Queensland's holiday hotspots are in high demand with prestige home buyers, breathing life back into its luxury market

Demand for luxury homes across Queensland’s most prestigious coastal hideaways is rising as southern buyers pour millions into glamorous holiday abodes in lieu of a European getaway.  

Off the back of the global pandemic those oft-tumultuous markets from Port Douglas to the Gold Coast have become the playground of high-end home-hunters from Sydney and Melbourne who are fleeing more than just strict lockdowns, but a tropical escape where elite homes cost less than their southern counterparts and come with white sand just metres from their opulent steps.

The wave of multimillion-dollar sales has breathed life back into key coastal spots such as Port Douglas and Whitsunday Islands, where in years gone by hurricanes and financial crises have all but crippled them.

Some property punters are now reporting price rises of up to 20 per cent in the past year alone with sale numbers tripling in what they’re calling a gift from the pandemic.

Ray White Whitsunday principal Mark Beale said while his patch of tropical paradise had always been popular with Brisbane buyers, the virus had sparked Victorian and NSW home-hunters to look beyond Byron Bay, resulting in a buyer tidal wave.

“Right now, Airlie Beach is where it’s at and in the past six months alone we transacted 16 sales above $1 million. The 12 months before that we only sold five,” Mr Beale said.

“Southern buyers perceive it as a bargain here and it’s very cheap in comparison. We spoke to a buyer who sold his little place in Bondi for $5 million and bought a luxury home up here for $2 million.

“And, it’s mostly Sydney and Melbourne buyers, rather than spending $50,000 on a European holiday they’re thinking ‘let’s buy here’.

“Now to see a $5 or $10 million yacht in the harbour isn’t abnormal.”

It was that rejuvenation that led Mr Beale to clock $6.5 million for the off-market transaction of the “Hogs Breath” mansion at 3/188 Mandalay Road, Whitsunday, in September last year – with dozens of multimillion-dollar homes sold by his team since.

The three-storey mansion, which belonged to Hogs Breath Cafe co-founder Don Algie occupied a jaw-dropping slice of the pristine island and was bought by horse racing personality Alan Galloway.

It was the Whitsunday mainland’s highest sale in years, with Mandalay estate holding the record after it clocked $14 million in 2018.

Interest remains for new prestige properties coming on the market including a three-bedroom home with expansive water and rainforest views in Airlie Beach being sold by Ray White Whitsundays.

Farther north in Port Douglas, tropical north Queensland director of Sotheby’s International Realty, Barbara Wolveridge, said high-end sales were now transacting at rapid rates with the latest buyer wave rolling in from NSW.

“Sydney has now discovered us. We used to find that it was always just Melbourne but the last few [multimillion-dollar sale] have come from Sydney,” Ms Wolveridge said.

“And, it makes sense. Look at places like Noosa and we are still very achievable.”

Ms Wolveridge, who this month sold the five-bedroom avant garde mansion at 15 Wharf Street, Port Douglas alongside the nearby masterpiece at 1 Wharf Stree,t for between $7 million and $9 million each, said 95 per cent of her sales were still holiday homes for southern buyers.

Today a six-bedroom home with tennis court , stunning views and a price guide at $10.8 million, at 1 Island Road, Port Douglas, is attracting further interest.

On the Gold Coast, Ray White Sovereign Islands agent Edin Kara said the $5-$6 million market was again on the move in the city’s exclusive pocket thanks to the interstate buyer swell.

“We used to rely on Chinese buyers but now we have a lot of Sydney and Melbourne people and this is a permanent move for them,” Mr Kara said.

“This is because of the lifestyle here and prices have absolutely increased by 20 per cent just here on Sovereign Islands over the past 12 months.

“Before the pandemic we were struggling to sell properties over $5 million but now we are getting four times the usual level of inquiry. It’s the best market I’ve seen in 10 years.”