60,000 expected

Bumper winter points to a sizzling spring

THE Gold Coast has shed its notorious winter property coat, with real estate agents each recording up to $250 million in sales in a mid-year boon.

And it is about to get hotter with the super selling season traditionally starting today.

The hot winter property period has been fuelled by a raft of $5 million-plus buys, many of which have been snapped up in less than a week.

Agent Dane Atherton said he had averaged $20 million a week in sales during the colder months, a 25 per cent lift on the same time last year.

A Vietnamese businessman forked out $16.75 million for the waterfront 2620-2622 Virginia Drive, Hope Island.

In the highest price paid for a property on the Gold Coast this year, the mansion sold within five days.

“From June to August we have had 340 sales which is $240 million in property,” said Mr Atherton, managing director at Harcourts Coastal.

“We are noticing southern buyers are creeping up from their colder cities to the sunny Gold Coast.

“Southern markets slow down far more than the Coast so it is technically more strategic to sell during winter because there is less competition.”

A handful of mega mansions in Mermaid Beach have changed hands in the past two weeks: 149 Hedges Ave sold for $5.2 million; 25 Hedges Ave for $3.9 million; a four-bedroom beachfront house at 149 Hedges Ave changed hands for $5.2 million; a penthouse at 7/255 Hedges Ave went for $3.065 million.

Elsewhere, a waterfront mansion at 3 Sir Bruce Small Blvd, Benowa Waters, sold for $4.1 million and a a 1960s block of units at the beachfront 3513 Main Beach Pde, Main Beach, went for $7.8 million – the highest price paid for a property in the suburb.

Matt Gates, from Ray White Surfers Paradise, said he sold $20 million in property at Sanctuary Cove in July alone.

One of those sales was the highest price paid for a golf course property in Australia, at $4.275 million.

REIQ Gold Coast Zone chair John Newlands predicted the Gold Coast’s property market to continue running hot for another two-to-three years.

“Buyers are confident with the market so they are taking every opportunity to pick up properties, despite the season,” Mr Newlands said.

“I don’t think the Gold Coast has seen a cold day anyway. The lifestyle combined with the opportunity creates a market with good value.

“Compared to other big cities the Gold Coast is still playing catch up. We have a lot left to sell and prices are yet to increase.”

Mr Newlands said the 2018 Commonwealth Games and major resorts were key drivers in the winter spending spree.

Kollosche Prestige Agents principal Michael Kollosche said he had negotiated more than $30 million in sales in the past four weeks.

“Typically, we find the market starts to fire up again by the end of August and interest from buyers begin to peak,” he said.

“But this year sales have been fairly consistent and I think that comes down to a strong property market that has followed on through summer.

“People tend to go overseas during the colder months, they have just got their tax back and they are chasing summer in Europe.

“There are usually less buyers around but luxury waterfront homes have remained popular even in the colder months.”