Golf course living popular with buyers

More than $10 million worth of apartments have sold at Rawcorp’s latest project Bellevue at The Glades. The development will feature 58 apartments built across two buildings

NINETEEN apartments totalling more than $10 million in stage one at Rawcorp’s Gold Coast development Bellevue have been snapped up by savvy buyers.

Bellevue at The Glades will consist of 58 apartments built across two buildings, and will be constructed on the fairways of the Greg Norman-designed The Glades Golf Course in Robina.

Marketing Projects SEQ director Kyia Anderson said spacious, affordable homes fronting the golf course were a limited commodity on the Gold Coast.

“Bellevue has been on the market for 12 weeks and the first of the two stages is now 60 per cent sold, appealing to downsizers and first home buyers alike,” she said,

“Both demographics want to feel secure, be part of a community and they like the relaxed lifestyle.”

Two and three bedroom golf course apartments at Bellevue start from $453,000.

The two buildings, which will be built on a 2865sq m site on Glades Drive, will be connected at the podium level.

Residents will have exclusive access to a lap pool, gym, sauna and entertainment area, with two car parks per apartment, and some with golf buggy parking.

It follows the sellout success of Rawcorp’s recently completed Eagle Terraces at the Glades and its Fivechester Terrace development at Southport.

Ms Anderson, who marketed both projects said Rawcorp’s formula delivered developments that met the market in terms of location, size, and price.

“Eagle Terraces comprises nine terrace homes with a mix of spacious three bedroom, three bedroom plus media room and four bedroom configurations,” she said.

“The townhomes, which back onto the water’s edge of The Glades peninsular, sold for between $595,000 and $705,000 with the majority taken up by owner-occupiers.” CONVEYANCING costs are about to become more expensive for those who decide to purchase a new home.

Under new federal laws, buyers of new properties would now have to ensure that the GST owed (on the property purchased) by the developer of the project, was paid to the Australian Taxation Office.

The Queensland Law Society has already alerted its members about the changes, which came into effect on July 1, and warns it means higher conveyancing costs for buyers.

Real Estate Institute of Queensland CEO Antonia Mercorella was also concerned about the changes.

She said once again the ATO was farming out or outsourcing its responsibilities for tax collection.

“It’s the everyday person in the street who bears the brunt of this legislation, which is largely a measure targeting developers,’’ she said.

“It adds a level of red tape to the property transaction and the buyers will be faced with additional conveyancing procedures, which, of course, means additional costs.’’

Queensland Law Society Property Law committee Chair, Matt Raven, said the situation came about because the ATO was concerned it had been missing out on GST revenue it was owed by developers.

“Some developers in the past have completed developments, settled the sales of all their apartments, disposed of all the money or paid it back to the bank and what have you, and then wound the company up without doing their final GST returns,’’ he said.

“That is called phoenixing, the company disappears in a puff of smoke with all these debts owing.’’

“So the gist of the new law is that now effectively the GST or an estimate of the GST has got to be collected and accounted to the ATO on settlement on each sale.

“So the way they have done that is they have put the obligation on the buyer to withhold a proportion of the purchase price.

“So the buyer has to basically not pay that proportion to the seller at settlement and have to account to the ATO for it.’’