Gold Coast hinterland hitting the heights in property boom
Prices continue to rise in this Gold Coast enclave where a Chinese billionaire developer has relisted his opulent mansion for $33m.
The lush hinterland of the Gold Coast has not missed out on the massive rise in property prices over the past year.
Tucked behind the branches at the southern end of the coast and spanning down to the state border, prices at the prestige end of the Tallebudgera Valley market have soared 40.9 per cent to a median of $1.664m in the year to July.
The change places the top end of that market – considered to be the most expensive quarter of homes – among the most expensive homes in the region, ranking seventh behind top priced Mermaid Beach ($2,450,000), Surfers Paradise ($2,388,300) and Paradise Point ($2,055,700).
Property researcher CoreLogic’s head of research Eliza Owen said it was not at all surprising in the greater scheme of Australia’s Covid-19 housing boom, noting the effect of persistently low mortgage rates and the enablement of remote work on the region’s upswing.
“The Gold Coast has long been a popular internal migration region, but Covid-19 has amplified this trend,” Ms Owen said.
“Comparing Australian Bureau of Statistics migration data for the March 2020 quarter with March 2021, there has been a 36.8 per cent uplift in departures from Melbourne to regional Queensland.
“In fact, the 12-month growth rate to July is the highest rate of appreciation the suburb has seen for at least a decade. This is good news for sellers in the area, but it is not terribly surprising given the housing demand trends seen through Covid-19.”
However, the rises have done little to encourage local homeowners to list. Listing numbers are above those in neighbouring suburbs more broadly, but buyers were left with a selection of only 13 properties during July.
Smyth Real Estate managing director Edward Smith said demand had been strong for homes in the suburb, citing the recent sale of a luxury Queenslander at 45 Golden Valley Rd.
Around three-quarters of the inquiry for the property was from interstate buyers, allowing Mr Smyth to run an open digital tender. It eventually sold for an undisclosed price to a Gold Coast local trading the sand for the bush.
In neighbouring Tallebudgera, Chinese billionaire and property developer Riyu Li has taken a second attempt at selling his opulent mansion. Bellagio La Villa is back on the market with a $33m price tag six months after it was offered. Agent Amir Mian said the new offer was in response to buyer feedback, including only the main home and guesthouse on 11ha. It was previously listed as a 49ha estate for $50m, offering an additional development proposition.
The home itself is the definition of opulence and excess. Ten bedrooms, each with its own ensuite, are included in the symmetrical residence designed down to minute detail. A dual level atrium overlooks the perfectly manicured vista, which includes a water feature housing a copper angel sculpture, identical hedge mazes, fruit orchid and herb garden, down to Tallebudgera Creek.
Interior designer Eleanor Davis ensured all of the furniture complemented the intricate design of the palatial home from architect Michael Witty, which is why the property is being sold fully furnished.
“What is in demand right now? Luxury property close to the beach. This ticks all the boxes,” Mr Mian said.
Ms Owen does not believe the extraordinary growth is likely to continue in the long term.
“Constraints on affordability and credit growth in Australia are likely to see growth rates slow for the rest of the year,” she said.
“Having said that, I think this region could still see value increases, just not at such a strong rate, driven by ongoing demand against the underlying scarcity of housing in the area.”
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