Gold Coast development: tower unit sales defying economy

A trio of developers recorded more than $130m in sales over the Christmas period as agents across the city say the market continued to defy the tough economic conditions

A trio of developers recorded more than $130m in sales over the Christmas period as agents across the city say the market continued to be strong.

Despite inflation and high interest rates, real estate agents have continued to report high sales across both luxury projects and more modest units. More than $100m of sales were recorded in Aniko Group’s Orama tower on Chevron Island which is about to begin construction.

Aniko sales director Peter Malady said a range of buyers were investing.

“The majority of the purchases coming from locals from Chevron Island, or within a five-kilometre radius,” he said.

Artist impression of the proposed Faro development which is planned for a site in Broadbeach

“Our second largest buying demographic are lock-up and leave holiday-makers from Sydney and Melbourne.”

It comes after developer Hirsch and Faigen sold out the last remaining sub-penthouse unit in its Yves tower in Palm Beach, while its crowning penthouse remains under offer.

Meanwhile, five units inside Faro, a proposed 21-storey tower on Old Burleigh Road which has been pitched by 5Point Projects, sold for $15m during the project’s first week on the market.

Aniko Group’s $120 million Orama at Chevron Island.

Todd Matheson, director of Pezet Matheson which is marketing the Faro units, said there had been a mix of interstate and local buyers.

Ray White Surfers Paradise boss Andrew Bell said sales had been strong across the market during the festive season.

“Interstate visitors have predominantly been the people we’ve seen buying, either looking for a home or even a holiday house,” he said.

“The sales over Christmas were strong, not necessarily in volume but it has strengthened every week since the beginning of the year.”

Andrew Bell, Picture: Celeste Humphrey for The Pulse

Originally published as Gold Coast development: tower unit sales defying economy