SE Queensland again finding favour with cashed-up buyers in prestige property market

Cashed up buyers from Sydney and Melbourne with millions of dollars to burn are buying up prestige property all over southeast Queensland.

Agents say our southern neighbours are largely responsible for driving what has been a strong high end market in Brisbane and the Gold and the Sunshine Coasts this year as they look to Queensland to spend the spoils of their property boom.

Data from the Domain Group has revealed the areas which have most benefited and the suburbs with the most sales over $2 million so far this year.

Heading up the list is Surfers Paradise, which recorded a staggering 53 properties sold for more than $2 million. It comes as no surprise to Harcourts Coastal agent Tolemy Stevens.

“I’ve got more genuine buyers in the $2 million to $6 million bracket than I’ve got properties to sell right now,” he said. “And I’ve got more clients actively looking for luxury beachfront property now than I’ve had in 12 years of real estate. There’s a massive appetite for it.”

An 80-square penthouse marketed by Mr Stevens at Hedges Avenue, Mermaid Beach, recently went under contract. Mr Stevens could not comment on the sale price but sources confirmed it would settle at just under $5 million in December.

Mr Stevens said Surfers Paradise — and indeed the rest of the Gold Coast — was back in favour with cashed-up buyers who could see the value in its real estate.

“I’d say 90 per cent of my prestige sales are to wealthy interstate buyers from Sydney and Melbourne,” he said.

“The Gold Coast is back at excitement levels not seen since the GFC. Some of Australia’s wealthiest individuals are buying here … they feel it’s a safe investment for the future.”

Sunshine Coast hotspot Noosaville took out second place, recording 49 sales over $2 million this year. Perennial favourite Noosa Heads was not far behind, with 44 sales over $2 million.

Richardson & Wrench Noosa agent Shane McCauley said buyers from Sydney and Melbourne were “purchasing everything”.

“We’re certainly running off the back of that boom,” he said. “Last year we had so many people begging us to put their property on the market and they would often just sit there.

“Now they’re going under contract within a week … and we can’t seem to replenish the stock. The buyers just keep lining up.”

In Brisbane, New Farm has been confirmed as the favourite of the inner-city elite, with 31 properties changing hands for over $2 million.

Ray White principal Matt Lancashire said 2016 had been an incredible year for prestige property in New Farm.

“Literally last year we would’ve had half the amount of sales over $2 million we’ve had this year. This year, $2 million has become the new normal – a new price point has been set,” he said.

“It’s the most buoyant price point in New Farm.”

He said his office, which usually transacts between $30-$40 million of property a month, had so far sold $58 million worth of property in November – and that was with six days still to go.

“We’ll go past $70 million this month. Buyers can’t get enough of New Farm and can see the value … there’s a finite number of houses on this peninsula which means demand is always going to outstrip supply.”

The list of top 15 suburbs was dominated by notoriously luxurious canal estates on the Gold Coast, such as Hope Island and Paradise Point, while in Brisbane, inner city favourites such as Ascot, Indooroopilly and Hamilton made the list.

Only one suburb outside of Brisbane’s inner city made the top 15 and that was Cleveland, located in the Redlands bayside about 25 kilometres east of Brisbane CBD – 17 properties over $2 million sold there this year.

Agent Solomon Sonor of Professionals Redlands said Cleveland was clawing its way back from a period of stagnancy.

“The last seven or eight years haven’t been great here. Property hardly moved,” he said. “However, things have really picked up and Raby Bay, the canal estate, is in high demand.

“People coming up from Sydney and Melbourne are blown away by the fact they can sell their modest house down there and buy a waterfront home with a boat out the front for the same price, so there’s a lot of them doing just that.”