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Pet grooming stations, high speed lifts, bocce lawns and now Australia’s first sky garage – luxury apartment living has hit a whole new level on the Gold Coast.

Plans for The Monaco residential apartment tower on MacArthur Parade in Main Beach were given the green light by council this week, paving the way for would-be residents to drive into a personal car elevator stopping inside their apartments.

An artist’s impression of a sky garage inside The Monaco, Main Beach.

Designed by Rothelowman architects, marketing for the $108 million Ignite Projects development describes the sky garage as the first of its kind in the southern hemisphere.

“A rare privilege, this will make you one of just a few apartment owners in the whole world who can enjoy this luxury,” the brochure reads.

An artist’s impression of The Monaco, Main Beach.

Prized pooches will be taken care in a pet grooming station while residents can also partake in a round of virtual golf, visit an onsite wellness studio with gym, steam and treatment rooms, and workout in a 24m lap pool.

The opulent 23-level tower, with 360-degree views, comprises eight half floor sky villas, 16 full floor sky villas and one double storey penthouse, ranging in price from $1.8 million to $4.9 million.

An artist’s impression of the view from The Monaco, Main Beach.

While the sales campaign officially kicks off next month, NPA Projects Director of Project Marketing Andrew Erwin said interest was already high among Gold Coast downsizers.

“There is an appetite for this level of luxury on the Gold Coast particularly among locals who want to upgrade in Main Beach,” he said.

Elysian Broadbeach

An artist’s impression of Elysian at Broadbeach.

In nearby Broadbeach, residents of the near complete $79 million Elysian apartments will soon be lapping up the luxury of an automated carparking system.

The state-of-the-art technology, said to be a first for a Gold Coast development, parks and retrieves residents’ cars while an intelligent ‘My Butler’ 24/7 virtual concierge system allows

residents to book onsite facilities and local services, including transport, cleaners and car washes.

Cannes

An artist’s impression of the rooftop lounge and firelit at Cannes, Surfers Paradise.

Morning workouts come with a riverfront view at Cannes, Surfers Paradise.

The 96-apartment Cannes building, taking shape on the water in Surfers Paradise, counts a riverside bocce lawn, sunset bar and 25m lap pool among its luxury inclusions.

The rooftop will showcase panoramic hinterland, river, city skyline and ocean views that can be taken in from a pavilion with a fire pit, private dining and board room, billiards room and library, alongside a wellness centre, gym, hydrotherapy shower, spa and treatment rooms.

Signature Broadbeach

An artist’s impression of the 50m infinity edge pool at Signature Broadbeach.

Construction has commenced on $210 million Signature Broadbeach which boasts a 50m infinity edge pool, marketed as the first of its kind for the Gold Coast.

Residents will also have access to a lounge and private dining area, private theatre, steam room, sauna and spa as well as an expansive lawn area with barbecue and teppanyaki grill.

Ocean

An artist’s impression of Ocean in Surfers Paradise.

Standing at 252 metres tall and 76 levels, the Surfers Paradise super tower named Ocean will be the city’s highest residential apartments once complete around mid-2022.

It’s appropriate then that the building will boast five state-of-the-art high-speed smart lifts which will travel at seven metres per second.

Other lifestyle facilities at 84 The Esplanade will include a beach club precinct, indoor pool, gym, sauna, covered alfresco eateries and restaurants facing the ocean.

Flow Residences

An artist’s impression of Flow Residences in Rainbow Bay.

An artist’s impression of the amenities on offer at Flow Residences.

Custom designed for surfers and beach lovers, Flow Residences in Rainbow Bay provides personal surfboard locker rooms and a prep area to make it super easy for residents to go to and from the beach.

A gym and fitness centre, teppanyaki barbecue area, formal dining room, entertainment room and climate controlled wine storage are among the shared amenities.

The post Luxury living hits new heights with garages in the sky appeared first on realestate.com.au.

Seamus and Ali Kay with their kids, Olivia,14, and Liam, 16, at the knockdown property in Gordon Park they have purchased. Photographer: Liam Kidston.

SIX Brisbane suburbs have been identified where savvy home hunters can instantly pocket hundreds of thousands of dollars by building rather than buying their dream home.

