Cashed-up house hunters are ditching renovation plans for instant luxury as global chaos makes building from scratch unattainable.
With war in Iran stalling global supply chains and putting more pressure on labour shortages, industry insiders say even seasoned house flippers are throwing in the towel.
Instead, they are handing over top dollar for “turnkey” homes they can move straight into.
Fairway Miami was designed to hit the mark for buyers seeking instant luxury
The shift is backed by industry data, with Master Builders Australia warning Middle East tensions had hit builders with fuel and product surcharges, delaying imported materials. Meanwhile, QUT data shows base construction costs have skyrocketed more than 40 per cent since 2020.
Gold Coast developer Reece Gardiner of R Property
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Gold Coast developer Reece Gardiner said the pivot was driven by buyers desperate to avoid the stress of the current construction climate.
“People are looking for the certainty of a finished product so they don’t have to navigate the acquisition of land, the hurdles of going through council, or that stressful 24-month build process,” Mr Gardiner said.
His firm, R Property, has just completed Fairway Miami at 2 June Ct, a luxury duplex designed specifically for this fatigued demographic.
The first villa sold off the plan, with the second one now completed and on the market
The design is ideal for low-maintenance beachside living
Mr Gardiner said today’s buyers demanded low-maintenance homes where they could “knock off work on a Friday and not have to do a second job looking after the gardens”.
The Miami villa has four bedrooms including a ground-floor guest suite, a designer kitchen with a butler’s pantry, and a plunge pool.
Priced at $2.89m, it’s listed with One Agency Burleigh - Miami.
The push to avoid the builder’s queue is also driving demand for ultra-prestige properties priced at $10m-plus.
11 Lavarack Rd, Mermaid Beach
Ray White Malan + Co agent Dan Donovan said the mood at open homes had shifted dramatically, especially for high-end coastal pads.
“That segment of the market that might’ve been looking at older knockdowns for a rebuild project a few months ago are now thinking, ‘just give us the keys’,” Mr Donovan said.
“The thought of dealing with builders and tradespeople for two years, maybe longer due to what’s happening in Iran, it’s not worth it.”
The trophy home is on the radar for big-budget buyers who would previously have considered building new
Mr Donovan said a flurry of construction around the coastal strip through last year had resulted in an uptick of high-end homes coming to market.
“For some buyers, it’s not even about the cost, it’s the wait time for labour they want to cut down.”
He is currently marketing 11 Lavarack Rd, Mermaid Beach, an award-winning five-bedroom trophy home complete with a rooftop plunge pool, internal lift, and a self-contained two-bedroom guesthouse.
“I highly doubt you could even build it at cost anymore,” Mr Donovan said, noting the property clocked more than 25 inquiries in the first week of the campaign.
It has a rooftop plunge pool and is close to the beach
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