The southern Gold Coast is seeing a surge in prestige property sales as a variety of stock attracts new buyers.
International investors and interstate families are flocking to the area to soak up a range of luxury offerings.
The market was recently bolstered by more than $10 million of sales at Coolangatta’s newest luxury building, Sanbano, which is currently under construction.
The 25-level tower, which opened in June, is solely backed by Chinese investor JianZhong Yang.
DJ Stringer Property Services principal David Stringer said developers were capitalising on a large range of buyers, with prestige buyers increasing in number.
“The beauty of the southern Gold Coast is the diverse range of buyers,” he said.
“The investor market is quite strong but lately there has been a lot of interest from retirees and young families.
“It is a great area to buy your first place. Southport and Broadbeach can get quite busy and some people head south to avoid the chaos.”
Mr Stringer said more developments like Pure Kirra and Sanbano were on the way.
“The Pure Kirra building is doing exceptionally well,” he said.
“People seem to be back into buying apartments, and developers are taking notice.”
Another boutique development is gaining momentum in Rainbow Bay, with Ray White Mermaid Beach busily pre-selling units.
The block at 192 Marine Pde, Coolangatta, will be transformed into a luxury building if enough interest is garnered. Buyers will need a bankroll of $1.54 million to purchase an entry-level unit.
The project, which is named The Garland on Rainbow Bay, will feature two large penthouses.
A buyer will need a minimum of $3.695 million to secure one of these two-storey luxury abodes.
Ray White Mermaid Beach agent Troy Dowker said property in Palm Beach was also gaining traction.
“There is a lot of activity at Palm Beach because of a lack of supply,” he said.
“There seems to be a strong recovery taking place in the area.”
Meanwhile luxury homes in the southern suburbs are also performing strongly.
Ray White Banora Point agent Tate Brownlee recently brokered the largest Terranora sale since 2011. The holding, 17 Winchelsea Way, sold for $1.33 million last week.
“It’s a remarkable home sitting on an acre of land.” Mr Brownlee said.
The 25-storey Sanbano tower in Coolangatta is under construction and has already notched up excellent sales.
Units in Pure Kirra are selling exceptionally well.
17 Winchelsea Way sold for $1.33 million, a Terranora record.
Original article published at www.goldcoastbulletin.com.au on 7 July 2014 by Josh Houghton, Gold Coast Bulletin.