Buying a knockdown property and rebuilding on the site is emerging as a trend among owner-occupiers wanting to find a home and turn a profit straight away in the current market conditions.

But buyer’s agents warn the strategy could go horribly wrong unless the right locations are chosen.

BEFORE: The original house at 49 Power St, Wavell Heights, sold for $642,000.

AFTER: This new-build at 49 Power St, Wavell Heights, sold for $1.65m.

Streamline Property Buyers managing director Melinda Jennison said the lack of property listings, rise in interstate enquiry and difficulty in finding the right home were contributing to the trend.

Mrs Jennison said she knew of more than 20 sales across six prime suburbs in recent months, where clients had bought a knockdown, demolished it and rebuilt on the site, creating between $100,000 and $530,000 in equity.

In the inner north suburb of Wavell Heights, an owner-occupier recently paid $642,000 for a knockdown at 49 Power Street, spent $650,000 building a new home on the site and ended up with a property worth $1.65 million — giving them $358,000 in instant equity.

The buyer of a knockdown home at 102 Fingal St, Tarragindi, recently pocketed $422,500 in equity after buying the site for $527,500 and paying $650,000 for the build.

“When you actually run the numbers, the tactic makes sense, but location is crucial otherwise you’ll be left out of pocket,” Mrs Jennison said.

“It really is a case of destruction, plus construction, equals profit.”

BEFORE: This post-war home at 102 Fingal St, Tarragindi, sold for $527,500.

AFTER: This new-build on the same site at 102 Fingal St, Tarragindi, sold for $1.6m.

Mrs Jennison said the key to the strategy’s success was identifying specific suburbs and

individual property characteristics.

“You firstly need to find near-city locations where it’s easy to demolish an existing home and

create a clean slate,” she said.

“But the suburb must also have wide price disparity between new and existing homes,

gentrification, strong family-buyer demand and desirable attributes such as views.

“It’s the magic formula that makes the figures work.”

Mrs Jennison said the COVID-19 pandemic had created ideal conditions for inner-Brisbane home builders.

“Property listings have fallen dramatically in the shadow of the crisis,” she said.

“As such, there’s hot competition among buyers, with high-quality homes being snapped up quickly at surprisingly high prices.”

BEFORE: This original home at 263 Ferguson Rd, Seven Hills, sold for $640,000.

AFTER: This new home built on the site at 263 Ferguson Rd, Seven Hills, sold for $1.65m.

Mrs Jennison said the COVID crisis had also increased southeast Queensland’s appeal among

southern buyers, and many interstate relocaters would look to embrace this strategy.

“We were seeing strong net interstate migration prior to the crisis,” she said.

“While this momentum has slowed due to border restrictions, there’s no doubt once they’re lifted, huge numbers of southerners will make Brisbane their new home.”

Buyer’s agent and Cohen Handler Queensland general manager Jordan Navybox said he had also noticed an increase in clients looking for post-war homes to demolish so that they could build on the site.

“Definitely more recently because there is such a lack of stock when it comes to the finished product,” Mr Navybox said.

“The reason people are doing it is it’s cheaper to buy a post-war home and build than it is to buy the finished product in certain suburbs.”

BEFORE: This original home at 21 Glebe St, Gordon Park, sold for $669,500.

AFTER: This home built on the same site at 21 Glebe St, Gordon Park, sold for $1.535m.

Mr Navybox said the most popular suburbs for his clients looking to knockdown and rebuild were Camp Hill, Coorparoo, Bardon and Grange.

“We have so many clients asking for Grange, and when they can’t find what they’re looking for, they move on to Gordon Park,” he said.

But Mr Navybox said the strategy was not for every buyer.

“It’s a time thing,” he said. “You have to rent in the meantime and once you’ve committed to buying the land and building, you’re then paying mortgage repayments on a home you’re not even living in, plus rent.”

He said well-priced post-war homes in city fringe suburbs were also hard to find.

“You want to pay as close to land value as possible,” he said.

BEFORE: This original site at 69 Alderley Rd, Alderley, sold for $540,000.

