State’s mega-millions sales the height of luxury
THEY'RE jawdropping, dripping in luxury features and sell for more money than most people can dream of.
The top home sales of 2017-18 include an array of waterfront residences and mega mansions from the old money enclave of Hamilton and the trendy streets of New Farm and Teneriffe, to the glitz of the Gold Coast and the laid-back luxury of Noosa.
Players at the prestige end of Brisbane's property market are hailing 2017/18 as one of the best in years, reporting more sales around the $4 million mark than ever before.
Prestige real estate agents say demand from interstate migrants has ramped up in the past 12 months as Sydney and Melbourne homeowners sell up and cash in on the river city's affordability.
In some cases, buyers have even been throwing money at homes to have them taken off the market to eliminate competition.
The really big money was spent on waterfront properties on the Gold Coast and Sunshine Coast, with only one sale in Brisbane eclipsing the $10 million mark last financial year.
The biggest reported sale in Queensland's southeast was an absolute beachfront estate in idyllic Sunshine Beach for $18 million.
The sale of the seven-bedroom, eight-bathroom property at 21-23 Webb Road set a new record for the entire Sunshine Coast region when it was bought in March by David Russell, owner of private equity group Equis Energy.
Mr Russell also snapped up cricket star Shane Warne's grand Victorian home in Melbourne's Brighton around the same time, in a deal worth close to $20 million.
Just streets away, also in Sunshine Beach, former tennis star Pat Rafter's beachfront home sold for $15.2 million to Betty's Burger founder David Hales.
Prestige agent Adrian Reed of Dowling & Neylan Real Estate in Noosa Heads said he had noticed an increase in demand for property in the area from southern states and expats.
"We honestly believe there's more scope to test the limits (of the market)," Mr Reed told The Courier-Mail.
"The end game is that records will continue to be broken in Noosa because some of the best property hasn't been released yet."
Mr Reed sold a beachfront home at 312 Teewah Beach Rd, Noosa North Shore, for $10.75 million in November.
And only a month ago, a 1950s style beach house sold for an eye-watering $11.2 million in an offmarket deal to a cashed-up Melbourne-based buyer.
The sale price came as a shock to some given the property at 5 Allambi Rise in exclusive Little Cove last sold for $5.75 million only three years ago, showing the appetite from interstate migrants for premium real estate in Queensland.
The biggest sale on the Gold Coast in 2017/18 was a waterfront property in Hope Island, which sold offmarket for $16.75 million to a Vietnamese businessman.
Close at its heels was the sale of a stunning, beachfront property in exclusive Hedges Avenue in Mermaid Beach for $16.5 million.
Eddie Wardale of Kollosche Prestige Agents, which handled both sales, said confidence in the Gold Coast market was strong among both local and interstate buyers.
"There's definitely a lot more confidence to invest in more prestigious homes," Mr Wardale said.
"We've seen local buyers upgrading and buyers out of Melbourne making the move here, or at least buying holiday homes.
"More so than ever, buyers are attracted to newer homes in prime locations, like riverfront or beachfront. The older homes that require renovations, or some work, tend to be less appealing."
In Brisbane, the biggest sale of the financial year was also one of the most anticipated.
The lavish Hamilton mansion built by disgraced businessman Christopher Skase sold in a secret deal to a local hotelier for $10.138 million.
Another high-profile figure was involved in the sale of the Fig Tree Pocket home of the founder of the collapsed Linc Energy, Peter Bond, earlier this year.
Former federal politician and billionaire businessman Clive Palmer paid $7.5 million for the property at 36 Needham Street in the second biggest sale of the year in Brisbane.
In just the past month, a trophy home at 22-24 Ascot St, Ascot sold for $4.25 million, a home at 9 Craven St, Clayfield, fetched $4 million under the hammer and a historic, five-bedroom Queenslander at 32 Teneriffe Dr, Teneriffe, sold for $4.405 million at auction.
Vaughan Keenan of Grace & Keenan, who negotiated the sale of the Ascot property, said it had been scheduled to go to auction, but was taken off the market just two days after listing.
"There are lots of buyers out there who want to handle things discreetly, so they're happy to pay a premium to get properties off the market," Mr Keenan said.
Christine Rudolph of Ray White New Farm said she had noticed an increase in buyers prepared to pay $4 million or more for a home.
"We've definitely noticed a lot of these professional buyers would rather pay a premium for a finished product because they're time poor and they really don't want to go through project managing a renovation," Ms Rudolph said.
