Latest news with #Kollosche
News.com.au
31-07-2025
- Business
- News.com.au
‘Minefield': Property boss slams massive industry change
Queensland's new seller disclosure laws have been slammed as a legal minefield leaving vendors exposed to financial risk, with a top agency principal warning of failed deals and last-minute fallout. Michael Kollosche, managing director of leading Gold Coast firm Kollosche, said the sweeping reforms — the most significant overhaul of the state's property law in 50 years — were introduced without adequate industry consultation and had created greater risks and responsibilities for sellers, agents and lawyers. He said the changes were a 'minefield for sellers, agents and property lawyers'. 'If a seller fails to attach even one prescribed document, buyers can effectively pull out on a technicality right up to settlement, even if they are not prejudiced,' Mr Kollosche said. 'That is completely uncommercial for a seller who is also a client and deserves reciprocal protection.' Effective August 1, the new Property Law Act 2023 requires sellers to provide a completed and signed Seller Disclosure Statement, known as Form 2, plus a suite of prescribed documents including title searches, planning certificates, and environmental notices before a buyer signs a contract. Failure to comply gives buyers the right to terminate up to the day of settlement. Mr Kollosche warned the reforms opened the door to 'opportunistic lawyers' deliberately combing disclosure statements to find ways to kill deals. Adding to sellers' exposure, agents can still claim commission even if a buyer exits a contract due to a disclosure error, leaving the vendor out of pocket for both commission and marketing. 'People won't stop buying and selling,' Mr Kollosche said. 'But we are likely to see uncertainty and frustration in the short term with a lot of unnecessary litigation and harm to consumers, unless the gaps are identified and reforms are implemented quickly.' Despite eight years of development, he said the laws fell short due to a lack of consultation with experienced professionals. 'It's perplexing that such sweeping changes could roll out without proper input from senior agents who work in this space every day,' he said. 'An hour or two in a room with a few experienced agents would have pointed out all of the pitfalls.' The state government said the new regime brings Queensland in line with NSW and Victoria, and aims to improve buyer protection by increasing transparency and reducing legal grey areas that have led to contract collapses. Attorney-General and Minister for Justice Deb Frecklington urged all parties to familiarise themselves with the changes. 'Purchasing a property is a major financial decision … It's crucial for sellers to be aware of their disclosure obligations under these new laws, and for real estate agents and legal professionals to understand the changes as well,' she said. The new laws require disclosure of zoning, rates and water charges, heritage or tree orders, government notices, and owner-builder work in the past six years. But notable omissions remain, including structural defects, pest infestations, asbestos, and flood history — with experts warning the principle of 'buyer beware' still applies. How first-home buyers can 'turbocharge' their chances Real Estate Institute of Queensland CEO Antonia Mercorella said while the reforms enhanced consumer protection, the onus remained on buyers to conduct their own due diligence. Brisbane buyers agent Melinda Jennison said it was a missed opportunity to mandate disclosure of past building and pest defects or unapproved works. 'It would have been great if sellers were required to disclose any uncertified or unapproved building work … and any previous building or pest defects, even if those issues have since been addressed,' she said. Settle Easy CEO Sam Almaliki said the reforms were a long-overdue update to outdated laws. 'The market has become more complex, with a sharp rise in off-the-plan developments, interstate buyers, and digital contracts,' he said. 'Consumer protection was at the heart of this reform,' he said, 'but grey areas remain.'
Courier-Mail
08-07-2025
- Business
- Courier-Mail
Airport richlister pays $17m for beachfront holiday pad
An airport magnate has paid nearly $17m for a first-class seat in one of Australia's hottest beachfront markets. The owner of Australia's only privately funded airport, John Wagner, has been revealed as the buyer of a luxe holiday home in the 'Billionaire's Row' of the Gold Coast, as beachfront property prices continue to take off. Records show the Queensland businessman has forked out $16.75m for the four-level, six-bedroom house in Hedges Ave house, Mermaid Beach. RELATED: Glitter Strip developer sells family mansion in beachfront deal That's almost double what the vendor, Azzura Group boss Roberto Badalotti, purchased the property for in 2007. Kollosche principal Michael Kollosche and agent Harry Kakavas sealed the sale of the Hedges Ave pad, described in the listing as 'the pinnacle of luxury'. Mr Kakavas would not disclose the buyer's identity at the time of sale, but confirmed the property was purchased by 'an extremely well-known family' as a holiday home. MORE: Banks quash interest rate frenzy Culture Kings founders' bold $30m push Records now show that family was none other than the Wagner family family behind the Toowoomba Wellcamp Airport, west of Brisbane. The Wagner family is worth about $1.1 billion and its latest foray in Toowoomba is a sustainable fuels business joint venture that plans to develop a facility to turn waste-based feedstocks into sustainable aviation fuel. The fuel could be used for flights in and out of Wellcamp. The airport and surrounding land including a business park, trade, aerospace and defence zones, form the basis of the Wagners' wealth, along with the ASX-listed Wagner Holding Co building materials company. 'The beachfront is going from strength to strength because of the limited supply,' Mr Kakavas told News Corp. 'The rich are getting richer, and the rich want what they want. They want beachfront and they are prepared to pay a premium for it when it does become available.' Mr Kakavas said the buyer particularly valued the corner position of the 405 sqm lot with 10m waterfrontage offering direct access to the sand and stunning ocean views. Highlights of the mansion's four-level floorplan include open-plan living spaces leading out to an al fresco deck, an internal lift, luxurious master bedroom and ensuite with a freestanding tub overlooking the beach, sauna and steam room, library and home theatre with bar. There's also a temperature-controlled wine cellar, gym and basement garage, as well as an impressive kitchen fitted out with Miele appliances, stone island bench, and a large butler's pantry. 'Meticulously rejuvenated, every aspect of the property exudes luxury, with premium finishes such as travertine, marble, Onyx, and Venetian plaster,' the listing stated. 'The design seamlessly marries natural beauty with modern functionality, offering spaces crafted for lavish entertaining and tranquil relaxation.' Mr Wagner has been steadily building up his property portfolio in recent years, with records showing he bought a property with ocean views in Surfers Paradise in 2022 for $4.6m, and a Brisbane CBD unit in 2023 for $3m.
