Lifestyle locations across the country are growing in popularity as city buyers opt for a tree or sea change.
The Whitsunday Islands property market in North Queensland is one to watch in 2023 as more and more buyers cement their own slice of paradise in one of Australia's key lifestyle markets. Recent market activity suggests the Whitsundays is going head-to-head with the Gold Coast, Byron Bay and the Sunshine Coast as it proves to be a favourable destination for buyers snapping up opulent properties.
Robert Taylor (pictured above left), from Taylors Property Specialists said during the Christmas and New Year period, the Whitsundays received continued strong demand from buyers from southern states for properties in the local region.
“January 2023 has started in a positive manner with continued interest from southern buyers,” Taylor said.
“We’ve seen steady demand for property from southern buyers who have identified the Whitsundays as a key lifestyle market, especially blue-chip locations such as Hamilton Island and Airlie Beach. With growth in the state’s south-east coupled with limited stock due to rising construction costs, demand is outstripping supply and attention has turned to markets further north, especially among lifestyle buyers.”
One of the major projects currently marketed by Taylors Property Specialists is the $350 million Shute Harbour Marina Resort (see photos below). Taylor said this project had drawn extensive enquiry from buyers excited by the lifestyle and value offered by the Whitsundays.
“Already in the first few weeks of the new year buyers have secured numerous $1 million-plus lifestyle homes,” Taylor said.
“The enquiry rate hasn’t shown any real signs of slowing down from southern interest. While we don’t expect to see the hectic market activity of early 2022, we can expect a far more realistic, solid market which is best for the long term as buyers are more willing than ever to head to the regions for a lifestyle and property that meets their needs.”
Taylor said he believed lifestyle markets such as the Whitsundays would continue to perform really strong despite headwinds from inflation and interest rates.
“Talk of interest rates potentially stabilising in the coming months will add to this, however, what we are finding is these southern lifestyle buyers don’t seem to be as greatly impacted by these rate increases,” he said.
Taylor said the Shute Harbour Marina Resort master plan would feature 58 luxury waterfront residences located along the marina, each with their own private marina berth between 25m and 35m long. When completed, the marina village would comprise mixed retail and commercial with restaurants, cafes and swimming pool, as well as managed apartments with resort club facilities for berth owners.
In November, Knight Frank reported the sale of luxury homes dampened as well-to-do buyers started worrying about looming economic headwinds.
Michelle Ciesielski (pictured above centre) said according to the Knight Frank Prime Global Cities Index, Sydney prime property prices fell by 1.9% in the September quarter, while Brisbane was down 2.4%, the Gold Coast slipped 1.6% and Perth lost 0.4%
“The number of prestige homes listed for sale remains relatively low across the major Australian markets and the number of days listed for sale has continued to fall from 90 days at the end of 2021, to 68 days half-way through 2022,” Ciesielski said.
“Australia’s collective prime residential prices dipped 1.2% in the third quarter but were still up 6% compared to a year ago.”
A business model where people can purchase a stake in a luxury property launched in Australia in November after becoming a roaring success in the UK and US.
Kō offers buyers a chance to own luxury properties at a fraction of their original price and Australian buyers have the chance to share ownership of prestigious homes in a range of locations including Australia, Bali, Lombok, Indonesia and Malaysia.
“Kō offers Australian investors the opportunity to acquire a one-eighth stake in high-end holiday properties, effectively making prestige property more accessible,” said CEO Ryan Fritsch (pictured above right).
“The post-COVID-19 climate has created the perfect conditions for the co-ownership model to thrive with hybrid working styles enabling people to work from different locations, combined with the rising popularity of the shared economy across asset classes.”
Are you considering a tree or sea change in 2023? Tell us about it in the comments below.
