Queensland’s cheapest and most expensive streets of 2022 have been revealed, and a jawdropping $13.59 million separates them, new research has revealed.
Exclusive data from Ray White shows that the median house price on Arakoon St at Sunshine Beach is now an eye-watering $13,625,000, while the median house price in Porter St at Aramac in the state’s central west is just $35,500.
But prime real estate on Arakoon Crescent can go for double that, with the street record held by a $28.5 million Shaun Lockyer-designed mansion that was bought by Karen Greer, wife of Wilson Asset Management founder Geoff Wilson, in a secret deal in April.
This property at 24 Arakoon Cres, Sunshine Beach, sold for $28.5m. It was designed by Shaun Lockyer. Image supplied by Shaun Lockyer Architects.
That sale blitzed the previous record set in February when mining magnate Gina Rinehart’s BV Investments snapped up a dated beach house for $21.5 million in February – 20 times what the owner paid for it 26 years ago.
Former investment banker Keith Ince and his wife Jeanette own the street’s third most expensive property at $20 million, while M Resources mining executive Matt Latimore has a $14.25 million property on the same street, which is now the sixth most expensive stretch of real estate in Australia.
Sunshine Beach, once a sleepy holiday enclave reached by a dirt road, has rivalled Byron Bay during the pandemic boom. Picture Lachie Millard
Arakoon Crescent is the only Queensland locale to make the national top 10, which includes streets in suburbs such as Point Piper, Toorak, Vaucluse and Byron Bay.
Australia’s most expensive street is Wolseley Rd in Point Piper, which has a street median of $33 million.
Australia’s most expensive streets. Source: Ray White
Tom Offermann of Tom Offermann Real Estate, the agency behind some of the Sunshine Coast’s biggest sales during the pandemic property boom, said Arakoon Crescent had seen some “exceptional sales” during the boom.
“Sunshine Beach has generally been more interest to Queenslanders as southern visitors would often stay around Hastings Street,” he said.
“But there has been an increase in highly motivated buyers who have come to know the oceanfront and national park and hinterland aspects.
“The secret is out.”
Hot on the heels of Arakoon Crescent is the Gold Coast’s Hedges Avenue, dubbed Millionaire’s Row.
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Where values have fallen every month since the Qld property peak
The view from Clive Palmer’s Hedges Ave mansion
There, the median house price is a blistering $12 million, more than double its closest competitor, Jefferson Lane at Palm Beach, where the median price is $5,875,000.
Hedges Avenue was just $625,000 shy of the 10th most expensive street in Australia, Eastbourne Rd at Darling Point in Sydney.
Hedges Avenue is home to properties owned by property developer Bob Ell and his wife Janine ($22.6m), Stone & Wood Brewing Company director Ross Jurisich and Light Years Skin Studio founder Megan Jurisich ($21.75m) and mining magnate Clive Palmer ($12m).
Six of Queensland’s most expensive locales are located on the Gold Coast, including Admiralty Drive ($5.575m), Midshipman Court ($5,012,500) and Commodore Drive ($4.75) in Surfers Paradise and Knightsbridge Parade ($4.975m) in Paradise Point.
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Harcourts Coastal agent Karen Pirie, who will soon bring a waterfront Commodore Drive residence to market, said the street was always popular with high-end buyers.
Ms Pirie said interest in these types of properties was typically evenly split between local and interstate buyers.
Mooloolah Drive at Minyama is the state’s sixth most expensive street at $5,088,888.
In Brisbane, two streets make the top 10 – Priestdale Road at Rochedale ($5.2m) and Quay St in Bulimba ($4.9m).
122 Quay St Bulimba will go to auction
A Mediterranean-inspired riverfront residence holds the Quay Street record of $8.45 million, while in Rochedale, it is large blocks that are primed for development that are pushing up prices on Priestdale Rd.
At the other end of the price spectrum is Porter St in Aramac, followed by Illawong Dve in Paget ($37,750), Miles St in Jundah ($47,000), Main St in Augathella ($49,000) and the only Brisbane location, Ilumba St on Russell Island ($55,000).
The most expensive sale on Porter St was for a three-bedroom house on a 2023sq m block, which sold for $109,000 in 2010.
The other streets to make the list all had median prices under $85,000, including Albert St (Tambo), Nelson St (Augathella), Beaconsfield St and Resolution streets (Hughenden) and Byrne St (Julia Creek).
Ray White Chief Economist Nerida Conisbee. Picture: Tertius Pickard
Ray White chief economist Nerida Conisbee said the rankings did shift around depending on stock selling at the time.
But she said the fact there were two regional areas on the national top 10 list – Sunshine Beach and Byron Bay – spoke to the lifestyle change sought during the pandemic.
“Traditionally, these lists have been dominated by Sydney and Melbourne so it is interesting to see some regional streets in there,” she said.
And as for the cheapest streets, Ms Conisbee said that some areas, such as Russell Island and Hughenden, has seen some decent growth after many years of deflated values.
“The ones that will hold up will be the ones with decent rental yields,” she said.
Clive and Gina Benge with Lauren, 19, Abigail, 23, and Louis the dog. Picture: Nigel Hallett
RELUCTANT TO LEAVE SLICE OF PARADISE
Clive and Gina Benge admit the decision to sell their Surfers Paradise waterfront home was a reluctant one.
But Mr Benge, who has his own engineering firm, said the purchase of two industrial factories meant that financially it was time to downsize.
“And our girls are getting older,” he said.
The couple’s daughters, Abigail, 23, and Lauren, 19, are both studying at university, and Mr Benge said they had plans to downsize to an apartment.
But that doesn’t make the sale of their 104 Commodore Drive home any easier.
“It is so quiet despite being in the centre of Surfers Paradise,” Mr Benge said.
“The proximity to everything, to public transport, there is just one bridge between us and the beach.
“And I skateboard everywhere.”
The couple bought the five bedroom, four bathroom residence, which has a pool overlooking the canal, in April 2019 after downsizing from acreage at Currumbin.
Since then, the median house value in Surfers Paradise has soared, up 38 per cent in the last 12 months alone to almost $2.9 million.
But the median price of living on sought-after Commodore Drive is even higher at $4.75 million.
It is Queensland’s 10th most expensive street, according to Ray White research.
“I’m not surprised,” Mr Benge said, adding “it’s a great place to live”.
“For me, my favourite thing is sitting out the back in the evening and taking in the view of the high-rises lit up at night.
“The neighbours are also friendly but we are not in each others pockets.
“There’s a community WhatsApp group and security patrols.”
The Benge residence will be listed with Harcourts Coastal agent Karen Pirie, and is expected to hit the market at the end of December or early January.
“Houses on Commodore Street are always very popular,” she said.
“And I would imagine this one will be very popular as it is one of the more substantial east-facing properties that will be hitting the market.
“It ticks a lot of boxes for buyers and that’s why we will take it to auction.”
Ms Pirie said interest in these types of properties was typically evenly split between local and interstate buyers.
