COASTERS IN FAST LANE
A PERFECT storm of wealthy new residents, an expanding economy and a flurry of new models is making the Gold Coast the luxury car capital of Australia.
While the segment nationally has softened slightly from its record peak in December 2016, dealers say sales on the Gold Coast continue to grow, with most luxury carmakers now holding long waiting lists as demand far outstrips supply.
Makers are scrambling to build dealerships in the city, with a $10 million Bentley, Maserati and Lamborghini showroom announced for Southport, and Ferrari set to open a GC base in July.
The city is already the Queensland base for Rolls Royce, Aston Martin and McLaren.
Sellers of the vehicles, in many cases carrying price tags well over $1 million, say Gold Coasters themselves are becoming wealthier and there are more well-off people moving here from southern cities.
They also credit their success to the Gold Coast’s “if you’ve got it, flaunt it” attitude.
Ferrari’s Australasian CEO Herbert Appleroth, a Bond University Commerce graduate, said the 4212 postcode, which takes in Sanctuary Cove, Helensvale and Hope Island, had the highest concentration of Ferrari owners in Australia.
“I think naturally Gold Coast also has people who have moved from other places and don’t mind communicating they’re successful,” he said.
“They’re a lot braver and less conservative than some other parts of Australia and when someone’s successful they want the best.
“In Australia there’s a lot of wealth being generated in the last five to eight years in industries that are open to younger people – developers, real estate agents, specialised trades. The level of confidence in our owner base is incredible.
“We're in expansion mode, we’re very robust on the economy here, all signs are extremely strong.”
Porsche sold 70 vehicles in January alone, with nearly all of them going to Gold Coast residents and Gold Coast dealer principal Damien Holley expects he’ll deliver scores more before the year is out.
“Sales of our sports car range are up significantly.
“The 911 GT3 has been selling extremely well – it’s very difficult to supply all of our customers – there are waiting lists and customers are willing to put their names down for several months or even years.
“This year we’ll deliver more than 15 911 GT3s and eight 911 GT2 RS vehicles on the Gold Coast – and the GT2 RS are circa $800,000 driveaway.
“Our sales are a very good barometer of how well the economy is going on the Gold Coast – if people are looking to buy luxury cars, it means the economy is doing well.”
Clinton Wright, of Autosports Group, said 26 per cent of Maserati sales and 30 per cent of Bentley sales were made to Gold Coasters.
The ASX-listed group will next month launch a threemonth display in Pacific Fair while it builds its $10 million new showroom on Ferry Rd.
“(This year) is very exciting for both brands with Bentley launching the all-new Bentley Continental GT. This will be launched under the Bentley Gold Coast name at the Sanctuary Cove International Boat show in May.”
The Queensland dealerships for Rolls Royce, Aston Martin and McLaren are based at the Sunshine Group’s showrooms in Southport.
General manager Paul Hewitt said new models set for release, including a muchanticipated Rolls Royce SUV and the latest McLaren 7205, were fuelling increasing demand from buyers.
Aston Martin’s Vantage is so popular the 2018 model is already sold out.
“All the economic conditions are there for people on the Gold Coast to be enjoying the successful fruits of what they’re doing,” he said.
“These locations are not here by accident, they’re analysed carefully to see whether there’s a commercial need for a dealership.”
McLaren sales manager James Read said the McLaren Senna, a right hand-drive “hypercar” which sells for $1.7$2.5 million, was yet to be released but had sold out.
“It’s not a car that’s been offered here before because the market wasn’t right, and that goes to show the strength of the market here. You will see them on the roads here on the Gold Coast.”
Mr Appleroth said Ferrari’s customers, generally high net worth individuals, were highly attuned to economic trends.
“I think our customer base is ahead of the curve, so the curve that you see from the Reserve Bank, that’s already been set by our customers, our customers are the ones who are investing and moving forward,” he said.
“When I was running the Japan market and (Prime Minster Shinzo) Abe just came in, he actually came out and said, look at Ferrari sales, and you see how they’re increasing dramatically, that means the economy is on the move – they actually used us as an indicator of what’s to come.”
ALL THE ECONOMIC CONDITIONS ARE THERE FOR PEOPLE ON THE GOLD COAST TO BE ENJOYING THE SUCCESSFUL FRUITS OF WHAT THEY’RE DOING
PAUL HEWITT