6 Maryland Ave, Carrara will go to auction on April 24.
Cash buyers are lining up for mansions as construction costs rise and quality builders become increasingly scarce.
Master Builders Australia has revealed that it is now 47 per cent more expensive to build a new house than before the pandemic with no signs of slowing, especially following last week’s interest rate hike.
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6 Maryland Ave, Carrara will go to auction on April 24.
“Rising prices today make investment in new homes less attractive,” said Master Builders Australia CEO Denita Wawn.
“Constructors across the country have been receiving additional payments for fuel and products due to the conflict in the Middle East, and the increase in the cost of goods including transport and concrete.
“It is also disrupting the chains of selling things including tiles and plastic.
“These cost pressures, in addition to higher interest rates, will slow the supply of new housing.”
744 Nerang Broadbeach Rd, Carrara will go to auction on March 27.
Veteran Queensland property developer Michael Kollosche said the pool of buyers for new or fully refurbished trophy homes had increased in line with rising construction costs and a shortage of quality builders.
“Buyers are now appreciating the houses that have been delivered, because the construction costs are very expensive,” he said.
“In many cases, you can secure these homes at low replacement costs without the three to four years it takes to deliver them, and that obviously makes them very attractive to many buyers in this segment.”
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14-16 Riverbend Ave, Carrara sold last year for $26m.
Mr. Kollosche said the retail cost of building a luxury home started at $10,000 per square foot for those who were first able to secure the right location with a reputable builder.
“Because of the popularity it’s building right now, you’re struggling to get any change at $10,000 per sqm,” he said.
“Some are coming in at over $13,000 per square foot.”
“So, a 1,500 sqm home is actually $15m to $20m before you talk about land acquisition and the time it takes to deliver it.
“It’s the total cost of switching that creates appetite.”
Fitness entrepreneur Kayla Itsines dropped $13m on this incredible trophy earlier this month.
Earlier this month fitness entrepreneur Kayla Itsines dropped $13m on a stunning trophy home in Mermaid Waters.
The complex includes a tennis court, an infinity pool, a bar, a bar, a built-in trampoline, a luxurious marble entertainment terrace, and a pontoon and boat shed at the water’s edge.
The upcoming auction of another cupola in the heart of the Gold Coast is expected to attract national attention, following a five-year construction effort by owners Katrina and Anthony Puljich.
‘Chateau de la Riviera’ features European-inspired finishes with seven bedrooms, multiple living and entertaining areas, and recreational facilities including a pool, pontoon, boathouse and triple garages.
The estate has an area of 4,118 sqm with 36m of river frontage at 6 Maryland Ave in Carrara.
“It’s a very nice home with good proportions, built to a very high standard, and it benefits from a perfect location north of the main river,” said Mr Kollosche.
“Continuing the replication program that was built here from scratch would be a huge undertaking.
“And you have land to spare with enough space for a full health center or commercial gym, all the while sitting on the property of some of the Gold Coast’s best private schools.”
The latest PropTrack Home Price Index reports that Gold Coast home prices rose by $151,000 a year, or 12.81 per cent, to reach $1.18 million for all dwellings (houses and units), making it Australia’s second most expensive city after Sydney.
Mr Kollosche said southern buyers were well represented in the prestigious property market, with Queensland real estate offering greater value than comparable properties in other states.
“We’re definitely talking to buyers from Melbourne, Sydney, Brisbane and those coming out of the upper end of the market, as well as a strong local team,” he said.
“If you look at what you get here compared to those markets in the south, the value for money is still superior and the lifestyle is undoubtedly better.
“At the very highest end, the Gold Coast still represents incredible value in terms of lifestyle, location and quality of housing.”
