Monroe luxury lures $33m in a fortnight
ALL but one of the units inside one of the Gold Coast’s newest high-end towers has sold out in just two weeks.
In the latest sign of the city’s luxury property buying spree, Lacey Group’s ninestorey Palm Beach tower The Monroe has notched up $33m in sales since it hit the market a fortnight ago. Construction of the Jefferson Lane project is now being fast-tracked. The units were primarily bought by locals with prices ranging from $619,000 to $1.7m.
“A combination of recordlow interest rates and incredibly tight supply has created an environment where buyers are acting quickly to secure a property, resulting in the scenario we have seen at The Monroe, with an entire building all but sold out within weeks of hitting the market,”
KM Sales and
Jayde Pezet said.
“The buyer has the opportunity to capitalise on the heat in the market by purchasing at today’s prices and taking advantage of the anticipated upswing, with the Commonwealth Bank tipping Brisbane house prices to rise 16 per cent to December 2022.
“The Gold Coast generally follows the Brisbane trajectory, so there should be a lot of confidence
Marketing’s in the market over the coming years.”
The Monroe is planned for a site next to Palm Beach Surf Life Saving Club. Early works are set to begin within six weeks before major construction begins later this year. It is the second Lacey Group project to be developed on Jefferson Lane, after the sellout success of the $32m The Jefferson, which was sold out before completion in July 2019.