Where have all the buyers gone?

59-61 Martin Pl, Tamborine
It’s an architecturally designed family entertainer with stunning views, located in a rising Gold Coast Hinterland market where other comparable properties attracted heavy buyer inquiries and a swift sale.
But just one group has inspected this acreage home in Tamborine since it launched to market with All Properties Group three weeks ago, prompting agent Nathan Simon to ask, where have all the buyers gone?
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Mr Simon said local enquiries had dropped off dramatically since the Christmas/New Year storms that lashed southeast Queensland, with buyers confusing the town of Tamborine with Tamborine Mtn up to 12km away. The latter bore the brunt of the ferocious weather event, while parts of Tamborine were unscathed, he said.
“The storms and flooding have raised more questions from buyers who have a lot of hesitation around those areas. They are spending more time looking at flood maps, which are readily available from Gold Coast council,” Mr Simon said.
“What I’ve noticed since the Christmas storm is there’s this misconstrued idea that Tamborine and Tamborine Mountain are the same place, and the Tamborine market itself has slowed because buyers are quite wary about damage from the storm.”
59 Jersey Rd, Tamborine sold for $2.35m
181 Riemore Cct, Tamborine sold for $1.61m
PropTrack data shows a typical house in Tamborine costs $1.24m, up 10.4 per cent over the past 12 months.
The median house price in Tamborine Mountain increased 6.8 per cent over the same time, to $977,500.
Four sales in Tamborine have been reported to realestate.com.au so far this year, ranging from $790,000 for a four-bedroom house on 1.02ha, to $2.35m for a 6.22ha estate with a pool, spa, half-sized tennis court, and self-contained cottage.
Mr Simon sold a four-bedroom, two-bathroom home on a 5,946 sqm lot at 181 Riemore Cct, Tamborine, for $1.61m in November 2023.
Features include spotted gum hardwood flooring
High ceilings through breezy living areas
More than 30 groups inspected the home, compared to just one for 59-61 Martin Pl, a four-bedroom, two-bathroom house on 4,159 sqm in the same sought-after estate, also listed at about $1.6m.
While the Martin Pl property is six years older, Mr Simon said he would expect buyers who missed out on Riemore Cct to consider the listing as an alternative.
“The only thing I can put it down to is that buyers are scared of the area,” he said.
Gary and Cheryl Pennell built the Martin Pl house in 2015 and plan on downsizing.
The empty-nester couple said the house was architecturally designed to enhance natural light and airflow, while maximising Hinterland views from its elevated position.
The large entertaining deck
Mr Pennell built the bar
“We positioned the house to face the mountain so we get the breeze in the afternoon and not that western sun,” said Mr Pennell, a diesel fitter by trade.
“We have travelled a fair bit, all over the state and overseas, so we sat down and worked out all the things we loved about all the houses we’ve lived in, and we put it together in this house.”
Features include double-sized bedrooms, vaulted ceilings reaching 5.3m through living areas, spotted gum hardwood flooring, and a custom servery window from the kitchen opening out to a generous entertaining deck with a bar.
A ripper kids’ playground
There’s also a double-bay shed with workshop, a wine cellar, kids’ playground, and established gardens and fruit trees including navel oranges, mandarins, lemon, mulberry, papaya, custard apple, banana and mango.
While the home has hosted many memorable occasions, Ms Pennell said she cherished the location’s peaceful environment.
“Whenever I was on my way home from work, I felt an immediate relaxation coming into this space, and walking up the steps at the back and feeling that breeze,” Ms Pennell said.
The house was also built to wind rating 4 to withstand the elements, Mr Pennell said.

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