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Two weeks, half sold: Why buyers are snapping up apartments in Palm Beach’s latest development The Tally

One-bedroom apartments, which are now all sold out, had started from $450,000, which included a car space

Just two weeks in to its sales launch and half of the apartments in The Tally, the latest apartment development to hit the market at Palm Beach, have already been snapped up.

The 45 apartment building, developed by Scott Dolso’s MVGS Property Group at 14-18 Twenty Eighth Avenue, has been a hit with local owner-occupiers in particular, KMSM agent Chez Fraser says.

Fraser has fielded over 1,200 enquiries so far.

“Gone are the days of waiting for an agent to be get in touch and chasing buyers who have enquired on the project,” Frazer says on the current booming market, adding that she’s never been so busy.

Fraser says there are a few stand out features of the project which are dragging a high level of enquiry, namely the location.

“The location is pretty extraordinary”, Frazer says, adding that the development is not far off the Gold Coast Highway for transport links, and the apartments either overlook Burleigh Heads, Tally Creek, or the beach.

There’s the affordable entry point of the development as well, a big drawcard in the current market with the wave of new multi-million dollar apartments targeting the luxury downsizer and owner-occupier dominating the Off the plan market space.

One-bedroom apartments, which are now all sold out, had started from $450,000, which included a car space.

Palm Beach

The Tally 14-18 Twenty-Eighth Avenue, Palm Beach QLD 4221

Frazer believes we won’t see two-bedroom apartments of this level for some time. They start from $650,000, with two bathrooms and two car spaces.

The majority of buyers have been local owner-occupiers, with a handful of first home buyers and a few interested from interstate.

The Tally, spanning nine levels and designed by BDA Architecture, has a yoga lawn on the ground level and a rooftop which has a swimming pool with views across the beach. Completion is slated for early 2023.

“Inspired by the natural landforms of Burleigh Headland and Tallebudgera Creek, the fluid movements of waves, and the subtle curves of the creek, the architectural form and colour tones pay homage to the local context and history”
BDA Architecture

Frazer says good developers who build up a reputation in the area always go well when it comes to their next project.

MVGS recently developed Canopy, a similar development of 49 apartments also designed by BDA, nearby at 3-7 Twenty Fourth Avenue. Four of the buyers in The Tally have come from Canopy.

 

Article Source: www.urban.com.au

 

Gold Coast

Hutchinson ranked as nation’s top apartment builder: HIA

The largest 100 residential builders created 80 per cent of new houses and apartments last year

The largest 100 residential builders created 80 per cent of new houses and apartments in the last financial year.

For the sixth consecutive year, Metricon Homes was the nation’s number one residential builder.

The largest apartment builder in this year’s report was Hutchies, who ranked as the 5th most active builder overall, down three places.

It constructed 3015 apartments, down from 3820 in 2019-20.

Hutchinson

Encore Broadbeach 22 Albert Avenue, Broadbeach QLD 4218 

Hutchinson are one of only three apartment builders in the top 20 this year, which include Meriton Apartments on 1412.

Hutchinson Builders, founded in 1918, has an average project value of $19 million, working across commercial and residential high-rise, health, education, retail, and aged care.

The top 100 list saw an increase in the number of detached house starts by 49 per cent while the number of units fell by 20 per cent.

The HIA-COLORBOND® steel Housing 100 Report ranks Australia’s largest 100 residential builders based on the number of homes commenced each year.

Metricon Homes reported a total of 6,052 new home starts across Victoria, Queensland, New South Wales and South Australia. Of these starts, 5,820 were detached houses and 232 were semi-detached dwellings. The Metricon CEO, Mario Biasin advised Metricon has grown from 604 site starts in Queensland in 2019/20 to 1177 in 2020/21 representing a 95% year on year growth.

Moving up from fourth in the 2019/20 report, the second most active builder in 2020/21 was ABN Group with 5,345 starts.

They were followed by MJH Group with 4,548 starts.

Hutchinson

“The past year has been a remarkable year for home building,” HIA Chief economist, Tim Reardon said.

“The majority of builders increased their number of dwelling starts in 2020/21 compared to the previous year. Those that didn’t were more likely to be in the multi-unit market.

“In this market, it is not surprising that detached home builders have dominated the list of the most active home builders in Australia.

“The loss of overseas migration last year hit the apartment market almost immediately.

Hutchinson

Belvedere 25 Woodroffe Avenue, Main Beach QLD 4217 

“Overseas students, tourists and migrants often stay in multi-unit dwellings when they first arrive in the country.

“This trend was exacerbated by the shift in consumer preferences towards lower density housing,” he suggested.

With this boom in home building, the minimum number of homes required to make it onto this list rose from 108 to 125, the highest in the 28 years that the report has been released.

The top 100 builders grew their market share of the new home building market from 40 per cent last year to 44 per cent in 2020/21, suggesting that larger builders were able to expand their capacity to build faster than smaller builders.

The largest 100 residential builders increased revenue earned from home construction by 31 per cent to $31.7 billion in 2020/21.

