Property sales: Paradise found for $24m on the Gold Coast
A record sale of a Surfers Paradise mansion occurred at an onsite Friday evening auction, with ten bidders seeking the keys to the Isle of Capri riverfront trophy home.
A record $24m sale of a Surfers Paradise, Gold Coast mansion occurred at an onsite Friday evening auction. Ten buyers sought the keys to the Isle of Capri riverfront trophy home.
Some 42 bids were taken over more than an hour, with the home announced as on the market when bidding hit $21.5m.
The auction crowd stood on the rear lawn with the Surfers Paradise skyline as the backdrop.
They watched as Kollosche Prestige agents Sam Guo, Julia Kuo and Claire Dai secured “the highest residential sale result in Queensland so this year and a new state residential auction record”.
The property last traded in 2016 for $15.5m when bought by Liyan Song and Hongbo Li, who recently resigned his directorship of Brother United Development. It had been an upgrade from Knightsbridge Pde East, Paradise Point.
It was listed in April, seeking offers over $25m. The house was built in the 1990s by surfwear industry pioneer Doug Spong and then wife Mara over four blocks, totalling 2197sq m with 52m of water frontage.
The tri-level Balinese-style residence was carved out of sandstone, New Guinea rosewood, teak and Oregon timber to a design by architectural firm Hamilton Hayes Henderson.
Its luxury features include a private beach, 7000-bottle wine cellar, gym, sauna and pool, plus cinema, billiard den, rainforest garden and basement parking for six cars.
The home had been leased to Hollywood movie star Dwayne ‘‘The Rock’’ Johnson during shooting of the blockbuster San Andreas in 2014.
Just before he was set to fly out to China on Saturday night to visit family, Guo also sold 57 Sir Bruce Small Boulevard at Benowa Waters for $4.65m. There were four registered bidders, with a Melbourne buyer securing the home on the Nerang River, which had been built in the 1990s for the downsizing Dr Sunil Singh and his wife Sharita.
In the clear
The national weekend capital city clearance rate held above 70 per cent for the 11th week, at 72 per cent.
But Melbourne was the only capital to see a rise in the preliminary clearance rate last week, with 74 per cent of its 502 results finding a buyer, according to CoreLogic.
Melbourne’s success rate was up on the prior week’s 72 per cent, and came despite a boost in volumes after the end of its July school holidays.
In Sydney, 600 homes went under the hammer last week, and of the 434 results collected so far, around 75 per cent found buyers. While Sydney had the strongest result, Tim Lawless at CoreLogic suggested its slight dip in the preliminary clearance rate had been “driven by a lack of vendor confidence, with the withdrawal rate rising to 12 per cent.”
The recent top capital city seller, Adelaide, recorded its lowest preliminary clearance rate in four weeks at 71 per cent. Canberra and Brisbane saw around 60 per cent success.
Burwood brilliance
Sydney’s top weekend result was a four-bedroom house at 20 Livingstone St, Burwood fetching $6.15m through Belle Property. It attracted over 4100 views on realestate.com.au during its marketing, the first time it was being offered in six decades. It last traded in 1963 at when bought for £10,250 pounds by machinist Salvatore Mannino and his wife, Giovanna. The house sits on 1026sq m.
Sydney saw another pricey outcome with the $4.33m sale of the two-storey brick house at 3 Warrabri Pl, West Pymble, for $380,000 above reserve. Four of the six registered bidders competed at the Ray White Upper North Shore auction.
“As soon as it hit the reserve, two new bidders jumped in,” selling agent Jessica Cao said. The six bedroom, three bathroom Alkira-built residence was constructed after the 1333sq m building block was bought for $712,500in 2009. It attracted over 4500 views on realestate.com.au.
Balwyn shines
Melbourne’s top notified sale was in Balwyn, when a two-storey French Provincial style home sold a week ahead of its scheduled auction for $4,368,000.
With a prized school zoning, the five-bedroom, four-bathroom 42 Grosvenor Pde listing was sold by William Chen and Sophia Dong from Marshall White, who’d given $3.5m to $3.85m price guidance. It had sold in 2009 at $1,838,000, a year after its construction. Melbourne’s top notified weekend under-the-hammer result was $3m for the six-bedroom, six-bathroom house at 11 Fort St, Mount Waverley, another school zone offering. It attracted 11,800 views on realestate.com.au. The price guide had been $2.4m to $2.6m through Harcourts’ agent Jack Qi. The 647sq m building block had cost $1.1m in 2020.
Auction action rising
The rise in auction activity continues this week with PropTrack economist Anne Flaherty calculating 1978 offerings this week, and then around 2100 in the last week of July.
“The improvement in auction clearance rates seen over recent months is likely supporting a recovery in the popularity of this sales method, and contributing to the rise in auction volumes,” she says.
But Flaherty adds that total listings remain “significantly below the same time last year”.
The total number hitting the market last week has picked up slightly with the end of the school holidays, initially in Victoria and now in NSW.
Right on Kew
The former Cann chief executive, Peter Crock, the chairman of Medicinal Cannabis Industry Australia (MCIA), and wife Kate have listed their Kew home for August 5 auction through Mark Sproule at Kay & Burton Boroondara.
Cappa, the double fronted Charles St villa, has a $3.65m to $3.85m price guide. It was built in 1898 with late Victorian and Federation influences for the Rylah family, whose scion Arthur was deputy premier of Victoria in the Bolte government between 1955 and 1971, holding the Kew electorate.
Set on 858sq m, the five-bedroom, two-bathroom home with a study, Cappa last sold for $530,000 in 1997, when Crock was amid his three-decade stint at the global agribusiness Nufarm.
Cappa had been offered with $450,000 price guidance in 1997.
Set on solid bluestone foundations, period features include sash windows, ceiling roses and fireplaces. MCIA is Australia’s peak medicinal cannabis industry organisation for licence holders.
Making their mark
The former AFL player-turned-umpire Jordan Bannister and his TV presenter wife Natalie Hunter are selling their Brighton home, but through an expressions of interest marketing campaign.
The price guidance is $8.5m to $9.35m through Marshall White for the New St offering, with offers closing August 8.
It is being marketed as a “breathtaking, state-of-the-art resort-style property rich in the principles of biophilic design.”
With pool and tennis court, the house was built around garden rooms which include a Japanese-inspired fish pond.
They bought the 1253sq m holding for $3,008,000 in 2018.
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