Rough diamonds still be found
8 October 10
REIQ Media Release
It's a well-known property investment philosophy - buy the worst house in the best possible street.
And across Queensland there remain plenty of rough diamonds to choose from, but buyers need to be realistic and be able to afford to invest the time, and the money, usually required to restore the sparkle to these hidden gems.
The Real Estate Institute of Queensland (REIQ) has researched the top house sales across the state over the past financial year to discover the suburbs where bargain buys amongst prestige property can still be found.
"While median house prices are a general indication of overall property prices in a suburb, the types of properties that are available for sale at both ends of the market can often go by unnoticed," REIQ managing director Dan Molloy said.
"And in prestige suburbs where the median is well above what many people can afford, bargain buys can still to be found, if you have your finger on the pulse.
"But, buyers need to be realistic, getting your foot in the door via the bottom end of the price range usually comes with some sacrifices on space and actual location within the suburb or some serious work required on the property itself."
Rough diamonds in Brisbane and surrounds
In Brisbane, top sales over the last financial year were recorded in the city's well-known prestige suburb of Hamilton as well as in Hawthorne and Yeronga.
Each of these suburbs recorded top sales in excess of $6 million - with the top sale recorded in Hamilton for $8.72 million in Hillside Crescent. At the other end of the scale, a buyer in Hamilton picked up a home for $530,000; in Hawthorne one sold for $495,000; and one buyer bought a property in Yeronga for $390,000.
While the top sales all had large blocks with river frontage, the bargain buys were still three-bedroom houses, albeit on smaller sized blocks and located on busier roads.
Redland City took out the top three sales for Brisbane surrounds - with sales over $2.3 million in Cleveland, Ormiston and Wellington Point - but all three suburbs also recorded bargain buys priced under $400,000. A dream buy was achieved in Ormiston where a renovated three-bedroom cottage sold for $375,000, with the only downside to this property being the boundary aligning with a few extra neighbours.
Moreton Bay Regional's top sale was $2.2 million recorded in Banksia Beach, where one fortunate buyer paid just $247,000 for a house in Alpinia Avenue.
In Logan City, Shailer Park topped the list with a house selling for $893,000 in Ronald Avenue. The most affordable price paid in Shailer Park was a home for $307,000 in Teak Street.
While Sadliers Crossing, in Ipswich City, recorded a top sale of $1.1 million for a historic home in Burnett St, the most affordable house sold for $196,000 - a two-bedroom house close to the rail line.
Gold Coast
Bargain buys of the year goes hands-down to the Gold Coast, where buyers acquired homes under $550,000 within a stone's throw of the nearest beaches.
A three-bedroom highset house located in the quiet cul-de-sac of Dolphin Avenue in Mermaid Beach five minutes' walk from the beach, sold at auction for $510,000. At the other end of the spectrum - yet only a few hundred metres walk away - was the top sale of a five-bedroom house with beach frontage selling for $13.25 million on Hedges Avenue.
In Paradise Point, a low-set home in Errol Avenue sold for $420,000. Although in need of some TLC, the house is situated 200 metres from the Broadwater.
Hollywell recorded a top sale of $5.75 million for a five-bedroom modern home in Abel Tasman Place. Again only a few blocks away from the water, in Jacaranda Avenue, a three-bedroom lowset rendered brick home sold for $348,252.
Sunshine Coast
Noosa Heads on the Sunshine Coast recorded the region's highest sale at $6.6 million for a water frontage home. One buyer picked up a two-bedroom holiday cottage for just $395,000 in the same suburb. Located just off David Low Way, this home in Honeysuckle Lane is just a five minute drive from Hastings St and Noosa's famous beaches.
Even one of the Sunshine Coast's most expensive suburbs, Minyama, can provide affordable buying options if you look hard enough, with a lowset brick and tile home on Jarrah Avenue selling for $439,000.
Another bargain buy was bought by one lucky new home owner in Elonera Street in Currimundi, who acquired the renovated two-bedroom lowset house for a mere $330,000. The top sale for Currimundi came in at just over $4 million, the fifth highest sale for the Sunshine Coast.
Toowoomba
While East Toowoomba recorded the region's highest sale at $2.8 million for a five-bedroom house on a substantial 4,300sqm block, it also recorded a very affordably priced three-bedroom workers' cottage, selling for $160,000. Such a low price however came with a sacrifice in land size - with the house set on a 304sqm block.
Mount Lofty came in with the region's second most expensive house sale for the year ending June. Selling for about $975,000 was a three-bedroom house in Simla Street; on the other hand, the most affordable home in the suburb sold for $195,000 on busier Bridge Street.
Another suburb of Toowoomba known for its prestigious homes is Rangeville, which recorded a top sale of $957,000 for a new four-bedroom home on a 1,144sqm block in Kingfisher Street. At the other end of the scale, a buyer acquired a three-bedroom lowset house on James Street for $209,500.
The Fraser Coast
On the Fraser Coast, top end properties are selling for near $1 million with ocean views, but opportunities are still available to buy into the locality of River Heads, with a three-bedroom house selling for $166,500 on River Heads Road. Over on Ariadne Street, however, a two-storey modern home with four bedrooms and magnificent ocean views went for $990,000.
Along Charlton Esplanade, in the suburbs of Urangan and Point Vernon, two homes sold for $945,000 and $900,000 respectively. Both boast close proximity and views over Hervey Bay's glorious beach and are situated on blocks in excess of 900sqm.
