Mayor makes huge profit on property sale
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
a day ago
- News.com.au
Freeze grips home sales after RBA moves leave homeowners in limbo
Mounting speculation over further interest rate cuts has spurred a winter freeze across the Sydney housing market as buyers and sellers await the outcome of the next Reserve Bank rates decision before making a move. PropTrack's June 2025 Listings Report has revealed a 13 per cent decline in new listings across Sydney over the past month. Current listings are also about 5.2 per cent lower than at the same time last year. Many of the homeowners delaying plans to sell their homes are likely to also be buyers, with upsizers and downsizers normally making up a significant share of the buyer pool. A slump in new listings has occured as total listings rise, suggesting a market where buyers have a large selection of older listings but few fresh options. It's an anomaly on the east coast when compared to other capitals like Melbourne and Brisbane, where both new and total listings have declined since last year. PropTrack economist Angus Moore said the data demonstrated that Sydney properties were spending longer on the market recently. 'The fact we're seeing a bit more stock on market despite a smaller flow of new listings reflects homes taking a little longer to sell than they were a year ago,' he said. 'Though the difference isn't large, and homes are still selling faster than they were pre-pandemic.' With a prospective cash rate cut in the future, Mr Moore said things would soon improve for sellers. 'We're expecting to see a couple more rate cuts this year,' he said. 'Coupled with the fact Sydney home prices have been consistently increasing this year after a soft period in late 2024, that's likely to support vendor confidence.' Scerri Auctions director Chris Scerri said compared to June last year, auction figures were 'a little bit down'. He added that this kind of decline was seasonal and sales would 'increase significantly' come Spring, and that future rate cuts would also provide a boost to buyer confidence, auction turnouts and bids. 'As soon as there's talk of an interest-rate cut, (loan) applications and reapplications increase,' he said. 'That just gives more confidence which means increased buyer numbers.' 'At the moment our average buyer number is about 3.5 per auction, and then of those buyers about 50-60 per cent are actually bidding.'
Herald Sun
2 days ago
- Herald Sun
Melbourne: Less listings, rising prices facing home buyers
Melbourne home buyers are facing less choice and a growing risk of imminent price rises after the number of new listings across the city substantially slumped last month. A report released this week shows the amount of new abodes listed in Victoria's capital dropped 14.1 per cent in June, compared to May. While winter starting traditionally leads to fewer homes being put up for sale, there was also a 4.4 per cent decrease in new listings across the 12 months to June. RELATED: Melbourne houses tipped to hit new high by Christmas $3.75m Eaglemont auction shocks buyers Phone bidder from NSW swoops at entry-level Leopold auction And research arm, PropTrack, is expecting 666 across Victoria this week, 19 per cent less than the same time last year. PropTrack senior economist Angus Moore said that having less stock on the market could lead to increased competition and, in turn, support home prices. 'We're expecting to see a couple more rate cuts this year – coupled with the fact Melbourne home prices have been consistently increasing this year for the first time since the RBA started raising rates, that's likely to support vendor confidence,' Mr Moore said. Total Melbourne listings, meaning all homes up for sale, not just new ones, declined 5.8 per cent from June 2024 to June 2025. Plus, PropTrack data last week revealed the city's median house price rose 1.6 per cent to hit $979,979 in June. Industry experts have tipped that Greater Melbourne's median house vale could top seven-figures before December. Victoria also recorded a 66 per cent clearance rate last week. Real Estate Institute of Victoria interim chief executive Jacob Caine said that the state's weekly clearance rates had been incrementally ticking upwards. 'We would attribute that to even though we didn't get an interest-rate cut last week, buyers and sellers are pricing in interest rate cuts to their buying and selling decisions,' Mr Caine said. 'So there's an anticipation of an easing in terms of repayment amounts and interest rates – and as a result, people are starting to demonstrate a little bit more confidence, whether that's from a buying perspective, or from having the confidence to go to the market and sell.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Aussie property hotspots: Where homes sell in days AFL stars Mark and Lachie Hunter's family home sets 2025 record Trump role in Melbourne CBD office market's suburb-sized hole
News.com.au
2 days ago
- News.com.au
Melbourne: Less listings, rising prices facing home buyers
Melbourne home buyers are facing less choice and a growing risk of imminent price rises after the number of new listings across the city substantially slumped last month. A report released this week shows the amount of new abodes listed in Victoria's capital dropped 14.1 per cent in June, compared to May. While winter starting traditionally leads to fewer homes being put up for sale, there was also a 4.4 per cent decrease in new listings across the 12 months to June. Phone bidder from NSW swoops at entry-level Leopold auction And research arm, PropTrack, is expecting 666 across Victoria this week, 19 per cent less than the same time last year. PropTrack senior economist Angus Moore said that having less stock on the market could lead to increased competition and, in turn, support home prices. 'We're expecting to see a couple more rate cuts this year – coupled with the fact Melbourne home prices have been consistently increasing this year for the first time since the RBA started raising rates, that's likely to support vendor confidence,' Mr Moore said. Total Melbourne listings, meaning all homes up for sale, not just new ones, declined 5.8 per cent from June 2024 to June 2025. Plus, PropTrack data last week revealed the city's median house price rose 1.6 per cent to hit $979,979 in June. Industry experts have tipped that Greater Melbourne's median house vale could top seven-figures before December. Victoria also recorded a 66 per cent clearance rate last week. Real Estate Institute of Victoria interim chief executive Jacob Caine said that the state's weekly clearance rates had been incrementally ticking upwards. 'We would attribute that to even though we didn't get an interest-rate cut last week, buyers and sellers are pricing in interest rate cuts to their buying and selling decisions,' Mr Caine said. 'So there's an anticipation of an easing in terms of repayment amounts and interest rates – and as a result, people are starting to demonstrate a little bit more confidence, whether that's from a buying perspective, or from having the confidence to go to the market and sell.'