"That mid 30s to early 40s demographic is the prime demographic driving that $4 million price point at the moment, and they're looking more at a long-term investment - somewhere they will settle for the next 20 years with their family."
Ms Rudolph recently sold a five-bedroom house on 685 sqm in Clayfield to a Sydney buyer who paid $2.145 million for it under the hammer - the highest price ever paid for a block of that size in the suburb.
"That sale is proof that discerning buyers will continue to pay a premium for a quality product," she said.
"We're continuing to see a strong trend in Brisbane with interstate migration and we've noticed an increase in both CEOs and CFOs with larger companies relocating to Brisbane.
"One of the big benefits for them is that they can continue to operate on a global spehere out of Brisbane, but their preference is to move their families to Brisbane where the lifestyle is easy, schools are less expensive and they like to have that flexibility to be able to commute."
It's been a good year for Brisbane's high-end apartment sector too, with demand stronger than ever despite concerns about oversupply in the inner-city markets, according to Place Estate Agents Kangaroo Point director Simon Caulfield.
"I've settled in excess of $50 million (worth of property) and they're all apartments," Mr Caulfield said.
"I don't think I've had this big a start to a year in my 10 years of selling real estate."
A good example is the sale of an apartment with stunning river views at 5/81 Moray St, New Farm, which sold for $6.5 million in March.
Knight Frank Australia head of residential research Michelle Ciesielski told The Courier-Mail Brisbane's premium market was benefiting from the growing demand from downsizers looking for easy-to-maintain homes.
"Demand for truly exceptional properties in sought-after positions have outweighed the supply coming to the Brisbane market, including new builds," she said.
"Retirees continue to downsize and look for properties that offer high security while they travel abroad and low maintenance living with an array of amenities, including technology."
But the best could be yet to come, with a number of Brisbane properties tipped to surpass the $10 million mark.
A luxury residence built into the side of a hill at 10 Morgan St, Ascot, is tipped to change hands for more than $14 million - when the right buyer comes along.
The four-storey home in an ultra private location boasts some of the best uninterrupted views in the suburb.
Another home with the potential to fetch big dollars if it sells is 'Cintra House' at 23 Boyd St, Bowen Hills, which is one of Brisbane's oldest and most prestigious homes.
10 BIGGEST SALES IN BRISBANE IN 2017/18
Sale date Address Sale price
1. Feb, 2018 36 Dickson Tce, Hamilton $10.138m
2. Jan, 2018 36 Needham St, Fig Tree Pocket $7.5m
3. March, 2018 5/81 Moray St, New Farm $6.5m
4. Nov, 2017 34 Mullens St, Hamilton $5.975m
5. Nov, 2017 68 Molonga Tce, Graceville $5.65m
6. March, 2018 53 Macquarie St, Teneriffe $5.236m
7. Feb, 2018 37 Macquarie St, Teneriffe $5.1m
8. April, 2018 127 Laurel Ave, Chelmer $5m
9. May, 2018 16 Scott St, Hawthorne $4.875m
10. Sept, 2017 77 Macquarie St, Teneriffe $4.6m
Source: Realestate.com.au (Includes only properties where sale prices were revealed or previously reported. Excludes residential land, rural properties and multiple dwelling properties).
10 BIGGEST SALES IN SOUTHEAST QLD IN 2017/18
Sale date Address Sale price
1. Mar, 2018 21-23 Webb Rd, Sunshine Beach $18m
2. Jul, 2017 2620-2622 Virginia Dr, Hope Island $16.75m
3. Sep, 2017 187-191 Hedges Ave, Mermaid Beach $16.5m
4. Mar, 2018 46 Seaview Tce, Sunshine Beach $15.2m
5. Jun, 2018 103-105 Hedges Ave, Mermaid Beach $11.6m
6. May, 2018 5 Allambi Rise, Noosa Heads $11.2m
7. Nov, 2017 312 Teewah Beach Rd, Noosa North Shore $10.75m
8. Jan, 2018 29-31 Wyuna Dr, Noosaville $10.301m
9. Feb, 2018 36 Dickson Tce, Hamilton $10.138m
10. Aug, 2017 76 Hooker Blvd, Mermaid Waters $10m
Source: Realestate.com.au. (Includes only properties where sale prices were revealed or previously reported. Excludes residential land, rural properties and multiple dwelling properties).