This article is from the Australian Property Journal archive
MALAYSIAN conglomerate MRCB’s $500 million Vista tower has clocked the best sales results of the Gold Coast’s crowded apartment market, as the traditional beachside strip between Surfers Paradise, Broadbeach, and Burleigh Heads continued to outperform.
A total of 46 apartments were sold in Vista in the December quarter for a total value of more than $60 million, at an average weighted sale price of $1.434 million – almost twice the volume of sales than any other project during the final quarter of last year, according to new Urbis data.
The figures showed apartment sales remained strong on the glitter strip despite the challenges of construction costs, with more than 236 apartments sold in the three-month period. While this was barely half of the 470 sales Urbis clocked in the September quarter, that had followed just 200 sales in the three months to the end of June and 211 in the March quarter.
“We’re seeing consistent sales results being achieved along the Gold Coast despite the current interest rate environment, and we think this reflects a solid level of local buyer interest as well as the continued migration from the southern states and those downsizing from existing homes into apartment living,” said Urbis director Paul Riga.
Riga said rising construction costs, which were impacting the viability of projects, had constrained supply but those with the delivery capability and experience to take projects to the market and construct were continuing to launch new projects.
Vista has been a standout performer in the Gold Coast market with 139 – almost half – of the 280 apartments in the project sold to date for a total value of $170 million.
Vista sales agent Matt George, who heads the national agency Urban Activation which sells high-end projects across Australia, said the sales in Vista reflected a ‘flight to quality’.
“Buyers are more aware and searching for well-funded developers undertaking well-finished high-quality projects in good locations near the beach with a guaranteed commencement of construction and delivery by a tier one builder,”
He said the developers of Vista are a “solid multi-national company with a large balance sheet and the project they have introduced in Vista is of premium quality”. It is designed by local architects DBI.
Second behind Vista for apartment sales in the quarter was stage one of Marina Point, with 26 sales out of the total 44 available, at an average of $1.399 million.
That was closely followed by Crest Broadbeach (an average of $1.09 million) and Isabel by Mosaic ($3.8 million), both with 25. Crest Broadbeach has 116 of the 182 remaining, while Isabel has three of its 28.
Stage one of the under construction Iconica netted a further 23 sales, with 295 remaining of the 382 total apartments. The average sale price was $1.298 million.
Over summer, Luxcon Group brought forward the release of stage two and began construction on its luxury Broadbeach tower after the $75 million sell-out of stage one, while prolific developer George Mastrocostas was given the green light for a $2 billion, four-tower development in Mermaid Beach that will be one of the biggest ever built on the Gold Coast, and deliver 821 residences.
Private consortium Bastion unveiled plans for a $140 million luxury residential tower with 87 residences on Chevron Island.
