THE Chinese have splashed out on Gold Coast property with $10 million in three sales this week.
In Surfers Paradise, a giant riverfront Cronin Island mansion was snapped up for $6 million, while properties in Clear Island Waters and Bundall sold for $2.45 million and $2.38 million respectively.
Ray White Broadbeach duo Sam Guo and Julia Kuo negotiated the sales and said they get a lot of inquiry from Chinese buyers looking for prestige homes on the Coast.
“It’s about the position, the view and the quality of the house,” Mr Guo said.
“The market is steadily strong and buyers are very savvy — they’re all looking for quality homes.”
While he would not disclose the buyer details, Mr Guo said the new owners of 25 Southern Cross Drive were sold on the property’s position.
“Southern Cross Drive is a very unique street,” Mr Guo said.
“The buyers loved the views out to Surfers (Paradise) and of course the position.”
The five-bedroom Cronin Island mansion is among 39 prestige properties on the exclusive island.
It features chandeliers, timber shutters, parquetry flooring and a wet bar while out the back there is a pontoon and boat shed.
Property records show the vendor, Concetto Zappala, paid $1.425 million for the property in 2001.
The two other properties at Clear Island Waters and Bundall were snapped up before their scheduled auctions this month.
Mr Guo said there was a shortage of prestige properties on the market with a surge of cashed-up buyers looking for new listings.
“It’s especially true for the high-end properties,” Mr Guo said.
“People who spend that type of money want the amazing views, the top finishes and the quality builds.”
REIQ Gold Coast zone chairman John Newlands said Chinese buyers were driven to the Coast for its relaxed lifestyle and lavish homes.
Originally Published: http://www.realestate.com.au/