Regional QLD Property Market Update November 2019

Sunshine Coast Property Updates

Across the Sunshine Coast, the prestige market has been running at a couple of different speeds. This has been dependant on the location of the property and its type. Generally, the prestige market has fared well through 2019 with trophy properties still being sought after.

In the first half of the year we experienced a slowing in the market on the back of the slowing Sydney and Melbourne markets, the effects of the Banking Royal Commission and the lead up to the federal election in May. Agents have reported that the result of the federal election has had a significant positive effect on the market. The election result combined with the recently reported improvements in Sydney and Melbourne markets and passing effects of the Banking Royal Commission have seen increases in both enquiry and sale volumes.

The improvement in the prestige or higher end properties has historically been influenced by a high percentage of capital city buyers from Brisbane and interstate investors from Sydney and Melbourne. With the low Aussie dollar, international buyers have come onto the scene. This is especially the case in the Noosa region. The relative affordability when you compare Sydney and Melbourne prices to those of the Sunshine Coast demonstrates pretty good value. It also appears that the Sunshine Coast is pretty high on a number of the lists of the baby boomers who have started to retire.

An indication of the improvement in the prestige market is that in 2007, the highest sale on the Sunshine Coast was $8 million. Since 2017, there have been a number of sales beating previous records, with the highest sale in this cycle being $18 million at 23 Webb Road, Sunshine Beach in 2018.

The below graph shows the number of sales in excess of $4 million since 2007, showing 2018 to be a record year for the prestige market on the Coast.

The Noosa area is still the region on the Coast that experiences most of the activity with 54 Noosa Parade recently selling for $7.1 million, providing a north facing, absolute riverfront property within walking distance of Hastings Street. The central and southern Sunshine Coast waterfront markets haven’t reached the same levels as the Noosa markets but there are still some good prices being achieved, with a deepwater riverfront property at 31 Carwoola Crescent, Mooloolaba currently under contract for $4.725 million.

For units, the larger permanent occupancy style product remains most popular. The most recent sale of Unit 2, 23 Hastings Street, Noosa Heads is a record unit sale, being a three-bedroom, threebathroom, one per floor unit in a three-unit beach front complex selling for $8.25 million ($33,119 per square metre) in August. This is the highest unit sale in Hastings Street since 2006. Just recently, Unit 6, Noosa Court in Hastings Street was listed for sale with a price guide of $11 million.

In the prestige rural residential market, Magnolia at 566 Reesville Road, Reesville is under contract for $5.25 million, sold fully furnished with additional chattels. This 38 hectare property is one of the larger high quality rural residential dwellings on the Coast.

Overall, the prestige market has been pretty good. The question is, how long will it last?

Speak with a Sunshine Coast Mortgage Broker today.

Mackay Property Updates

This month, we get all starry eyed and look at the prestige market and how it has fared over the past 12 months.

Mackay has been in recovery mode for the 12 months, with improved market confidence across the residential sector. Values bottomed out and have now started to improve slightly.

On the prestige front, we have seen a variety of properties sell, with the majority of sales around $1.2 million give or take $50,000. For this amount, you can get good quality rural residential properties comprising large executive style dwelling and associated ancillary improvements. Examples include 241 Koch Road, Farleigh for $1.240 million and 185 Ian Reddacliffe Drive for $1.2 million.

In town, we have also seen some good quality residential sales. These include the sale of 11 Joseph Court for $1.05 million. It comprises a large, two-storey architecturally designed dwelling representing the highest sale in a standard residential estate.

The jewel in the crown however belongs to the sale of 30 Beach Road, Dolphin Heads for $1.73 million. This property comprises a large architecturally designed dwelling on absolute beach front at Dolphin Heads and represents the highest sale recorded in Mackay in the past 12 months.

Local agents report good interest in prestige property, however a lack of high quality stock is currently holding the market back. One way we have seen around this is the increase in new construction of prestige dwellings. A number of large architectural dwellings are currently being built or planned for construction right across the Mackay region.

