Blog

Finder analysed house price falls across 227 suburbs in Queensland during the early months of COVID-19.

Fresh data has revealed the suburbs where house prices fell the most during COVID-19, and the biggest drop has come from the most surprising area.

Comparison firm Finder.com.au reviewed all suburbs in Queensland to track house price changes since January this year – in the process uncovering where “deals” could potentially be found.

MORE: Own your own island, oyster shucking optional

Meet the newest millionaire suburbs

Quarantine reno sells in just 15 minutes

“Of the 227 suburbs that had more than 20 sales and a population of more than 1,000, 41 per cent saw a decline in price in April compared to January 2020,” according to the Finder analysis.

But the biggest surprise was the suburb that saw the highest fall in house prices during that period – Hawthorne – was located in the high demand Brisbane inner ring.

Hawthorne saw its house price go from $1,460,094 in January to $962,500 in April this year, it said, a massive 34 per cent fall.

Three suburbs saw prices fall by 23 per cent: Mooroobool in Cairns that went from $385,000 to $295,000; Rangeville in Toowoomba fell from $543,750 to $418,000; and popular Gold Coast suburb Broadbeach Waters saw its house price go from $1,221,500 to $943,750 in that period.

Finder insight manager Graham Cooke said the falls came at a time when interest rates were falling.

“The value of houses has and may continue to tip lower in many suburbs, and ready buyers are taking advantage,” he said.

“For those with a mortgage already, even though your home’s value may have dropped, unless you take action, the mortgage payment will not.”

Record low interest rates are spurring on buyers.

“As budgets are crunched, a historic number of people are refinancing and getting a better deal on their largest investment.”

“Record-low interest rates and a lack of investor spending can be a boon for savvy mortgage holders.”

While the results varied widely across the state, the average change across Queensland was a 1 per cent rise in price – also a pleasant surprise given the massive impact COVID-19 has had globally.

WHERE HOUSE PRICES FELL THE MOST (OFF COVID-19):

SUBURB JAN APR DROP

Hawthorne (Brisbane) $1,460,094 $962,500 -34%

Mooroobool (Cairns) $385,000 $295,000 -23%

Rangeville (Toowoomba) $543,750 $418,000 -23%

Broadbeach Waters (GC) $1,221,500 $943,750 -23%

Runaway Bay (Gold Coast) $1,050,000 $843,500 -20%

Coorparoo (Brisbane) $1,135,000 $915,000 -19%

Lowood (NW of Ipswich) $275,000 $222,500 -19%

Palmview (Sunshine Coast) $720,000 $583,950 -19%

Frenchville (Rockhampton) $350,000 $287,500 -18%

Atherton (Tablelands) $340,000 279,750 -18%

Source: CoreLogic, Finder

*Suburb metrics: Only includes suburbs with 3 month median sales price available.

Number of sales over the last 3 months needs to be over 20

Population of at least 1,000.

FOLLOW SOPHIE FOSTER ON FACEBOOK

The post Where house prices fell the most off COVID-19 appeared first on realestate.com.au.

No. 32 Albany St in Point Frederick is on the market.

One of the grandest and most luxurious properties on the Central Coast is on the market for the first time in 23 years.

The stunning property combines Mediterranean styling with Beverly Hills design, and has an indoor pool, life-size chess board, marina berth and an aquarium.

Owned by the late businessman Garry Birks, 32 Albany St at Point Frederick sits on 2469sqm of prime real estate backing onto the Brisbane waterfront.

MORE: Inside Karl Stefanovic’s new waterfront mansion

Home for sale on Mount Panorama’s famous Conrod Straight

Massage parlour offering more than a back rub for sale

The family of the late businessman Garry Birks is selling the 2469sqm property.

LJ Hooker — Terrigal agent Tim Andrews said the stunning property is not only one of the best on the Central Coast, but is located in the region’s premier suburb too.

“This is as blue chip of a suburb as you can get on the Central Coast,” he said.

“Point Federick was the first $1 million suburb in the area and did so 30 years ago”.

Almost all of the 2469sqm of available land has been built on, and boasts a garage moulded into the hillside, a circular driveway and two floors of luxury connected by a lift.

The palatial estate was designed by W. Kohler and features a self-contained studio, games room, two bars and a home office.

The indoor pool has a sauna and aquarium.

Floor-to-ceiling windows capture the impressive views.

The indoor pool, which Mr Andrews said is almost impossible to find on the Central Coast, overlooks the Brisbane Waterway and has a sauna, aquarium, change room and a deck. It is connected to the main floor, which has floor-to-ceiling windows, a mixture of formal and casual spaces, plus three of the four bedrooms.

The main bedroom has a retreat, walk-in wardrobe and an ensuite bathroom with a sunken spa that is almost the size of the bedroom itself.

Other notable features include a life-size chess board, manicured gardens and a deep water marina berth.

