Glitter strip real estate is gold plated
THE Gold Coast property market has continued to shine despite concerns about a depressed market as mortgagee sales climb.
THE Gold Coast property market has continued to shine despite concerns about a depressed market as mortgagee sales climb.
The five most expensive homes and three of the top five units sold in the past year in Queensland have been on the Gold Coast.
Only two Brisbane sales made the list, for apartments at Newstead.
The Sunshine Coast was absent, although once the sale of an apartment on Hastings St, Noosa, which was listed for $7.5 million, settles it is expected to knock off the reigning apartment leader.
The biggest house sale in the state was a three-level waterfront home at Sanctuary Cove, which sold to John and Wendy Zupp for $12 million.
Cotton farmer Tom Hadley paid $9.5 million for a five-bedroom home on the Nerang River.
And in a bit of a game of musical chairs, Singaporean buyer Eric Tan Boon Yong paid $8.75 million for the Shearwater Esplanade home of John Zupp.
A Malaysian buyer secured the top unit sale, buying an apartment in the Soul tower in Surfers Paradise for $6 million.
Real Estate Institute of Queensland chief executive Anton Kardash said properties priced at more than $1 million made up a small percentage of the state's property market, accounting for 2.1 to 2.3 per cent of total sales.
During the past quarter, the number of house sales worth more than $1 million was up 44 per cent in Brisbane, reflecting the rest of the housing market.
But in the $1 million-plus unit market, sales levels dropped 23 per cent in the past quarter and were down 5 per cent for the year.
Mr Kardash believes there is still discounting in the high-end market.
In Brisbane's blue-chip suburbs, including Ascot and Hamilton where there are many $1 million-plus homes, medians were down between 5 to 10 per cent.
Cameron Kusher, of RP Data, said values had fallen in the past year and while there had been a slight improvement in recent months, conditions would remain the same next year.
MARKET ON THE MOVE
Top selling houses in 2012
PRICE DATE ADDRESS
$12m Apr 26 Anchorage Tce, Hope Island
$8.75m Jul 19 Shearwater Esp, Runaway Bay
$6.75m Jan 6 Southern Cross Dve, Surfers Paradise
$6.1m Jan 28 Southern Cross Dve, Surfers Paradise
Top selling units in 2012
$6m Jun 12 The Esplanade, Surfers Paradise
$5.85m Mar 1 Newstead Tce, Newstead
$4.62m Aug 8 Northcliffe Tce, Surfers Paradise
$3.75m Jul 5 Macquarie St, Newstead
$3.6m Apr 27 Surfers Paradise Blvd, Surfers Paradise