Finance Property Gold Coast real estate agents cash in on Commonwealth Games hype

Gold Coast real estate agents cash in on Commonwealth Games hype

sovereign islands gold coast
This mansion in one of Queensland's most affluent suburbs sold for almost $4 million. Photo: Domain
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Auction activity remained relatively steady across the capital cities this weekend, with a total of 1746 homes taken to market.

Ray White Queensland conducted 50 auctions on the Gold Coast to leverage off the Commonwealth Games hype.

Around a quarter were sold.

The sales included a $3.93 million five-bedroom home at 15 Queen Anne Court, Sovereign Islands which is under offer.

But elsewhere around the nation, estate agents reported that prices are turning lukewarm.

sovereign islands gold coast
The agents marketed this as a Paradise Point “designer home”. And you can see why. Photo: Domain
sovereign islands gold coast
All five bedrooms have their own ensuite. Photo: Domain
sovereign islands gold coast
The home was built to entertain, with a sports bar and a movie room. Photo: Domain
sovereign islands gold coast
Sovereign Islands is an affluent gated community within the suburb of Paradise Point. Photo: Domain

With school holidays recently underway, many of the weekend offerings were in seaside localities before the onset of the winter hibernation.

At Blairgrowrie there was a $550,000 sale of one of the Mornington Peninsula’s original holiday homes.

Set among tea trees, the one-bedroom weatherboard at 424 Melbourne Road had been listed with a $545,000 to $599,500 price guidance.

It last sold at $49,000 in 1998.

At Ettalong Beach on the NSW Central Coast, a three-bedroom brick house at 96 The Esplanade offered for the first time in four decades was snapped up pre-auction for $1.65 million.

A three-bedroom Main Beach apartment was sold for $580,000. Set in The Meriton, the apartment at 7/29 Woodroffe Avenue last traded in 1998 at $240,000.

The national success rate of 63 per cent increased from last week’s final clearance rate which saw the lowest result so far this year at 61.7 per cent from 1915 auctions.

CoreLogic noted units outperformed houses, with 65 per cent of units finding buyers compared to a cooling 62 per cent success rate for houses.

Melbourne saw a total of 905 auctions take place this weekend, returning a 63 per cent preliminary clearance rate, with the inner east again the weakest region with just 48 per cent finding buyers.

Parramatta’s 38 per cent was Sydney’s weakest region, well below the improved overall 66 per cent success rate from the reduced 551 auctions held.

Sydney’s top sale was at Strathfield. The 5 Firth Avenue property sold at $5,715,000. The six-bedroom designer residence on 920 square metres came with basement parking for six cars.

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This Strathfield home is in a “blue ribbon location”. Photo:
strathfield home
The centrepiece is the alfresco entertaining area overlooking the pool. Photo:
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It boasts five big bedrooms and a spacious living area. Photo:

The top Melbourne sale was in Albert Park, where a knockdown at 42 Draper Street sold for $3.85 million.

The three-bedroom brick house sits on a 333 square metre block, a deceased estate held in the same family for half a century. The indicative price guide had been $2.9 million to $3.19 million, with three bidders pushing it $650,000 over reserve.

An Elwood home, with balcony and garage door designed with leaf ornamentation, was among the weekend offerings.

The leafy panorama featured on the front facade of the home at 5 Ruskin Street which was listed with $2.8 million to $3 million hopes. This distinctive four-bedroom residence boasts four bathrooms, a study retreat, open-plan living-dining zone and pool.

James Meldrum of RT Edgar advised it was under contract, though without price disclosure.

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The modern design of this Elwood home suits the trendy and wealthy inner city suburb. Photo: Domain
elwood home
At four bedrooms and four bathrooms, it’s a perfect family home. Photo: Domain
elwood home
It even has two large living areas. Photo: Domain
elwood home
It’s no surprise it was Melbourne’s top sale at almost $4 million. Photo: Domain

A Cheltenham house that dates back to the early 1900s was passed in at $1.4 million.

It had been tipped to have seen a battle between renovators and developers.

The three-bedroom house on 750sqm at 12 Coape Street had a price guide of $1.375 million to $1.475 million after its quote was increased.

Buxton agent Matthew Gray said the property was among the oldest in the suburb, but does not have any heritage protection. The historic Cheltenham home features a hipped roof, front veranda, double-hung windows and four fireplaces.

The nation’s cheapest auction sale was $271,000 in Adelaide, a three-bedroom, one-bathroom 1970s home at 16 Tolley Close, Paralowie.

Jonathan Chancellor is editor at large at Property Observer.

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