Cash-rich buyers from the boom markets of Sydney and Melbourne are snapping up prestige property all over south east Queensland. Agents say residents from Sydney and Melbourne are fuelling demand in Brisbane, as well as the Gold and Sunshine Coasts, where prestige property now sells for $2 million and higher.
Suburbs with most sales over $2 million
The latest data from Domain Group reveals the areas which have benefited the most from surging demand and also highlights the suburbs with the most sales over $2 million so far this year.
Surfers Paradise along the Gold Coast emerged at the top of the list. A staggering 53 properties were sold for more than $2 million so far this year.
Tolemy Stevens, an agent at Harcourts Coastal, said business has never been better. “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.”
Stevens said Surfers Paradise, and indeed the rest of the Gold Coast, was back in favour, as many cash-rich buyers from the southern state capitals see the value in the area’s real estate. “I’d say 90 per cent of my prestige sales are to wealthy interstate buyers from Sydney and Melbourne.”
“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.”
The hotspot of Noosaville along the Sunshine Coast emerged at second place, recording 49 sales over $2 million so far this year. Noosa Heads was not far behind, with 44 sales over $2 million so far this year.
Shane McCauley, agent at Richardson & Wrench Noosa, said the current boom in south east Queensland is a far cry from market conditions last year.
“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. Thirty-one properties have changed hands for over $2 million so far this year.
Solomon Sonor, an agent at Professionals Redlands, said buyers from Sydney and Melbourne are attracted by the local real estate market’s value for money. “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,” he said.
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Originally Published: http://www.yourmortgage.com.au/