AFTER: This new-build on the site at 69 Alderley Rd, Alderley, sold for $1.315m.

Ali and Seamus Kay have just started demolishing a knockdown home they bought offmarket in Gordon Park.

Mrs Kay said they never intended to build, but could not find a home on the market that ticked all their boxes.

“We never would have contemplated in our wildest dreams building new on a block of land in Gordon Park,” Mrs Kay said.

“But definitely this is a much more affordable option for us.

“With what we would have been looking at, we wouldn’t have gotten as much house as we’re getting now, and we’d have had to pay a few thousand more to get what we really wanted. This way, we’re saving money and getting exactly what we want.”

The original home on the site in Gordon Park that Seamus and Ali Kay are demolishing to build a new home on.

Mrs Kay said the only downside was having to wait up to 12 months for the house to be built.

“But we’re prepared to wait to get the value for money for this, as opposed to settling for something that wasn’t ticking all the boxes,” she said.

Mrs Jennison, who bought the property for the Kays on their behalf, said they would lock in at least $200,000 in equity based on comparative sales in the area.

SIX BRISBANE SUBURBS WHERE YOU SHOULD BUY A KNOCKDOWN

1. Wavell Heights

Just nine kilometres north of Brisbane’s CBD and dominated by homes on big blocks, Wavell Heights appeals to families.

With a median price of $742,500, according to CoreLogic, the suburb has a huge price difference between existing and new homes.

Wavell Heights is also the first suburb north of the CBD with limited numbers of character

protected homes, which means most older dwellings can be knocked down.

2. Seven Hills

With a median value of $943,750, Seven Hills is only five kilometres from the CBD and is the first suburb on the southeast side of town that is not dominated by demolition-protected character residential.

The entry price for an old house in the suburb is about $750,000.

Its small size means supply is limited, which helps keep end values high, and it is also elevated

Price disparity is also significant, making it easier to create instant equity from a new build.

3. Tarragindi

This southside suburb often flies under the statistical radar because it shares a postcode

with Holland Park.

But its big blocks and demolishable housing are presenting opportunities nine kilometres

south of the CBD.

New-build gentrification and proximity to the new metro infrastructure coming to Brisbane is driving up price disparity.

The buy-in price for an older home in Tarragindi is $650,000, providing excellent upside for new builds.

4. Alderley

With a median house price of $850,000, Alderley’s mix of facilities and family-friendly appeal

are key to its new-build potential.

The suburb, just 7km from the CBD, has an array of different sized blocks, solid retail facilities and great public

transport options.

Most properties are not demolition protected.

5. Corinda

Corinda’s elevated streets — some with city views — and scarce character-home protection make it appealing for building new homes.

Demand for the suburb feeds off its highly desirable neighbours of Chelmer, Graceville and

Sherwood, which are areas with predominantly character protected homes.

Blocks of about 600 sqm are achieving prices of about $650,000, but the median value of

homes in the suburb is $850,000.

6. Gordon Park

Gordon Park has proportionally more character housing than the other suburbs, but there

are pockets of demolishable homes with excellent buy/build/sell price disparity.

The suburb is close to infrastructure and services, Kedron Brook, and retail hubs such as Lutwyche shopping centre.

The parkland lifestyle also attracts family buyers, which is bolstering the value of newly built

homes relative to older stock.

(Source: Buyer’s agent Melinda Jennison)

The post The six Brisbane suburbs where it’s better to build than buy appeared first on realestate.com.au.

Short, sharp auction campaigns are proving effective on the Gold Coast where a hot market is seeing impatient buyers move on quickly.

A sunny top-floor apartment in a three-storey brick walk-up at 133 Old Burleigh Road, Broadbeach sold for $570,000 under the hammer on Sunday.

The 17-day campaign attracted more than 100 inspections ahead of the onsite auction where 22 bidders registered for a tilt at the beachside abode.

The highest of 33 bids came from a Broadbeach couple with plans to renovate and move into the two-bedroom residence.

9/133 Old Burleigh Road, Broadbeach sold for $570,000 under the hammer.

Professionals – John Henderson agent Luke Henderson, who led the marketing push with Matt Maguire, said the level of pre-auction interest exceeded all expectations.

