WEALTHY locals are swapping luxury overseas holidays and summers on superyachts for holiday havens at home.
With Australia’s borders still closed due to COVID-19, many have some cash and aren’t afraid to splash it on some of the city’s finest real estate.
Local agents have reported prestige buyers are seeking out the perfect havens in which to holiday at home – buying up the biggest and best on the local property market.
“These buyers are already existing in very comfortable million-dollar homes in suburbs like Annandale, Idalia and Douglas but there’s a shift to that next price bracket over $1.5m in North Ward, Castle Hill and The Strand,” Ray White principal Julie Mahoney said.
“They are seeking that feeling of having a home they can holiday in every day – they think, why wait, because they want the best views, entertaining areas and lifestyle at their doorsteps now that Townsville can offer.”
Ms Mahoney said cashed-up buyers, mostly in industries such as construction, law, medicine and local business, have confidence in the North Queensland economy with projects coming online in the mining, defence and trade sectors and they are buoyed by historically low interest rates allowing them to borrow even bigger.
These comments are backed up by the latest Herron Todd White Property Report that reveals the prestige market in Townsville appears to have gained momentum in 2020 with an increase in sales volume of houses over $1.5m.
“This price point is a relatively thinly traded market,” Herron Todd White director Darren Robbins said.
“During 2019, the highest recorded residential sale was $1.55m … to date in 2020 we have seen two $2.3m residential sales in the second quarter after COVID-19 impacted the Australian economy. This would indicate the prestige sector has not been affected.”
Mr Robbins said while around a dozen $2m-plus homes were on the market now, a high-end sale still requires “the three rights – right property, right time and right buyer”.
Ms Mahoney, who sold four of the five top-priced properties in Townsville this year, agrees that to close a deal in the high-end market the home “has to be perfect or close to”.
“We’re not talking about seven out of 10 here but nine … or 10 out of 10. These buyers have been watching the market for … 2½ years. They don’t have to buy but if they see something … they like … they get serious.”
FIVE TOP END HOUSES ON THE MARKET RIGHT NOW
$2.45 million
Lot 13/29 Mariners Drive, Townsville City
Part of The Point Water Houses development, plans are for three or four bedroom, two-level seaside houses, designed by award-winning architects. Each one will have two luxurious bathrooms, two car garages, a lap pool and quality finishes.
Agency: Keyes & Co Property
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$2.095 million
3 Fairlight Crescent, Annandale
Offering six bedrooms and five bathrooms, this suburban mansion has 944 sqm of opulent living spaces, an incredible outdoor entertaining space, a gourmet kitchen, formal dining room, a home theatre, a magnificent master suite, dual studies, a central playroom and state-of-the-art technology.
Agency: RE/MAX Excellence
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Offers over $2 million
40 Victoria St, Townsville City
The beautiful residence blends grand charm and modern features and includes three bedrooms, three bathrooms, stunning views, a designer kitchen, a master suite, wine cellar and a huge deck with a mosaic pool and built-in barbecue.
Agency: Ray White Julie Mahoney
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Offers over $2 million
1 Balmoral Place, Castle Hill
This grand home has six bedrooms, including a masters retreat, a galley-style kitchen, multiple living areas, a home cinema, a resort-style pool and a three-car garage.
Agency: Janice Gallagher Real Estate
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$1.95 million
8 Boulder Court, Nelly Bay
Called Nahmahlu, this island house has been used as a holiday home and it is easy to see why. It has six bedrooms, including a top floor master suite, five bathrooms, an iconic boulder formation, a semi-commercial kitchen, high ceilings, a resort-style pool area with a large gazebo, outdoor shower, and a games room, and striking finishes and features.
Agency: Keyes & Co Property
Originally published as HOT PROPERTY: Buyers investing in luxury homes
