Beachfront tower fetches high prices
A ‘THIRST’ for large apartments in boutique buildings has led to several on Bilinga’s beachfront fetching eyewatering prices.
Three in the new Crest on Pacific building at 96 Pacific Pde have sold for more than $1.7 million each.
The prices earned them positions in CoreLogic’s top-10 list of highest sales last week.
The penthouse was snapped up for the highest price at $2.25 million.
The apartments on the next two levels from the top sold for $1.9 million and $1.75 million respectively.
DJ Stringer Property Services principal David Stringer, who marketed the apartments, said the deals were penned more than a year ago but the ink had only recently dried following the building’s completion.
He said most of them had sold off-the-plan before work on the development had started.
“There are only six units in there, five out of the six have sold and settled,” he said.
“It’s a boutique building in a beachfront position. They were all sold before ground broke.”
Mr Stringer said they attracted a mixture of local and interstate buyers, most of whom were Baby Boomers looking for a place to relax and unwind ahead of retirement.
While position was always important, he said it was the size of the apartments that got the sales over the line. “It’s the fact that they are the size of a house more or less, it’s what people want.”
Latest CoreLogic data shows the median price for a unit in Bilinga is $678,000, and $680,000 for a house.
The average number of years residents held on to their properties was nine and 11.5 respectively.
Mr Stringer said modern apartments were hard to come by in the area so when new ones hit the market, they were often snapped up quickly.
Those along the “Golden Mile” – which is considered the beachfront esplanade of Bilinga and North Kirra – were rarer.
“There’s a real thirst for boutique apartments along the Golden Mile,” Mr Stringer said. “Anything on the coastal strip is in strong demand. It doesn’t slow down either.”
He said demand was only going to increase with spring selling season, traditionally the busiest time of year for the Gold Coast property market, fast approaching.
“We need more product, the demand is overwhelming WITH JESSICA BROWN & MIKAELA DAY at the moment,” Mr Stringer said. Crest on Pacific is one of three projects built in the area by a local family-run development company.
Mr Stringer said the other two projects, Seychelles on Pacific at 102 Pacific Pde and Bluewater on Pacific at 174 Pacific Pde, had also sold quickly.
“It just goes to show the demand for those,” he said.