“We had a lot of young people looking at it, many first home buyers, due to the location being close to all the conveniences of Broadbeach, having a glimpse of the ocean and two car parks,” he said.

Mr Henderson said the traditional one-month auction campaign was trimmed in order to retain buyer interest.

“What we’re finding is that buyers who are ready to go want to buy today,” he said.

“If we do 16-20 days buyers will stick with the property rather than look elsewhere.”

46/173 Old Burleigh Road, Broadbeach fetched $1.777 million at auction this week.

On Tuesday, a Brisbane buyer placed the winning $1.777 million bid on a designer apartment on the 19th floor of residents-only Verve in Broadbeach.

Ray White’s Mark Stafford and Andrew Rouse led the campaign which saw 58 inspections, 218,748 people reached on social media and 2000 REA views.

Over in Miami, five bidders registered for a crack at a coastal-style new build at 103 Chainey Ave which sold for street record of $1.3 million under the hammer last Sunday.

The three-week pre-auction marketing push was led by Brad Payne and Jarrard Lemming of Ray White CG – Broadbeach.

103 Chainey Ave, Miami sets a new street record of $1.3 million at auction.

The Miami sale was among the top three auction results on the Gold Coast last week.

An east-facing four-bedroom home on wide water at 4 Vevey St, Mermaid Waters sold for $1.45 million under the hammer while 302/13-25 Garfield Tce, Surfers Paradise fetched $1.42 million.

Reslestate.com.au recorded the city’s auction clearance rate was 48 percent for the week ending August 25, down 2 percent on last month.

Out of 39 reported auctions, 19 properties sold under the hammer, 19 were passed in and one was withdrawn.

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A DARWIN real estate agent believes recently revealed plans for a $1 billion gas pipeline to be built in the NT will boost confidence in the Top End property market.

Central Petroleum Ltd, the NT’s largest onshore gas producer, last week revealed a proposal to build a 950km pipeline for transporting gas from the Amadeus gas basin to a number of east coast markets — a project that could create hundreds of new jobs.

A memorandum of understanding has recently been signed, with construction expected to begin in 2022 and first gas delivery in 2024.

Raine & Horne Darwin general manager Glenn Grantham said the proposed project would bolster already surging buyer demand for real estate in the Territory.

“This project which will deliver more jobs to Darwin is excellent news, particularly given consumer confidence in this city is already relatively robust after weathering the COVID-19 pandemic,” he said.

Raine & Horne Darwin general manager Glenn Grantham. Picture: Keri Megelus

“The Territory’s low infection rates allowed life in Darwin to return to normal much faster than in other capital cities, and this has translated to real estate market confidence.

“Second and third-time buyers are actively seeking properties priced between $600,000 and $800,000 in premium suburbs and this upgrader demand had driven up prices by as much as 5-10 per cent, since April when COVID-19 lockdowns were enforced.”

Real Estate Institute of the NT chief executive Quentin Kilian said private sector investment was critical to real estate confidence in the NT.

“It is important that we have this economic activity because that is the only thing that’s going to lead to jobs growth, and jobs growth will lead to major activity in the real estate market,” he said.

“If we have these first private sector projects taking that leap of faith to invest in the Territory, then others will follow.”

For more real estate news, see the NT News real estate liftout inside Saturday’s issue of the paper.

The post Major gas project full of promise for Top End property market appeared first on realestate.com.au.

High household debt could impact the economy. Picture: iStock.

COVID-19 has exacerbated the risk that high housing debt presents to the Australian economy. The ratio of household debt to annualised household disposable income sits at near record highs of 142 per cent.

With greater unemployment, present and continuing, there is increased likelihood borrowers could fall behind on mortgage repayments.

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Many banks offered a pause on mortgage repayments early in the pandemic which saw deferred housing loans sit at $195b, reflecting 11 per cent of total housing loans.

These ‘mortgage holidays’ are temporary and were initially in place for three to six months from March 2020, which has prompted concerns of a September cliff.

Residential mortgage lending accounts for about 60 per cent of bank lending, with the banks and statutory authorities looking at how to extend repayment deferrals where it is needed.

