Barefoot, bronzed and fresh from their annual summer breaks, hundreds of Australians are ready to buy, as a record number of properties in several east coast markets go under the hammer during the country’s annual January auctions.
Ray White Surfers Paradise (RWSP), a Gold Coast-based agency in southeast Queensland, will auction a record 131 properties across the Jan. 28-29 weekend, which will mark 24 years since its annual Event began.
Ray White Surfers Paradise
RWSP managing director Andrew Bell said the record number of listings was partly due to the agency’s growth in market share, coupled with the event’s growing profile.
He said buyers, too, were returning to the market, completing the Gold Coast’s recovery following the market’s losses of up to 50% as a result of the global financial crisis.
“It’s not that more people want to sell. They’re drawn to this event because they see it as a great opportunity to reach a maximum audience, achieve the best possible price and a sale,” Mr. Bell said.
“The other side of the coin is buyers are returning,” he said “There’s no question that the Gold Coast has placed itself in the strongest position that I’ve seen in more than 25 years. We went through a really tough period of the global financial crisis and it required phenomenal work to get through that, but the investment in infrastructure spending and billions of dollars worth of private development underway has had a trickle down effect.”
Approximately $14 billion worth of infrastructure spending has been completed or is underway, part of the city’s preparation as host of the 2018 Commonwealth Games.
“The local economy is really strong,” Mr. Bell said. “We’re sparkling new on so many fronts with new restaurants and businesses, and the city is bristling with excitement and positive energy.”
According to Mr Bell, properties in the region are 47% more likely to sell in January than at any other time, as an influx of tourists arrive from local, interstate and international destinations to enjoy the beaches, international theme parks, designer boutiques, luxurious spa retreats, world-class golf courses, award-winning restaurants, upmarket bars and glittering high-rises.
Standout properties listed for sale include luxury waterfront mansions and sprawling eight-bedroom hinterland escapes to entry-level holiday apartments.
Queensland Airports executive general manager and Gold Coast Tourism chairman Paul Donovan said the region’s tourism forecast for January is the largest on record, significantly boosted by the introduction of new Asian airlines.
Sunshine Coast ready for late summer auctions
Elsewhere in southeast Queensland, agents within the postcard-perfect holiday region of the Sunshine Coast are also prepping for late summer auctions, hoping to capitalize on the market’s success in 2016.
Offermann Real Estate recorded a record-breaking 87% clearance rate during the year and is forecasting a similar level of activity from the 12 properties scheduled for auction coinciding with the peak summer holiday activity on Jan. 28 and Feb. 4.
“The market conditions favor individual auctions on-site, as evidenced by the extraordinary results of 2016,” agency principal Tom Offermann said.
Interest is expected to be high for 6 Belmore Terrace, Sunshine Beach, a John Mainwaring-designed award-winning beach house, after a new price record of A$9.3 million (US$7.05 million) was set last year in the tightly held suburb adjacent to the Noosa Heads National Park.
Buyer interest in Noosa follows an improvement in visitor numbers, which has helped boost business and tourism confidence. Tourism Research Australia’s International Visitor Survey released in September showed a 73% increase in international visitor spending in Noosa, seven times the Queensland average. Similarly, holiday occupancy rates reached 90% in 2016, providing property owners with the strongest returns on record.
Short on properties for sale on the Mornington Peninsula
A shortage of luxury listings in premium Victorian beachside homes of the Mornington Peninsula is fueling frustration among both buyers and agents during the traditional peak summer selling period.
The usual summer spike in premier residential listings in the blue-ribbon areas of Sorrento, Portsea and Flinders has failed to materialize according to agents, with only a handful of luxury homes to show wealthy Melbourne and overseas buyers looking for a seachange or holiday home.
The Sorrento clifftop home of New York-based investment banker Alex Lipe, Nee Morna, is the most notable of the summer listings, with a price expectation in excess of A$20 million (US$15.2 million). The 1909-built home is being offered for sale via an expressions of interest campaign through CBRE and is on the market for only the second time in 100 years.
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