The Sunshine Coast could soon become Queensland’s priciest place in which to buy a house after median prices surged to a record $770,000 following one of the strongest rates of annual growth across Australia.
House prices in the sun-drenched city rose a staggering 19.4 per cent – or $125,000 – over the past 12 months and an incredible 6.9 per cent in the March quarter alone, the Domain House Price Report for the March quarter revealed, with a near once-in-20-year boom ignited by roaring rates of interstate migration.
While the Sunshine Coast has continued to outperform the rest of the state for a few consecutive quarters, the report revealed South-east Queensland’s coastal hotspots continued to reap the benefits of an exodus from major Australian hubs, with the Gold Coast also clocking a record high median house price of $749,950, following a 4.2 per cent quarterly rise and 15.4 per cent annual jump.
Domain senior research analyst Nicola Powell said the figures demonstrated the compelling pull of lifestyle precincts within a new world where more and more Aussies worked remotely and could swap the concrete jungle for less traffic and more sand.
“The Gold and Sunshine coasts continue to be standout performers, although the pace of price acceleration appears to be easing on the Gold Coast,” Dr Powell said.
“South-east Queensland’s housing market has become increasingly popular with interstate buyers [and] the number of Australians relocating to Queensland from other states is at its highest level since 2006.
“Changed lifestyle preferences post-lockdown and the option of remote working has driven demand to south-east Queensland as buyers are drawn by affordability, liveability, climate and greater value for money.”
While the report revealed unit price growth continued to lag behind houses, with Gold Coast unit prices weakening by 1.2 per cent over the March quarter, the sheer strength of the Sunshine Coast market sparked an eye-watering 10.2 per cent unit price rise over the same period to $550,000.
It’s a figure that’s also up 18.3 per cent year on year, which equates to a whopping $85,000.
“This is the quickest rate of price increases in roughly 17 years,” Dr Powell said.
“The Sunshine Coast has been such a stable market for a number of years where it hasn’t seen major swings either way, so there are probably greater legs on this price rise … It [also] doesn’t surprise me that the Sunshine Coast outperforms the Gold Coast … I think it’s probably the difference in lifestyle that people are looking for.”
Wayne Beck of McGrath Estate Agents Caloundra said while the Sunshine Coast was in the midst of a boom, he believed the long-underrated region was merely coming back into line with other Australian hotspots that had enjoyed significant growth over the past decade.
But while it’s a price correction he felt needed to happen, the buyer demand had placed enormous pressure on all aspects of the market, including rentals.
“For us, we go into a property, we appraise it, and two weeks later, it’s worth more,” Mr Beck said.
“When you look at rentals, we have zero occupancy levels … and it’s predominantly because a lot of people moved from down south where they’ve already sold, but our market doesn’t have enough supply to meet the demand, so they have to rent.
“Now, if you look through our caravan parks, they’re completely full because people are living there until they can buy.
“That’s going to push our market and sustain our market.”
Harcourts Coastal Group sales director Rob Forde said their team had clocked up an astonishing quarter on the Gold Coast with southern buyers from Victoria and NSW fuelling the price growth fire.
“The Gold Coast still offers great value for money, especially what you can get, and I think the kind of lifestyle it represents … you’ve also got a maturing cafe and restaurant culture, which has come a long way and, of course, there’s the weather we’ve got,” Mr Forde said.
“No market can keep going forever [with this kind of quarter-on-quarter growth] … but, I think, if you’re looking across a national level, it was undervalued previously, and buyers have just realised that.
“I think we will remain in a good market, and I wouldn’t be surprised to see the growth we’ve seen in the past two quarters continue.”
Across the Gold Coast, Broadbeach and Burleigh recorded one of the biggest annual house price hikes, according to the data, with prices rising 27.1 per cent over the past year to pass $1 million, soaring from $945,000 to $1,201,500.
On the Sunshine Coast, the Noosa Hinterland stole the show after house prices soared by 25 per cent, year-on-year, from $640,000 to $800,000.
Article Source: www.domain.com.au
Construction Begins on First Homes – Riverina Estate, Gold Coast
The building has commenced on the first homes for Riverina Gold Coast Estate now construction on Stage One is complete, with titles being settled on all 26 house lots.
The first homes currently under construction at Riverina Gold Coast are forecast for completion in October and work has also begun on the Riverina Display Village designated for Stage One.
