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Average House Prices Edge Closer to $1m

House Prices

The average price of a residential property in Australia is nearing the $1-million mark for the first time on record, with house hunters spending about $350,000 more than they did a year ago on the typical home.

According to Domain, Australian house prices have experienced the fastest annual rate of growth on record at 21.9 per cent with house prices rising three times faster than units over the past year.

Domain chief of research Nicola Powell said despite the historic surges, prices—currently being underpinned by record low-interest rates and expected investment returns—were now preparing to cool as lockdowns end nationally.

Over the three months to September, all capital cities except for Perth and Darwin hit record highs for house prices with Canberra now the second most expensive capital city to purchase a house for the first time since 2005.

Sydney, the nation’s most expensive city, hit a new record of almost $1.5 million for houses after surging 30.4 per cent—rising by roughly $6700 a week over the past 12 months.

Unit prices hit a new record high of $802,475 after gaining $18,695 over the September quarter, surpassing the mid-2017 price peak for the first time.

NSW now accounts for $3.3 trillion, or 40 per cent, of the total Australian residential real estate market.

House price change by capital city

CityJun 21Sep 21QoQYoY

^Source: Domain

Melbourne, despite being in lockdown for most of the quarter, hit a new record high of $1.038 million after increasing by 16.8 per cent in the past year—the city’s strongest annual gain in 11 years.

The number of homes selling in Brisbane continues to surpass previous records to now be at its highest point in six years with listed homes for sale 7 per cent higher over the first three weeks of October compared to the two-year average.

House prices have now reached a new record high, surpassing the $700,000 mark.

Meanwhile, Hobart house prices have almost doubled over the past five years, the steepest increase of the capital cities.

Powell said price relief was now nearing as the rate of house price growth across capital cities halved in the September quarter compared to the previous quarter, suggesting the peak pace of growth has passed.

“We’re seeing the property market begin to cool down with soaring house prices in the last year adding to ongoing affordability pressures affecting buyers participation in the market,” she said.

“As Covid-19 lockdowns and restrictions come to an end and the sustained high prices appeal to vendors, sellers are beginning to re-engage with the market, increasing supply which in turn offer greater choices for buyers.”

Unit price change by capital city

CityJun 21Sep 21QoQYoY

^Source: Domain

The Reserve Bank of Australia recently acknowledged the hot housing market in its monthly board meeting minutes, and said policymakers needed to keep a close eye on lending standards.

It noted there had been an increase in loans with high debt-to-income ratios, and sustained growth in housing credit added to the risks of high household debt.

Housing credit growth is forecast to top 10 per cent on a six-month annualised basis early next year.

At the same time, wages growth is running at just 1.7 per cent, according to the latest Bureau of Statistics data.

“There has been an increase in the average loan value over the last year indicating that customers are borrowing more to keep up with rising prices and further driving house price growth,” Powell said.

“This may start to slow down as new serviceability measures are implemented from November 1.

“However, the sheer affordability of keeping up with rapid house price gains is proving a barrier for many buyers, especially first home buyers facing spiralling deposit goals and poor interest accrued on savings.

“Upsizing is also becoming a financial leap despite the benefit of strong equity growth, and particularly challenging if sold prior to purchasing.”


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Market Place

Waterfront wonder: see why this rare Pelican palace is going to be irresistible to lifestyle lovers

Waterfront wonder, rare Pelican palace

A rare, palatial waterfront beauty is about to become someone’s new dream home on the Sunshine Coast and smash the sale price record for its coastal suburb.

The private oasis that is 43 Pelican Waters Boulevard, Pelican Waters, commands attention among other resplendent homes in the coveted area.

The five-bedroom, three-bathroom property sits on the largest waterfront allotment in Pelican Waters at 2492m2.

It has everything grand property wishes are made of, ticking all the boxes for desirable coastal living – space, privacy, convenience and location – with the added bonuses of being north-facing, with absolute water frontage on the widest canal.

Pelican palace in Pelican Waters, The “big picture”

The “big picture” of the property’s position on the canal.

Adams & Jones is marketing the property in an Expressions of Interest campaign that closes at 5pm on June 7.