While still being able to enjoy beachside living, albeit without the views, two buyers' secured homes in Howlett Street, Urangan, and White Street, Point Vernon for under $240,000. This Point Vernon rough diamond was a one-bedroom holiday cottage, uniquely appointed with timber finishes.
Bundaberg
In the Bundaberg region, Woodgate recorded the highest house sale for the last financial year - a modern four-bedroom highset home on the Esplanade selling for $1.55 million. At the other end of the market in Woodgate, a buyer secured a new three-bedroom brick veneer home in the new Woodgate Beach Estate for $329,900.
Coral Cove, one of Bundaberg's popular coastal communities, recorded a top sale of $1.05 million for a highset five-bedroom home on a substantial-sized block boasting beach frontage.
Another home, also located on Barolin Esplanade, further along in-land, but still within walking distance to the beach, sold for $325,000.
Located halfway between Bundaberg and the beaches of Bargara, the quiet locality of Qunaba comes in at number three. Situated on top of a hill, known as The Hummock, some property owners here enjoy fantastic views out to the coastline. One such property in Rehbein Avenue sold for $900,000. Another buyer secured a low-set brick home for just $233,000 in Linden Crescent.
Gladstone
Tannum Sands is one of Gladstone's well-sought after coastal towns featuring homes with ocean views or beach access which often fetch in the millions of dollars. A property on Oaks Drive - where there are only a handful of properties within close proximity of the beach - sold for $1.1 million Those wanting to enjoy the idyllic lifestyle that Tannum Sands has to offer can sometimes pay a fraction of that, however, with a three-bedroom house on Booth Avenue selling for $310,000.
In South Gladstone, a new five-bedroom home in Mallard Court sold for $1.08 million no doubt thanks to the superb views across to the coastline and surrounding rural area. For just $340,000 another buyer acquired a home in Coon Street, which may not have the views but is situated closer to the Gladstone CBD.
Boyne Island near Tannum Sands recorded a top sale of $850,000 for a highset four-bedroom home in Island Esplanade which runs along the banks of the mouth of Boyne River, providing a number of homes with water views. Pittsbay Crescent, located within easy commute of Boyne Island Central, provided one lucky buyer with a neat two-bedroom brick home for only $222,500.
Rockhampton
In Rockhampton, the little known coastal locality of Bangalee, north of Yeppoon, where few homes come onto the market, recorded a great buy - a three-bedroom house on Kiama Avenue selling for $385,000.
Bangalee is essentially made up of just two streets - Mirrawena and Kiama Avenues, with one side of Kiama Avenue affording properties direct beach access. The top sale for the last financial year was one such property located at the end of this quiet cul-de-sac - selling for just over $1 million.
A million-plus sale was recorded in another one of Rockhampton's coastal communities. A three-bedroom house with beach frontage on 1,214sqm sold for $1.225 million in Kennedy Street in Zilzie. Over in nearby Lindsay Street, however, a three-bedroom house sold for $287,000, which was located on a smaller block and further from the water's edge.
At number three, Wandal, one of Rockhampton's inner suburbs recorded a top sale of $1.02 million for a property in Luck Avenue with views of the Fitzroy River. For a fraction of that price, a two-bedroom house in Lanigan Street, sold for $176,000.
Mackay
Million-dollar sales were all achieved in the suburbs of East Mackay, Slade Point and Blacks Beach over the year with all properties boasting coastal views or close proximity to beaches.
Opportunities for those on smaller budgets could be found though with a two-bedroom Queenslander - albeit in need of some TLC - selling for $180,000 in Rae Street, East Mackay; a two-bedroom home in Pelican St, Slade Point selling for $280,000; and a low-set four-bedroom house in Cavanagh Drive, Blacks Beach going for $360,000.
Townsville
Townsville City's most prestigious house sales often occur in suburbs where properties are tightly held. Such suburbs usually fly "under the radar" given too few sales are recorded over the year in order to provide a reliable median.
Such localities include Townsville City, which recorded the region's highest sale of $2.85 million for a home in Stanton Terrace; Arcadia, top sale of $2.11 million in Olympus Crescent and Rowes Bay which recorded a top sale of $1.725 million in Palm Street.
Less than10 sales were recorded in each of these suburbs over the last financial year, with the most affordable properties selling for $325,000 in both Townsville City and Arcadia and $415,000 in Rowes Bay.
Cairns
The Cairns region's affordable hidden gems were found in Port Douglas, Kewarra Beach and Edge Hill over the financial year.
Port Douglas provided a great buy at $360,000 in Opal Street for a three-bedroom lowset brick and tile home on an 800sqm block. Over on the peninsular at the top of Wharf Street, a property sold for $6.5 million, which was a seven-bedroom home on 809sqm with uninterrupted ocean views. This sale is one of the highest recorded outside of South East Queensland over the financial year.
At Kewarra Beach, where someone paid $3 million for a beach frontage home, another paid just $220,000 for a four-bedroom lowset home in Tribulation Close, located just a three-minute drive or 20 minute walk to the beach.
A two-bedroom fibro clad home in Woodward St, Edge Hill went for $255,500 while a five-bedroom modern home sold for $1.4 million in Alison Close, one of the highest house sales for the Cairns region over year.
