Beachfront Queensland Mansion With Drive-In Foyer Lists For $6.8 Million

A contemporary waterfront megamansion with a drive-in foyer, a lionfish-stocked saltwater aquarium and direct access to the beach hit the market Monday with a guide price of $6.8 million.

Located in Kewarra Beach — which is part of the Cairns northern beaches region of Queensland—the residence is expected to set a record for the most expensive home in the area, according to listing agent Barbara Wolveridge of Queensland Sotheby’s International Realty.

“The highest sale price [in the region] is $6.5 million and we anticipate exceeding that price with the Astoria House sale which has a price guide of $6.8 million,” she said in an email. “With the buyers’ interest that we have received to date, we anticipate establishing a new benchmark sale for the region.”

Designed by Los Angeles-based architect Andy Hall, the more than 1050sqm abode was commissioned by restaurant entrepreneur Alistair Paton and his wife, Theresa, and completed in 2018. They purchased the underlying property in 2009 for A$1.3 million, according to records on PropTrack.

The glass-and-steel home was designed to maximize views of Double Island and beyond to the Great Barrier Reef. In fact, it has the largest glass window in the southern hemisphere and it is manufactured with bulletproof glass, according to Mr. Paton. The couple also installed an array of impressive amenities, starting with the foyer, which boasts drive-in capabilities and room to display a car collection.

“People [are] instantly wowed when they walk through the front door and see the massive steel-and-glass curtain wall,” Mr Paton said in an email. “Everyone wonders how it was built, how long it took and how we got the materials to the building site. They also love the Ducati inside, the extensive art gallery walls and the vintage Alfa Romeo that we used to have parked inside.”

The saltwater aquarium is another highlight.

“We have lionfish, an epaulette shark, stonefishes, Picasso triggerfish, and a dog-faced puffer,” Mr Paton continued. “I wanted a tank with a blue-ringed octopus and leopard sharks, however, that was sensibly tempered given our young children enjoying feeding the fish.”

The home has five bedrooms, including two primary bedroom suites which are “like little houses in themselves,” Ms. Paton said in an email. “I love the oversized balconies. In winter, we sleep with the balcony doors open. There’s nothing like seeing the stars at night and falling asleep to the sound of waves then waking up to a beach view in the morning. What a way to start the day!”

Other amenities include a soundproof office, solar panels, a concert-grade sound system “suitable to host a Rolling Stones concert or a solo violinist” and an outdoor entertaining area with a pool and sports fields. The home also has direct access to the beach and the paved walking trail that extends along the Coral Seas coastline.

Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.

Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.

“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.

CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.

Sydney

Sydney’s median house price is $1,414,229 and the median unit price is $839,344.

Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.

Melbourne

Melbourne’s median house price is $935,049 and the median apartment price is $612,906.

Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.

Brisbane

Brisbane’s median house price is $909,988 and the median unit price is $587,793.

Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.

Adelaide

Adelaide’s median house price is $785,971 and the median apartment price is $504,799.

Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.

Perth

Perth’s median house price is $735,276 and the median unit price is $495,360.

Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.

Hobart

Hobart’s median house price is $692,951 and the median apartment price is $522,258.

Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.

Darwin

Darwin’s median house price is $573,498 and the median unit price is $367,716.

Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.

Canberra

Canberra’s median house price is $964,136 and the median apartment price is $585,057.

Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.

Beachfront Queensland Mansion With Drive-In Foyer Lists For $6.8 Million

There’s also a saltwater aquarium, a soundproof office and views of the Great Barrier Reef.

New research suggests spending 40 percent of household income on loan repayments is the new normal