News.com.au
11-06-2025
- Business
- News.com.au
‘Perfect recipe' for Gold Coast property boom
A surge in buying power, record-low housing supply and a booming local economy have set the stage for the Gold Coast to outperform Australia's major property markets, a new report reveals. The city was in the 'early upswing phase' of the property cycle, with prices and rents rising rapidly off the back of a tightening supply pipeline, Kollosche's Gold Coast Property Outlook Annual 2025 Report in partnership with analyst Michael Matusik found. 'A boost in buying power, paired with record-low housing supply, is the perfect recipe for a Gold Coast property boom,' Kollosche managing director Michael Kollosche said. The report noted a 'deeper structural shift' underway, underpinned by limited new housing stock, strong economic indicators and rising generational demand. Among seven key indicators pointing to a local housing market boom were a surging population, with about 15,300 new residents moving to the region in 2024 — well above the decade average — on track to hit 825,000 by the 2032 Olympics. Household incomes were also climbing, with the average gross income now sitting at $145,000 — five per cent above the Queensland average. But the biggest pressure point remains housing supply. Resale house listings were sitting at just over four months' supply, while stock for attached dwellings — including townhouses and apartments — was down to 3.6 months. The rental market was even tighter, with fewer than 940 homes available for lease and a vacancy rate of just 1.3 per cent. The report noted the Gold Coast had been 'under-supplied since 2021'. Despite an annual need for 6,500 new homes, delivery had fallen well short. Some 42,000 approved apartments and townhouses remained unbuilt — a result of soaring construction costs and a shortage of skilled trades. The cost of building a new apartment hit $10,000 per sqm, making many projects unviable. Olympics-linked construction activity is expected to further exacerbate the trade shortage. The Gold Coast economy, now worth $45b, continued to expand, supported by more than $3.1b in commercial approvals in 2023 and a pipeline of more than 50 major infrastructure, health, education and residential projects. The city was now Australia's sixth largest urban population, fourth largest domestic tourism market and ninth largest regional economy. Median house prices were sitting at $1.2m, closing the gap on Sydney's $1.4m median and cementing the city's position as one of the nation's leading property markets.
Courier-Mail
03-06-2025
- Entertainment
- Courier-Mail
Mansion that hosted Rolling Stones, Frank Sinatra sells for mega price
The Rolling Stones are among high-society guests who have partied at Bartinon on the Gold Coast. An opulent mansion whose grand ballroom has hosted rock royalty has sold for $18m, smashing the suburb record. The Gold Coast's very own extravagant house, named Bartinon, had been on and off the market with different agents for more than two years. Bartinon at 26 Marseille Court, Sorrento. The grand house has hosted a string of rock stars. Kollosche's Sam Guo and Julia Kuo managed to finally find a buyer who was willing to splash the cash for the inner-city estate at 26 Marseille Court, Bundall. 'Bartinon is an iconic property, and to finally match it with the right buyer after so many years of it being on and off the market is incredibly rewarding,' Mr Guo said. MORE: Theme park legend's crypto hideaway hits the market Zac Efron's Aussie long lunch haunt is on the market Frank Sinatra visited the Gold Coast in the 80s. The residence sits on a 6,508 sqm riverfront block. Mr Guo said despite living across the river from the property and being able to see it everyday, the local buyer had not considered the purchase until Mr Guo personally reached out and invited him to inspect the property. 'This was a highly strategic sale, focused on showing the buyer the property's unique potential and long-term value,' Mr Guo said. 'Securing $18 million is a testament to the strength of the Gold Coast's prestige market and the power of a targeted, honest approach. It features manicured gardens. And epic views of the city skyline. 'We're proud to set another record sale price for Sorrento and Bundall.' Anchoring the landholding is a two-storey Mediterranean-influenced mansion mixed with a touch of the Caribbean, built in the late 1980s for philanthropists, Sir Justin Hickey and his wife, Lady Barbara. Bartinon was renowned as the venue of some of the city's most lavish parties and, as recounted by those who remember, hosted a roll-call of high-society guests, including Frank Sinatra, the Sultan of Brunei, Whitney Houston, and The Rolling Stones. One of the living areas. The tennis court. Seven bedrooms are spread throughout the home and include a spacious master suite with a private seating area, study, dual showers and dressing rooms, and an open ensuite with a built-in marble spa flanked by ice buckets for champagne. A ballroom, games room and wellness wing cater to leisure and entertainment, while an expansive kitchen finished in granite and timber complements formal and informal dining and living spaces. The formal lounge. The dining room. Floor-to-ceiling French doors and arched feature windows provide access to a vast terrace on the ground floor and a wraparound balcony on the upper level. Mr Guo said the buyer would move into Bartinon and planned to renovate and modernise the residence. 