The Sovereign Islands turning into ghost town as Chinese investors leave mansions empty

SECTIONS of the wealthy enclave of The Sovereign ­Islands are turning into ghost towns as ­Chinese buyers leave mansions empty for most of the year.

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SECTIONS of the wealthy enclave of The Sovereign ­Islands are fast turning into ghost towns as a flood of ­Chinese buyers leave their mansions empty for most of the year.

Professionals Vertullo sales agent Chris Moyer, who sold more than a dozen houses on the islands in the past year, estimated a quarter of his sales were to investors.

“But with a lot of Chinese buying off us, we’re not fully certain if it’s going to be a holiday home (or something else),” he said.

Mr Moyer said the Chinese often looked at buying a house for multiple uses, including investment, holiday home or live-in property.

NUN BETTER THAN RARE BEACHFRONT BLOCK

HEDGES AVE DIPS OUT OF MILLIONAIRE LIST

Almost empty streets on the Sovereign Islands Estate at Paradise Point. Picture: Mike Batterham

He said 60 per cent of his sales in the past six months had been to Chinese nationals.

REIQ Gold Coast zone chairman John Newlands said investors were attracted to the chance to buy well and the potential of strong capitals gains, especially in the wake of the Global Financial Crisis when prices dropped.

“People think it’s an opportunity because there’s a good chance of capital gains in the future,” Mr Newlands said.

Sovereign Islands Owners Corporation chairman Ann Glenister said the area was a “vital” and “lively” place where residents became involved in the community.

“At our AGM we had hundreds of people who are interested in what is going on,” she said.

“There is nothing else on the Gold Coast like this ­suburb.

“It’s a lively residential area.”