why Queensland is still a bargain

A shocking beachfront property on Noosa Heads’ iconic Hastings Street broke the suburb report this week for the costliest condominium ever bought.

The three-bedroom, three-bathroom luxury unit, which steps out onto Noosa Main Beach, was snapped up for $eight.25 million earlier than it even hit the market, reportedly bought by a Melbourne purchaser.

For that worth, the brand new proprietor will get a penthouse-style, whole-floor condominium, with sweeping north-facing views of the seashore, within the coronary heart of Noosa’s best eating places, cafes and boutique purchasing.

1/23 Hastings Street, Noosa Heads, bought for $eight.25 million. Photo: Tom Offermann Real Estate

But even on the record-breaking worth of $eight.25 million, Noosa’s costliest house is mere pocket cash in contrast with the priciest flats in capital cities.

It’s not a patch on Sydney’s – and Australia’s – report sale, set when James Packer paid $60 million for the most important condo in Crown’s One Barangaroo tower.

An artist’s impression of an condominium in One Barangaroo, which is a part of Crown’s on line casino improvement. Photo: Supplied

It additionally doesn’t come close to Melbourne’s report unit sale. The highest confirmed house sale worth in Melbourne, up to now, is the $25 million penthouse in skyscraper Australia 108.

However, the penthouse in Tim Gurner’s Saint Moritz venture in St Kilda, bought by former Domain boss Antony Catalano, had an asking worth of $30 million. Although the contracted worth is not but publicly out there, Mr Gurner stated on the time he was “extremely happy with the result”.

Saint Moritz, Beachfront Residences    14 – 16 The Esplanade, St Kilda  Architect: Fender Katsalidis (lead) and Koichi Takada Architects  Developer:   Gurner                                                                                 Interior design: David Hicks
The Saint Moritz, Beachfront Residences at 14 – 16 The Esplanade, St Kilda. Architect: Fender Katsalidis (lead) and Koichi Takada Architects Developer: Tim Gurner Interior design: David Hicks

On the Gold Coast, businessman Ron Bakir bought his Surfers Paradise penthouse within the Chevron Renaissance constructing for $9.5 million final yr, setting a new report for the glitter strip.

3250/23 Ferny Avenue is Surfers Paradise’s costliest condominium ever bought. Photo: Kollosche Prestige

Even Perth’s document worth tops Noosa’s. In 2014, an architect-designed house at Bellevue Terrace, West Perth bought for $11.85 million.

But Noosa’s document still tops Brisbane’s: the very best worth paid for an house in Brisbane was $6.5 million when a three-bedroom riverfront residence within the Aquila constructing at New Farm modified palms final yr.

5/81 Moray Street, New Farm, bought for $6.5 million in 2018. Photo: LJ Hooker New Farm

Despite the comparably paltry costs, condo values in Noosa Heads have truly skyrocketed in recent times.

New knowledge from the Domain House Price Report revealed final week that the median unit worth in Noosa Heads has grown 80.four per cent since 2014, making it one of the best performing property markets in the entire country over the previous 5 years.

And in accordance with Tom Offermann, whose eponymous company bought the record-breaking Hastings Street house for $eight.25 million, costs are solely more likely to go up from right here.

“The same ingredients that have been driving people here for a long time are still bringing people here,” he stated.

Unit costs at Noosa Heads have skyrocketed in recent times. Photo: Tom Offermann Real Estate

“But extra lately, we’ve had a lot of constructive information concerning the southern markets, particularly off the again of the federal election outcome, which has seen a flurry of exercise begin up once more.

“More generally for Noosa, a lot of the credit should go to the local authorities, who have preserved the Noosa lifestyle and made the most of the natural assets we have here.”

Moreover, Mr Offermann stated he anticipated the $eight.25 million document wouldn’t be the document house worth for very lengthy – one other Hastings Street condo has simply been listed on the market, with a worth information of $11 million.

6/55 Hastings Street, Noosa Heads, is anticipated to set a new condo report, with a information worth of $11 million. Photo: Tom Offermann Real Estate

The absolute beachfront, mid-floor apartment in Noosa Court at 55 Hastings Street is on the market for the primary time in additional than a decade and options three bedrooms, three loos, two automotive parks and spacious dwelling areas.

Mr Offermann stated Noosa flats made a lot of monetary sense for consumers.

“Rental returns have been very strong. As the visitor numbers have increased, the number of dwellings has not,” he stated.

“All these customer numbers have been absorbed by extra environment friendly use of present inventory by way of portals like Airbnb, or by growing rental returns.

6/55 Hastings Street, Noosa Heads. Photo: Tom Offermann Real Estate

“As individuals are getting much less return on their time period deposits, they will purchase an funding property have a internet return of round three to 4 per cent, plus have the taxation advantages, plus have the private enjoyment of a Noosa condo for his or her holidays.

“It’s a very easy decision.”

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