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Gold Coast rental vacancies hit seven year high

Gold Coast rental vacancies hit seven year high

The number of properties available for rent on the Gold Coast has hit its highest level in seven years.

And in some cases rents are also coming down.

According to the Real Estate Institute of Queensland (REIQ), the rental vacancy rate on the Gold Coast was at 3 per cent in the September quarter.

That’s up from 2.8 per cent in the June quarter and a big rise from the 1.7 per cent vacancy rate in the September quarter last year.

The vacancy rate hasn’t been that high since September 2012 when it hit 3.5 per cent.

It’s a vast improvement for renters after vacancy hit a low of 1.1 per cent in December last year.

REIQ says there is currently an oversupply of rental properties on the Gold Coast.

That’s thanks largely to new developments that keep popping up across the city which has also been forcing some rents down.

The average rent for a three-bedroom unit was down 1 per cent or $5 a week on the same time last year.

But the average rent for a three-bedroom townhouse was up 2.4 per cent or around $10 a week.

REIQ says property managers on the Gold Coast report that investor activity has remained pretty much the same over the last three months.

It’s a different story in Brisbane where the number of available rental properties has slumped to its lowest level in 11 years.

Vacancy rates have fallen to 1.6 per cent while rents have also increased.




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Gold Coast

Main Beach trophy apartment relisted

Main Beach trophy apartment relisted (1)

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.

Main Beach trophy apartment relisted (2)

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.




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Ridong Group’s $160m Garden Resort in Limbo

Ridong Group's $160m Garden Resort in Limbo (1)

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.

Ridong Group's $160m Garden Resort in Limbo (2)

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.



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Gold Coast hotel sold to Thai group

Gold Coast hotel sold to Thai group (1)

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.

Gold Coast hotel sold to Thai group (2)

“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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