Palmy market ‘on steroids’ right now
THE property market in Palm Beach is “on steroids” according to an agent who made a record sale in torrential rain the first day the house opened for inspection.
More than 20 groups showed up during a downpour on Saturday, July 25 for a glimpse inside 27 Swordfish Court, Palm Beach.
“It was bucketing down, water was running over the gutters, but the street was full of cars,” said LJ Hooker agent Mark Jensen.
By that evening there were six offers on the property, with a Brisbane buyer ultimately signing a cash unconditional contract for a street record of $2 million.
Listed for offers over $1.75 million, the presentable six-bedroom house occupies a 1050sqm canal front block and is within walking distance to the beach.
Mr Jensen said quality homes in preferred locations were being snapped up within a week of going to market.
“I’ve been selling real estate for 17 years and I’ve had my best quarter ever,” he said.
“I’ve never seen a bounce like we’ve had in the past 10 weeks. The market in Palm Beach is on steroids.”
Mr Jensen said buyers were drawn to the lifestyle.
“We had an investment banker, doctor and business owners looking at this property,” he said. “People are looking for a better lifestyle closer to the beach and all of the goods and services available here in Palm Beach.”
House prices in Palm Beach have surged by a whopping 45.5 per cent in the past five years, with the median price now at $900,000.
Unit prices, meanwhile, have risen by 51.9 per cent – the highest five-year increase in any Gold Coast suburb – with a median of $508,750.
Apartment shoppers have been quick to swoop on Sunland Group’s Magnoli Apartments, taking shape on the site of the former Palm Beach caravan park.
Of the twin 12-storey buildings, 37 apartments have been snapped in the North Tower since being released on July 11, while the South Tower is almost sold out.
Realestate.com.au data shows the development is one of the most searched for projects in Queensland.
Sunland Group Managing Director Sahba Abedian said demand was strong among downsizers chasing luxury by the beach.
“Magnoli Apartments is attracting owner-occupiers seeking a beachside address, close to the leading lifestyle and educational amenities that make Palm Beach such a wonderful part of the world,” he said.
“We are seeing a large number of downsizers and locals from the southern Gold Coast, Tweed and Brisbane, keen to swap their family homes for large, luxury apartments.”
Founding residents of the completed South Tower are already moving into their new homes while the North Tower is scheduled for completion in October.