Billionaire Clive Palmer is notorious for his love of real estate, a trait that’s rubbed off on his family who collectively own over 50 properties in Queensland, four of which are now on the market.
The mining magnate whose net worth was estimated at $18.35billion a year ago, is well known for his affinity with residential real estate, with 33 properties in his name in Queensland, three of which are jointly owned with wife Anna.
Mrs Palmer has a further seven homes in her name, while Clive’s son Michael Palmer has eight – one of which is currently listed for sale – and daughter Emily has six – two of which are up for rent.
His most favoured suburb to sink his earnings, Sovereign Island on the Gold Coast, is where Mr and Mrs Palmer are currently looking for a tenant for a five bedroom, four bathroom, double garage waterfront home.
They’ve listed the house with Sandy Morcom of Professionals Vertullo Real Estate and put in a $700 a week rent hike now, with it priced at $1,850 a week now.
It is the first increase in three years for rent there and the former Senator also requires six weeks worth of rent as bond, coming in at $11,100. The couple has owned the property for five years now.
Mr Palmer’s daughter is also a shrewd property investor, with two of her six properties currently being renewed for rentals.
Her stunning five bedroom, three bedroom, eight car garage house in Toowong – bought for $2.6m in April 2021 – has been listed for rent at $2,400 a week. The rental price goes against market trends, having dropped by $100 a week since it was last listed mid last year.
Ms Palmer also has a three-bedroom house in Taringa on the rental market – one gifted to her from her mother’s estate, having been bought for $75,000 in 1982.
The property’s sentimental value doesn’t stop it bringing in strong returns, fetching $699 a week from 2017, though it has now had a $250 a week increase, listing for $950 a week.
The Palmers are not cashing out on any of their properties at present, except for Michael Palmer, who listed a Chapel Hill three bedder for sale with Jackson Chow of LJ Hooker Property Partners – Sunnybank Hills and Mount Gravatt.
The home went under contract after 47 days on the market though no price has been revealed as yet.
Surging property prices across the country will have lifted the net worth of the entire Palmer clan since Covid-19, though given rocketing values coming off mining royalties in recent times it doesn’t seem like they’d need to rely on it.
Article source: www.realestate.com.au