Nearly 1500 buyers spend over $1 million on a property between January and March

Nearly 1500 houses sold for over $1 million in southeast Queensland in only a three month period, new figures show.

The latest data from the Domain Group reveals 1413 properties went under contract for more than $1 million in Brisbane, the Gold Coast and the Sunshine Coast over the March quarter.

A whopping 189 properties sold for more than $2 million and, perhaps even more surprisingly, 17 properties sold for more than $5 million.

The healthy figures at Brisbane and the Gold and Sunshine coast’s top end are in stark contrast to the rest of Brisbane, where house prices actually fell during the same quarter. It was the largest quarterly drop since September 2011.

Annual growth is still positive, at 3.4 per cent, but this is the slowest growth rate recorded in Brisbane since 2013.

But the top 10 sales alone in the three months to March were worth $64 million collectively, a concrete sign of southeast Queensland’s strength at the high end, Domain Group chief economist Andrew Wilson says.

“The rest of the market may have started off slowly this year but at the top end, Brisbane, the Sunshine Coast and the Gold Coast are really firing,” he says. “Buyers from Sydney and Melbourne can really see the value in prestige real estate up here.”

Leading the spending spree was the Taiwanese billionaire who bought his son a $9.5 million residence to use as a holiday home at 201-205 Monaco Street, Broadbeach Waters, a street famous for its multimillion-dollar homes and high profile owners.

The deal was brokered by Savills Gold Coast agent Lisa Halpin, who sold the six-bedroom, eight-bathroom landmark residence in only 21 days.

“It’s going to be a great year; I’m getting demand from across the globe,” Ms Halpin says. “And the Taiwanese billionaire is coming back soon to buy another holiday house, this time for his other son.”

The third-highest sale of the quarter was 14 Admiralty Drive, Paradise Waters, which was purchased by Gold Coast Titans director Darryl Kelly for $7.7 million.

Marketing agent Michael Kollosche, whose agency Kollosche Prestige has settled a staggering $73.75 million worth of property in the March quarter alone, says buyer activity is strong.

“I would expect that to continue through this quarter. Factors like end of financial year or the budget don’t affect these buyers; if they see something they want, they just buy it.”

In Brisbane, Ray White Ascot agent Damon Warat negotiated the $5.1 million sale of 63 Laidlaw Parade, East Brisbane. Records show it was purchased by former AMA Queensland president and TV medical journalist Ingrid Tall and her partner Yolande York.

Mr Warat said he negotiated four sales totalling $9 million so far this month, with a lot of the interest being driven by wealthy buyers wanting to “go back to basics”.

“They’re chasing nice houses on large allotments and there’s not enough stock, so everything is selling,” he says.

“I had 40 groups though at an open house on the weekend for one property. It’s going to continue to stay busy.”

Top sales (that went under contract) during the March quarter, 2017:

• 201-205 Monaco Drive, Broadbeach Waters, $9.5 million. Agent: Lisa Halpin, Savills Gold Coast
• 24 Palm Avenue, Ascot, $8.3 million. Agent: Hamish Bowman and Matt Lancashire, Ray White New Farm
• 14 Admiralty Drive, Paradise Waters, $7.7 million. Agent: Michael Kollosche, Kollosche Prestige Agents
• 12 Aminga Street, Fig Tree Pocket, $6 million. Agent: Jason Adcock, Adcock Prestige
• 25 Southern Cross Drive, Cronin Island, $6 million. Agent: Sam Guo and Julia Kuo, Ray White Broadbeach
• 41 Mossman Court, Noosa Heads, $5.5 million. Agent: Tom Offerman, Tom Offerman Real Estate
• 67 Commodore Drive, Surfers Paradise, $5,485,000. Agent: Jesse Willcox and Mitchell Lambert, Lambert Willcox
• 37 Macquarie Street, Teneriffe, $5.1 million. Agent: Hamish Bowman and Matt Lancashire, Ray White New Farm
• 63 Laidlaw Parade, East Brisbane, $5.1 million. Agent: Damon Warat, Ray White Ascot