'They want to keep the same theme but just make it more practical because the style itself is really grand and beautiful. Covering 6,508 sqm, with 134.5m of river frontage, Bartinon holds tranquil water views extending to the city skyline, complemented by almost an acre of tropical gardens. Whitney Houston was rumoured to be a guest at Bartinon. The ballroom. Solidly constructed of sandstone, concrete and marble with impeccable craftsmanship, the home was considered the most expensive on the Gold Coast at the time it was built and retains one of the highest replacement values in the current market. Property records reveal it last changed hands for $7.22m in 2014. Bartinon is the third most expensive sale on the Gold Coast this year, after 7-9 McMillan Court, Southport ($22m) and 8 Southern Cross Drive, Surfers Paradise ($18.5m). PropTrack data shows the median house price in Bundall, which includes Sorrento, is $2.1m, down 1.2 per cent over 12 months.
News.com.au
03-06-2025
- Business
- News.com.au
Home that hosted Rolling Stones, Frank Sinatra sells for big bucks
An opulent mansion whose grand ballroom has hosted rock royalty has sold for $18m, smashing the suburb record. The Gold Coast's very own extravagant house, named Bartinon, had been on and off the market with different agents for more than two years. Bartinon at 26 Marseille Court, Sorrento. The grand house has hosted a string of rock stars. Kollosche's Sam Guo and Julia Kuo managed to finally find a buyer who was willing to splash the cash for the inner-city estate at 26 Marseille Court, Bundall. 'Bartinon is an iconic property, and to finally match it with the right buyer after so many years of it being on and off the market is incredibly rewarding,' Mr Guo said. MORE: Theme park legend's crypto hideaway hits the market Zac Efron's Aussie long lunch haunt is on the market Frank Sinatra visited the Gold Coast in the 80s. The residence sits on a 6,508 sqm riverfront block. Mr Guo said despite living across the river from the property and being able to see it everyday, the local buyer had not considered the purchase until Mr Guo personally reached out and invited him to inspect the property. 'This was a highly strategic sale, focused on showing the buyer the property's unique potential and long-term value,' Mr Guo said. 'Securing $18 million is a testament to the strength of the Gold Coast's prestige market and the power of a targeted, honest approach. It features manicured gardens. And epic views of the city skyline. 'We're proud to set another record sale price for Sorrento and Bundall.' Anchoring the landholding is a two-storey Mediterranean-influenced mansion mixed with a touch of the Caribbean, built in the late 1980s for philanthropists, Sir Justin Hickey and his wife, Lady Barbara. Bartinon was renowned as the venue of some of the city's most lavish parties and, as recounted by those who remember, hosted a roll-call of high-society guests, including Frank Sinatra, the Sultan of Brunei, Whitney Houston, and The Rolling Stones. One of the living areas. The tennis court. Seven bedrooms are spread throughout the home and include a spacious master suite with a private seating area, study, dual showers and dressing rooms, and an open ensuite with a built-in marble spa flanked by ice buckets for champagne. A ballroom, games room and wellness wing cater to leisure and entertainment, while an expansive kitchen finished in granite and timber complements formal and informal dining and living spaces. The formal lounge. The dining room. Floor-to-ceiling French doors and arched feature windows provide access to a vast terrace on the ground floor and a wraparound balcony on the upper level. Mr Guo said the buyer would move into Bartinon and planned to renovate and modernise the residence. 'They want to keep the same theme but just make it more practical because the style itself is really grand and beautiful. Covering 6,508 sqm, with 134.5m of river frontage, Bartinon holds tranquil water views extending to the city skyline, complemented by almost an acre of tropical gardens. Whitney Houston was rumoured to be a guest at Bartinon. The ballroom. Solidly constructed of sandstone, concrete and marble with impeccable craftsmanship, the home was considered the most expensive on the Gold Coast at the time it was built and retains one of the highest replacement values in the current market. Property records reveal it last changed hands for $7.22m in 2014. Bartinon is the third most expensive sale on the Gold Coast this year, after 7-9 McMillan Court, Southport ($22m) and 8 Southern Cross Drive, Surfers Paradise ($18.5m). PropTrack data shows the median house price in Bundall, which includes Sorrento, is $2.1m, down 1.2 per cent over 12 months. Originally published as Mansion that hosted Rolling Stones, Frank Sinatra sells for mega price