Riverina Gold Coast is a 180-lot masterplan estate being developed by leading residential lifestyle developer Pointcorp on a perfectly-positioned 17ha riverfront property at Carrara just 10 minutes from Gold Coast’s popular beaches.
Stage One of Riverina Gold Coast Estate, consisting of 26 lots sized from 280sqm to 500sqm, sold out quickly to purchasers eager to build their new dream home in a prime location within a masterplanned community that features exceptional resort amenities and direct access to the river.
To be developed over four stages, Riverina Gold Coast Estate offers a variety of house lots ranging in size up to 740sqm, with the estate’s average lot price being $600,000 and premium riverfront lots in Stage Four fetching upwards of $1 million.
All four stages of Riverina Gold Coast have now been released to the market, with only a small number of house blocks with river and lake frontage remaining.
Construction on the 66-lot Stage Two is underway and forecast for completion in August, and Stages Three and Four with a combined 88 lots are expected to be finished in early 2023.
Managing the sales of Riverina Gold Coast, Louka Vitale of ProjX Group, said construction on the estate was progressing well and the first buyers of land in Stage One were excited to see building already beginning on their new dream homes.
He said construction had also started on the Riverina Gold Coast Display Village that would further assist the sales team to showcase the “exceptional” masterplanned residential community and its prime location.
“The quality of the Riverina estate and its location have resulted in strong inquiry and sales since we launched the development, with all 92 house lots in the first two stages selling within months of being released to the market,” Mr Vitale said.
“That’s half the estate sold within a few months of launching the estate, which clearly demonstrates that Riverina presents a rare opportunity to build a brand new home in a prime location.
“The strong sales result can also be attributed to Riverina being one of the last masterplanned residential communities planned for the central Gold Coast area, and the fact there is limited land available for sale in central Gold Coast.
“Most of the lots in Stage One and Stage Two at Riverina sold to Gold Coast locals, with a handful of buyers coming from Brisbane and regional Queensland.
“Only a handful of the 88 lots across stages three and four are still on the market and we are urging locals to act quickly to avoid missing out. Considering the limited housing land available on the Gold Coast, these premium lots will not remain available for long.
“Now that building has begun on the estate’s first homes, we are starting to see Riverina take shape and soon it will be home to 180 new households that will be part of a vibrant new Gold Coast neighbourhood.”
Riverina Gold Coast Estate’s impressive masterplan features 430m of river frontage, a 2.8ha central lake, resort-style amenities and open green spaces at its prime location on the river at Carrara, close to beaches and all the essential community infrastructure.
An expansive range of luxury lifestyle facilities will be incorporated throughout Riverina, including a 26-berth marina on the river and a state-of-the-art private residents club overlooking the lake with a cinema, café, library and gymnasium, plus a 25m swimming pool and children’s playground.
Riverina Gold Coast enables land purchasers to build substantial, quality homes befitting of the prime coastal riverfront location and with building covenants in place, residents can enjoy peace of mind knowing the security of building controls will maintain the quality of homes.
Potential buyers are invited to visit the land sales display suite at the Riverina Gold Coast development site at 74 Riverview Road, Carrara, to speak with an agent and get an idea of what the estate will look like once the development is complete.
Riverina Gold Coast is conveniently located just 1km from the Pacific Motorway for quick access to the north or south, with Gold Coast Airport just a 30 minute drive, 13 minutes to Robina Town Centre and Brisbane City less than an hour away.
Article source: www.yourneighbourhood.com.au
Palm Beach Residential Tower Proposals Piling Up
Proposals have been pitched for two new medium-rise residential towers along a popular Gold Coast beachside strip and development hotspot as it continues its urban evolution.
The plans have been filed with Gold Coast City Council as it pushes ahead with planning for the fourth and final stage of the light rail network from Burleigh Heads to Coolangatta.
The controversial $2.7-billion extension has come under fire from residents who fear it will increase traffic chaos on the Gold Coast Highway through Palm Beach.
After the federal-election win by Labor, and an election campaign backflip by the Liberals over support for the project, the council has voted to approve a $7.5-million budget allocation for a business case study on the light rail extension.
Coincidentally, development applications have been lodged for the two new residential towers along the planned light rail route at Palm Beach.
A consortium led by Queensland developer Paul Spina is seeking to develop a nine-storey apartment project, replacing two walk-up unit blocks on a 1237sq m site at 1409-1411 Gold Coast Highway.