Greater unemployment could increase the risk.

The Australian Prudential Regulation Authority (APRA) has advised that those loan repayment deferrals would not count officially as in arrears until a total deferral period of 10 months, so up to the end of March next year.

It was interesting to see the recent bank reports show very low arrears.

And specifically amid the deferred loans, only 8 per cent had a loan-to-value ratio of more than 90 per cent.

CoreLogic estimates that given the national property price upswing of 8.9 per cent between July 2019 and April 2020, it was unlikely that many of the borrowers deferring their mortgage repayments were in a negative equity position.

It is also worth keeping in mind that not every Australian has the same level of risk when it comes to housing and debt. For example, around 30 per cent of Australian households own their home outright.

And RBA research suggests that more than 50 per cent of loans had repayment buffers of at least three months while about 30 per cent of loans had prepayments of at least three years. However, this is not to say individuals are without risk.

Eliza Owen, head of research at CoreLogic, noted the impact of COVID-19 had been “an enormous negative shock” to the economy. The RBA estimates the peak-to-trough decline in GDP in the first half of 2020 has been around 7 per cent.

While this is the largest economic decline since the 1930s, it is a milder outcome than the initial 10 per cent contraction estimated in April.

Values were down 0.8 per cent in Sydney in the June quarter. Picture: John Appleyard

The shape of the economic recovery remains uncertain.

“This will result in further downside risk to property prices and real estate activity,” notes Ms Owen, adding that housing market value declines had been relatively mild.

“This is thought to be a function of record low mortgage rates, home loan repayment deferrals and various demand-side government stimulus for owner occupier purchases.”

The decline in values was down 0.8 per cent in Sydney in the June quarter while regional NSW saw an 0.6 per cent increase.

Rent value declines were more severe than price declines in the June quarter across several regions of Sydney. The largest were across the City and Inner South Sydney region, where rents were down 4.1 per cent.

The biggest impact on the market has been a reduction in transaction activity. But in recent weeks vendors have emerged. There were 20,000 offerings across Sydney in July, with 5800 fresh pre-spring offerings over the past month.

The post High unemployment could increase risk of household debt and impact the Australian economy appeared first on realestate.com.au.

Tennis anyone – 12 Karuah Rd, Turramurra.

This wonderful family estate in one of Turramurra’s most tightly held streets has served its owners very well.

So well in fact that they have stayed put at 12 Karuah Rd for 15 years, well above the average 12.4 years most residents of the suburb hold their homes for.

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A lot has changed in Turramurra in that time.

Ten years ago the median house price was $1.035 million. That has more than doubled to $2.105 million in 2020.

According to realestate.com.au’s latest Market Trends report, the suburb’s median house price has grown by 15.3 per cent in the past 12 months, a time when many other Sydney suburbs have seen a softening in prices.

No. 12 Karuah Rd is easily one of Turramurra’s finest homes.

Summer ready.

Street appeal.

Set on a 1669sqm block surrounded by private gardens, a north/south tennis court and heated pool, the home was designed by architect Harvey Little.

Rich natural materials are used extensively in the design, which has a myriad of living zones, four bedrooms including two with ensuites plus a dedicated home office or possible in-law accommodation.

The tennis court is within easy view of the house.

Formal dining.

Tim Fraser, of Di Jones North Shore – Wahroonga, said the owners had loved the flow of the house and the north to rear aspect that gave great warmth in winter and year-round brightness throughout the rooms. The design has also allowed them to be in the kitchen or at the barbecue and still be part of the activities in the pool or on the tennis court.

Privacy and the proximity to the Turramurra and Warrawee train stations have also been highlights, Mr Fraser said.

There will be plenty of eyes on the sale of this outstanding property, and not only those living in Karuah Rd. The property stands to give both the street and suburb sales records a run for their money.

Contemporary style.

There are multiple living spaces.

The record was set in 2019 with the sale of 4 Karuah Rd for $5.7 million, according to CoreLogic.

The suburb’s residential sale record sits at $6 million, set in 2016 with the sale of 41 Ku-ring-gai Ave.

The property is due to go to auction on September 19, with a price guide of $6 million. For more details contact Mr Fraser.

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