Beachside Regions To Burst Through $1 Million Median
Queensland’s coastal suburbs are on the up.
Queensland’s coastal suburbs are on the up.
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.
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
The 390-acre property has 2 miles of frontage on the Rogue River
Former “Dallas” star Patrick Duffy is putting his roughly 390-acre Oregon ranch on the market for $14 million.
The property sits along the Rogue River outside the city of Medford in southern Oregon, according to Alan DeVries of Sotheby’s International Realty, who has the listing with colleague Matt Cook.
Mr. Duffy said he bought the first roughly 130 acres of the property in 1990 for roughly $1.5 million with his late wife, Carlyn Rosser. The couple spent roughly two decades and about $3 million buying surrounding properties when they went up for sale, said the actor, who has made the ranch his primary home since the early 2000s.
“My family always felt like we were stewards as opposed to owners,” said Mr. Duffy, 73. “We kept the boundaries sacred.”
Mr. Duffy said he first saw the property while fishing with a friend. The property contained a few structures, including what is now the main house, but was mostly wilderness, he said.
“It was pristine,” he said. “There was no paved road. There were some trails through the woods and about a mile—a little less than a mile—of river frontage.”
Mr. Duffy said he flew Ms. Rosser out to see the ranch, and they bought it. The main house has four bedrooms, and connects to a gallery where the couple displayed their art collection. They converted a caretaker’s cottage into a one-bedroom guesthouse with a loft. They also added a building that contains a hot tub overlooking the river, a structure for an indoor lap pool, and a wine cellar built into the side of a mountain, all within walking distance of each other.
As they purchased adjacent properties over the years, they acquired eight more houses and several pastures that are rented out to local ranchers. One of the homes was demolished, six are rented to tenants, and one is used as the ranch manager’s house, according to Mr. Duffy.
“We became a working ranch but not with our own animals,” he said. “It added the most beautiful, bucolic sense of the place.”
A homestead that dates back over 100 years still sits at the entrance to the property, he said. In it he found an old stove, which he restored and put in the main house. But the majority of the roughly 390 acres remains wilderness. The property now has approximately 2 miles of river frontage, according to Mr. DeVries.
For roughly a decade, Mr. Duffy and Ms. Rosser used the ranch as a family getaway from their primary home in Los Angeles. Then in the early 2000s, when their children went off to college, they decided to move there full time.
Ms. Rosser died in 2017, and Mr. Duffy said he plans to move full-time to either California or Colorado. He will keep a few parcels of land that aren’t attached to the main ranch, according to Mr. DeVries.
Mr. Duffy is well-known for his role as Bobby Ewing in the TV drama “Dallas,” which ran from 1978 to 1991. He also played Frank Lambert on the 1990s sitcom “Step By Step.” Today he runs an online sourdough business, called Duffy’s Dough, with his partner, Linda Purl.