Mr Andrews said the property has received strong interest so far from local buyers looking to upgrade, as well as those from Sydney.

Not a bad spot to play chess.

There are several outdoor spaces.

“If someone is after the best of the best, than you certainly can’t go past this property,” he said.

“The property is perfect for someone after one level of living, as the lift allows you to move around without needing stairs.”

No. 32 Albany St is being offered by an expressions of interest campaign. A price guide has not been set so far, but homes in the area are easily some of the most expensive waterfront properties on the Central Coast, according to CoreLogic.

The palatial estate last sold in 1997 for $1.2 million.

SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER

The post Point Frederick waterfront regarded as one of the best on the Central Coast is for sale appeared first on realestate.com.au.

No. 5 Settlement Drive in Duffy is for sale.

Formed after the devastating 2003 Canberra bushfires, this magnificent home offers plenty of wow factor including a full-size floodlit tennis court.

The sprawling 2785sqm block heralds a contemporary split-level home with a staggering 342sqm of living space. Other standouts include a in-slab heating to help stave off the chilly Canberra mornings and impressive views to the National Arboretum, Black Mountain and Parliament House.

MORE: 1960s garden gem in Torrens could be yours

Historic Red Hill cottage hits the market

Opportunity arises in historic Canberra street

Impressive views.

Modern conveniences.

Selling agent Tim Burke, from Luton Properties, said the property at 5 Settlement Drive in Duffy was a real opportunity for those seeking the space and surrounds of a rural lifestyle but the convenience of being close to the Canberra CBD.

“This particular area in Duffy was effectively a leftover as a result of the bushfires, so you have something that is a totally unique proposition – a block of almost 2800sqm on an almost semirural feel block in between Weston Creek and Molonglo,” Mr Burke said.

“That whole area was stripped back by the fires and the government kept the area there with a couple of the cottages … It’s a bit of an anomaly, but the result is huge blocks of land, something you would not usually get this close to the city.”

An idyllic location.

Open plan living.

The five-bedroom, three-bathroom residence is centred around an open plan family and dining area with a cosy slow-combustion fireplace.

The master bedroom has a private deck and the ensuite includes a spa bath and a dual vanity. Nearby is another bedroom, which could be used as a study or nursery and the remaining three bedrooms are located at the other end of the home.

Tennis anyone?

Outside, there is a chicken coop, firepit and an abundance of lawn areas, as well as mature trees and hedges.

Additional features include a rumpus room, evaporative cooling and double-glazed windows.

The property is scheduled to go to auction on August 8 at 1pm.

The post Ultimate lifestyle home risen from the ashes in Duffy up for sale appeared first on realestate.com.au.

The Gold Coast appeals to a lot of buyers, including those from Hong Kong. Picture: Glen Anderson – We Are Gold Coast

Hong Kongers pushed to breaking point by China’s strengthening grip on the former British territory are increasingly seeking out Australia as a potential new home, real estate search data has revealed.

Amid the introduction of a draconian new security law by Beijing and the Morrison Government’s offer of Australian work rights with a path to citizenship for residents in the territory, interest in the local property from Hong Kong has spiked.

The political unrest which dramatically escalated in June last year, boosted interest in Australian real estate by as much as 34 per cent year-on-year, on Australia’s leading property platform realestate.com.au.

The continued unrest in Hong Kong has led many locals to look overseas for their next home. Picture: Getty

MORE NEWS

‘Radical’ way COVID-19 is changing our homes

How latest Melbourne lockdown will affect real estate

Due to the latest developments, search activity from Hong Kong has peaked by as much as double that again.

Interest in property in Victoria has lifted by 25 per cent, year-on-year. In NSW over the same time frame it has grown by 36 per cent, in Queensland by 38 per cent and in Adelaide by 65 per cent.

Unusual search activity

“This basically began 12 months ago when we started to see the riots in Hong Kong and since then things have gone from bad to worse for a lot of people and then we have had COVID-19. So, that search activity keeps going up,” said REA chief economist Nerida Conisbee.

“It is a very unsettled economic and political situation. The data tells us that a lot of people there are looking to move and a lot of ex-pats are looking to come home.”

High density housing dominates Hong Kong.

Search activity from Hong Kong is characterised by notable differences from other overseas locations.

“The price point they are looking at is around $1 million and above whereas the more typical price point we get from overseas is lower at $750,000,” Ms Conisbee said.

“That could be due to the extreme pricing of property in Hong Kong.”

Australia as a safe haven

Sebastian James, a buyer’s agent with Hunter James, is witnessing this search interest translate into on the ground transactions.

“We’ve definitely seen a larger than normal level of inquiry from Hong Kong buyers and expats in general this year with many citing global uncertainty as a primary reason,” he said. “There has definitely been a lot of concern on the impacts of security and privacy whilst others are just looking at Sydney as a safe haven for their money.”

