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In the 2022/23 financial year, a magnificent mansion located in Surfers Paradise has taken the crown as the most expensive real estate deal on the Gold Coast, selling for a staggering $19 3 million Known as North Point and situated at 91 Commodore Drive, this glamorous property surpassed all other sales in the area's exclusive waterfront enclaves, collectively generating close to $150 million for the sellers

Amir Mian, from Amir Prestige Group, facilitated the sale of this five-bedroom, seven-bathroom home in Paradise Waters, which was constructed in 2016 by Dr Zelle Pullich on a coveted 1,570 square meter plot Mr Mian highlighted the resilience of the prestige property market throughout the year, driven by a scarcity of luxury homes and significant interstate migration, unaffected by rising interest rates

"The Gold Coast continues to attract numerous individuals," stated Mr Mian "There is a strong desire for our stunning beaches, picturesque hinterland, boating lifestyle, and golfing opportunities " He added that while there is still a considerable number of local buyers, the primary challenge lies in the limited availability of properties for sale

Mr Mian observed a growing acceptance among buyers to pay a premium for turnkey homes, especially considering the increased construction costs, which now align with those in Melbourne and Sydney "The market is gradually acknowledging this fact and becoming more willing to pay the higher prices," he

91 Commodore Drive, Paradise Waters

Sale Price: $19 3 million Seller: Zelle Pullich Buyer: Undisclosed

This impressive mansion, known as North Point, is situated in Surfers Paradise and was built by Dr Zelle Pullich in 2016 Recently, it was sold to a local buyer, and the deal is expected to be finalized in September Designed by renowned architect Jared Poole, the house occupies a prime riverfront location, which has been in the vendor's family since 2007 when Dr Pullich's father-in-law, the prominent property developer Peter Puljich, acquired it for $5 7 million

Navigating the Property Market Amid 12 Interest Rate Rises by the RBA

The property market is a dynamic sector that experiences fluctuations influenced by various factors, one of which is the interest rates set by the Reserve Bank of Australia (RBA) Recently, the RBA has implemented a series of interest rate increases, with 13 consecutive rises over a period of time In this article, we will delve into the implications of these interest rate hikes on the property market and provide insights on how investors and homebuyers can navigate this evolving landscape

1 2 Low Stock Levels and Market Stability: One of the key factors contributing to the stability of property prices amidst interest rate hikes is the persistently low stock levels across the board Limited housing supply compared to strong demand has created a situation where buyers are competing for a limited number of properties This has acted as a buffer against significant price declines, with competition among buyers keeping prices relatively stable

Understanding the Impact of Interest Rate Rises: When the RBA raises interest rates, it affects borrowing costs, making mortgages and loans more expensive for homeowners and property investors These rate hikes aim to curb inflation and maintain a stable economy However, despite the interest rate rises, the current property market prices have not fallen significantly and have remained remarkably stable

3 Impact on Buyer Demand: While rising interest rates can potentially cool buyer demand, the low stock levels have offset some of these effects Buyers who are eager to enter the market or expand their property portfolios face limited options, leading to sustained demand despite higher borrowing costs This continued demand has contributed to the stability of property prices in the face of interest rate hikes

4 Regional Variations and Market Resilience: It's important to note that the impact of interest rate rises and the stability of property prices may vary across different regions Some areas may be more resilient to interest rate hikes due to factors such as strong local economies, limited supply, or unique market dynamics Investors should consider conducting thorough research and seeking local market insights to understand how their specific region is performing and identify potential opportunities

5 Investment Considerations: While property prices have remained stable, it is essential for investors to approach their investment decisions with caution and prudence Conducting thorough due diligence, assessing rental yields, and considering long-term market prospects are crucial steps to ensure sound investment choices Additionally, investors should factor in potential future interest rate rises and their impact on cash flow and returns when evaluating investment opportunities

6 The Importance of Timing and Negotiation: In a market characterized by low stock levels, timing becomes crucial Buyers should be vigilant and act swiftly when suitable properties become available Additionally, negotiation skills play a vital role in securing favorable deals Engaging with sellers and understanding their motivations can potentially lead to advantageous purchase terms, even in a stable market

7 Adapting Financial Strategies: Given the rising interest rate environment, it is prudent for homeowners and investors to review their financial strategies This may involve reassessing mortgage structures, considering fixed-rate loans to lock in favorable rates, or exploring refinancing options to optimize borrowing costs Consulting with financial professionals can provide personalized guidance to adapt strategies to current market conditions

The property market has shown resilience amidst 13 consecutive interest rate rises by the RBA The stability of property prices can be attributed to the persistently low stock levels across the board, which have created a situation where limited supply meets strong buyer demand While interest rate hikes have the potential to impact buyer affordability, the current market conditions have offset some of these effects Investors and homebuyers should remain vigilant, conduct thorough research, and adapt their financial strategies to navigate the evolving landscape successfully By staying informed and making well-informed decisions, individuals can capitalize on the stability of the property