MAN­SION

East coast sales run­ning hot

The Weekend Australian - - BUSINESS REVIEW - LISA ALLEN MICHELLE SINGER

From Vic­to­ria’s Morn­ing­ton Penin­sula to Queens­land’s Sun­shine Coast, agents are ex­pect­ing surg­ing in­ter­est in hol­i­day houses ahead of the tra­di­tion­ally strong sum­mer sell­ing sea­son.

De­mand for coastal life­style mar­kets, such as Syd­ney’s wealthy Palm Beach, the coastal ham­let of Noosa, or even Tasmania’s re­mote Bruny Is­land, is driven by hol­i­day-mak­ers and re­tirees.

Agents ex­pect a strong sell­ing sea­son even though real es­tate prices and sales in cities such as Mel­bourne, Bris­bane and Syd­ney are cool­ing.

In Noosa, agent Tom Of­fer­mann said there’s un­com­mon in­ter­est in Noosa from the south­ern states and the past year was the best on record since the heavy trad­ing in the lead up to the 2008 global fi­nan­cial cri­sis.

“There’s an un­prece­dented num­ber of Syd­ney-based buy­ers who are se­cur­ing prop­er­ties in Noosa, along with a very strong pres­ence of Mel­bourne-based buy­ers,” says Of­fer­mann, head of Tom Of­fer­mann Real Es­tate.

“We are still get­ting about 20 per cent of sales straight out of Bris­bane be­cause it’s an easy drive hol­i­day des­ti­na­tion. A lot of them have a sec­ond home up here and let it out for oc­ca­sional rentals.”

Of­fer­mann has ne­go­ti­ated sev­eral high-end sales of late, with a house on Noosa Sound un­der con­tract for more than $10 mil­lion. He sold 3/56 David Low Way, Sun­rise Beach, for close to its ask­ing price of $6.25m and se­cured about $8.2m for 1/56 David Low Way. In the prime beach­front precinct, Of­fer­mann re­cently sold an apart­ment at 2/23 Hast­ings Street for nearly $7m.

He ex­pects to auc­tion 15 prop­er­ties at the height of the sum­mer sea­son from Jan­uary 19. “We will have a wide au­di­ence of hol­i­day-mak­ers, the prop­er­ties will range up to $7m in price.”

While some buy­ers like Noosa, oth­ers favour the more bo­hemian Byron Bay on the NSW far north coast, and LJ Hooker Byron Bay di­rec­tor Glen Ir­win is ex­pect­ing the re­gion’s tra­di­tional heavy in- flux of tourists this sum­mer to show in­ter­est in the usual plethora of lux­ury houses and apart­ments on of­fer.

Closer to Syd­ney, LJ Hooker Palm beach li­censee David Ed­wards says there is a lot of nice stock avail­able but the elite sub­urb can’t be broad­brushed and houses are sell­ing prop­erty by prop­erty. Some prop­er­ties have been on the mar­ket for months, but oth­ers in lo­cales, such as Il­luka Road, sell quickly.

A house at 114 Iluka Road went for $8.5m and Ed­wards says if he had two or three more Iluka Road list­ings he would sell them just as fast be­cause of the scarcity of stock.

Prop­er­ties on the mar­ket in­clude 345 Whale Beach Road, which has a $16m price tag, 5 Northview Road with an ask­ing price of $9.5m to $10.5m and 975 Bar­ren­joey Road with a $12m ask­ing price.

“We are get­ting good lev­els of in­quiry, and it will be a good sea­son. I do think some of those hol­i­day-mak­ers will be in­ter­ested in buy­ing,” he says.

De­mand for prop­erty on Tasmania’s Bruny Is­land is ramp­ing up with plenty of main­land and lo­cal in­ter­est pre-book­ing in­spec­tions dur­ing the hol­i­day pe­riod.

Nest Prop­erty agent Gary Reeves says the mar­ket was “very ac­tive” with a good mix of prop­er­ties from blocks of land to orig­i­nal hol­i­day shacks and wa­ter­front homes with moor­ings or a jetty.

“It is very busy at the mo­ment and typ­i­cally from my ex­pe­ri­ence of most hol­i­day ar­eas, where a lot of lo­cals put their sign­boards out to try and at­tract main­land in­ter­est and a big price,” he says of sev­eral new list­ings he’s pre­par­ing for mar­ket.

Un­like Ho­bart, where prices have in­creased more than 12 per cent this year, Bruny Is­land still of­fers “ex­cep­tional value” with land prices start­ing from about $70,000 and a shack cost­ing be­tween $300,000 and $350,000.

A two-bedroom wa­ter­front house at 48 Light­house Road, Lu­nawanna, 45 min­utes south of the Bruny Is­land ferry ter­mi­nal, on 12,000sq m with a jetty, sold to a Tas­ma­nian buyer for close to $530,000 in early Novem­ber.

“It’s con­sid­er­ably cheaper than most sub­urbs in Ho­bart,” Reeves says.

For vis­i­tors not into the tra­di­tional camp­ing or car­a­van ex­pe­ri­ence, Bruny Is­land hol­i­day homes is at ca­pac­ity over the hol­i­day pe­riod, with in­ter­est up sig­nif­i­cantly on pre­vi­ous years.

Bruny Is­land Coastal Re­treats man­ager Ben Kien­huis says busi­ness is busier than ever with next to no avail­abil­ity in lux­ury ac­com­mo­da­tion for Jan­uary given the in­crease in the num­ber of in­ter­na­tional vis­i­tors.

From Vic­to­ria’s Morn­ing­ton Penin­sula, Kay & Bur­ton agent Liz Jensen re­ports height­ened sales ac­tiv­ity, par­tic­u­larly in the elite Sor­rento and Port­sea.

Jensen says there was no real break in sales over win­ter.

Forty-five days out from of­fi­cially launch­ing her sum­mer sales cam­paign, tra­di­tion­ally the agency’s busiest sell­ing sea­son, there is strong in­ter­est par­tic­u­larly in Port­sea, Sor­rento and the sea­side vil­lage of Blair­gowrie near the tip of the Morn­ing­ton Penin­sula.

“The buy­ers are peo­ple who have worked hard for their money and want to en­joy a life­style with their fam­i­lies,” Jensen says. “They want to do the beach, sail­ing, golf, or go into cos­mopoli­tan Sor­rento — the Morn­ing­ton Penin­sula of­fers all of that.’’

Jensen says 13 Paringa Road, Port­sea, is a good ex­am­ple of the type of prop­erty ex­pected to sell over sum­mer. The six-bedroom es­tate is ex­pected to fetch be­tween $4.5m and $4.95m.

This David Low Way man­sion, left, sold for $8.2m; the Whale Beach Road house, above, has a $16m price tag; and the Bruny Is­land home, be­low, sold for $530,000

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