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

Weekend Gold Coast Bulletin - Property - - FRONT PAGE - WORDS ALEISHA DAW­SON

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.’’

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