"…while this may seem trivial in the southern states – where harbour-side sales fetch well over $10 million – in Southeast Queensland this newfound ostentation marks a turning point in the character of the region," Queensland Property & Lifestyle editor Lauren Cameron writes in the spring edition.
"From Coolangatta to Cairns, Queensland’s prestige markets continue to flourish and the increasing affluence of the blue ribbon precincts across the state is testament to their growing popularity.
"And the growth in the prestige market is not confined to Southeast Queensland, with homes right up the eastern coastline experiencing increasing numbers of million-plus sales in recent years."
In North Queensland, there was an impressive 92 million-plus sales in the 12 months to the end of June 2007; the Whitsundays and Mackay recorded 24 and 11 respectively; and – not to be outdone – Toowoomba notched up 14.
"Across the state, the market for prestige homes continues to thrive," Ms Cameron says.
Brisbane waterfront property has long been a precious commodity, but with real estate prices along the river skyrocketing, Ms Cameron says even a mere glimpse of the Brisbane River can add $100,000 to the price of a property.
"Much of Brisbane’s elite property is in suburbs clustered along the banks of the river," she says.
"Hamilton tops the list for not only the highest sale price in Brisbane but for the highest number of sales over $3 million during the past decade."
The luxury apartment market, priced over $1 million, also continues to be particularly strong with it now making up about 3.3 per cent of the total Brisbane inner city unit market.
The Gold Coast has long held the mantle as Queensland’s top spot for prestige living, with Surfers Paradise still boasting the highest number of million-plus sales in the state -177 in the past year alone.
"Absolute beachfront and riverfront homes continue to surge in price, with the average cost of a house on the beach in Mermaid Beach fast approaching $10 million," Ms Cameron says.
To the north of Brisbane, Noosa Heads and Noosaville top the list for the Sunshine Coast’s most prestigious locales. Ten years ago, there were 12 million-plus residential sales in the two suburbs; but in the 12 months to the end of June this year there were 124.
For more on our thriving prestige property market pick up a copy of the latest Queensland Property & Lifestyle. Other features in the spring edition include discovering the Cooloola Coast, Southeast Queensland’s acreage hot-spots, the Whitsundays, property prices and infrastructure, and landscaping for landlords.
Queensland Property & Lifestyle is the only place to access the latest REIQ Queensland median house, unit and townhouse, and land data, suburb by suburb, and is available in newsagents this week or online at: www.propertylifestyle.com.au.