Property Highlights: Australian Luxury Market Update

Over the last week, the luxury Australian property market welcomed 21 new high-end listings, worth approximately A$140 million.

Of these luxury properties, the standouts were those with some truly unique features, including a home in the Gold Coast’s Sovereign Islands that boasts its own private casino.

The Sovereign Islands are a small island group within the suburb of Paradise Point on the Gold Coast. Over the last 12 months, the exclusive suburb has seen an annual growth of 42 per cent, with the median house price sitting at A$1.4 million.

Held by Ivy Wu and Isaac Kim from Ivy Realty Gold Coast, this waterfront property with its myriad of luxe features has an asking price of A$20 million. The palatial house sits on a double-sized block and enjoys easy access to the sheltered waters between South Stradbroke Island and the Pacific Ocean.

46-48 Royal Albert Crescent, Sovereign Islands | Source: Ivy Wu and Isaac Kim from Ivy Realty Gold Coast

One hour north of Sovereign Waters, in Indooroopilly, presents a rare opportunity to call a striking, art gallery-inspired residence, home. Jason Adcock from Adcock Prestige lists this home for sale by tender, and the lucky winner then has the option to purchase the bespoke home and land package, or to demolish the existing property and build their own design.

Indooroopilly is a riverside suburb in Brisbane with a median house price of A$1.4 million that has seen an annual growth of 41 per cent over the last 12 months.

45 Glencairn Avenue, Indooroopilly
45 Glencairn Avenue, Indooroopilly | Source: Jason Adock from Adcock Prestige

Down in Victoria, one of the two listings that came to market last week is this one-of-a-kind, bluestone church conversion home. The home is located in the vibrant inner-city Melbourne suburb of Fitzroy, which commands a median house price of A$1.5 million with an average annual price growth of four per cent.

The absolutely exquisite residential conversion marries charming historic character with voluminous space, magnificent architectural features and grand period details. Arch Straver from Nelson Alexander brings this property to market with a price guide above A$6 million.

1/124 Napier Street, Fitzroy
1/124 Napier Street, Fitzroy | Source: Arch Straver from Nelson Alexander

Although no properties from West Australia appeared on the luxury market this week, the state continues to see incredible growth. And currently, it shows no signs of being affected by the Reserve Bank of Australia’s rate increase last week, particularly in the capital city’s western suburbs, says Pauline Fermanis, sales executive at Ray White Dalkeith Claremont.

I don’t really see there’s going to be a lot of effect [from the RBA’s rate increase] in Perth and especially [in] the western suburbs [like] Mount Claremont. Perth is probably one of the most affordable cities in Australia, and we offer exactly the same just on a smaller scale

It’s the western suburbs of Perth that Fermanis is most familiar with, and having been selling houses in the area for the last five years she’s seen its popularity grow to new heights.

Mount Claremont is a fabulous suburb, it’s now being discovered by a younger demographic. So that has really pushed the prices up 40 per cent in the past five years. What attracts a lot of the younger demographic to this suburb is that it’s a great entry level into the western suburbs. It offers exactly the same attractions as the other, more expensive surrounding suburbs, such as close proximity to the elite schools, close to the beach, cafes, restaurants and you’re getting more value for money.

Before she was selling homes in Perth’s affluent western suburbs, Fermanis was travelling and working overseas in a variety of different roles. It’s this multicultural and worldly experience, combined with her ability to speak Greek and Spanish, that assists her in selling properties overseas.

Currently, she has two spectacular properties available on the Greek island of Mykonos, which she explains is always an alluring investment opportunity for the rich and famous.

Mykonos especially is always going to be a strong and resilient market in Greece. In Mykonos, it attracts all the wealthy shipping tycoons, it attracts movie stars, it attracts the international jet-set crowd. Mykonos offers great accommodation, great restaurants, beaches, it has an international airport, so it’s always gonna attract international investors and buyers. And also the yield in investments there for rentals is between eight to 12 per cent, which is a really good return.

And what’s attracting a lot of international investors in Greece now is that they’ve introduced in 2013 the Golden Visa, which allows anyone that invests in Greece, and spends over €250,000 to automatically get a five year visa, which can be renewed at the end of the five years. So that’s attracting a lot of buyers as well.

The first of the two villas Fermanis is representing is Lia Villa Beach, which is 500 metres from Lia Beach and has an asking price of €4.3 million, approximately A$6.4 million.

It sits on a block of land of 5,000 square metres, and the accommodation living areas about 1,000 square metres. It offers five ensuites, three independent apartments, swimming pool, large entertainment area and a small Orthodox Church, which is really charming.

La Villa Beach | Source: Pauline Fermanis

The second offering is Villa Hurmuses, which Fermanis explains has been voted as one of the top 20 villas in Europe, and was featured in the iconic Hollywood film My Big Fat Greek Wedding.

This [villa] is walking distance to Mykonos Town and also to the beach. It accommodates 10 people, so it’s got five ensuites in that property with a swimming pool and entertaining area.

This spectacular property is expected to sell for €3.5 million, or approximately A$5.3 million.

Villa Hurmuses
Villa Hurmuses | Source: Pauline Fermanis

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