High style, low prices Interstate buyers amazed by value on Gold Coast compared to Sydney
hannah.sbeghen@news.com.au A REMARKABLE three for the price of one deal has Sydney buyers piling into the Gold Coast real estate market.
Southern agents are advising investors their money is better spent on the Coast, where the average price for a unit in Surfers Paradise is $370,000 compared $1.041 million for the beachside suburb of Bondi – almost three times the price.
Prominent Sydney agent John McGrath, of McGrath Real Estate, who is on the Gold Coast to host the 20th annual Australasian Real Estate Conference, is among those advising clients to look north.
“I am still sending them north, I think this is still the place to be,’’ Mr McGrath said.
“I think the value for money is compelling – you can still buy properties here in some instances for a third or a quarter of the equivalent in Sydney.
“In Sydney now we are selling for $800,000 or $900,000 one-bedroom units and I look at that and I think well, you can buy one for a third of the price of that on the Gold Coast in an equally beautiful location, or you could buy a house on a canal for a similar money.’’
A glimpse at properties on the market at realestate. proves Mr McGrath’s point.
In the middle of Sydney a luxury apartment at 18/155 Macquarie St comes with an eye-watering price tag of $4.7 million to $4.8 million. The 214 sqm apartment comes with three bedrooms adorned with crystal louvres.
Further north, a two-bedroom, one-bathroom unit at 7/134-138 Ocean St, Narrabeen is on offer for $1.1 million to $1.2 million.
Head down to Bondi and a dozen blocks from the beach is a stylish unit at 15/64 Penkivil St with “ocean glimpses” will set you back $1.475 million.
But on the Gold Coast buyers can nab a beachfront unit off the plan at Palm Beach’s latest development, The Jefferson, for a mere $525,000.
And for the same price as a small unit in Sydney, buyers can live in luxury on the Coast in a stunning unit at 1153/1 Lennie Ave, Main Beach, on the market for $1.225 million.
In the heart of Surfers Paradise, a two-bedroom,