Gold Coast luxury apartments a hit or miss affair

Gold Coast apartments are pitched as top investments but the dream sometimes does not end well.

There are four full-floor residences remaining in the Sanbano Coolangatta tower, with prices starting at $2.375m.

Gold Coast apartments are pitched as top investments but the dream sometimes does not end well. Former AFL bad boy Warwick Capper can attest after losing close to $60,000 on his ­investment apartment.

The former Sydney Swans and Brisbane Bears star recently sold his Surfers Paradise unit for $346,000, well under the $400,000 he paid seven years ago.

While the deal made sense for the goal kicker — he lives in Melbourne and wanted the top floor beach pad sold off rather than reap the $440 a week rental on the two-bedroom apartment — it shows just how volatile returns from the famed beachstrip can be.

Capper’s salutary experience as investor in the glamour area is not one many hope to repeat. But parts of the Gold Coast are again winning strong support, particularly at the prestige end.

Top local and international developers are getting started on a series of new towers with recent sales setting fresh benchmarks.

A mixture of buyers from southern states, wealthy locals and internationals have snapped up these units and others in major towers.

At the Sanbano Coolangatta, a luxury tower marketed by ­Nicole Riley of Sotheby’s International Realty, a full floor residence spanning 316sq m on level 21 recently sold for $2.75m.

The three-bedroom unit in the DBI Architects-designed tower was built in 2014 and features 28 apartments.

In a sign of the coast’s growing international allure it was chased by some European investors who wanted to lease it out and use it as a holiday home.

There are four full-floor residences remaining in the beach front property with prices starting at $2.375m to $2.625m.

While most sales are being struck at lower price-pointed precincts, $1m-plus sales are being achieved by projects ranging from the landmark beachfront Jewel towers to more boutique-sized projects.

Four developments registered a total weighted average sale price of over $1m in these precincts over the past quarter, according to analyst Urbis.

In total, there were 12 apartments sold at over $1m that amounted to 4.7 per cent of total sales recorded by the analyst.