THEY are the state’s high achievers.
The suburbs that have outperformed their peers in the residential property stakes; breaking records for sale price, number of sales, days on market or for smashing through the million-dollar median price ceiling.
Benchmarks have been beaten in blue-chip areas like Ascot, Sunshine Beach and Surfers Paradise, as well as suburbs on the rise, including Kalinga and Underwood.
Records were smashed in at least 10 suburbs across the state in the past 12 months— an indicator of a shortage of stock and increase in demand in a number of competitive markets.
Here are some of Queensland’s benchmark busters of 2017/18:
The standout record-breaker in Brisbane was the sale of the trophy home of Domino’s Pizza boss Don Meij in Ascot.
The $11 million sale price of 27 Sutherland Avenue in March set a new record for the inner-city, blue-chip suburb.
It was also Brisbane’s highest sale of the past financial year.
Patrick McKinnon of Place Ascot, formerly of Coronis Hamilton, brokered the deal and said Mr Meij sold after receiving an off-market offer from a buyer who had fallen in love with the property.
Set on a sprawling 2024 sqm, the lavish home has six bedrooms, six marble ensuites and a jaw-dropping outdoor entertaining space with resort-style gardens, infinity-edge pool, pool house with outdoor kitchen and verandas.
The fastest selling suburb in Queensland is Brendale in the Moreton Bay region, where the median house price is still an affordable $461,000.
It takes, on average, just 11 days to find a buyer, according to CoreLogic.
According to the latest Census data only 14.5 per cent of properties in the suburb are houses. With so few houses available, demand can be strong when something new is listed.
The Sunshine Coast hinterland suburb had the highest number of houses change hands in 2017/18, with 573 houses selling in the 12 months to May, according to CoreLogic.
The owners of a majestic property at 10 Orme Rd, Buderim, that once hosted royalty have embarked on a new push to sell it.
With all the focus on the royal newlyweds of late, it’s only fitting this heritage-listed Queenslander now holds extra appeal, given it was the residence of choice for the Duke of Gloucester during a royal visit in 1934.
The grand residence on 6315 sqm was built circa 1913 on the highest point of the northern slope of Mt Buderim, overlooking the Maroochy coast and river valley.
This Gold Coast suburb made the million dollar club for the first time in 2017/18, with its median house price now $1.05 million.
The sale of a waterfront mansion at 8-10 Marseilles Court this year for $9 million also broke the suburb’s sale price record — trumping the $8 million sale achieved in 2009 for a house in the same street.
The resort-style home has five bedrooms and seven bathrooms and is on a huge, 2703 sqm riverfront block.
REIQ Gold Coast Zone chairman Andrew Henderson said the new record was not surprising given the Coast’s strong market and he was confident property values would continue to soar.
Andrew Stone and his partner, Naomi Freney, recently bought a five-bedroom house, which they renovated, in Bundall for $620,000.
Mr Stone said he considered it a bargain given how tightly-held the suburb had become and the increase in house prices.
“I think we probably hit pot luck with that place,” Mr Stone said.
“People had been saying that area was going to go up 20 years ago and all of a sudden, it’s growing and there’s not a lot of turnover anymore.”
Ben Latimer of LJ Hooker Southport said Bundall’s transformation into a record-breaking suburb had happened gradually.
“It’s desirable because it’s so close to everything and there’s a good mixture of waterfront and dry blocks,” he said.
Paul Nikolas agrees.
He’s been buying, renovating and selling homes in Bundall for the past six years.
The last house he sold there earned him a profit of around $700,000.
He’s now selling his latest project at 19 Donegal Crescent for a cool $3.995 million.
“I’ve found a niche market here — nice, older properties on the water,” Mr Nikolas said.
The inner Brisbane suburb achieved a new sale price record when a landmark house sold for $5.025 million just last month.
Designed by architect Eric Trewern, the English-inspired home known as Thongabel at 4 Welwyn Crescent captures views of the entire Brisbane City skyline.
