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.
One capital city holds steady as others record price falls
Nearly every major capital city showed price falls, according to the latest weekly property market data, with the exception of one which held steady.
Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 19 May, CoreLogic’s Property Market Indicator data showed.
Brisbane was the only capital city not to record a value fall, holding steady.
Meanwhile, Sydney, Melbourne, Adelaide andall recorded declines, with Sydney falling the most at 0.3 of a percentage point, Melbourne declining by 0.2 of a percentage point, and then both Adelaide and Perth falling only by 0.1 of a percentage point.
The monthly index was down by 0.8 of a percentage point. It fell by 9 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year at 11.2 per cent, 10.2 per cent and 8.4 per cent, respectively.
New listing volumes were down, albeit to a lesser degree than the week prior, with nearly every single capital city recording a decline, except for Darwin, which held steady, resulting in a combined capital city loss of 22.4 per cent.
The largest declines were seen in Sydney at 28.7 per cent (making last week 13 weeks of new listing declines in a row), Melbourne at 26.4 per cent, Perth at 19.1 per cent, Brisbane at 18.5 per cent, Hobart at 12.3 per cent, Canberra at 18.1 per cent and Adelaide with the smallest decline again at 2.6 per cent.
Houses were again more popular than units, and the average time for houses on market rose in nearly every capital city, except for Brisbane, where it held steady, and Hobart, where figures declined.
Hobart was the capital city with the fastest time on market for houses at 38 days, followed by Melbourne and Canberra at 45 and 50 days, respectively; while Darwin, Perth and Brisbane had the slowest time on market at 90 days, 77 days and 71 days, respectively.
For units, Hobart was again the fastest at 34 days, while Darwin, Perth and Brisbane were again the slowest at 105, 82 and 71 days, respectively.
Vendor discounting was between 5.5 per cent and 8.2 per cent for houses across most capital cities and between 7 per cent and 10.3 per cent for units.
Canberra was the low-end exception for both houses and units at a respective 4 per cent and 5.3 per cent.
Darwin was again the high-end exception for houses and units at 9 per cent and 13.7 per cent, respectively.
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.”
Australia’s new capital for residential market growth
Brisbane has just earned the title of Australia’s top capital for price growth in the luxury residential market for the first time.
The city surpasses Sydney and Melbourne and some of the world’s wealthiest cities to take out the top spot.
The value of Brisbane’s prestige market jumped 3.2 per cent over the past 12 months, earning the city the 14th spot in global rankings according to the latest Knight Frank Prime Global Index report.
The report tracks the performance of luxury residential prices across key global cities using data compiled by a global research network.
Brisbane leapt past Sydney which currently sits in the 18th spot and has only grown by 2.4 per cent. While Melbourne, grew by 1.8 per cent and sits in the 22nd position.
“Brisbane prime properties have been popular with families migrating from Sydney and Melbourne, as well as local downsizers look for properties with low or no maintenance and a high standard of amenities to enjoy,” Knight Frank’s Australian head of residential research Michelle Ciesielski said.
“Given the relative value to other east coast cities, we expect the Brisbane prime market to record a similar annual growth by the year’s end.”
Other cities that scored higher than Brisbane were Tokyo, Paris, Delhi, and Singapore.
Moscow and Berlin were the two cities to rank the highest for residential growth.
The report reflects a growing trend for banks to lend faster and buyers from interstate viewing homes in Brisbane.
The result points to an increased confidence and optimism with regard to buying property in Brisbane.
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