RESIDENTIAL Property
Co-ownership of luxury coastal property is the ‘next big thing’ for Queensland, according to PRDnationwide’s Adam Gray, who is selling beach homes at Mount Coolum on the Sunshine Coast to buyers who want to holiday in style, without the full price tag.
“Most people are tightening their purse strings, but don’t want to miss out on owning the dream property at the coast, so are purchasing together,” he said. Mr Gray said it was ideal for people wanting a holiday house but who did not have the time to justify the expense of a whole property; and city workers whose dreams of owning a luxury beach home were out of financial reach.
The Kula development is due for completion in early 2011, featuring 31 private residences, with $10 Million of homes already sold. “Most people only get to use a weekender every few weeks, so why not share the cost with friends and family,” said Mr Gray.
He said four owners could secure a Kula property from $140,000 each. “In fact those buyers borrowing up to 80 per cent of the purchase price only have to invest about $30,000,” he said.
Mr Gray said like joint ownership of luxury boats – sharing a weekender was the perfect way to share the costs and the profits. “The dream of owning a luxury coast getaway has moved closer with the establishment of co-ownership agreements,” he said. Mr Gray said as well as family and friends teaming up to buy a property, the concept was also getting the attention of business owners who allow staff and their families to stay.
He also revealed that ‘property swap’ websites were booming, with beach houses like those at Kula a very attractive option for those living overseas. “It is a short stroll to the beach as well as being close to four magnificent golf courses,” he said. Mr Gray said Mount Coolum was an emerging hotspot, as it was a lot more affordable than nearby Noosa. “There is renewed buyer interest in owning a holiday home,” he said.
Whether as a destination to vacation or as an investment property to rent out – second home purchases are set to take off again. PRDnationwide research director Aaron Maskrey said Aussies are tipped to return to the holiday market, following the exodus during the financial crisis.
“The idea of having a beach shack to get away to on weekends is enormously attractive,” he said. “Due to the uncertainty and a loss of confidence in the market during 2009, many investors were forced to put their holiday homes on the market. 2011 looks to be a buyers market, a lot of people are feeling the lure of purchasing a possible bargain holiday home again.”
Developer of Kula, Ben Jobber from Turrisi Properties, said their vision was to create true beach homes in a relaxed beachside environment. “Created by four leading Queensland architects to deliver variety and an interesting streetscape, there are no other developments on the Sunshine Coast like Kula,” he said. The two and three storey modern beach homes range from $517,000 - $699,000.
• For more information visit www.kula.com.au.
