Instead of settling into traditional mansions, the upwardly mobile are forking out $1-5 million to live close to the light rail route in Main Beach, Surfers Paradise and Broadbeach.
The Gold Coast City Council has approved or are assessing more than five “boutique” towers, each fewer than 10 storeys and with only one or two units per floor.
Katie Page’s eight-level beachside tower on Main Beach Parade is under construction and the council is expecting a wave of similar projects as market appetite grows.
Ronald Champion and his wife, Christine, have spent the past 17 years sky-high living and are putting their penthouse in the Wings Mantra on Fern Street up for auction.
Christine Champion in her penthouse.
The two-storey penthouse features a jacuzzi, terrace, balcony and marble throughout.
“We have been in this penthouse for 10 years and prior to this we lived in a beachfront apartment for seven years,” Mr Champion said.
“It has given us the opportunity to leave everything behind and travel for months on end.”
Mr Champion said the reason the couple chose to stay living in penthouses and apartments was because it was low-maintenance.
Christine Champion in her penthouse.
“We have lived in many houses but we couldn’t live with walking up and down stairs now.”
Prestige property real estate agent Robert Graham, of Ray White, said interest in the multimillion-dollar living spaces was being driven primarily by older buyers looking to downsize.
“The people who are picking these up are Baby Boomers who are happy to pay a great price for a great product,” he said.
“They want to move away from big homes to spectacular beachfront properties which have less maintenance costs and that is what driving this change in the market.”
UDIA Gold Coast president Finn Jones said the trend was reflective of the city’s ageing population looking for luxury.
Photo of Christine Champion in her pent house enjoying sky-high living in her luxury apartment. For a story about a trend towards people moving to apartments. Pic by Richard Gosling
“These buildings are designed for upwardly mobile investors with families and investors who want room in the urbanised environment,” he said.
“People want to be out of the suburbs and into places where they can get coffee and live near the light rail.”
The penthouse of The Inlet, Main Beach.
Council planning boss Cameron Caldwell said developers wanted skyhome projects “to be close the light rail and areas like Main Beach, Broadbeach and other areas along the tram route”.
“There is clearly a market need for high-quality, well-located unit produce and council has recently approved a number of single-unit-per-floor product,” Cr Caldwell said.
Brisbane-based Velocity Property Group has already sold three of the eight $1.64-2.89 million luxury apartments it hopes to build on Burleigh headland.
The view from the penthouse of The Inlet, Main Beach.
“Australia has had nearly three decades without recession and people have engaged in wealth building so most of the inquiries we are getting come from people in similar circumstances,” Velocity developer Brendon Ansell said.
“Given the price, buying in these is not a decision people make quickly or lightly, but we have a fulltime interior decorator who works with people to customise their units to their tastes.
“If you are paying $1-3 million you have a right to enjoy your tastes.”
Inside the penthouse of The Inlet, Main Beach.
Other projects put before council include a nine-storey mixed-use building on the corner of the Gold Coast Highway and Peerless Ave and ASF’a 15-storey mid-rise and a 66-storey superpower in Southport.
Prestige apartments on the market include a goundfloor unit in Main Beach’s The Ocean Isles, priced at $5.75 million; the penthouse of the nearby Inlet, at $8 million; and a 16th-storey apartment in Main Beach’s De Ville, at $2.5 million.
The penthouse of The Inlet, Main Beach.Original article published at www.goldcoastbulletin.com.au by ANDREW POTTS 23/8/16