Cashed-up buyers are lining up for turnkey mansions as construction costs soar and quality builders become increasingly scarce.
6 Maryland Ave, Carrara is going to auction on April 24.
Master Builders Australia revealed it was now 47 per cent more expensive to build a new house than it was before the pandemic with no signs of a slowdown, particularly following last week’s interest rate rise.
6 Maryland Ave, Carrara is going to auction on April 24.
“Today’s rate hike makes investment in new housing less attractive,” said Master Builders Australia CEO Denita Wawn.
“Builders around the country have been getting hit with fuel and product surcharges as a result of the Middle East conflict, with cost increases on inputs including transport and concrete.
“Supply chains are also being disrupted, including for materials such as tiles and plastic.
“These cost pressures, on top of higher interest rates, will further delay the supply of new homes.”
744 Nerang Broadbeach Rd, Carrara is going to auction on March 27.
Queensland property veteran Michael Kollosche said the buyer pool for new or fully renovated trophy homes had increased in line with the rising cost of construction and the scarcity of quality builders.
“Buyers have come to appreciate homes that are already done and delivered turnkey at the moment, because the cost of construction is exorbitant,” he said.
“In most cases, you’re able to secure these homes for below replacement cost without the three to four years it takes to deliver them, and that’s obviously making it extremely attractive to most of the buyers in this segment.”
MORE NEWS: Ex-AFL player sells Gold Coast mansion for $20m-plus
‘Collapse’: Real estate giant’s dire tax warning
14-16 Riverbend Ave, Carrara sold last year for $26m.
Mr Kollosche said the retail cost of building a prestige home started at $10,000 per sqm for those who were first able to secure the right site and a reputable builder.
“With most prestige builds right now, you’re struggling to get any change out of $10,000 per sqm,” he said.
“Some are coming in upwards of $13,000 per sqm.”
“So, a 1,500 sqm home is essentially a $15m to $20m build before you’ve even talked about the land acquisition and time required to deliver it.
“It’s the total replacement cost that’s driving the appetite.”
Fitness entrepreneur Kayla Itsines dropped $13m on this spectacular trophy home earlier this month.
Earlier this month fitness entrepreneur Kayla Itsines dropped $13m on a spectacular trophy home in Mermaid Waters.
The property includes a tennis court, infinity pool, cocktail bar, wine cellar, built-in trampoline, lavish marble entertaining terrace, and a pontoon and boat shed at the water’s edge.
6 Maryland Ave, Carrara.
The forthcoming auction of another trophy home on the central Gold Coast is expected to attract national interest, following a comprehensive five-year build by owners Katrina and Anthony Puljich.
‘Chateau de la Riviera’ features lavish European-inspired finishes with seven bedrooms, multiple living and entertaining spaces, and resort-style recreation including a pool, pontoon, boathouse and dual triple garages.
6 Maryland Ave, Carrara.
The estate occupies a 4,118 sqm parcel with 36m of river frontage at 6 Maryland Ave in Carrara.
“It is an outstanding home of grand proportions, built to the highest specification, and benefits from a due north aspect to the main river,” said Mr Kollosche.
“To go through the process of replicating what has been built here from scratch would be an enormous undertaking.
“You also have generous spare land which is enough space for a full wellness facility or commercial-scale gym, all while sitting in the geographic centre of some of the Gold Coast’s best private schools.”
6 Maryland Ave, Carrara.
The latest PropTrack Home Price Index reports Gold Coast home prices surged $151,000 annually, or 12.81 per cent, to reach $1.18 million for all dwellings (houses and units), making it Australia’s second most expensive city behind Sydney.
Mr Kollosche said southern buyers were well represented in the prestige property buyer pool, with Queensland real estate offering greater value than comparable properties in other states.
“We are definitely speaking with buyers from Melbourne, Sydney, Brisbane and expats in that top end of the market, as well as a strong local contingent,” he said.
“When you look at what you get here compared to those southern markets, value for money still far outstrips all of them and the lifestyle is arguably better.
“At the ultra-high end, the Gold Coast still represents extraordinary value in terms of lifestyle, location and the calibre of homes.”
Help us improve your reading experience
Got a minute? Your feedback will help us build a better experience for you.
Help us improve this page
English (US) · 