Introducing 'Summerglen', Buderim’s finest home.

Nestled away on five acres and boasting dual street access, the intensely private home combines its impressive grandeur and classic stylings with a beautiful rainforest location.

The award-winning 6-bedroom, 6-bathroom, 10-car garage home designed by Brad Read Design Group brings together grace and elegance of a period home with soaring ceilings and swathes of glass, and combines it with contemporary ideas of luxury.

Through a formal gated entryway, the driveway leads one past the lagoon to the expansive two storey home. Here, one enters through the formal entry foyer and experiences the impressive volumes within the main living zones complemented by the high-end kitchen complete with integrated appliances and scullery.

It’s also here on the lower level that one finds the office, library, multiple formal and casual living rooms and home cinema and gym.

Further mod-cons within the house include state-of-the-art security and technology, underfloor heating, striking fireplace centrepiece in the formal dining room, a granite bar in the billiard room with an outlook to the garage.

Outside, the home features an award-winning swimming pool and spa paired with a full-sized tennis court set upon the expansive, manicured grass lawn. It’s in the backyard that the most lavish entertaining can take place with festoon lighting in the majestic fig tree and an alfresco dining area complete with a built-in BBQ.

Across the two levels and the poolside guest pavilion, Summerglen comprises of six bedrooms and six bathrooms plus a powder area. The master suite features a large dressing room and opulent ensuite to match.

Infrastructure on the property includes garaging for up to 10 vehicles, a 5,000-litre underground water tank, an automatic pop-up sprinkler system, an outdoor fountain with lighting, two garden sheds, ‘hidden’ dog fencing plus boundary fencing, entry bridge and electronic custom-built gated entry.

Beyond, the expansive grounds and grand residence, Summerglen is three minutes from the centre of Buderim, and is nearby to Mooloolaba Beach, Sunshine Coast Airport with Brisbane an hour away.

The listing is with Ray White Nambour’s Matt O’Grady (+61 414 317 375), POA. raywhitenambour.com.au

There has been a substantial increase in the number of Australians earning high incomes who are renting their homes instead of owning them, and this may be another element contributing to higher market demand and continually rising rents, according to new research.

The portion of households with an annual income of $140,000 per year (in 2021 dollars), went from 8 percent of the private rental market in 1996 to 24 percent in 2021, according to research by the Australian Housing and Urban Research Institute (AHURI). The AHURI study highlights that longer-term declines in the rate of home ownership in Australia are likely the cause of this trend.

The biggest challenge this creates is the flow-on effect on lower-income households because they may face stronger competition for a limited supply of rental stock, and they also have less capacity to cope with rising rents that look likely to keep going up due to the entrenched undersupply.

The 2024 ANZ CoreLogic Housing Affordability Report notes that weekly rents have been rising strongly since the pandemic and are currently re-accelerating. “Nationally, annual rent growth has lifted from a recent low of 8.1 percent year-on-year in October 2023, to 8.6 percent year-on-year in March 2024,” according to the report. “The re-acceleration was particularly evident in house rents, where annual growth bottomed out at 6.8 percent in the year to September, and rose to 8.4 percent in the year to March 2024.”

Rents are also rising in markets that have experienced recent declines. “In Hobart, rent values saw a downturn of -6 percent between March and October 2023. Since bottoming out in October, rents have now moved 5 percent higher to the end of March, and are just 1 percent off the record highs in March 2023. The Canberra rental market was the only other capital city to see a decline in rents in recent years, where rent values fell -3.8 percent between June 2022 and September 2023. Since then, Canberra rents have risen 3.5 percent, and are 1 percent from the record high.”

The Productivity Commission’s review of the National Housing and Homelessness Agreement points out that high-income earners also have more capacity to relocate to cheaper markets when rents rise, which creates more competition for lower-income households competing for homes in those same areas.

ANZ CoreLogic notes that rents in lower-cost markets have risen the most in recent years, so much so that the portion of earnings that lower-income households have to dedicate to rent has reached a record high 54.3 percent. For middle-income households, it’s 32.2 percent and for high-income households, it’s just 22.9 percent. ‘Housing stress’ has long been defined as requiring more than 30 percent of income to put a roof over your head.

While some high-income households may aspire to own their own homes, rising property values have made that a difficult and long process given the years it takes to save a deposit. ANZ CoreLogic data shows it now takes a median 10.1 years in the capital cities and 9.9 years in regional areas to save a 20 percent deposit to buy a property.

It also takes 48.3 percent of income in the cities and 47.1 percent in the regions to cover mortgage repayments at today’s home loan interest rates, which is far greater than the portion of income required to service rents at a median 30.4 percent in cities and 33.3 percent in the regions.

Introducing ‘Summerglen’, Buderim’s finest home.

Just out of Mooloolaba, Queensland, comes this grand estate.

This may be contributing to continually rising weekly rents