Reach for the sky
Luxury villa prices on Hamilton Island have returned to their preCyclone Debbie and pre-GFC levels: an opulent Yacht Club Villa has sold for more than $3 million within days of hit-hitting the market.
Independent prop-operty economist Andrew Wilson sayss prices for Queensland’s high-end resort-style real estate are improving along with the share-market’s perform-mance.
Queensland is becom-oming the place to be, he says, adding Brisbane is picking up and Noosa has been strong over the past year, as has the Gold Coast, which was strong during the construction boom, Wilson told The Weekend Australian.
“There is no doubt Queensland is warming up and part of that will be more interest in the resort style iconic areas. There’s a general return of high-end buyers,” he says.
Wilson’s research reveals the cheapest dwelling on the island is a one-bedroom villa with a median price of $474,500. The dearest is a five-bedroom villa with a median of $5.45m.
There are 24 houses and 63 units listed on the island for sale at present.
Hamilton Island Yacht Club Villa 11, Villa Madeira, an exclusive four-bedroom property, was picked up for more than $3m by a Queensland buyer no doubt attracted to its Whitsunday waterway views and direct beach access.
Five Hamilton Island Yacht Club Villas have sold at an average 19 per cent price increase over the past 12 months. The villas sold for about $2.8m apiece, said selling agent Wayne Singleton, principal of Hamilton Island Real Estate.
“It gives us a lot of confidence. We have seen a $3m-plus price; it’s been a slow recovery since last year’s Cyclone Debbie. Now we are back up to pre-GFC 2007 prices,” Singleton says.
“We have been getting price increases of up to 12 per cent since Christmas. It took six months after the cyclone for things to settle. And then basically everything including the houses, new developments, and shops are brand new after the repairs. The market hashas kicked onon. Sales volumes are up, the top end is moving quite a bit.”
Brisbane-based veteran developer Nigel Moore sold all 14 villas in stage one of his luxury Hidden Cove development on Hamilton Island at average prices of $1.25m for a two-bedder and $3.25m for a four-bedder through agents Hamilton Island Real Estate.
Part of the attraction to buyers, most of whom hail locally or are from Sydney and Melbourne, is Hidden Cove’s swimming pool angled off the side of a ridge. Those wanting buggy access will be impressed by the resort’s elevated driveways, Mr Moore says. All Hidden Cove villas include stone benchtops and doubleglazed windows and doors.
Moore says there are contracts out o on half of the proposed villas in stage two of the development, in which two-bedders are priced at a $1.25m.
“This is the first new project in more m than 10 years on Hamilton Island. Is
“Hamilton Island is an extremely tr resilient island. I have been developing here for 20 b years. We thought after the cyclone we would be in all sorts of trouble, but the market has kept growing.”
Hamilton Island Real Estate is about to market a four-bedroom property called Jasmine with an asking price of $3.25m.
Singleton says the property, which sports its own pool, is positioned on top of the hill on the island. The vendors are local Queenslanders who have at least one other property on Hamilton Island.
The billionaire owners of Hamilton Island, the Oatley family, have recently announced upgrades to the island’s hotel.
They are presently building another staff accommodation precinct.
Villa Madeira boasts ocean views; bedroom views, right; and a lush garden, above