Speak with a Mackay Mortgage Broker today.

Rockhampton Property Updates

The Rockhampton region has been spoilt for choice with a number of quality homes selling throughout the year. This isn’t always the case for our local markets so it has been a very exciting year!

Rockhampton itself has seen our long-standing price ceiling of $1.5 million smashed this year with the sale of 50 Agnes Street, The Range. This property was set to go to auction back in March however sold prior to, with a number of serious offers received prior to the day. The eventual sale price was just shy of $1.8 million. This property is positioned on the top of The Range, a highly desirable residential locality among families and investors alike. It is a modern home of grand proportions with top quality fitout, on a larger than average 2,462 square metre well landscaped allotment with pool, pool house and tennis court just some of the stand out features.

The Capricorn Coast has also had some premium sales throughout the year, albeit less volume than 2018. A rural residential property on two hectares with elevation high above Mulambin Beach is currently under contract for well in excess of $1 million. This property attracted multiple offers over a relatively short marketing period, highlighting that there is still demand for wellestablished property with quality views at the upper price points.

To a lesser extent, our rural residential markets also provided some interesting sales throughout the year with a current contract of a modern home on an acre allotment on the northern fringe of Rockhampton reaching $900,000. This property has a generously proportioned modern home with pool and large shed.

Regionally, there is typically very little by way of premium rental properties or units with most executive rentals topping out at around $550 to $600 per week.

If one were chasing a sea change, 27 Island View Crescent at Barlows Hill has on offer, for $1.95 million, an architect designed, multi-level home of a reported 1,000 square metres of living area! Expansive ocean views are on offer, together with six bedrooms, opulent master suite, soundproof media room, C-Bus lighting system, wet edge pool, library and dumbwaiter.

North Rockhampton has a select few areas which spark the curiosity of the marketplace.

29 Murlay Avenue has recently been listed for sale at $985,000. Once again, this is a spacious, multilevel home, with the main feature here being the quality views back over the city of Rockhampton and the Fitzroy River. The property has a unique appeal to the entertainers out there.

Back over to The Range and just over the road from the record-breaking sale at 50 Agnes Street, number 51 Agnes Street is a listing to watch. Having recently undergone a complete transformation after being purchased for $460,000 just over 12 months ago, it is now offered to the market at $945,000 with high quality fitout and immaculate presentation and styling.

One of our more unique listings of late has been a seven hectare absolute river front property on the fringe of suburban North Rockhampton at 352 Lakes Creek Road, Koongal. The property is unique not only for its river frontage, but also due to its combination of improvements including a residence, a set of four flats, stables and large shed. This one of a kind property was taken to auction in May, before being priced to sell at $1.25 million. The site is partly flood affected and has been zoned Waterfront and Marine Industry. This property has no recent sales history and is without comparison, so it will be an interesting property to analyse once sold.

Speak with a Rockhampton Mortgage Broker today.

Gladstone Property Updates

The residential market in the Gladstone region has stabilized over recent years after a very volatile patch. Since the beginning of the year there has been limited sales activity of homes on standard residential lots over the $600,000 price point and unit sale prices top out at just over $200,000.

The city of Gladstone is the largest multicommodity shipping port in Queensland so as a consequence most eye-candy property in the region takes advantage of water views.

Tannum Sands and Boyne Island are two localities situated on the coast to the south of central Gladstone and seem to have the majority of 2019 residential home sales at the upper end of the market. One property worthy of note in this location is 5 Di Street, Tannum Sands which has frontage to the Boyne River and sold in July 2019 for $750,000. The property offers uninterrupted river views from a two storey, four-bedroom, threebathroom modern home with an inground pool.

When considering eye-candy residential property in Gladstone, it is difficult to go past 2 Parksville Drive, New Auckland. This modern resort style home won the CQ Master Builders Housing and Construction Awards 2013 for best individual home and swimming pool, outdoor living and landscaping prizes. Owned by a local builder, the property sold for $1.04 million in May 2019. Located on a 2,806 square metre block, the architecturally designed home offers four bedrooms, three bathrooms, state of the art kitchen, butler’s pantry, sound proof media room, relaxing urban views over the L-shaped pool and a 165 square metre shed with kitchen, bathroom and mezzanine floor.

