Strong national auction action but Peter Dutton’s house is on hold

Peter Dutton’s Gold Coast beach house failed to sell at auction last weekend despite a strong market ahead of Christmas.

Minister Peter Dutton’s Gold Coast beach house.

Home Affairs Minister Peter Dutton’s Gold Coast beach house failed to sell at auction last weekend despite the market remaining strong in the lead up to Christmas.

Three in four properties placed under the hammer last weekend across the country were sold, according to preliminary data from researcher CoreLogic. The result is four percentage points higher than recorded the same weekend last year, albeit on smaller numbers.

Eleven groups registered to bid on Mr Dutton’s absolute beachfront property at Palm Beach on Sunday. Despite the strong competition, the home was passed in at $4.355m.

Real estate agent Troy Dowker of agency Kollosche said a higher offer was made prior to auction. He believes a deal will soon be reached.

Mr Dutton has owned the luxury two-storey coastal home since September 2014 when it was purchased for $2.235m. It has previously fetched $1500 per week in rent. On a 546sq m block along one of the Coast’s most exclusive beach strips, the four-bedroom property has uninterrupted ocean views through the sky panel windows in the living room. It is also close to the local surf club and cafe strip.

A bedroom overlooking the beach.

In Brisbane, a riverfront block earmarked for demolition on Maxwell Street at New Farm sold for $9.91m to prolific developer Seymour Group in what was Queensland’s largest-ever auction result.

The New Farm address is one of several prestige properties that sold at a Ray White mass auction in the city on Saturday. Sales totalled close to $30m.

Ray White New Farm principal Matt Lancashire said the event, which brought together properties from various franchises, had benefited from the large number of southerners looking to move to the Sunshine State.

“There is a huge influx of buyers from Sydney and Melbourne, and they have all been eagerly waiting for the borders to re-open,” Mr Lancashire said.

“We don’t see any sign of it slowing down throughout the early months of 2021 either. During a usual year things start to wrap up after the Melbourne Cup, but this summer, we’re only just getting started.”

 

REA Group chief economist Nerida Conisbee said a strong auction market this late into the year was unusual.

“November was a turning point (for the market), with Victoria coming out of lockdown, another interest rate cut and the vaccine,” Ms Conisbee said.

“There is so much good happening that is being turbocharged by cheaper lending. We’ve had such a bad year but people are prepared to buy and willing to sell despite settlements now going into the new year.”