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PROPERTY GURUS PREDICT COAST PRESTIGE MARKET TO SURPASS LAST BOOM

Friday October 31st, 2014

LUXURY apartment sales have surged on the Gold Coast with property spruikers predicting the city’s prestige recovery will surpass the last boom.

The Urbis Gold Coast Apartment Insights Report shows an 84 per cent increase in sales across five buildings for the June quarter compared to the previous period.

Forty-eight apartments at The Esplanade, Sanbano Coolangatta, Joy on Jefferson, Soul and Oracle Tower One sold for an average of $1.66 million over the three months.

Eight apartments sold at Sanbano Coolangatta for an average of $1.493 million and there were 12 more sales at Soul in Surfers Paradise compared to the previous quarter, at an average of $1.352 million.

Urbis senior consultant Lynda Campbell said the figures indicated the city’s battered prestige unit market was finally on the mend.

“Sales are gaining strength and there are more projects at this level getting approved so I think we will start to see more of these premium products on the market,” she said.

“The industry is driven by owner-occupiers and we’re seeing a lot of people looking at the Gold Coast as a highly desirable location.”

Ray White Surfers Paradise boss Andrew Bell said the tourism-based market was luring buyers.

“International buyers come to holiday with their families and fall in love with the city,” Mr Bell said.

“The city has bounced back and it is great to see a large number of big projects gain development approval.”

Source: Gold Coast Bulletin

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