2019 prestigious unit sales only include a luxurious penthouse apartment in the Aspex complex which sold in April 2019 for $810,000. This is a significant reduction from the previous sale in 2011 at $1.4 million. The modern apartment offers 302 square metres with four bedrooms, three bathrooms and a sky terrace with views of Auckland Creek Inlet and the Gladstone Marina.

The top end price listing has to be 6 Cormorant Close, South Gladstone with a list price of offers over $1.4 million. The property has been on the market since May 2019 and is significantly discounted from its previous sale price in 2015 of $1.84 million. Having a land area of 1,151 square metres, this architecturally designed home offers six bedrooms and three bathrooms over six different levels and three outside entertaining areas. An L-shaped pool including 12.5 metre lap pool and waterfall blade is also a feature. Boasting ocean and bush views the home also offers a custom designed art room with 100-year-old recycled timber flooring, gymnasium, wine cellar and mud room. Internal size is advertised as 672 square metres.

You had me at wine cellar!

Bundaberg Property Updates

The Bundaberg residential market has remained typically flat throughout 2019, however there seems to have been a lot of interest in the residential market with agents searching for more stock as they have exhausted most stock on hand. This renewed enthusiasm comes after what was seen as a political election win federally that appears to assist investors.

The biggest value residential sale in the region was a house at Bargara on the waterfront known as the Glass House . Located at 51 Woongarra Scenic Drive, Bargara, it sold to a local farming and banking identity for $4.12 million setting a new record for the area. The house is an architectural masterpiece in a premium oceanfront location. Placing an emphasis on beachside living, the Glass House is a multi-award winning architectural masterpiece of sophisticated style in a dream location. It has five bedrooms, five bathrooms and parking for two vehicles. The dwelling sits on a beach front property of 2,239 square metres fronting the sandy beach.

Bargara continues to be a sought-after location at the current time.

Speak with a Bundaberg Mortgage Broker today.

Emerald Property Updates

While Emerald is still bouncing off the bottom and in a slow rising mode, there is little eye candy around unless the property ticks all the boxes and has multiple buyers looking. A big sale for Emerald is over the $1 million mark.

This year we have seen two properties sell in this top range with the first being 8 Campbell Ford Drive, situated on 4,061 square metres with nine bedrooms, five bathrooms, a four-car garage, over 750 square metres under roof, a 19 metre pool and an approximately 400 square metre shed. This is a one of a kind for Emerald, hence the price tag of over $1.1 million.

The second home selling at just over $1 million was at 22 Slack Drive. The property is 1.03 hectares of river frontage with manicured landscaping, an outstanding outdoor area, four bedrooms, two bathrooms, approximately 480 square metres under roof, an approximately 300 square metre shed and an inground pool.

Both of these properties lacked nothing for quality accommodation in Emerald.

Rents top out at $450 to $500 per week with six listings currently. Rents have seen the highest growth in 2019 and this should start driving house prices upward.

There are currently four genuine listings of residential properties in Emerald over $850,000. Each is unique with architect designed homes, pools, granny flats, large sheds, acreage, extralarge homes and high quality accommodation.

Hervey Bay Property Updates

The historic town of Maryborough was first settled in the mid 1800s, becoming a busy port town exporting wool and primary produce. The Engineers Arms located at 115 March Street in the heart of the CBD was built in approximately 1870 and is a heritage listed former hotel. Trading as a hotel until 1950, the property has also operated as a guest and boarding house, restaurant, community centre and leased commercial spaces. After being on the market for five years, this historic property sold for $415,000 in August 2016 and is currently under contract to new owners. The property was extensively internally refurbished in 2017 and 2018 and was converted into a gourmet food and liquor hub. In recent times the building has been council approved as a single residential dwelling and provides sixbedroom, two-bathroom accommodation set over two levels. The property boasts approximately 397 square metres of living space and 237 of covered outdoor areas. Features include a wooden staircase, open fireplaces, polished timber floors, fretwork and high ceilings. Given the central location and close proximity to the river, this property would make an ideal Airbnb (subject to approvals) for travellers who are seeking a unique historic experience in this great part of Queensland.

