Unit sales heat up on Chevron

CANNES Waterfront Apartments project, on Surfers Paradise’s Chevron Island, was named the fastest selling new Gold Coast apartment project in the first quarter of 2020, with 61 of its 96 units sold in a three month sales rush.

The Urbis Gold Coast Apartment Essentials Report found 265 new apartments were sold across the Coast between January and March with 41 per cent of sales in the Surfers Paradise catchment.

The Gold Coast Central Precinct, which takes in Surfers Paradise, Broadbeach, Main Beach, Southport and Labrador, trumped all other precincts for price growth, with new apartments recording a $135,443 increase compared to the average sales price recorded in the fourth quarter of 2019.

Sales at Cannes and a further 10 sales at its nearby Catalina project on Chevron Island gave developer Marquee Development Partners a 27 per cent market share of all new apartment sales on the Gold Coast.

Buyer demand has continued during

COVID-19, with sales at Cannes since March bringing the project to more than 80 per cent sold, after 70 apartments sold for more than $54 million.

Marquee Development Partners CEO Mark Spedding said the success of both Cannes and Catalina was attributed to the right mix of location, apartment product, pricing and amenity.

Urbis senior consultant Lynda Campbell said buyers were favouring Surfers Paradise again due to the introduction of boutique high rise projects with larger apartments and premium amenities.

Cannes Waterfront Apartments are priced from $564,900 to $2.55 million while apartments in Catalina on Chevron Island are priced from $569,000 to $1,119,900.