The five-bedroom, three storey house had been renovated with architectural features including Tulip Oak timber floors, Italian tiles and travertine.
Other highlights included a library, gym, climate controlled wine cellar, formal office, heated lap pool, heated horizon spa and outdoor space for kids to play.
Just 4km from the CBD and with a number of good Catholic and private schools on offer, Coorparoo has become one of Brisbane’s most sought-after suburbs.
The median house price sits at $875,000, according to CoreLogic.
The tiny, up-and-coming suburb in Brisbane’s inner north made it into the million dollar club for the first time in 2017/18.
Its median house price broke through the $1 million barrier in late 2017 and currently sits at $1.04 million.
In November, 2017, records show the offmarket sale of a house at 119 Nelson Street for $4 million set a new price record for the suburb.
Brisbane’s bayside is a sleeping giant only held back by lack of stock, according to one of Manly’s leading agents.
The suburb set a new sale price record for both houses and units in the past financial year.
Marc Sorrentino of Place Manly recently sold a unit in the seaside suburb for a whopping $1.2 million — smashing the previous record price paid for an apartment there by $345,000.
A couple from Sydney snapped up the luxurious three-bedroom, two-bathroom pad at 301/177 Melville Terrace, which had been advertised for offers over $1.1 million.
The median unit price in Manly, just 15km from Brisbane’s CBD, is $485,000, according to property research firm CoreLogic.
Late last year, Mr Sorrentino sold a family home on a huge, waterfront block at 497 Royal Esplanade for $3.9 million — smashing the suburb record for the sale price of a house.
“I keep saying it’s Australia’s best kept secret, but you watch. The prices are just going to keep going up and up and up,” he said.
“There’s just been a lack of good stock.”
The sale of a beach house in Sunshine Beach for $18 million in March set a new price record for the entire Sunshine Coast region.
The seven-bedroom, eight-bathroom property at 21-23 Webb Road was bought by David Russell, the owner of private equity group Equis Energy.
Just streets away, former tennis star Pat Rafter’s beachfront home sold for $15.2 million to Betty’s Burger founder David Hales, within weeks of the Webb Road sale.
A whopping 1398 units were sold in the Gold Coast’s glitziest suburb in the past financial year — more than any other property type in any other suburb.
It seems only fitting then that the most expensive penthouse Queensland has ever seen is under construction in Surfers Paradise.
Priced at a whopping $41m and spread across two full floor levels, the highest home in the $1.2 billion Spirit 89 building easily tops the list of Queensland’s most expensive penthouses.
The 1899sq m sky home will also be one of the largest in the country, almost twice as large as Hong Kong billionaire Tony Fung’s $7.95 shell of a penthouse in the Soul building, and just a fifth smaller than the hyper-exclusive Boyd Residence above ANZ Tower in Sydney — which at $66m is Australia’s most expensive penthouse.
“Without the spire on Q1, it is the tallest residential building in Queensland,” agent Julian Sutherland of Ray White Projects told The Courier-Mail.
The working class suburb in Brisbane’s south experienced the highest capital growth in Queensland in the past 12 months.
The Logan suburb’s median house price climbed nearly 25 per cent to $601,345 in the past financial year.
Underwood’s median house price also jumped a massive 65.6 per cent between May 2008 and May this year — the highest growth of any Brisbane suburb in the past decade.
CoreLogic senior research analyst Cameron Kusher told The Courier-Mail it was “a bit surprising” given the suburb’s location, 17km from Brisbane’s CBD, but its affordability and access to the highway and Gold Coast made it attractive.
“But its median (house) price is now up over $600,000, so it’s not really that cheap anymore,” Mr Kusher said.
Belmont acreage sells at auction for $1.85 million but buyers still cautious
It was a quiet weekend in the Brisbane auction market, with only 54 scheduled auctions and a reported clearance rate of 38 per cent.
