MEGA apartments, the size of houses, are a hot property on the Gold Coast, and a new group of buyers, the so-called rightsizers, is starting to trend.
While the demand for rightsizing – the declining trend for living in luxury apartments – is strong across the country, it is exploding on the coast, according to new research by Knight Frank.
It is Rightsizing – Australian Prime Residential Insight 2020 The Gold Coast has reportedly had the highest share of home sales, between $ 3 million and $ 5 million, in Australia’s largest cities over the past three years to September 2019, at 26 percent.
Brisbane followed with 22 percent, Sydney with 21 percent.
The city is also said to have the highest proportion of three-bedroom apartments built across the country.
Chris Litfin, business development manager for residential project marketing at Knight Frank, said the rise of new three-bedroom apartments across the Glitter Strip is in response to increased demand from buyers.
“Developers get smart and deliver products with group title rights that work
a wide range of groups, ”he said.
“In the past, the product was only intended for retirees, but now we see organic demand from busy families and younger buyers.”
He said rightsizing is about buyers getting more for their money.
“The beneficiaries often buy three bedrooms even though they only need two,” he said.
“The proximity to traffic, lifestyle infrastructure and health services are important prerequisites for all beneficiaries, including active pensioners, families and younger buyers.
“They also value accessibility and maintenance-free open spaces such as parkland or the
“Developers recognize this and are looking for websites in these locations.”
Although the gold coast housing market offered the best value in the country, it couldn’t guarantee it would stay that way.
“While developers are affordable, they do deliver three-bedroom products. However, if the affordability equation reverses, more two bedroom products are likely to be restored. ”
Kyia Anderson, Managing Director of Marketing Projects South East Queensland, said more buyers are considering living in an apartment on the Gold Coast.
“People who want a three-bedroom apartment are usually people who come from a house and still want to live in a large space, but they want the comfort of living in an apartment and all the amenities and infrastructure nearby “, she said.
“We still have a lot of company professionals who have little time and no additional maintenance, as well as young families.
“Then there is the wave of downsizers who want the high-end buildings on the beach.”
Julie Love recently moved to a new three bedroom terrace house in Vue in Robina.
She said the location and low-maintenance lifestyle were important factors when she decided to move out of Ballina to be closer to the family.
“I look forward to the Robina City Parklands taking shape,” she said.
“Now that I’m retired, I can go there from home and enjoy it every day.
“When the parkland opens in the middle of next year, I’m looking forward to spending a lot of time there with my daughter and her family. I’m sure my little granddaughter Billie will just love it there.”
“We will undoubtedly spend all our free time picnicking, going for walks, cycling and maybe even kayaking on the waterways.”
Main Beach trophy apartment relisted
The sprawling Main Beach, Queensland mega apartment located in the Ocean Isles complex has been listed with a $4.95 million price guide.
It’s down from its previous $5 million to $5.5 million guide.
Residence 3 is one just one of five in the 1,700 sqm beachfront complex.
The apartment at 3/3511 Main Beach Parade has been listed twice since 2018, initially seeking $6.25 million.
The four bedroom, three bathroom abode is spread across a single level.
The apartment features a 20 metre frontage, private pool, spa and BBQ space. It has direct beachfront access from the outdoor terrace.
Duncan Longmore and Michael Kollosche of Kollosche Prestige Agents are currently marketing the property.
This article is republished from www.propertyobserver.com.au under a Creative Commons license. Read the original article.
Ridong Group’s $160m Garden Resort in Limbo
Ridong Group’s $160 million garden resort on the Gold Coast should be built elsewhere according to council officers.
A decision on the application for the 50 hectare development in Tallebudgera is expected to be made next week with council officers raising many concerns at a preliminary meeting.
Hundreds of submissions were made against the development application and a public rally attracted more than 400 people in December.
Ridong, a Chinese development company based in Zhuhai and one of the original developers for Jewel resort in Surfers Paradise, put forth the application for the wellness retreat in September 2018.
Plans on the 50 hectare site at 49 Tallebudgera Connection Road included 162 villas, 98 hotel rooms, four restaurants, a wedding chapel, day spa with 32 treatment rooms, museum, gallery, gardens and private lake.
DBI architects were behind the design, which previous projects include $1.7 billion Etihad Towers in Abu Dhabi, the $1 billion Jewel and the $200 million Infinity in Brisbane.
Council officers raised a number of concerns at an Economy, Planning and Environment Committee meeting.
“The proposed development is considered to present potential economic benefits through employment opportunities and tourism related revenue,” stated in the agenda.
“However, officers do not consider that these benefits are site specific and could be provided in a more suitable location.
“Further, the applicant has not demonstrated a ‘need’ for the development to be located at the subject site.
“Officers acknowledge that the proposed development includes components which could provide a benefit to the city, however, do not believe that these benefits warrant the approval of this application as officers believe such a development could be provided in a more suitable location.”
A final determination on the plans will be made when it goes to a full council meeting on February 18.
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
Gold Coast hotel sold to Thai group
The Thai-based Minor Hotel Group has acquired the Gold Tower on the Gold Coast in a deal brokered by CBRE Hotels agents Wayne Bunz and Hayley Manvell.
Minor Hotel Group has expanded its portfolio on the Gold Coast with the purchase of the Gold Tower.
The hotel owner and operator has acquired the management letting and caretaking rights and freehold of the management lot of the 22-storey property, which is located on the Gold Coast Highway.
It has subsequently rebranded the site under Minor International’s Oaks Hotels, Resorts & Suites brand, as the Oaks Gold Coast Hotel.
The sale means the 108-key hotel joins Oaks Calypso Plaza and Avani Broadbeach Gold Coast Residences as the other Minor Hotel Goup locations in the area.
CBRE Hotels agents Wayne Bunz and Hayley Manvell handled the transaction on behalf of a private Singaporean investment group.
Mr Bunz said the Gold Coast remained a premier holiday destination for domestic and international visitors, and is expected to record increased inbound visitation.
“Demand for quality hotel assets in leisure-orientated locations such as the Gold Coast have attracted strong interest from international investors,” he said.
“Australian hotels are seen as an absolute safe haven for international investors due to favourable investment conditions and record low interest rates, while the low Australian dollar offers substantial value and favours inbound tourism.”
The Oaks Gold Coast Hotel was recently refurbished and features meeting rooms, a swimming pool and views of the new Jewel development, as well as the Gold Coast’s beaches and hinterland.
Minor Hotels Chief Operating Officer Craig Hooley said the acquisition further enhanced the rapid expansion of the company within the region.
“Within close proximity of Cavill Avenue, Oaks Gold Coast Hotel is the ideal base for those wanting to stay near the action while enjoying the comfort, freedom and space of Oaks hospitality,” he said.
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