Mayor makes huge profit on property sale
Gold Coast mayor Tom Tate and his wife Ruth have sold their luxury Surfers Paradise home for $5.4m, making themselves a tidy $1.15m profit in less than two years.
It is the latest deal in the high-profile couple's multimillion dollar real estate portfolio which has seen them bank more than $25m from luxury property sales since 2020.
The sale, which recently settled, was handled by Russell and Bob Rollington of Surfers Paradise First National, who declined to comment when contacted by this publication.
Property records reveal the Tates bought the home at 17 Seafarer Court, Paradise Waters for $4.25m in 2023.
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The property was listed with a $6m price tag in November, 2024, before officially selling in March.
'East to wide water just off the main channel and offering breathtaking Surfers Paradise and Main Beach city skyline views, this extraordinary four-bedroom family home exudes quality and luxury,' the listing states.
'Effortlessly fusing elegant surrounds with easy living and entertaining, this architecturally designed residence is the epitome of an entertainers dream offering an ideal layout for a large extended family.'
Photos show minor cosmetic works however no major renovations or improvements were made to the house during their ownership.
It was the 10th property the Tates had sold in the suburb over the past 30 years.
The couple's recent Gold Coast sales include 36 Buccaneer Court, Paradise Waters, which sold for $3.675m in 2021, and 23 Maryland Ave, which traded for $5.8m in 2023.
PropTrack data shows the median house price in Surfers Paradise is $4m, up 33.3 per cent.
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Courier-Mail
16 hours ago
- Courier-Mail
Mayor makes huge profit on property sale
Gold Coast mayor Tom Tate and his wife Ruth have sold their luxury Surfers Paradise home for $5.4m, making themselves a tidy $1.15m profit in less than two years. It is the latest deal in the high-profile couple's multimillion dollar real estate portfolio which has seen them bank more than $25m from luxury property sales since 2020. The sale, which recently settled, was handled by Russell and Bob Rollington of Surfers Paradise First National, who declined to comment when contacted by this publication. Property records reveal the Tates bought the home at 17 Seafarer Court, Paradise Waters for $4.25m in 2023. MORE NEWS: Business listed for sale complete with a camel called Sandy Party pad that has hosted celebs and sports stars hits the market The property was listed with a $6m price tag in November, 2024, before officially selling in March. 'East to wide water just off the main channel and offering breathtaking Surfers Paradise and Main Beach city skyline views, this extraordinary four-bedroom family home exudes quality and luxury,' the listing states. 'Effortlessly fusing elegant surrounds with easy living and entertaining, this architecturally designed residence is the epitome of an entertainers dream offering an ideal layout for a large extended family.' Photos show minor cosmetic works however no major renovations or improvements were made to the house during their ownership. It was the 10th property the Tates had sold in the suburb over the past 30 years. The couple's recent Gold Coast sales include 36 Buccaneer Court, Paradise Waters, which sold for $3.675m in 2021, and 23 Maryland Ave, which traded for $5.8m in 2023. PropTrack data shows the median house price in Surfers Paradise is $4m, up 33.3 per cent.
Daily Telegraph
16 hours ago
- Daily Telegraph
The 327 Aus postcodes with a median rent of more than $1k a week
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InvestorKit identified Unley in Adelaide as a standout suburb for future rental growth, with its median house price of $1.4m making renting significantly cheaper than buying, even with anticipated rate cuts. It also highlights Mundaring in Perth, which has seen rents surge 69 per cent over the past four years, combined with persistently low vacancy rates and limited new supply. MORE NEWS Little-known rule could save you $800 Worst celeb tenants exposed 'Unbelievable': Surprise $100k hoarder home find In Brisbane, Loganlea, The Gap, and Wynnum-Manly are tipped to see continued rental growth due to their relative affordability compared to house prices and a lack of new housing supply in these areas. InvestorKit CEO Arjun Paliwal said despite interest rates falling, housing supply was still well below demand, which would keep upward pressure on rents in 2025 and beyond. 'Australia's rental crisis has now entered its fourth year and while there has been some relief, for example, national 'for rent' listings and vacancy rates have improved slightly, both metrics remain significantly below their pre-Covid levels,' Mr Paliwal said. 'This is not a temporary issue. It is a chronic condition driven by long-standing structural problems: a sustained lack of private rental supply, limited diversity in rental options, insufficient social housing, and an ongoing shortfall in new housing supply that cannot be quickly resolved.'
News.com.au
6 days ago
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Melbourne clearance rate soars: What it really means
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