Despite this, a grand five-bedroom house on two and a half acres (about a hectare) was sold for nearly $2 million in coveted Belmont in Brisbane’s south-east.
About 50 people watched as none of four registered bidders made a play for the architecturally designed home. Then a vendor’s bid of $1.8 million led a family of four to try their luck.
After a short negotiation, the vendors accepted the bid, and the house was sold for $1.85 Million.
Agent David Green, of Harcourts Green Living, said the lack of initial bids spoke to a market that was slowing down.
“What we’re finding is that buyers are really hesitating in the market at the moment. They’re really fearful of overpaying for something,” he said.
“There’s definitely been a slowdown in buyer activity. They’re sitting back and waiting to see what everyone else does.
“That’s why we didn’t want to muck around with them. We put a strong vendor’s bid to start with, to find out if anyone was serious.”
He said an acreage property such as this was rare and usually popular in the area, with auctions often seeing many neighbours in attendance.
“Very few acreage properties have come to the market, so I think some [of the neighbours] were interested in what it was going to achieve,” he said.
“Have a look it themselves to see how it compared to their homes. Those acreage properties in Gumdale, Belmont [and] Chandler are always extremely popular.”
The buyers, a young family of four, were thrilled to pick up a property of this size in the area.
“They’ve lived in the area for a long time, and always wanted to get onto an acreage property.
“All the neighbours are multimillion-dollar houses, so they felt like the opportunity was there to buy a beautiful home on a great acreage. They were rapt.
“We’re seeing lots of refurbishment of some of these bigger homes that were very stately in their day. This is exactly what will happen with this home,” Green said.
“It really is blue chip. It’s the last to go down in price, and the first to go up when the market returns.”
Nearby, a post-war home on 506 square metres in Camp Hill was sold under the hammer in a speedy auction.
Bidding started at $670,000, with the two registered bidders quickly bringing the price up to $735,000 in a minute or two.
At that point, bidding slowed down and negotiations began with the top bidder. Soon after, the final price was agreed upon.
A young couple walked away with the property for $760,000.
“It’s a perfect entry level home into the Camp Hill market,” agent Mel Christie, of Ray White Coorparoo, said.
“The people who have bought it are going to live there for 12months and then they’re going to renovate it, or knock it down.”
Christie said she had seen increased interest in the area from interstate buyers.
“Around 26 groups inspected the property during its campaign. Two of those groups were buying agents from Melbourne,” she said.
“I think they see Brisbane as a more stable market than the Melbourne and Sydney market at the moment.
“I just had another buyer from Sydney that inspected this property [buy] another one of mine this week before it went to auction.”
The house had been in the family since it was built in 1962. Having already moved to northern Queensland, the vendors were excited to see the property sold.
“I got a big hug and a thank you, so I think he was pretty happy,” Christie said.
Bargain buys: Prices slashed on 23,000 homes
BARGAIN-HUNGRY home hunters are in the box seat with a spike in the number of discounted properties hitting the market.
BARGAIN-HUNGRY home hunters are in the box seat with a spike in the number of discounted properties hitting the market.
The top 20 homes with the biggest price cuts on the market in Queensland right now have been revealed, giving savvy buyers a chance to snap up a bargain for up to $800,000 below market value.
Right now, a three-bedroom house on acreage in the Moreton Bay region has had its sale price slashed by half a million dollars and a beautiful five-bedder on a big block in Tarragindi is $150,000 cheaper than it was when it was first listed.
Death, divorce and desperate vendors are some of the reasons for the number of “distressed” listings, according to SQM Research, which puts out a report on its website that is updated weekly.
SQM Research managing director Louis Christopher said 23,000 of the 330,000 properties on the market nationally were distressed, compared to only 18,000 a year ago.
Mr Christopher said the increase in distressed listings showed it was a good time to research the market and see what value was on offer.
“There is the potential to be able to buy at, or below, fair market value,” Mr Christopher said.
“Especially in a downturn similar to the one we’re having now, that probability has increased.”