Speak with a Hervey Bay Mortgage Broker today.

Townsville Property Updates

Townsville’s top end eye candy property is a relatively shallow market with the majority of prestige stock falling within the $1 million to $2.5 million price range.

These swoon-inducing properties typically offer elevated aspects and ocean views with well above average levels of accommodation and fit out. Improvements include features such as pools, architectural design and good outdoor living areas, along with extensive main living areas.

To date in 2019 the highest settled residential sale recorded was for a property located on Castle Hill, which transacted for just over $1.5 million. This architecturally designed property offers sweeping views over Cleveland Bay and comprises five bedrooms, three bathrooms and an inground pool.

There are currently a number of properties listed on the market with asking prices over $1.5 million within the North Ward and Castle Hill areas along with some located on Magnetic Island. An exceptionally large architecturally designed house in Annandale comprising six bedrooms and five bathrooms with views over the Ross River is currently on the market with an asking price of $2.4 million negotiable. This property is built over three levels with a reported total floor area of over 900 square metre including four-car accommodation, pool, theatre, lift, C-bus electrical system and selfcontained living to the lower level.

Speak with a Townsville Mortgage Broker today.

Toowoomba/Darling Downs Property Updates

Whilst other market segments in Toowoomba have been soft in recent times, the prestige sector has been performing strongly, particularly in East Toowoomba. The prestige market for $1 million-plus properties continues to show signs of strong interest and sales results, but is limited in supply. An analysis of all house sales recorded in the Toowoomba Regional Council area during 2018 reveals only 7.5% made the $1 million plus price point. Prestige units exceeding $500,000 are also proving more desirable than previously, with retirees showing a preference for lower maintenance properties in prestige locations.

Suburbs encompassing the prestige sector include Middle Ridge, Rangeville, Redwood, Prince Henry Heights, Mount Lofty and the stand out performer, East Toowoomba. These suburbs are located on the eastern escarpment of Toowoomba, enjoying large lots and valley views as well as being within many of Toowoomba’s private school catchment areas.

The typical prestige property comprises open plan, four-plus bedrooms, two to three bathrooms and multiple floor levels on large lots. They are generally large, extensively renovated or extended older timber and brick dwellings and modern architectural homes with detailed finishes, quality landscaping and some with escarpment views. Below are some examples of the higher priced sales in the region in 2019.

3 Arthur Street, East Toowoomba

Six bedroom, three bathroom, four-car garage dwelling situated on a 3,338 square metre block featuring a tennis court, swimming pool, granny flat and multiple living areas. The property sold for $2.35 million in February.

15-17 Karaview Court, Rangeville

The dwelling is situated on a 4,000 square metre lot facing north with valley views and comprises four bedrooms, two bathrooms and a two-car garage featuring a tennis court, swimming pool and multiple living areas. The property sold for $2.025 million in March.

Unit 23/14-16 Cottesloe Street, East Toowoomba

This unit is situated on the tenth floor of Cottesloe Crest with a north to east aspect and extensive rangeside views. The unit comprises four bedrooms, two bathrooms and two basement car parks with approximately 178 square metres of living area and 29 square metres of outdoor area. The unit sold for $900,000 in March 2019.

There are a handful of current listings above $1 million in the Toowoomba region. The higher priced properties are listed below:

• 56 Spring Street, Middle Ridge – $1.99 million asking price.
• 10 Golf Course Drive, Middle Ridge – $2.25 million asking price.
• 12 Mayes Street, East Toowoomba – Interest from $2.75 million (under offer).

Speak with a Toowoomba Mortgage Broker today.