Uber tycoons head to the Gold Coast

Last week, I saw a shocking number in Knight Frank’s latest report, which focused on high-quality residential sales.

Obviously, in the first quarter of 2021, these properties in major Australian cities have the highest transaction volume, with more than 1,429 houses changing hands.

Not so surprisingly, the Gold Coast is in a leading position, with annual sales increasing by an almost incredible 91%.

Can Bellagio La Villa at 109 Tallebudgera Connection Road be next to the playground of the next super-rich on the Gold Coast?

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According to records, Knight Frank defines high-quality residential properties as the most ideal and most expensive residential properties in a particular location, which basically represents the top 5% of houses in the area.

The report predicts that the demand for these properties will only grow as the level of high-net-worth individuals (worth more than US$40 million) rises.

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Last year, 3,124 Australians fell into this category, and Knight Frank predicts that this number will grow at a rate of 3.8% per year in the next five years.

This is equivalent to many multi-millionaires needing to deposit their money somewhere.

Due to the unpredictable Covid-19, banks did not provide too many incentives, and the stock market was volatile as before, which basically made real estate the last remaining safe haven.

Alston, located at 5 McMillan Court in Southport, holds a house price record of A$24 million in Queensland.

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I don’t think we will call the Gold Coast a playground for millionaires for no reason.

In the past six months, high-net-worth individuals have been investing money in real estate in the city, which has not only caused a record plunge in regional housing prices, but also led to a decline in housing prices in the state.

Michael Kollosche, head of Kollosche’s prestigious real estate agency, said that for many reasons, the Gold Coast is a beacon for high-net-worth individuals.

“Compared to most other capital cities, it is still worth the money and the lifestyle is second to none,” he said.

“The Gold Coast has one of Australia’s best climates and a controllable population. Now with the rise of working from home, many people want to move here.

“These people usually go overseas, but they may not be able to travel internationally for a period of time. They are more willing to buy in coastal areas.”

The soul penthouse in Surfers Paradise Esplanade 7001/4-14 was sold to a mysterious buyer for $15.25 million.

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The sale of 5 McMillan Court, Southport is still the biggest deal this year. This is a classic castle-style mansion located on the Nerang River. This 3,442-square-meter Gatsby-style mansion is called “Alstom”. Only 11 days after it went public in March, local buyers bought the magnificent six-bedroom property for US$24 million. .

In the unit area, the penthouse of the Soul Building received an extraordinary income of US$15.25 million from an undisclosed buyer.

According to Tolemy Stevens and Dane Atherton, sales agents of Harcourts Coastal Prestige, this charming four-story sky residence set the highest price in a residential property auction in Queensland and sparked a new round of inquiries.

The weekly record of suburban housing prices in coastal areas also proves that more and more wealthy people are willing to get the real estate they want at all costs.

Then there are unregistered sales.

Mr. Kollosche stated that approximately 50% of the high-net-worth sales signed by the agency was done off-site.

He admitted that two transactions were completed last month, each with a transaction value of more than 15 million U.S. dollars, and the specific details are still confidential.

159 Hedges Ave, Mermaid Beach sold for $15.7 million in January.

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He said: “High-net-worth individuals like to protect their privacy, and we have to look for these properties and reach out to homeowners who are not actively seeking to sell.”

Like Knight Frank, Mr. Kollosche does not see signs of a slowdown in high-net-worth sales growth in the next 6 to 12 months. In addition, there are as many as 400,000 foreigners living overseas, many of whom want to return to Australia, most of them Those who are looking for a house on the Gold Coast.

“They came back with a lot of capital and didn’t need to work. Therefore, although the supply is still low and it is difficult to find properties, prices will only continue to rise.”

Grab your hat on the Gold Coast, this will be an exciting, or should I say, hedonism for the next 12 months.