Property Pressure On The Gold Coast
The region’s housing has soared following a decade of growth.
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Property market pressure on the Gold Coast is now some of the highest in the country according to data released by InvestorKit.
In its Market Pressure Review report, the analysis indicated Broadbeach-Burleigh experienced the most significant growth with property prices increasing 38.2% from August 2020 to August 20221.
The southern Gold Coast region of Coolangatta experienced the second-highest growth rate, 21%, followed by Surfers Paradise at 18.9%.
Over the last 10 years, from 2012-2021, the report found houses significantly outperformed units.
Median house prices in Broadbeach-Burleigh and Coolangatta grew 131% and 102% respectively. Unit prices in the same areas saw increases of 53% and 86%.
Over the past 12 months, the Gold Coast has experienced a demand-led boom with monthly sales volumes growing 39.9%, while the total monthly listings have fallen 7.3%. Vacancy rates are at a crisis level with most of the regions at lower than 1%.
Forecasts – which indicate where there’s high levels of market pressure there is high ras of capital growth – suggest the Gold Coast region will continue to perform strongly over the next six to 12 months.
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Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.
Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.
Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.
“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”
Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.
The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.
Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.
The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.
“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.
Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.
This article first appeared on Mansion Global
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
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