Reach for the sky

The Weekend Australian - - BUSINESS REVIEW - LISA ALLEN

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

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