Gold Coast real estate: Tower units selling out rapidly across city
Developers across the city are reporting strong sales during the past year as buyers snap up any remaining units. FIND OUT WHO IS BUYING
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Developers across the city are reporting strong sales during the past year as buyers snap up any remaining units.
A tightening accommodation market and population pressure have combined to put remaining units at a premium, sparking multimillion-dollar deals that have surprised even experienced real estate figures.
MRCB International has notched up $120m of sales on its $300m, 51-storey Vista 26 tower in central Surfers Paradise in eight months.
Urban Activation director Matt George, the project’s sales agent, said the sales were being driven by the high demand for Gold Coast property.
“We have seen strong demand from interstate buyers that are seeking a premium investment opportunity, who want the flexibility to use the property when visiting the Gold Coast, with the long-term plan to spend more time here in the future,” he said.
“As we get closer to breaking ground onsite, we’ve started to see a surge in local downsizer inquiries, with a range of larger three and four bedroom apartments capturing panoramic views over the Gold Coast.”
Melbourne-based Hirsch & Faigen, headed by rich lister Eddie Hirsch, has nearly sold out all of its $350m of projects under construction across the city.
All units in Palm Beach’s Hemingway are sold while just one is left in Emmerson Kirra. Yves Mermaid Beach is 90 per cent sold.
Company director Daniel Faigen said interstate buyers and locals were equally responsible.
“We’ve witnessed strong sales from southerners who are seeking generous living spaces where they can be host to visiting family, whereas on the other end of the scale, we have been inundated by sales from local buyers who are looking to downsize from a house to an apartment without compromising the Gold Coast lifestyle they love,” he said.
“When we entered the Gold Coast market with our first project in early 2021, we did so with a great deal of confidence that we could replicate the quality we are renowned for in Melbourne on the Gold Coast, but with that distinctive coastal style that buyers in the region expect.
“With our debut development Hemingway Palm Beach selling rapidly, our faith in the Gold Coast was further affirmed by the success of Emerson and Yves.”
Meanwhile $40m of sales have been recorded by Ray White Sanctuary Cove in the past month.
One property alone sold for $13.9m.
Agent Matt Gates, who runs the company’s Sanctuary Cove office, said the result was driven by both locals and interstate residents.
“We have previously had results in the $30 million range, but a continued, keen focus on luxury lifestyle and security from very high-end buyers is driving sales,” he said.
“This flies in the face of reporting that the market has softened. Rather, Sanctuary Cove has seen considerable growth over the past 18 months.”
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