Queensland Megamansion Set To Fetch Upwards Of $35 Million

A French manor-inspired megamansion on the Gold Coast hit the market Tuesday, with a guide price of around $35 million. That’s a more than $11 million price jump compared to its last selling price of $23.75 million in March 2021.

Now, the 3437sqm residence—located in Southport, Queensland, about 74km south of Brisbane—could set a record for the Australian state, according to listing agent Rebecca Moffrey from Ray White Burleigh Group. Currently, the record for the priciest sale belongs to a Sunshine Coast home that sold for $32 million last year.

Known as Alston, the six-bedroom, seven-bathroom residence offers views of the Nerang River, the skyline and the Broadwater. It’s also near two popular stretches of sand: Main Beach and Surfers Paradise, according to the listing.

Inside, guests and visitors are greeted by a two-level entrance hall with an imperial staircase and a crystal chandelier.

“The absolute majesty of the home just hits you. You walk in and you’re greeted by this incredible chandelier, and that’s even before you step onto the gorgeous, sun bathed terrace looking back towards the Broadwater,” Ms. Moffrey said in a statement. “The architecture just sweeps you away to the French countryside—you almost forget you’re on the Gold Coast with its stunning beaches just minutes away.”

There’s also a gourmet kitchen with marble bar, a wine room and a walk-in refrigerator, the listing said. Other amenities include a professional-grade wet bar, a study, a two-level library with a spiral staircase, a primary bedroom suite with two terraces and an indoor pool, plus a gym and sauna, the listing said. An elevator services all three levels, and there’s a five-car garage.

Outside, there are several covered terraces for dining and lounging, water features and native plantings. There’s direct access to the water via a sandy beach, and a boat dock and pontoon are included.

The sellers were not available for comment.

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.

Queensland Megamansion Set To Fetch Upwards Of $35 Million

The sale would set a Queensland record.

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