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Australian property prices soar as Jabiru Estate mansion comes back on the market

A unique ‘mega-mansion’ like nothing in Australia is back on the market just 14 months after it was last sold.

The spectacular seven-bedroom house in the gated Jabiru estate of Mudgeeraba on the Gold Coast was on the list for less than a week before a local buyer popped up on it in August 2020.

Designed with a fusion of Brazilian and ancient Japanese architecture, the lavish 4,611 sq ft retreat was sold for a cool $4.6 million to a private owner who now spends most of his time abroad due to offshore business interests.

With Australian property prices rising at their fastest pace since the late 1980s, the buyer has decided to make money as demand for coastal homes in regional areas within a short drive of a capital city soars.

This unique 'mega-mansion' like nothing in Australia is back on the market just 14 months after it was last sold

This unique ‘mega-mansion’ like nothing in Australia is back on the market just 14 months after it was last sold

Listing agent Katrina Walsh of Harcourts Coastal, who sold the designer block last year and has been appointed to oversee the current campaign, describes it as something very special.

“You just don’t get houses built like that on the Gold Coast,” she told the Daily Mail Australia.

Extensive renovations in 2019 saw the house outfitted with numerous luxurious features, including polished concrete floors, Venetian plaster walls and ceilings, marble finishes and hand-cast brass hardware.

It now features seven bedrooms, six bathrooms, four kitchens, multiple living rooms, a large dining area and a spacious home office, as well as a 25-foot glass pool, basketball court with stadium seating, and a wellness studio.

The spectacular seven-bedroom house in the luxury Jabiru estate of Mudgeeraba on the Gold Coast was on the list for less than a week before a local buyer popped up on it in August 2020.

The spectacular seven-bedroom house in the luxury Jabiru estate of Mudgeeraba on the Gold Coast was on the list for less than a week before a local buyer popped up on it in August 2020.

The spectacular seven-bedroom house in the luxury Jabiru estate of Mudgeeraba on the Gold Coast was on the list for less than a week before a local buyer popped up on it in August 2020.

The 4,611 m² retreat has multiple living areas

The 4,611 m² retreat has multiple living areas

It also features a large dining area and an entertainment pavilion in the garden

It also features a large dining area and an entertainment pavilion in the garden

The 4,611 sqm retreat has multiple living areas (left) and a large dining area (right)

Designed with an amalgamation of Brazilian and ancient Japanese architecture, the lavish 4,611 sq ft retreat was sold for a whopping $4.6 million to a private owner who now spends most of his time abroad due to offshore business interests

Designed with an amalgamation of Brazilian and ancient Japanese architecture, the lavish 4,611 sq ft retreat was sold for a whopping $4.6 million to a private owner who now spends most of his time abroad due to offshore business interests

Designed with an amalgamation of Brazilian and ancient Japanese architecture, the lavish 4,611 sq ft retreat was sold for a whopping $4.6 million to a private owner who now spends most of his time abroad due to offshore business interests

The redesign was based on an eclectic set of architectural principles, with the greatest influence from the Japanese concept of wabi-sabi.

Hailed as the interior design trend of 2018, wabi-sabi is Asia’s down-to-earth answer to hygge, the Danish philosophy that celebrates comfort and coziness.

But while hygge finds joy in dopamine-boosting fixtures like hand-woven blankets and roaring fireplaces, wabi-sabi is all about embracing imperfection.

The ancient practice developed by Zen monks around the 15th century seeks beauty in the natural cycles of growth, decay and death, emphasizing all that is impermanent and incomplete.

The house will go up for auction on Wednesday, November 17, but no price guide has been released.

One of the mansion's four kitchens, finished with luxurious furnishings including veined marble and hand-cast brass fittings

One of the mansion's four kitchens, finished with luxurious furnishings including veined marble and hand-cast brass fittings

One of the mansion’s four kitchens, finished with luxurious furnishings including veined marble and hand-cast brass fittings

The redesign was based on an eclectic set of architectural principles, with the greatest influence from the Japanese concept of wabi-sabi that celebrates imperfection

The redesign was based on an eclectic set of architectural principles, with the greatest influence from the Japanese concept of wabi-sabi that celebrates imperfection

The redesign was based on an eclectic set of architectural principles, with the greatest influence from the Japanese concept of wabi-sabi that celebrates imperfection

Ms Walsh said the property is attracting potential buyers with “high net worth”, indicating there will be few problems getting a higher price than last year.

And it’s the same story across the country.

In the year to September, Gold Coast property prices rose 26.7 cents, but that was only enough to make it Australia’s 14th most popular market, CoreLogic data showed.

Across Australia, there is an annual increase of 20.3 percent; the highest since July 1989, when interest rates stood at a now unimaginable 17 percent.

Sydney’s northern beaches saw a 37.2 percent annual increase in property prices, with the Richmond-Tweed area of ​​northern New South Wales – including Byron Bay – climbing 30.8 percent, marking Greater’s 26 percent increase. Sydney surpassed.

Listing agent Katrina Walsh of Harcourts Coastal, who sold the designer block last year and has been appointed to oversee the current campaign, describes it as something very special

Listing agent Katrina Walsh of Harcourts Coastal, who sold the designer block last year and has been appointed to oversee the current campaign, describes it as something very special

Listing agent Katrina Walsh of Harcourts Coastal, who sold the designer block last year and has been appointed to oversee the current campaign, describes it as something very special

There are polished concrete floors

There are polished concrete floors

And a spacious home office

And a spacious home office

There are polished concrete floors (left) and a spacious home office (right)

The crowning glory is a 25m long mineral water course pool with glass rims (pictured)

The crowning glory is a 25m long mineral water course pool with glass rims (pictured)

The crowning glory is a 25m long mineral water course pool with glass rims (pictured)

Record-low interest rates set home price records in 88 percent of Australia’s property markets, with coastal regional areas outperforming capital cities as more professionals started working from home, eliminating the need to live in major cities. .

In August, house prices hit new peaks in 69 of Australia’s 78 real estate submarkets, based on a grouping of suburbs and cities.

Detached houses with a garden are in particular in demand, as a result of which the number on the market has fallen.

A survey by home price data provider CoreLogic found that in August 2018 there were 153,803 homes for sale across Australia. At the end of August 2021, there were only 88,872 homes on the market, a drop of more than 42 percent.

Ms Walsh said the property is attracting potential buyers with “high net worth”, indicating there will be few problems reaching a higher price than last year.

One of the seven bedrooms, equipped with luxurious wooden beds and custom-made hardwood windows

One of the seven bedrooms, equipped with luxurious wooden beds and custom-made hardwood windows

A second bedroom is flooded with natural sunlight

A second bedroom is flooded with natural sunlight

Two of the seven bedrooms, both with luxurious wooden beds and custom hardwood windows

The house will go up for auction on Wednesday, November 17, but no price guide has been released

The house will go up for auction on Wednesday, November 17, but no price guide has been released

The house will go up for auction on Wednesday, November 17, but no price guide has been released

But financial experts warn that prices in suburban areas could fall by 20 percent, while apartment values ​​could drop by as much as a third when the boom inevitably ends.

Aussie Home Loans founder John Symond said he fears prices have risen “too far, too fast” and called them “insane.”

A 20 percent drop in some suburbs would plunge Sydney’s average home price by $258,690, from an all-time high of $1,293 million, while a similar catastrophe in Melbourne would drop prices by $190,900, from $954,496.

But if buyers’ interest in the Jabiru Estate mansion is anything to wait for, the bubble will remain intact for now.

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