Gold Coast developer Craig Perry is officially offloading the 5,225sq m beachfront property known as the Mykonos site with hopes to raise more than $90 million.
The site hits the market in a period of increased activity and local demand in the Gold Coast market, following the start of the pandemic.
In 2019, The Urban Developer reported that Perry negotiated call option contracts for more than 60 individual properties at the Surfers Paradise site, at that time it was expected to fetch more than $100 million.
The site’s size has since been reduced from the reported 8,402sq m in 2019, to a 5,225sq metre beachfront site. It is tipped to go for between $90 million and $100 million.
The current site, which adjoins the Jewel development, includes 31 titles in total within the Mykonos building and the former site offices and display suite of the Jewel development.
The expressions of interest process is being handled by Dan McVay and Glenn Bechtel of McVay Real Estate, together with Mark Witheriff and Rem Rafter of CBRE.
Witheriff says the Gold Coast market has witnessed a huge shift post the initial pandemic period.
“With a very active market seeking oceanfront living and nearby amenity,” he said.
“And this is from permanent occupiers seeking a lifestyle change and moving from either larger homes in suburban areas or wanting a complete shift from higher density living in other capital city markets.”
Nearby, Jinding Developments this month revealed plans for a $75 million, 27-storey tower in Surfers Paradise.
The project marks a first for the developer making its entrance into the Queensland property market with the 1012sq m site at 9-11 Thornton Street.
The tower will have 125 apartments targeting first home buyers and new residents relocating to the Gold Coast from Sydney and Melbourne.
Article Source: theurbandeveloper.com
Landlords use Gold Coast rental crisis to retaliate against tenants who deferred rent during COVID, agent says
Gold Coast landlords are retaliating against tenants by not renewing leases for people who stopped paying or reduced the amount of their rent during the COVID-19 pandemic, according to a real estate property manager.
- Oxenford has the lowest rental vacancy rate on the Gold Coast at 0.1 per cent
- REIQ says the rental vacancy rates on the Gold Coast have reached a 15-year low
- A local property agent says potential tenants are offering up to $100 per week above the rental price to secure property
Oxenford Ray White real estate co-principal Sally Hynes said many tenants are now paying the price as a city-wide rental shortage worsens.
“Now the owners have taken that onus back and are not renewed the lease because they did not do the correct thing during COVID according to the rules and regulations of the Residential Tenancy Authority.”
Ms Hynes said tenants could apply for a rental deferral if they could prove they were under financial pressure, and their landlord was in agreement.
But many tenants simply used the pandemic as an opportunity to stop paying the required rent.
The CEO of Tenants Queensland, Penny Carr, said some tenants renegotiated their rents with landlords while others did not, fearing retaliatory action.
“Some of those tenants had absolutely no choice but to pay a reduced rent and many of them are still battling accrued debts,” she said.
“Simply because they’ve followed the procedures that were available to them, those things that were set in place to protect people that were affected by COVID, they’re now having retaliatory action.”
Ms Carr said many tenants are facing large rent increases or being overlooked by landlords due to the competition in the rental market.
According to the latest Real Estate Institute of Queensland (REIQ) current vacancy report, 70.2 per cent of the state’s rental vacancies remain under 1.0 per cent.
On the Gold Coast, Oxenford’s vacancy rate is the lowest at 0.1 per cent.
Ms Hynes said they have one property on their books for rent and it was in the neighbouring suburb of Parkwood.
“The rental market in Oxenford at the moment is extremely, extremely busy.
“Not many properties are available and when they do become available they are gone within hours.”
Ms Hynes said the rental market had been busy for the past two months.
“It’s crazy, it’s just gone crazy,” she said.
“We don’t bother putting signs up anymore, it’s just not worth it.”
The property manager attributes the rental shortage to interstate migration, and Oxenford, like other suburbs in the northern Gold Coast corridor, is highly sought after because many homes are on larger blocks.
“I do say to them ‘have all of your paperwork ready’.”
Solid tenants impacted
Many tenants with sound rental histories are also becoming victims as property owners capitalise on the real estate boom.
“I have four very, very good tenants at the moment that the owners are selling their properties because of the market,” Ms Hynes said.
“I am trying to relocate them and I want to keep them, and I have no hope.
“People are getting very upset. We have people on the phone in tears.”
Ms Hynes said it was not unusual for a potential tenant offer up to $100 per week above the rental price to secure a property.
“It’s all very well to have the correct value for your property, as long as the owner is happy with that price then it is really about tenant selection.
“It’s not just all about the money.”
Homelessness group Everybody’s Home said the rental affordability crisis in Queensland is fuelling youth homelessness, and it is calling for more investment in social housing.
The campaign organisation wants the federal government to take action to make housing easier for young Australians to access.
Everybody’s Home said Gold Coast was leading the state with rents rising 20.6 per cent over the past 12 months.
