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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.

The post Fast campaigns raise the heat in the auction arena appeared first on realestate.com.au.

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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The post Luxury Turramurra tennis court estate set to challenge price record appeared first on realestate.com.au.

Birkdale House, owned by interior designer Anna Spiro, is on the market.

Birkdale House was not just another design project for Anna Spiro.

Undoubtedly, the interiors of the historic home are a homage to the eclectic, colourful style for which the Brisbane designer has become famous.

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Yet the passion with which Ms Spiro speaks of the property tells me her love of 27 Roger Street goes far deeper than the finishing touches that she has come to put on it over the years.

The pretty pool at 27 Roger Street, Birkdale.

Ms Spiro’s first encounter with the charming 1880s Queenslander was an accidental one when she was in her early twenties and on her way to a client.

“I drove up Roger Street because I had become a bit lost and I saw this house and was like ‘Oh, my God, look at that house, it’s amazing’. It wasn’t for sale and I was really young but even then I thought, that is my dream house.”

The house was built in the 1880s and has wide, wraparound verandas.

Little did she know she would, ten years later, be the owner of that house after a fortunate twist of fate. Ms Spiro was making a return visit to her client, when she decided to drive past Birkdale House once more.

“I couldn’t believe it, the house was for sale. That is when I figured it was meant to be.”

The pairing has been a match made in heaven for Ms Spiro, who professes to have a love of historic homes.

Ms Sprio has added her eclectic touches to the home’s original interiors.

“I think the way they used to build homes hundreds of years ago was extremely beautiful, and the quality of the materials and the timber they used were so solid, I am drawn to that,” she said. “The other wonderful thing about this home is it’s all on one level and from a family
perspective, with the verandas spilling out on to the lawn, there’s nothing quite like living like that,” she said.

Birkdale House is certainly testament to the longevity of a Queenslander.

Admirers of Ms Spiro’s work have the opportunity to purchase the house as it is.

The three-bedroom property and adjacent two-bedroom guest house sits on the same footprint as the original homestead, with a wide veranda wrapping around both like a protective blanket.

Ms Spiro said it was the first home to be built in the area, and sits on a 2000 sqm block. “It was built in the same manor as Whepstead House, the famous old mansion at Wellington Point,” she said.

27 Roger Street, Birkdale, as the original homestead of the area.

“I don’t like changing a house too much. You can learn to live in a home as it is, otherwise you can end up stripping away too much. There’s a loveliness to just embracing what a house is, and this home is just lovely.

‘For instance, the bricks used in the two fireplaces were made by the convicts on St Helena Island [The island in Moreton Bay functioned as a high-security colonial prison from 1867]. It’s pretty incredible stuff.”

A place for contemplation.

Aside from a paint job inside and out and some general tidying up, Ms Spiro said the house was in good condition when she bought it. “The only thing we did was replace the original roof, which blew off in a particularly bad storm,” she said.

Aside from a new roof and a lick of paint, the house is all original.

Regaling the times she has spent at Birkdale with her family, raising her two sons Harry and Max, Ms Spiro’s emotion is palpable.

“This place is like a different world. It’s so peaceful, the birds are amazing. We get the bayside breeze all summer long. The boys have grown up playing football and cricket on the lawn and riding their bikes down the drive. Being here feels like being in another world, in another time, it’s just so special. It’s almost magical.”

Living at Birkdale House is like living in another world, according to Ms Spiro

Despite this, Ms Spiro said the time had come to move on. “I’m really excited about the next chapter in my life and the new projects I have forthcoming, including a new book which will be out next year.

“We all have to embrace change and it’s time to let someone else experience the joy that I have had in this home and go on to create something else.”

Ms Spiro said it will be hard to walk away from Birkdale House and she hopes that it will be bought by someone who loves it as much as she has. “This house evokes a real sense of nostalgia. It has been owned by many people over its lifetime and I’ve often had past owners

The bricks used to build the fireplaces were made by convicts on St Helena Island.

knock on my door wanting to see it again,” she said.

For those who appreciate a historic home and are also fans of Ms Spiro’s designs the sale of Birkdale House could be a dream come true as Ms Spiro said she was open to selling the home as it is, decor included, if someone was interested.

“It would be lovely to walk away from the house knowing someone keeps all the lovely things that I’ve done to it,” she said. “It would be a shame to tear it all apart, but we’ll see. Whatever happens, I hope it goes to someone who loves it. We have to keep our fingers crossed for this old girl. She deserves to be kept intact.”

The house is open to expressions of interest up to 4pm on September 12, through Sarah Hackett of Place, Bulimba.

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