Prestige Property Heats Up
November 8 2021
As the mercury rises and summer nears, we’ve seen a continued month of strength in the property market. The Gold Coast has been in high demand over the past 12 months from sea-change buyers, interstate investors and downsizers, drawn to increased affordability and a strong market.
According to The Regional Movers Index 2021, 1 in 10 city dwellers across Australia chose to move to the Coast over other regional areas.
The Gold Coast’s population is growing rapidly along with the remainder of the Sunshine State. Figures from the Australian Bureau of Statistics for the year ending 31 March 2021 showing that interstate migration is at an all-time high.
Queensland recorded a 43,933 net increase in population, with around 70 percent of this growth attributed to those relocating from other states, while Victoria showed an extreme decline, demonstrating that a large chunk of their population had relocated to the Sunshine State.
At Kollosche, our auction clearance rate for the calendar year now sits at 89 percent, and we’ve seen a number of successful auctions from our team this month.
William Sarti achieved two stellar sales at 8065 Riverside Drive, Sanctuary Cove, resulting in an unconditional cash sale for $2,500,000, while 2216 Arnold Palmer Drive, Sanctuary Cove sold for $5,640,000.
Troy Dowker saw 10/405 Golden Four Drive, Tugun go under the hammer for $3,240,000 after a battle between 12 registered bidders and 138 Cypress Terrace, Palm Beach sell for $3,321,000 with an auction that saw heavy competition from 10 registered bidders.
Brad Coyne and his team saw a fantastic auction result at 64 Montevideo Drive, Clear Island Waters. The property experienced high demand from 16 registered bidders selling to a local family under the hammer for $2,830,000.
Our Northern NSW team achieved success with 108 Main Arm Road, Mullumbimby that went under the hammer for $2,125,000 by Kim Jones, Karin Heller and Matthew Skene, while Kim Jones and Karin Heller sold 2/81b Rajah Road, Ocean Shores sold for $1,375,000.
Downsizers Turn to Luxury Apartments
Gold Coast empty-nesters have been on the move, trading in large family homes for low- maintenance luxury apartments in popular lifestyle locations. The hottest prices the city has seen in decades driving the trend as long-term homeowners look to cash in and transition into prestige property that better suits their needs.
The trend of downsizing is predicted to see a flow-on effect by freeing up family homes, which have been in high demand and with these properties on the market due to the new downsizing trend, we hope to start to see a resurgence of highly sought-after residential homes listed on the Coast.
We have a number of new developments on the horizon with our Kollosche New Projects Team where we hope to curb some of the high demand for these luxury apartments.
The demand for prestige rentals has never been hotter. Luxury beachfront apartments, waterfront properties, hinterland acreages with breathtaking views and the perfect family home are all on the list for both local and interstate tenants.
Interstate migration has been at the forefront of this demand, and with it, we are seeing the strongest recorded rate of annual growth for housing rentals since records began in 2004 with a 22.9 percent growth. Rent for units also saw a 13.6 percent increase over the year, the highest since 2007.
As a result, more Australians are on the hunt for high-quality homes to lease on the Gold Coast. In particular, family homes with our property management team seeing several luxury rentals suited for this purpose hit the books over the last month.
With the borders looking to be open by the end of the year, buyers will be searching to secure property before the start of the predicted rush. The energy at the Kollosche office suggests we are only warming up for a hot summer ahead in real estate.