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Clive Palmer’s $20 million ‘bullet-proof’ impulse buy

·Personal Finance Editor
·2-min read
The
Clive Palmer put in an offer for the home on the same day he viewed it (Source: realestate.com.au/Getty)

Australian businessman and politician Clive Palmer has spent a whopping $20 million on a ‘titanium house’ on Sovereign Islands in Queensland.

The futuristic looking home at 7-13 King Arthurs Court was his neighbouring property, and was purchased in August.

Palmer has since been named as the purchaser by Patrick Pancur of Bespoke International, realestate.com.au reported.

The sale is the second-largest on the Gold Coast this year, and the third largest in Queensland.

Pancur said it was an extremely quick sale, with Palmer locking in a deal the same day he viewed the property.

View of the titanium house from the pool.
The home comes with a bullet-proof bedroom (Source: realestate.com.au)

“It was pretty straightforward. Clive came in with a cash unconditional offer and said he wanted it, and that was that,” Pancur said.

“I guess it was just the right time for him to buy and it is the biggest sale Clive has done in the residential space, which just shows what the market is doing.”

Locally the home has been dubbed the “titanium house”, and includes a bulletproof bedroom and steel-spine staircase.

Aussie property prices set to slow

While the massive price tag on this home seems steep, Aussie property prices are set to see a slowdown in growth as we head into next year.

Aussie house prices continued to rise despite lockdowns sweeping the nations, but growth has slowed to its lowest pace since January.

According to CoreLogic’s latest figures, national dwelling values rose 1.5 per cent in August, and while the figures continue to climb, the rise has been ‘losing steam’ for months.

The slowdown will be welcomed by many potential buyers after prices reached a peak in March this year, when they rose 2.8 per cent in a month.

And, for the upcoming Spring buying season experts suggest prices will keep going higher but at a slower pace.

NAB executive, home ownership, Andy Kerr told Yahoo Finance that the ever rising prices we’ve seen have started creating affordability issues.

“Record low interest rates and government incentives should keep demand strong through 2021,’ he said.

“However, we also recognise rising prices are creating an increasing challenge, particularly for first home buyers as supply remains below average.”

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