Rents on the Sunshine Coast rose 15.3 per cent, while North Queensland’s increased 14.8 per cent in the same 12 months.
Brisbane’s rents increased 5.8 per cent in the same period.
Article Source: www.abc.net.au
Gold Coast rental vacancies hit new record low
The rental crisis on the Gold Coast has worsened with vacancy rates at their lowest level on record.
The continued surge in interstate migration has seen the number of available properties on the Glitter Strip continue to plunge.
According to the Real Estate Institute of Queensland, vacancy across the entire city fell from 0.9 per cent in the December quarter to just o.6 per cent in the March quarter.
That’s the lowest level since records began 15 years ago.
Oxenford is the hardest suburb on the Gold Coast to find a rental property with a vacancy rate of just 0.1 per cent.
Across the northern suburbs, Biggera Waters and Hope Island have a vacancy rate of just 0.5 per cent, while it’s 0.6 per cent in Coomera and Pimpama.
In the south Tugun’s vacancy is at just 0.3 per cent, Burleigh Heads and Currumbin it’s 0.4 per cent and Palm Beach has a vacancy rate of 0.5 per cent.
In the west, Nerang has a vacancy rate of just 0.4 per cent while in Ashmore and Parkwood it is 0.5 per cent.
It’s a similar story across many parts of Queensland with over 70 per cent of the state having a vacancy rate of 1 per cent or less.
REIQ CEO Antonia Mercorella is calling on the state government to take immediate action to resolve the crisis.
“The rental sector plays a critical role in Queensland’s housing system and the role and size of our investor market has never been so important,” Ms Mercorella said.
The State Government say they want to help households transition from community housing to housing in the private rental market. Given that, more needs to be done to better support both increased and ongoing property investor activity in the Queensland property market and the contributions they make to the State economy.”
REIQ also wants changes to the First Home Owner Grant so first home buyers can purchase an existing home.
The grant currently only contributes to the purchase of a new home.
Article Source: www.mygc.com.au
Top projects in Broadbeach on the Gold Coast
The Gold Coast residential market is booming thanks to its breezy lifestyle and relaxed atmosphere perfect for families and professionals
One of the fastest-growing cities in Australia, the Gold Coast has become a great location for investors and homebuyers.
Its residential market is booming thanks to its breezy lifestyle and relaxed atmosphere perfect for families and professionals.
Despite a decline in crane numbers over the last six months, the next six months is expected to see a flurry of sales as demand for apartments in the region continues to gather pace.
Broadbeach residents particularly have the best a suburb in Queensland has to offer, with a home in the laid-back beachside suburb that boasts all of the fun of the Gold Coast.
Many brand-new residences suitable for first home buyers, investors or downsizers offered at an affordable price point are available on the market now.
Urban takes a look at the top projects in Broadbeach.
1. Encore Broadbeach
Address: 22 Albert Avenue, Broadbeach QLD 4218
Two-bedroom apartments from $730,000
Delivered by family-developer Andrews Projects, Encore boasts a collection of 84 vibrant apartments footsteps from the ocean.
The two, three and four-bedroom apartments are designed by HHH Architects and feature oversized balconies with costal views.
Other amenities include a 25-metre heated lap pool, state-of-the-art gym, private sauna, residents’ lawn and barbeque facilities.
2. Koko Broadbeach
Address: 12-14 Elizabeth Avenue, Broadbeach QLD 4218
Two-bedroom apartments from $719,000
Morris Property Group delivers 99 generous two and three-bedroom apartments at the vibrant Gold Coast development, Koko.
Inspired by the modern luxe of international boutique hotels, the residences feature modern fixtures, hotel-quality amenities and contemporary design.
A lap pool, modern gym facilities, private outdoor entertaining areas and gardens also feature at the project.
3. Opus, Broadbeach
Address: 16-18 Chelsea Avenue, Broadbeach QLD 4218
Two-bedroom apartments from $749,900
Located in the heart of Broadbeach, Opus provides a great value apartment for investors and owner-occupiers.
Delivered by Morris Property Group, the 114-resident project features open-plan living and views over Surfers Paradise in two and three-bedroom configurations.
The resident also boasts access to a two-level recreation deck, featuring an open-air pool, landscaped yoga lawn and fully equipped gym.
4. Qube, Broadbeach
Address: 2-4 Jubilee Avenue, Broadbeach QLD 4218
Three-bedroom apartments from $1,495,000
Yet another Morris Property Group development, Qube rises 40 levels and delivers 202 residences in one, two and three-bedroom configurations. Although, only three-bedroom apartments remain.
The development features a vibrant retail plaza, residents’ recreation deck and additional storage.
Setting a new destination precinct for Broadbeach, homebuyers will also enjoy luxury finishes including oversized floor-to-ceiling tiles, wool-blend carpets and Parisi tapware.
Article Source: www.urban.com.au
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