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
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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