist’s Impression.Image: Cross River Rail Authority

First Home Buyers Grant Slashed

First home buyers have come to expect a $20,000 starter grant since 2016 will now see it cut to $15,000 if they buy a house from July onwards.

The $5,000 boost had been added to the grant in 2016 by former Treasurer Curtis Pitt, with the measure supposed to be in place for just one year.

It was extended twice in six-months until the end of 2017 and then to June of this year.

Land Tax Increase

Under the new taxes introduced in Tuesday’s budget, foreign landowners with more than $10 million worth of landholdings will now be in line for a 0.5 per cent increased rate of land tax.

Individuals with properties worth more than $10 million will now incur an additional rate of 2.25 per cent (or 2.5% for trusts or companies) for every dollar of taxable value over $10 million.

This is expected to bring in $71 million in revenue in its first year, with a projected 11 per cent increase in 2018-19 land tax revenue.

Source: theurbandeveloper.com

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