Penthouse unit in $5m advance sale
A LUXURY penthouse in an still-under-construction Gold Coast high-rise has sold for $5 million as hungry buyers continue to snap up prized real estate.
The mystery buyer purchased the top-level unit in the $75-million Vue Broadbeach tower more than a year before the development is expected to be completed.
Sales manager Sarah Andrews said the buyer was “taken” by the tower’s quality and range of residential offerings.
“The overall design, which is very organic, will provide a real point of difference from the outside, while inside will feature a resident’s lounge, sauna and alfresco barbecue areas,” she said.
Ms Andrews said sales had been strong since it launched at the beginning of the year, with just 15 apartments left.
Buyers are being lured in with the promise of low body corporate fees in the tower, which will feature an entire floor of residential facilities.
The developer has allowed buyers to amalgamate multiple lots and provided architectural and design service for any new amalgamated apartment plans.
Construction began in May on the 25-storey tower, which will have 71 units.
It comes as property figures released last month revealed units were selling rapidly across the city, with some remaining on the market for just a handful of weeks
Units in Burleigh Waters, Currumbin Waters, Mudgeeraba, Tugun and Miami are lasting between 23 and 25 days on the market.
Ms Andrews said there had been an influx of older Gold Coasters relocating to Broadbeach.
“Downsizers are opting for Broadbeach as a sea change location as it has patrolled beaches, the light rail at the end of the street, The Star Casino, Convention Centre, Pacific Fair and plenty of restaurants and night-life,” she said.
The growth of the market is also being reflected in the city’s south, with unit sales in Palm Beach rising 22 per cent in the past three years.
The strong sales have also been matched by a growth in the value of Coast properties.
A CoreLogic report released earlier this month revealed the Coast had recorded the second highest property value growth across regional Queensland in the 2016-17 financial year.
However, it also showed the number of homes selling on the Gold Coast has fallen 12 per cent compared to the previous year while sales volumes were 8 per cent below the five-year average.
THE OVERALL DESIGN, WHICH IS VERY ORGANIC, WILL PROVIDE A REAL POINT OF DIFFERENCE SARAH ANDREWS