Queensland Megamansion Set To Fetch Upwards Of $35 Million
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Queensland Megamansion Set To Fetch Upwards Of $35 Million

The sale would set a Queensland record.

Mon, Aug 8, 2022 11:32amGrey Clock 2 min

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.


Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

Fri, Mar 1, 2024 3 min

Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.


Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

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