Luxury homes across the Gold Coast and Cairns are being sold for less than replacement cost as downsizing owners are selling in a buyers’ market.
An eight-bedroom mansion in the Gold Coast hinterland with a replacement cost worth “easily in excess of $20 million” is expected to sell for around $10 million, local agents told Domain.
But the bargain buying doesn’t stop there. A cool $15 million could secure you a six-bedroom “waterfront castle” in Surfers Paradise, and for $3 million you can have your very own Balinese-style retreat near Port Douglas. That’s peanuts!
What accounts for these ripe buying conditions? Domain Group senior economist Dr Andrew Wilson believes it’s a combination of “conspicuous wealth” from the resources boom resulting in grandiose homes now being sold in a softer market.
So, buy your lotto tickets this weekend and you could enter Queensland’s exclusive prestige home owner club for half the price!
Check out the bargains on Domain.