It would comprise 41 one, two and three-bedroom apartments—some with home office spaces—across eight levels above a ground-floor wellness-recreational area with hot and cold pools, steam room and day beds.
Other facilities in the plans include a private dining room and boardroom, plus secure parking with optional electric vehicle charging stations.
But according to the filed documents, the Cottee Parker-designed proposal does not comply with the specified performance outcome of the medium density residential zone code.
The site has a residential density overlay of one bed per 33sq m of net site area and the planned development with a total of 98 bedrooms has a proposed density of one bed per 12.52sq m.
However, a submitted planning assessment report deemed the proposal “appropriate in form, scale and intensity for its urban context”.
“Notwithstanding this non-compliance, the proposed development complies with the purpose of the medium density residential zone code, including the overall outcomes of the zone code,” it said.
“In all, the proposed development will provide a high-quality residential development product which meets the demand for housing in the Palm Beach area.”
Spina is the director of Townsville-based developer PDS, a firm with a portfolio of major projects in north Queensland, including several apartment projects, residential subdivisions, mixed-use developments and Townsville’s V8 Supercars circuit.
The Palm Beach proposal is his first development foray on the Gold Coast. Pending its approval, the project is scheduled to be launched to market in July.
CBRE’s Nicholas Clydsdale, who has been appointed to market the project, said the stock available in Palm Beach was failing to meet demand because it was only accessible to a small percentage of the population.
“This development has been designed to appeal to the local owner-occupier market with a diversity of residences,” he said.
Up the road at 1276-1280 Gold Coast Highway, a development application has been lodged for another nine-storey apartment project on a 1783sq m site at the corner of Fourteenth Avenue.
It has been filed under an entity linked to business partners Nedale Hamdan and Charlie Ayoub from Sydney-based developer Masscon.
The BDA Architecture-designed proposal is for 58 one, two and three-bedroom apartments and ground-floor communal recreational area—with dining lounge, gym, pool, deck and barbecue area—set above onsite parking within two basement levels.
It will replace a single-storey commercial building occupied by a health centre.
“The architectural design accommodates the proposed apartments within a medium-rise tower form embracing south-east Queensland subtropical design influences through the arrangement of indoor and outdoor living spaces,” the filed documents said.
Similar to the other DA, a submitted planning assessment report concedes the proposed development is not compliant with the residential density performance outcome applying to the site. It is also seeking “minor” variations to setbacks and site cover.
The site’s residential density overlay allows for one bed per 50sq m and the lodged plans, with a total of 131 bedrooms, represent one bed per 13.6sq m.
But according to the report, the development “complies with the relevant overall outcomes of the medium density residential zone code”.
“In particular, the proposed built form sits comfortably within the urban fabric of the surrounded area and will not result in any perceivable impacts to infrastructure,” it said.
“The proposed development will ensure that efficient use of the site is achieved and that it contributes effectively to providing a mix of housing for a permanent residential population in a highly accessible location, where residents will benefit from access to a wide range of services and facilities, recreational opportunities and public transport.
“On this basis, it is reasonable to conclude that the proposed residential density of the development represents a positive response.”
Palm Beach has emerged as one of the Gold Coast’s development hotspots with a rising number of tower proposals, including S&S Projects’ plans for a 23-storey residential project—the beachside strip’s tallest modern tower—at the corner of Palm Beach Avenue and 1128-1132 Gold Coast Highway.
Article source: www.theurbandeveloper.com
Interstate purchasers set on Royale Gold Coast’s rare northeast-facing absolute beachfront apartments
Strong interest in Royale Gold Coast from interstate and expat buyers continues as demand for unique lifestyle experiences and premium quality apartments is matched by Royale’s rare absolute-beachfront location and expansive five-star beach resort amenities.
Prestige property buyers are discovering that nothing else on the market compares to Royale Gold Coast’s stylish and spacious northeast-facing absolute-beachfront apartments with exclusive access to an unprecedented offering of luxurious beach lifestyle amenities.
Southern Sydney residents Joseph Sbarro and Metter Chin (a 2018 MasterChef Australia fan favourite) had been looking for the ultimate beach apartment between Main Beach and Broadbeach for many months before finding out about Royale planned for the prime beachfront corner site on Gold Coast’s elite Northcliffe Terrace.
“Royale’s location and the building design attracted us immediately. It has a northeast aspect which is exactly what we wanted as we’d prefer to look up the whole beach, not directly face the ocean,” Mr Sbarro said.
