Top Headlines Week 19, 2022
- Posted By David Brown
New plans have been filed for a 27-storey residential development locate din Surfers Paradise. This is from Sydney developer Leith Group, which like many other interstate developers entering the Gold Coast market while it’s at its peak. The development will be only one block back from the beach and will comprise of 96 apartments. The development will be named after the low-rise apartment building that it will be replaced, Halcyon Place. There will be 7 one-bedroom, 70 two-bedroom, and 16 three-bedroom apartments. Along with 3 two-storey penthouses. The building will also include a communal pool, yoga terrace, gym, sauna, barbeque and dining area, as well as work from home facilities and office spaces. Developers are still seeing Gold Coast as a hot market.
A suburban home in Tasmania has real estate records. The waterfront estate is located on Hobart’s eastern shore and sold for a staggering $8.533 million. The property is situated on 10,000 square metres, the home has 5 bedrooms, 3 bathrooms, and overlooks River Derwent and Kunanyi/Mount Wellington. The home has been in the same family for the past 30 years and only went to market a month ago, which has attracted interest from local, interstate and international buyers. It is rare that properties such as this one goes to market as they are usually passed down through generations of families.
The recent property boom didn’t leave any property behind. Even uninhabitable properties in prime locations saw insane price jumps. It is often said that the land holds the value and not the dwelling and that can’t be more true in these cases. 18 Crimea St in Melbourne’s Inner City has sold for $1.252 million. The property comes with three bedrooms, mouldy carpet, and water-damaged walls. It is clear that the new owners will either renovate or knock down and rebuild. A property in Sydney has fetched a price of $4.705 million. This property is missing a toilet and kitchen. It also doesn’t have running water or power. The owner bought the property back in 2005 for $1.1 million, which means the properties price increase 327% in 17 years. As the supply in the property market continues to be restrained, people are looking for new ways to get their hands on a piece of land.
As house prices on the Gold Coast have only slightly slowed. People are now turning to renovating to either add value to their home or create their dream home. A couple in Mermaid Beach, Gold Coast have done exactly that. They bought 25 Birigin St back in 2018, in a prime location, just minutes from Nobby Beach, shops, cafes, and schools. The couple opted to renovate the home instead of knocking it down as they wanted to create something unique. When they bought the house it was a terracotta and yellow. They have transformed the house into a stunning modern home. The renovation took the couple 12 months to complete. It is hard to believe that it is the same house. They have given a 50 year old home new life. The home is set to go to auction this week.
In the wake of 2022 floods, Brisbane City Council is reviewing their planning laws while also beefing up a flood resilience program, which could see the reboot of the voluntary home buy-back scheme. The council is said to implement all 37 recommendations that former Governor of Queensland Paul de Jersey put forward this week in the Brisbane Flood Review report. During the February floods, more than 9000 properties were affected and double that amount of suburbs affected compared to the 2011 floods. Although floods can’t be prevented but Brisbane can be better equipped to handle the disasters.