Beachside Regions To Burst Through $1 Million Median
Queensland’s coastal suburbs are on the up.
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Queensland’s Gold Coast, Sunshine and the upper reaches of NSW’s coast, the Richmond-Tweed region inclusive of Byron Bay are predicted to pass the $1 million median price for a detached house by March according to real estate agency, Ray White.
Ray White’s chief economist, Nerida Conisbee, said all three areas were strong performers last year, rising in price between 35% and 47% — an upward trend that is estimated to continue in 2022.
Key drivers for the price rise include increased interstate migration from Sydney and Melbourne, which is likely to continue on the Gold and Sunshine Coast after the Queensland border re-opened.
The move to work-from-home is also driving local Brisbane residents to move towards living in their traditionally owned holiday houses full time.
According to Ms Conisbee, the Gold Coast, in particular, was in a period of change.
“Historically, it’s been up and down, a bit like Perth, but it’s grown and become more of a mixed economy, not so reliant on tourism, and is starting to show more stability with pricing,” she explained.
Ray White cites CoreLogic figures recorded to the end of November, 2021 detail the median detached home price as $939,000 on the Gold Coast, $956,000 in the Richmond-Tweed region and $968,000 on the Sunshine Coast.
Based on an average monthly price growth of 2%, Ms Conisbee expects all will exceed a $1 million median price for houses by March.
By comparison, the Sydney median for houses is $1.38 million, while Canberra reached $1.07 million late last year, as did the Illawarra region where the median is now $1.01 million. Melbourne’s median is $980,000.
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The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
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A 110-year-old Colorado estate that has hosted Frank Sinatra and Lyndon B. Johnson just slashed $10 million off its price tag.
The 12,000-square-foot manor house—with 25 rooms—and its five accessory dwelling in the alpines of Evergreen was relisted on Friday asking $16.8 million, down from its initial $26.8 million price in 2023.
The sellers, Richard and Pamela Bard, who paid $1.3 million for the “legacy property” named Greystone Estate in 1992, have shopped it around on and off for the past 20 years, according to agent Jessica Northrop at Compass Real Estate.
Richard Bard, CEO of his own private equity firm, has “hosted many corporate events and retreats where important business is discussed but they are also able to relax,” Northrop said. “Greystone has a special way of making people feel at ease.”
Bard said “it’s not a casual effort” to sell. He said it’s difficult to find a buyer with the facilities to “take care of it.”
The Bards intend to move closer to their children in Denver.
Before the Bards, Greystone Estate had several eras—as a summer house, a guest ranch and a business base—since it was built in 1915 by Genevieve Phipps, an industrialist’s daughter.
Phipps, who spent her inheritance on the land, built the 54-acre summer escape with the “elegance and feel of a fine Adirondack mansion combined with a mountain rustic style,” according to an online record of the estate’s history.
Its heyday, arguably in the 1940s to 1980s, saw Sinatra, Johnson and Groucho Marx come through its doors, when its owner William Sandifer, a socialite and one the Empire State Building’s architects, operated a guest ranch out of the place.
The Bards, who used a carriage house on the property as their company headquarters, completed Greystone’s full modernization in 1997. They also opened up the living and dining areas to receive more light, raised the ceiling on the upper level and combined several rooms to create a primary suite.
They replaced an outdoor pavilion and its helipad with something more suitable for their daughter’s wedding in 2001, according to Northrop.
The main 25-room manor includes a wine cellar, bar, gym and library.
The additional structures, which include a cottage, a log cabin, a pool house, a carriage house and a pavilion and guest house, surround the pool area and overlook acres of aspen groves and mountains.
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