Doncaster, Doncaster East and Melbourne are the most favoured Victorian suburbs for those searching from Hong Kong. In NSW, it is Sydney, Chatswood and Epping, in Queensland it is the Gold Coast, Indooroopilly and Brisbane City and in South Australia, Adelaide, North Adelaide and Norwood lead the way.

Buyer’s agent Sebastian James from Hunter James says inquiries from Hong Kong are strong. Picture: supplied

Ericka Wong, property partner with The Agency in Melbourne focuses on the above suburbs in her role as a seller’s agent.

“On the ground late last year I was meeting lots of people at those four particular suburbs [including Balwyn] at the opens that were from Hong Kong and had come to Australia to specifically look at real estate,” she said.

“This time around we are in lockdown but we continue to get lot of inquiries.

“We have always seen a lot of activity in these areas that are attractive to people from Hong Kong or even mainland China.

MORE NEWS

The rapid rise of ‘armchair investing’

Surprises in list of what Hong Kong buyers are looking for

“It’s close to the city, they are areas that have traditionally appealed to the Asian demographic and the schools there are very good which seems to come at a premium.

“There is a lot of investment interest and given Hong Kong is one of the most densely populated countries in the world, their real estate prices over there are crazy for cramped, high density apartments. For what they pay for tiny living quarters over there they can get a house with land here so in many ways it is a lifestyle move as well.”

Ericka Wong from The Agency says Australian real estate continues to appeal to those in Hong Kong.

We are marketing to Hong Kong

Australian property has emerged as a safe investment over several decades and that is even more so the case during this global pandemic.

“The other thing that is happening alongside high levels of search from Hong Kong is that a lot of developers are marketing to Hong Kong,” Ms Conisbee said.

“There is a strong appetite for Australian property over there and offshore buyers are restricted to buying new property. There are a lot of people wanting to get their money out of Hong Kong and relocate and Australia is a very safe economy. There is a low sovereign risk here whereas in Hong Kong there are a lot of unknowns.

“Australia looks comparatively safe to the rest of the world, including the US and the UK and that includes when it comes to how we have dealt with COVID-19.”

Residential property in the heart of Sydney is highly sought-after in Hong Kong.

Most popular suburb for Hong Kong buyers*

NSW

Sydney 2000

Chatswood 2067

Epping 2121

Lindfield 2070

Killara 2071

Gordon 2072

Roseville 2069

Mosman 2088

Carlingford 2118

Hurstville 2220

The Gold Coast is also very popular. Picture: Jerad Williams

QLD

Gold Coast

Indooroopilly 4068

Brisbane City 4000

Eight Mile Plains 4113

Sunnybank 4109

Sunnybank Hills 4109

Toowong 4066

Sunshine Coast

Rochedale 4123

Macgregor 4109

MORE NEWS

Liz Hurley’s uber cool iso pad she bought with Warnie

How you can access new homebuilding grants

Buyers from Hong Kong are also keen on central Adelaide.

SA

Adelaide 5000

North Adelaide 5006

Norwood 5067

Magill 5072

Mawson Lakes 5095

Adelaide Hills

Kensington 5068

Unley 5061

Lightsview 5085

Goodwood 5034

Houses on generous portions of land in suburbs like Doncaster East are also appealing.

VIC

Doncaster 3108

Doncaster East 3109

Melbourne 3000

Glen Waverley 3150

South Yarra 3141

Hawthorn 3122

Box Hill 3128

Toorak 3142

Kew 3101

Balwyn 3103

*Top searched suburbs by state in the last six months to the buy section of realestate.com.au.

The post Interest in Australian real estate from Hong Kong continues to boom appeared first on realestate.com.au.

A SOVEREIGN Islands mega mansion has sold for $6.6 million, the highest sale on the exclusive island enclave this year.

A Gold Coast buyer splashed the cash, drawn to the 1682 sqm property at 91-93 The Sovereign Mile.

91-93 The Sovereign Mile, Sovereign Islands.

91-93 The Sovereign Mile, Sovereign Islands.

The house features several entertaining and living areas across four levels as well as a cinema, gym, resort-style pool and pontoon.

Isaac Kim and Ivy Wu of Ivy Realty Paradise Point handled the mega sale and said it would provide a boost of confidence to the property market.

“We had a lot of interest in this property during COVID-19,” Mr Kim said.

91-93 The Sovereign Mile, Sovereign Islands.

91-93 The Sovereign Mile, Sovereign Islands.

“It’s very good news for everyone who lives on the island.

“There is a pool of buyers ready to buy here but not enough stock.”

CoreLogic records show the property first hit the market 12 months ago with an $8.95 million price tag.

It follow the $5.5 million sale of 1-3 Knightsbridge Pde East through Ray White Sovereign Islands earlier this month.

The post Record $6.6 million sale for Gold Coast mega mansion appeared first on realestate.com.au.