Weekend Gold Coast Bulletin - Property
A place to linger for a lifetime
Paradise Waters homeowners don’t move very often, and when they do it’s usually to go just down the street
WHENEVER agents talk about sales in Paradise Waters, I can’t help but think of that classic line from the Eagles song Hotel California – “You can check-out any time you like, but you can never leave.”
This seems to be reflective of those who live in the exclusive Surfers Paradise enclave, the only difference being that residents don’t want to leave.
A high percentage of Paradise Waters homeowners who sell, end up buying another property just around the corner, or down the street.
For example, Karen Pirie of Amir Prestige sold a Bayden Goddard-designed home offmarket at 21 Buccaneer Court to a buyer already living in the area. Seeking to downsize, they paid $3.8 million, which Ms Pirie said was well above the previous sale price for a comparable double-storey home in the enclave.
Ms Pirie also signed a $3.96 million deal for a block of land at 121 Commodore Drive. . The block, which has DA approval for two, three-level plus basement residences, was purchased by an existing Paradise Waters resident looking to build their dream mansion.
It’s set to be a doozy with the owner stumping up $500,000 more than what was last paid for a block of a similar size.
Slightly farther along Commodore Drive at No. 145, Russell and Bob Rollington of First National nailed a sale for $4.75 million. The house was the investment property of a Paradise Waters resident, with the buyer also coming from within the precinct.
Russell Rollington said with little more than 300 properties in the enclave, gaining a foot in the door was difficult and many of those who already owned properties were reluctant to sell.
“Residents there know what they like and stick to what they know,” Mr Rollington said.
In a deviation from the trend, the Rollingtons also sold a mansion at 105 Commodore Drive for $5.25 million, but this one went to a buyer from Brisbane and the owner was from overseas. It sold in less than a week of hitting the market.
Anyone looking to buy in Paradise Waters needs to have fairly deep pockets, with most waterfront properties starting at a minimum of $4.5 million for a knockdown property.
“Its exclusivity has always meant that it is in demand but I have seen inquiries for the area rise dramatically in the past six months,” Mr Rollington said.
“I know people who are desperate to get in there but cannot find anything. When things do come up, buyers have to jump quickly.”