Flocking to waterfront
Reeling in big buyers from far and wide
BUYERS from out of town are driving the Gold Coast’s waterfront property market.
Adding to the traditional winter shortage of stock is the fact listings are being snapped up quickly as Sydneysiders compete with locals, says Harcourts Broadbeach-Mermaid Waters principal licensee Wendy Lenaghan.
“If I was to list a new waterfront property, the first weekend (open home) I would probably have 20 to 30 people through,” she said.
“We’re definitely seeing stronger interest from Sydney buyers right across the board.”
Ms Lenaghan said waterfront renovators had been particularly sought-after, as people looked either for a way into the market or for a chance to add their own character to a classy property.
Clear Island Waters specialist Oresti Astras, of Astras Prestige Property, estimated foreign and Australian-based Asian buyers were responsible 10 Mercedes Place, Bundall: Five-bedroom, four-bathroom house. Auction on August 1, 11am
29 Acron St, Elanora: Three-bedroom, twobathroom house. $765,000
65 McLeod St, Condong: Two-bedroom, onebathroom house. $400,000 to $445,000
12 Verdichio Ave, Mermaid Waters: Threebedroom, two-bathroom
for 80 per cent of their waterfront sales above $1.3 million.
He said that trend reversed for sub-$1.3 million waterfront homes, which were often picked up by locals upgrading from dry blocks.
With the area maturing, he noted the primary uplift in activity revolved around vacant wet blocks where buyers could build in a premier position. house. Auction on August 9, 11am
46-48 Norseman Ct, Surfers Paradise: Five-brm, seven-bthrm house. Offers over $12.5 million
19 Herbert St, Upper Coomera: Five-bedroom, three-bathroom house. Offers over $1.3 million
4/17 Canal Ave, Runaway Bay: Three-bedroom, twobathroom unit. $525,000
While not commanding the same premium as the beachfront market, Ms Lenaghan and Mr Astras agreed the waterfront sector was popular as a lifestyle choice.
“People (choose) waterfront properties as they believe it epitomises Gold Coast living,” Mr Astras said.
“They want to go to breakfast or dinner on their boat.”