Property Blog | Sell it, rent it, or live in it – the Tewantin home with millions of options.

Win a Prize Home in a spectacular location like Tewantin, at the northernmost end of Queensland’s Sunshine Coast, and the decision to keep it or sell it becomes a whole lot harder. 

The list of reasons to keep it would, understandably, be long. Nestled in the tightly held Noosa Shire, with world-renowned Noosa Heads as your neighbour and the seemingly endless natural beauty of the Noosa North Shore on your doorstep, it’s indeed a prized location that shouldn’t be relinquished without some serious consideration. 

Property in the Noosa region is some of the most sought-after in Queensland, with the median house price in Noosa Heads and Sunshine Beach sitting at just above $2 million and $2.6 million respectively. (Source: realestate.com.au, December 2022.)

The Noosa gold dust has also rubbed off on Tewantin. In fact, median house prices have increased by more than 30% since January 2020. After seeing huge growth in 2021, the Tewantin property market has continued to rise throughout 2022, up 12.1% in the last twelve months (Source: realestate.com.au, December 2022)

Enviably positioned at the eye of this perfect real estate storm, Endeavour Foundation’s Tewantin ‘Holiday Home’ is the kind of tasty morsel that buyers have been haggling over like a flock of hungry seagulls.  

Valued at $1.3 million (as of October 2022) this contemporary, fully furnished home is just five minutes from the Noosa Marina and the sparkling Noosa River. 

So, what would you do if you were the lucky winner?

Now that it looks like we’ve reached the peak of the property boom, perhaps you’d decide it’s the perfect time to cash in and make hay while the sun is shining. There are well over a million reasons why that might be the right option for you.

Or, if you’re more focused on the long game, you might choose to rent it out and make a very tidy income while you wait for the next boom. 

Rent it out, luxury furnishings and all, and you could make in the vicinity of $52,000 per year. Not a bad return on a $10 investment. 

Of course, there’s also the chance that your heart takes over and you decide that this is the place you want to call home. And honestly, who could argue?  

What if you want to sell your prize home? 

So, just imagine you get that life-changing phone call from Endeavour Foundation’s Head of Lotteries, Kirsty Moore, with the incredible news that you’ve won a million-dollar prize home. 

Would you decide to keep it or sell it? Ultimately, the choice is entirely up to you. 

The good news is that you don’t have to rush your decision. In fact, you’ll have a little while to mull it over and make up your mind. 

That’s because before you can put you new home on the market, the property title must officially be transferred into your name. This can take anywhere from a few weeks to a few months depending on how busy the Queensland titles office is. 

But that doesn’t mean you have to wait long to receive the keys. 

As soon as you’re drawn as the winner, we will begin to organise a ‘Handover Day’ for you at the home. This is the exciting day you’ll receive the keys and sign the necessary paperwork to take possession of the home. From that moment on, you can move in, invite your friends over, and have a housewarming party – the choice is yours!

Do you need to pay capital gains tax if you sell a prize home?

Luckily in Australia, we don’t have to pay tax on lottery winnings so you can sell your prize home completely tax-free up to the value of the property on the day that you won it. 

If you do manage to sell the home for more than it was valued at, you’ll need to pay capital gains tax on the difference. However, if you keep the home for more than a year, you may be able to cut the capital gains tax you need to pay by 50%.

To fully understand all the ins and outs and any tax implications in your situation, it’s best to seek professional financial advice.