“Then we discovered Royale’s finishes are second to none. The developer has an excellent reputation and we admire the work of DKO Architecture and Mim Design interiors so we know Royale will be of high quality.”
“Certainly, Royale is going to offer us exactly the lifestyle we are looking for,” Mr Chin said.
“The beach lifestyle amenity is ideal for us. We haven’t seen any other development on a beachfront site like Royale, with such extensive resort-style amenities exclusively for residents. They are really just beautiful and of high quality.
“We were really impressed with the style and quality of the kitchens in Royale apartments, especially the high-end V-Zug appliances, and then there’s the private dining room and Cucina Chef’s kitchen in the Royale Residents Club on Level 1.”
Royale Gold Coast is a $395million premium residential apartment tower planned for an absolute beachfront site on Gold Coast’s exclusive Northcliffe Terrace, offering some of the most prestigious apartments and highest quality amenity currently available on the market in Australia.
The ultra-premium residential tower, being delivered by leading developer David Devine’s group DD Living, will be built on a prime 2251sqm northeast-facing corner site, comprising of 104 apartments across 38 levels with the Ground Floor and Level One dedicated to exclusive, five-star residential amenities inspired by the world’s best resort hotels.
Mr Devine has drawn on more than 30 years in property development and his belief in the Gold Coast as a premium lifestyle destination of international status to design Royale Gold Coast as the ultimate absolute beachfront address that will remain a legacy for the Devine family for many years to come.
Luxury apartment marketing agency TOTAL Property Group is managing the sales of Royale Gold Coast’s private residential apartments and reported a high level of confidence in Royale from apartment buyers, particularly purchasers from interstate and overseas who bought an apartment remotely.
“The pedigree of Royale’s developer David Devine and the quality of work produced by award-winning designers DKO Architecture and Mim Design gives apartment buyers the assurance that Royale Gold Coast will be delivered to the highest standards expected of the most prestigious homes,” TOTAL Property Group Managing Director and Royale Gold Coast Marketing Manager Adrian Parsons said.
“Joe Sbarro and Metter Chin were lucky to be holidaying on the Gold Coast and were so taken by the cosmopolitan lifestyle complementing the natural beauty of the coast and hinterland, they decided to purchase an apartment, but it had to fit their particular criteria.
“They wanted a northeast-facing beachfront apartment in a luxury residential building with high quality resort-style amenities. It’s not an easy list to mark off, however we’re pleased to say Royale Gold Coast offered them everything they wanted and a whole lot more.
“Royale’s purchasers are fully aware of how unique this apartment development is. Royale is the only absolute beachfront residential apartment building with such extensive five-star beach lifestyle resort amenities exclusive for residents and their guests.
“There is nothing else like it on the market – when you look at new developments, there just aren’t any other beachfront sites with the land space to provide the range of amenities like DD Living has at Royale.
“Royale’s architect and interior designer have really understood DD Living’s vision for the prime site and are delivering a signature collection of private residences that blend luxurious cosmopolitan elegance with Australia’s iconic laidback beach style to create the ultimate international beachfront residences.
“With limited available stock for brand new luxury beachfront apartments on the Gold Coast, interest in Royale Gold Coast has intensified.”
Royale Gold Coast, to be delivered by DD Living, will consist of 104 luxury apartments across 38 levels with exclusive five-star residential facilities at the absolute beachfront location of the corner of Markwell Avenue and Northcliffe Terrace, one of Gold Coast’s most desirable residential areas.
Construction has begun with demolition of the site’s old 14-level building now underway. The onsite sales centre has closed with a temporary location for private appointments only at Level 1 Capri on Via Roma, Isle of Capri in Surfers Paradise, Gold Coast.
Apartment prices begin at $1.865m for two-bedroom apartments and range up to $3.175m for three-bedroom apartments, $5.5m for the premium three and four-bedroom lower level “beach home” apartments and up to $12.6m for a full floor penthouse.
Royale Gold Coast’s world-class residential amenities include a grand entrance with concierge service and exclusive resort-style facilities, featuring a beach club on the elevated ground floor overlooking the beach with two swimming pools, daybeds and lounges, plus a wellness centre with a state-of-the-art gym, steam room and sauna. An exclusive residents’ club with private executive lounge, bar, private dining room, wine and whiskey lockers and a Cucina Chef’s kitchen is incorporated across Level 1, and a beachside café is located outside on the ground level.
Article source: www.einnews.com
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