Price of paradise rising: $1.5m deposit, $28k a month repayments
Front row seats to one of the most stunning beaches in Queensland. Picture: Tom Offermann
How hot are QLD beach homes right now? Even with a deposit of $1.5m for this stunner, the new owner’s monthly mortgage repayment would be over $28,000. That’s so hot, it’s sizzling.
Big dollar sales of homes in lifestyle suburbs close to the beach and water have become so commonplace that some people don’t bat an eyelid anymore as millions change hands.
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The Park Crescent home was architect Frank Machia’s definition of the ultimate beach house
The beach feel through and through in furnishings and materials.
Welcome to the real estate big league where buyers are simply content to own a slice at one of Australia’s best beaches or access to waterways – in areas such as Sunshine Beach where neighbours include some of the most financially comfortable people in the southern hemisphere.
One of the highest residential sales to settle last week was this $7.6m Park Crescent home in Sunshine Beach – a suburb that plays host to former prime ministers, billionaires and millionaires alike.
That’s a great price for access to the coveted beach given Therese Rein – wife of former PM Kevin Rudd – paid $17m for her slice of paradise up the road.
How good would it be to just walk to the surf from your backyard?
Agent Nic Hunter of Tom Offermann Real Estate saw the four bedroom, three bathroom, two car space home settle last week after a deal was struck in the lead up to Christmas.
“The purchasers are from Melbourne and they’ve always dreamt of having a wonderful property up here in Sunshine Beach on the beachfront, something where they can have that lovely relationship with the ocean, tranquil, a reward for their hard labour and a setting to enjoy with friends and family.”
An airy, open feel to the home’s multiple levels.
Room for all the family.
Mr Hunter said there were multiple people interested in buying the home too, a situation “which has now become commonplace for high-end lifestyle properties in the Noosa area”.
“We’re getting three or four offers at the same time on some of those properties and it’s three buyers challenging with multiple offers scenarios.”
He has had another $7.05m sale come in this week, that of one of the last remaining blocks on Park Crescent.
“It has just settled with sale price of $7.050m, November 28 was the auction where it sold under the hammer to a local developer.”
Living the dream.
“As an agent it’s going to be really exciting because the plan is to build a magnificent beachside property which may well be available to purchase on completion and that would be a real test of the market. In 19 years of selling here I’ve never seen a brand new beachfront property taken to market in Sunshine Beach.”
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With so much competition for so little of the coveted beach home stock, prices could only rise, he said.
“It’s a competitive market because of the lack of stock out there, especially with access to the beach,” he said.
This is what the kitchen of a $7.6m home looks like.
Open surf view from your balcony.
“A lot of the owners we’re in contact with don’t want to let go of their lifestyle asset. That makes market conditions very tight where opportunities are seldom, thus it’s driving property prices upward and we don’t foresee a change in that situation moving forward for this year.”
According to mortgage repayment calculations, a $7.6m purchase would require a deposit of around $1.52m which would leave a loan amount of $6.08m. At a conservative interest rate per annum over 30 years, estimated monthly repayments would sit at $28,123. While someone in that price range may not take that deal, it is an astronomical achievement for the vast majority of Aussies.
The home was described as being “in the peerless, incomparable front row of Sunshine Beach, with explosive views of the Coral Sea, Sunshine Beach and beyond”.
It was said to be architect Frank Machia’s design pinnacle for the ultimate beach house.
Among materials chosen for the home were “honey-hued timber floors and treads, polished concrete, marine-ply decking, travertine, mosaic bathroom tiles and sandstone feature walls” in colours inspired by nature.
Mr Hunter said it was “the ultimate prize” to live “in a stellar beach house in the front row of a privileged location with nothing but the sand and sea in front”.