While agent Karen Jones did not wish to pre-empt the success of the campaign, she expects the final sale price to be the talk of the town.

“We certainly expect it to be a record sale for Pelican Waters, deservedly so,” she said.

“So far, the response has been very positive.

“I am organising private inspections by appointment only for this home.

“Given the size of the land and all the extras, some of the private inspections I have had so far have taken an hour-and-a-half.”

Lifestyle and luxury are taken to the next level. This is more like your own tropical resort complete with enviable recreation facilities.

Beautiful Pelican palace in Pelican Waters

The colossal in-ground infinity pool is joined by a full-size flood-lit tennis court and mini putting green.

This boat owner’s paradise also has about a 49m frontage with private pontoon to the ocean-access canal to glide around pristine Pumicestone Passage or cruise out into the deep blue.

The water-fun possibilities are endless for those with SUPs, jet skis, kayaks or surfboards.

And there’s room for four cars plus a motorhome, or boats and trailers.

Unwind beneath the canopy of the trees, sit back and take in the breathtaking water views across the canal, dine in a romantic setting at the water’s edge or reconnect with loved ones in the large outdoor living zone complete with weatherproof roofing.

But the elegantly remodelled and beautifully styled, two-storey residence also offers grandly proportioned interiors behind the gated entrance and long and winding walkway to the front portico.

Pelican palace in Pelican Waters

What lies behind the front gates.

A statement chandelier over the central table is an eye-catching addition to the entertainer’s kitchen that also boasts stunning engineered stone, integrated appliances and expansive storage solutions, including a separate bar area.

While all five bedrooms are well-proportioned, beautifully appointed and offer French doors to private balconies with sparkling water views or a private outlook over the estate, the master retreat is a stand-out in comfort.

And its luxurious ensuite has a free-standing bath to soothe weary souls that looks out to the waterfront landscape.

French Oak flooring, luxe finishes and inviting spaces to relax and entertain help define the home’s immediate sense of warmth and comfort.

The separate air-conditioned office with independent access is ideal for a home business, with its own shady outdoor lounging area and meeting table.

Other features include: ducted air-conditioning, vacuum system, security and intercom.

“For me, I love the space and privacy provided by all the established trees and gardens,” Ms Jones said.

“It really makes it feel like an oasis on the water.

“Although you are walking distance to Golden Beach and Pelican Waters shopping centre and the coming marina, it doesn’t feel like you are in the suburbs.

“It is very rare to have 2492m2 of north-facing waterfront. That is very hard to find anywhere on the Sunshine Coast.

“The home was designed by Trevor Reitsma and the current owners have done a beautiful renovation, keeping true to the style and grandeur of the home but giving it a lovely relaxed, coastal vibe.”

Ms Jones said the current owners previously were living in the hinterland on more than 40ha (100 acres), and while they had “loved their time” on the largest waterfront block in Pelican Waters, they wanted to return to acreage living.

In their time by the water, they had seen the potential of the “faded beauty” they had purchased and completely remodelled and renovated the property to their own grand designs with luxury finishes.

With the property’s immaculate presentation, interest had been strong from prospective buyers.

“We have had an ex-pat with a family very interested, as well as a couple returning from working in the US for 20 years, families from Brisbane and families from other parts of the Sunshine Coast,” Ms Jones said.

“The size of the home and the rare block size have both been very important aspects of the buyers’ interest so far.

“It will be very interesting to see who the lucky buyers will be.”



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Local Issues

No reprieve for buyers in regional markets

No reprieve for buyers in Australia’s regional markets

While growth across Australia’s regional markets is beginning to slow, it’s not helping buyers who are trying to secure a property in some of Australia’s most popular locations.

Looking to the latest quarterly Regional Market Update from CoreLogic, dwelling values across the combined regions jumped nearly 25 per cent (23.9 per cent) in the year to April 2022.

It stands in stark contrast with the 14.6 per cent growth seen across Australia’s capital cities.

Even though heat is starting to leave the market, CoreLogic’s research director Tim Lawless said that anecdotally, they are “still seeing strong demand for regional housing supported by high internal migration rates”.