 

Article Source: www.urban.com.au

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Gold Coast

Final five apartments released in Chevron Island’s Allure as locals dominate sales

apartments

Over two thirds of the 90 sales so far have been to owner-occupiers, with 75 per cent of those being locals

The final five apartments in the sought-after Allure development on Chevron Island have been released to the market, at a time where the supply of new apartments is nearing record lows.

Each of the apartments left in the Macquarie York-developed, BDA Architect-designed building at 26-28 Dalpura Street, have three bedrooms and a multi-purpose room.

Macquarie York founder Roy Skaf said that the timing of launching Allure, which has netted over $72 million in sales, coincided with a demand for high-quality residences in the heart of the Gold Coast.

“Locals in particular have a strong awareness of Chevron Island’s distinctive charm, retaining a village-like atmosphere while being just moments from the vibrant coastal precinct just across the bridge.

apartments

Allure Chevron Island Corner Burra Street & Dalpura Street, Chevron Island QLD 4217 

“Allure has also captured the attention of savvy interstate buyers either looking to make a home for themselves surrounded by opulence, or those seeking a savvy investment opportunity in an area of incredible appeal.”

Over two thirds of the 90 sales so far have been to owner-occupiers, with 75 per cent of those being locals. The rest are southeners moving from New South Wales and Victoria to take up residence in the 17-level building.

Prices start from $1.1 million for the last release, and range to $1.3 million.

Allure is set to be one of the first developments completed on Chevron Island, which has recently seen a wave of new boutique developments hit the market and the Gold Coast City planning application portal.

Urbis’s Gold Coast Apartment Essentials report for Q2 revealed that just over four months supply of apartments remain if sales rates continue as they are, and no new projects are released.

The central Gold Coast precinct remains the epicentre of market demand, accounting for or more than half the total sales on the Gold Coast over the second quarter.

Construction of Allure is currently underway with completion expected early next year.

Macquarie York’s Gold Coast debut success of Allure has spurred plans for the developer to introduce its prestigious product to the southern Gold Coast, laying plans for an ultra- boutique collection of residences in Palm Beach.

 

Article Source: www.urban.com.au

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Developments

Plans Lodged for 33-Storey Broadbeach Tower

A developer has lodged plans for a 33-storey residential development in Broadbeach as the Gold Coast’s red-hot apartment market continues to outstrip supply.

The 46-apartment project, planned for a 670sq m site on the corner of First Avenue and Surf Parade—two streets back from the beach, has been put forward by 14 First Avenue Pty Ltd.

The entity is headed up by Gold Coast-based developer Leonard Steiner and joint venture partner Dimitri Katsimberis, a Sydney-based investor.

The high-rise apartment complex, called Myst, will replace an existing low-rise apartment block comprising eight units.

The Plus Architecture-designed development will be targeted at the local owner-occupier market.

The tower will offer two apartments per floor in three-bedroom configurations. It will be topped with a four-bedroom penthouse featuring a private rooftop area and pool.

There will also be three sub-penthouses above a residents lounge on level 27, offering a private dining and function room, meeting rooms and work pods for those needing more space while working from home.

A wellness centre and communal pool are also planned between level four and five.

The Urban Developer approached the project’s directors who declined to comment on the development at this early stage.

Broadbeach

▲ The project will feature a two level podium housing 20 car park spaces as well as spaces within the building’s basement. Image: Plus Architecture 

The developer joins a host of interstate property groups currently sweeping up sites on the Gold Coast as they look to take advantage of rising demand for new apartments and a looming under-supply of stock.

Record sales of new apartments, especially larger residences, have been driven by demand from downsizing owner-occupiers and interstate buyers taking advantage of the shift to work-from-home.

Developers have also been buoyed by state government forecasts that suggest the Gold Coast could now attract up to 15,000 people per annum.

To meet the demand, the city is expected to need 6300 dwellings a year.

Across the city, there are currently more than 50 residential projects with an estimated investment value of $4.8 billion under construction and with firm pipeline commitments.

Broadbeach is now among the Gold Coast’s biggest development hot spots, led by the $2-billion masterplan for The Star Gold Coast casino site and the $670-million expansion of Pacific Fair.

Also at Broadbeach, Brisbane-based developer Turrisi Properties has similarly scaled plans for a $100-million, 22-storey residential development at 9-11 Armrick Avenue before the council.

Sydney developer Macquarie Developments Group has paid about $4.5 million for a 1200sq m corner block at 15 Rosewood Avenue, which sold with a permit for 186 apartments over 39 levels.

Broadbeach Luxe Development, headed by director John Kubatov, has recently launched its six-star, $160-million residential project at 2 Charles Avenue, comprising 28 apartments.

Iris Capital, which generates revenue of $500 million a year from a $3-billion real estate portfolio, has also joined the Gold Coast property rush, lodging plans for a $800-million, two-tower project at Broadbeach’s Niecon Plaza site.

Iris Capital’s project will comprise a total of 333 apartments across its 30-level and 40-level towers, both topped with two sub-penthouses and a penthouse.

 

Article Source: www.theurbandeveloper.com

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