Mr Christopher said sellers of discounted properties were also usually more willing to negotiate.
The Gold Coast usually has a higher number of distressed properties than any other region in the country.
MORE: Sold after one inspection
“I suspect it’s because the Gold Coast has a higher percentage of investors as a proportion of total buyers than most other regions in the country and it’s also a transient place, so people come in, live there for a few years and move out again,” Mr Christopher said.
Helen and Tim Stieler are selling their renovated, three-bedroom house in the heart of Chermside for offers over $565,000.
The well-presented home at 6 Monserrat St, Chermside, is on a larger than average 635 sqm block close to shops, a hospital and public transport.
The Stielers have already moved to a property on a bigger block of land to accommodate their growing family.
Mrs Stieler said she could not believe the property had not been snapped up yet.
“The convenience is amazing,” Mrs Stieler said.
“We’ve had a large number of people go through, but just haven’t found the right person.
“It really is a bit of a bargain.”
Marketing agent Jonathan Levey of Harcourts Connections – Stafford said it was the perfect buying opportunity for young families or a young couple.
Mr Levey said the sale price had recently been reduced by $10,000.
“It’s immaculate — no maintenance required,” Mr Levey said.
“It has a great street presence and is only a two minute walk from Chermside Markets.”
On the waterfront in Redcliffe, a luxury three-bedroom unit is on the market for $150,000 less than its original listed price.
Maureen and Steve Bennett are reluctantly selling the property in Mon Komo at 603/99 Marine Parade for offers over $1 million for financial reasons.
“We’re selling because we have other building projects on the go, and so instead of having money tied up in Mon Komo, we’re doing it just to free up some money — not because we want to,” Mrs Bennett said.
“We fell in love with it because we loved the design. We love everything about it, and still do. Nothing beats the position.”
Marketing agent Rosslyn Kennedy of Gateway Properties said the property was more spacious and better value than most newer units on the market.
“The trouble is people like shiny new, but this is so much better value for money,” Ms Kennedy said.
THE 20 MOST DISCOUNTED PROPERTIES ON THE MARKET IN QUEENSLAND
Address Suburb Current Price First Price Discount
1. 1-15/14 City Rd Beenleigh $4.6m $5.425m $825,000
2. 1 Yebri St Kallangur $789,000 $1.3m $511,000
3. 96 & 98 Tenby St Mt Gravatt $1.089m $1.485m $396,000
4. 354 Samsonvale Rd Joyner $895,000 $1.2m $305,000
5. 195-197 Andrew Rd Greenbank $1.9m $2.2m $300,000
6. 231 Marsden Rd Kallangur $750,000 $999,000 $249,000
7. 203 Gaskell St Eight Mile Plains $678,000 $900,000 $222,000
8. 2 Limmen St Pimpama $650,000 $850,000 $200,000
9. 35 Queen St Goodna $2.3m $2.499m $199,000
10. 4 Jaidan Plc Victoria Point $719,000 $899,000 $180,000 11. Lot 15 Briscoe Rd Dayboro $990,000 $1.155m $165,000
12. 603/99 Marine Pde Redcliffe $1m $1.15m $150,000
13. 28 Andrew Ave Tarragindi $950,000 $1.1m $150,000
14. 218 Beams Rd Zillmere $349,000 $499,000 $150,000
15. 5 Fradgley Ct Ormeau Hills $500,000 $649,900 $149,900
16. 607/18 Longland St Newstead $749,000 $888,000 $139,000
17. 23 Kennedy Esp Scarborough $1.595m $1.725m $130,000
18. 22 Dean Dr Ocean View $860,000 $985,000 $125,000
19. 4207/222 Margaret St Brisbane City $560,000 $685,000 $125,000
20. 162 Queens Rd Everton Park $1.08m $1.2m $120,000
(Source: SQM Research)
TIPS FOR BUYING A DISTRESSED PROPERTY
1. Look for key search terms like ‘mortgagee possession’, ‘deceased estate’, ‘bank forced sale’, ‘owners moving overseas’.