“The high level of demand is supported by estimates of home sales, which were tracking 20.1 per cent above the previous five-year average over the three months ending April 2022.

“It seems many employers across the relevant industries have implemented permanent hybrid working arrangements for staff which is likely to be supporting the stronger demand trend across regional Australia,” he considered.

Increased fervour around regional buying is clearly on display, with sales activity tracking about 20 per cent above the five-year average for regional Australia.

This is despite the number of homes available for sale across regional Australia being “more than 40 per cent below the five-year average and 20.5 per cent lower than a year ago”.

“Clearly, we are still seeing a disconnect between available supply and demonstrated demand,” Mr Lawless commented.

It’s evident in some of the latest sales data, with houses in the Queensland city of Toowoomba showing the fastest sales times, spending just 13 days on market, on average, across the last 12 months.

The Sunshine Coast and Gold Coast markets aren’t far behind, with both regions reporting properties are spending just 16 days on the market before being snapped up.

Elsewhere, the Hunter Valley (excluding Newcastle) is also offering wins for vendors, with the region offering the lowest discount to secure a sale, at just -1.8 per cent.

And while prices have increased astronomically in many regions, Mr Lawless did note that regions adjacent to capital cities are still somewhat more affordable than their metro counterparts.

In the Newcastle and Lake Macquarie region, median dwelling values remain $250,000 lower relative to Greater Sydney, while the Illawarra region’s median dwelling value is $143,000 lower than the median Sydney price.

In Victoria, it’s a similar story, with prices in the regional city of Ballarat tracking $203,000 lower relative to Melbourne’s median.

Looking ahead, while the outlook for non-capital city markets may be softening – and hopefully becoming more sustainable – Mr Lawless doesn’t see many of Australia’s regions experiencing a downturn in the near term.

“Arguably some regional markets will be somewhat insulated from a material downturn in housing values due to an ongoing imbalance between supply and demand,” he imparted.

“We are continuing to see advertised stock levels remain extraordinarily low across regional Australia and settled sales activity looks to be holding firmer relative to the capitals.”

All in all, a lot will depend on regional migration patterns, with Mr Lawless concluding that he expects many of the current demographic trends to continue favouring the regional markets – “especially those regions with some lifestyle appeal within a few hours’ drive of the major capitals”.



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Market Place

For sale: Inside Australia’s version of The Great Gatsby mansion

The Australia’s version of The Great Gatsby mansion is on the market in Queensland

In the luxury stratosphere of real estate, privacy is even more valuable than glittering views, blue-ribbon street addresses and the imported flourishes that crown every surface.

And so it is with Australia’s version of The Great Gatsby mansion.

This unique estate, on the market in Queensland, has a cinematic quality.

Here, the water fountains in the vast grounds are controlled by Bluetooth. Flick a switch for instant cocktail-hour ambiance.

The Australia’s version of The Great Gatsby mansion is in Queensland

The exclusive estate in Robertson, Queensland. Photo: Domain

In the suburb of Robertson, with intentionally little else to pinpoint its location, is this an estate of epic scale and glamour.

The listing does not mention the street address, or provide a floorplan, and there are only eleven photographs (none of the living zones, and most of the exterior) which adds to the intrigue and sense of exclusivity.

The chandeliers are bespoke, the tennis court is “championship” size and the pool house has a kitchen for parties, “his and her bathrooms” and three options for a dip – a 25-metre pool with three lanes, a spa and a cold plunge pool.

The Great Gatsby mansion in Australia,  “pool house”

The “pool house” in Robertson. Photo: Domain

Paths and driveways curl around impeccable, verdant gardens with razor edges, reminiscent of Jay Gatsby’s estate in Baz Lurhhman’s 2013 movie starring Leonardo DiCaprio. The exterior shots for the film were of St Patrick’s Seminary in Manly, Sydney.

The Robertson estate is on the books of Place Estate Agents’ Patrick McKinnon, inviting expressions of interest.

No price guide has been given.

Mr McKinnon told Nine the level of seclusion and privacy attached to the home – which he dubbed “Brisbane’s best-kept secret” – is what held “huge” appeal for prospective buyers in this level of the market.




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