Dolly Lenz
Local aspect
WITH JENNY LENZ
TOM OFFERMANN REAL ESTATE, NOOSA, QLD
Tom Offermann
High on the shortlist of prime coastal destinations for the uber wealthy is Noosa. Many buyers are from capital cities and there is intense interest from expat buyers, mainly from Asian financial capitals, and growing demand from western Europeans and North Americans. Top of their wish lists are prestige front-row addresses on waterways such as Noosa Sound and Sunshine Beach, as well as proximity to Noosa Main Beach and Hastings Street. Noosa retains its village persona, but among owners are some of the most connected and affluent individuals in the country – sports stars, celebrities, tech innovators and industry giants. Stringent town planning restricts residential development, and with 90 per cent of the surface covered by parks and waterways there’s very little vacant land, so competition for existing properties is intense. Consequently values in Noosa have enjoyed the highest price growth in Queensland for 40 years, with multiple sales in the $10 to $20 million range setting a new benchmark. Some owners make their properties available for short-term rental, but just as many rejoice in having it managed by caretakers so they can fly in anytime to catch some sun. LJ HOOKER BYRON BAY, NSW
Liam Annesley
A luxurious retreat on Ox Pasture Road in the Hamptons
2020 OUTLOOK
Real estate recharge Looking to get away from the stresses of daily city life, luxury buyers are placing more of an emphasis on personal wellness when shopping for a vacation home – a search that more than likely will end in a renowned beach locale. And it’s easy to see why coastal communities are so popular among the super-rich for recharging the batteries and refreshing the mind. These idyllic destinations are all about laid-back luxury, where beach chic supplants business casual, networking is done on the golf course or the local juice bar, and surfboards outnumber taxi cabs. Along with white sand beaches and super-luxury real estate, each destination offers its own unique flavour. For New York City, the hands-down go-to destination is the Hamptons, a collection of centuries-old villages that are home to some to the world’s top-ranked beaches yet only a two-hour drive from midtown Manhattan. Our clients love the fact that all their friends can be found in the Hamptons and they can continue their lives in a more relaxed manner. It’s the main reason the area has become the world’s foremost second home market, where top sales have already exceeded the $US100 million mark. The most desirable properties are beachfront homes or larger estates in walking distance of town that offer unrivalled space and privacy. Most recently, Oil & Gas billionaire Michael Smith, paid the second-highest price ever seen in the Hamptons with his $110 million purchase of a premier 283ft wide oceanfront estate. Streets such as Meadow Lane, Gin Lane, and Ox Pasture Road are among the most exclusive locales and are occupied by such billionaire and celebrity residents as Calvin Klein, Tory Burch and Howard Stern. 22
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When the snow starts to fly in NY and other areas, super-rich snowbirds depart the Hamptons for beach destinations with a slightly different vibe. Lately Miami Beach, which has developed a reputation as a party town, is being challenged for supremacy among the very rich by Palm Beach on the east coast and Naples on the west. These two beach communities have become the overwhelming choice for those looking to establish long-term residency in a trophy beach property. In addition to their stunning real estate, unrivalled recreational offerings and world-class dining options, what’s appreciated by the super-rich is the convenience of local airport facilities that let them fly their private jets into the middle of town and arrive home within a few minutes of landing. Recent statistics show just how wildly popular these towns have become for luxury real estate consumers. Palm Beach has already had multiple $US100 million-plus sales for oceanfront homes this year, while over in Naples a Canadian billionaire recently paid $US48.8 million ($72.6 million) for a home that he tore down and is replacing with a 2973sq m oceanfront estate designed to be the world’s first “netzero energy” mega-mansion. It is no accident that a large percentage of the global population lives along the shoreline. This is especially the case for the ultra-rich, whose wealth allows them to afford the most coveted acreage featuring panoramic seaside views. The demand for beachfront property is not abating, and locales such as the Hamptons, Palm Beach and Naples will continue to flourish as more and more people seek out the serenity of the sea.
Byron Bay attracts buyers from all over the world but the market is mainly driven by Sydney, followed by Melbourne. Buyers are looking to buy a holiday home or relocate to the area, with the NBN upgrade and more flights in and out of nearby Ballina meaning they can work remotely, and many of the elite community use private charters to get around. Most beachside getaway homes are location driven, with Byron Bay’s golden grid, Wategos and Belongil Beach, catching the eye of many high flyers. At the luxury end of the market views are a big deciding factor. For families, the size of the home counts as well as a location in walking distance to the town and its beach. Many families are looking for multiple bedrooms, and in the old part of town the homes are often in need of renovation or redevelopment. When a turnkey solution becomes available in the top end it’s a hot commodity, as there is no work to be done, and the added attraction of a pool helps create the private compound many buyers are looking for. The key for those wanting a beach house is the vibe. Often the best houses in Byron are kept for family use. They buy for family enjoyment, building memories with loved ones for a lifetime. Over time they use the property less and less, and that opens the door for holiday or exclusive rentals, with some commanding $30,000 per week. LJ HOOKER PALM BEACH, NSW
Peter Robinson
Our buyers want homes that offer lifestyle revolving around the water and Palm Beach offers it all, with Pittwater one side and the ocean beaches on the other. Palm Beach and Whale Beach are still dominated by lifestyle buyers buying family holiday homes or weekenders. They love the fact that this is a relaxed area with a holiday vibe but it’s only an hour from the CBD. Holiday home buyers are looking for proximity to the beach, views, prime aspect and privacy. Requirements for the home itself revolve around entertainment – great living spaces flowing out to balconies or terraces. Properties built with stone and timber are popular, and quality gardens are increasingly sought after. Distance from a capital city is vitally important and that’s why Palm Beach remains the number-one choice for domestic buyers in Sydney. It feels a world away but is close enough to work, kids commitments and friends. A swimming pool is becoming a must. This was not the case a decade ago, but buyers now love the idea of being at the beach in the morning and relaxing by the pool in the afternoon. THE WEEKEND AUSTRALIAN
| FEBRUARY 8-9, 2020