2. Find out why the listing is ‘distressed’. Why is the vendor so keen to sell?
3. Do your research into the property, always get a building and pest inspection done and do a title search to ensure the seller is actually the owner of the property.
(Source: SQM Research MD Louis Christopher)
Originally published as Big bargains for home buyers
Million-dollar winners and losers
There’s been a seismic shift in Brisbane’s million-dollar club with a few surprises among the whopping 27 suburbs joining the elite list in the latest figures. But, while many have risen, some long-time stalwarts have tumbled below the $1m mark.
There’s been a seismic shift in Brisbane’s million-dollar club with a few surprise suburbs joining the elite list in the latest figures — just as several seasoned ones drop out.
A whopping 27 suburbs in the Brisbane region were in the millionaire club when it came to median sales price in the latest CoreLogic Market Trends report for February, released this week.
Seven of those were not there in recorded figures for 2017 — a period when there were more million dollar suburbs nationally than there are at present (651 versus 649 now).
Brisbane’s surprise entrant was Camp Mountain in Moreton Bay where the median house price climbed 16.4 per cent in one year to hit $1.1m in latest data.
The suburbs that jumped the most to get into the millionaire club were South Brisbane which rose a massive 27.5 per cent to $1.07m, closely followed by neighbouring Dutton Park which was up 26.5 per cent to $1.028m.
In among suburbs that were not among the elites in 2017 were Upper Brookfield (now on a median house price of $1.4075m), Hendra (up 13.1 per cent to $1.1m), Balmoral ($1.0185m up 7.8 per cent) and Bardon ($1.0025m up 9.3 per cent).
Some big movers and shakers dropped off the millionaire list though, including blue chip suburb Chelmer whose median house price fell to $985,000 (down -1.5 per cent). Samford Valley was $70,000 below the million mark at $930,000 (down -7 per cent).
The biggest falls of the losers came out of Wilston whose median dropped (-22.1 per cent) to $880,000, andFortitude Valley which was down (-19.5 per cent) to $825,000.
CoreLogic research analyst Cameron Kusher said although the millionaire suburb figure had jumped substantially in Australia “from 123 suburbs a decade earlier, it has actually fallen from 741 suburbs in January 2018. In fact, more suburbs had a median of at least $1 million in 2017 (651) than do currently”.
“This increase in million dollar suburbs has occurred despite ongoing weak overall housing conditions across the state,” he said.
Teneriffe $1.67m Down -31.6%
Ascot $1.6m Up 3.2%
Chandler $1.58m Up 7.6%
New Farm $1.52m Up 11.2%
Bulimba $1.335m Up 5.1%
Hamilton $1.305m Up 0.6%
St Lucia $1.2035m Up 2%
Tennyson $1.1875m Down -2.7%
Pullenvale $1.18m Up 8.8%
Hawthorne $1.15m Down -1.2%
Paddington $1.15m Up 11.1%
Burbank $1.15m Up 15%
Auchenflower $1.135m Up 0.9%
Clayfield $1.13m Up 0.4%
Brookfield $1.105m Up 8.3%
Robertson $1.075m Up 23%
Fig Tree Pocket $1.05m Down -13.2%
Carbrook $1.0485m Down -3.1%
Kalinga $1.016m Down -13.9%
West End $1.01m Up 0.7%
Upper Brookfield $1.4075m
Hendra $1.1m Up 13.1%
Camp Mountain $1.1m Up 16.4%
South Brisbane $1.07m Up 27.5%
Dutton Park $1.028m Up 26.5%
Balmoral $1.0185m Up 7.8%
Bardon $1.0025m Up 9.3%
Chelmer $985,000 Down -1.5%
Samford Valley $930,000 Down -7.0%
Wilston $880,000 Down -22.1%
Fortitude Valley $825,000 Down -19.5%
(Source: CoreLogic data)
Originally published as Million-dollar winners and losers
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