This article is from the Australian Property Journal archive
BUYERS from NSW and further south are flocking to a Gold Coast residential tower that is averaging $20 million in sales each month, in a sure sign that the COVID seachange is still on the table for many Australians.
Global developer MRCB International’s project 26 Vista launched to the market towards the end of February and has seen two-thirds of all sales come from interstate and international buyers seeking a coastal lifestyle switch.
MRCB International last month announced it had secured $300 million in funding from MBSB Bank for the 51-storey tower, which will have 280 apartments and six townhouses.
The majority of purchasers are between the ages of 30 to 60, with 30% of sales to date coming from NSW alone, the Malaysian property developer said.
A recent CBRE report found that the Gold Coast experienced the second-largest population growth among major Australian cities at 2.2%, which is largely being led by “metro-movers” from Sydney and Melbourne. Australian Bureau of Statistics data shows that close to 87,000 Australians moved to Queensland between June 2020 and June 2022 as Melbourne in particular fell into extended lockdowns.
“We noticed the growth in interstate migration to the Gold Coast from the southern states and the high demand within the region. This, coupled with the forecasted lack of dwelling supply, drove our decision to invest in Surfers Paradise. The fact that the site that we purchased was in an enviable location influenced the decision,” MRCB International CEO, Ravi Krishnan.
Recent council population data forecasts that by 2041, the Surfers Paradise population will have nearly doubled and it is estimated that of that, close to 85,900 people will live in high-rise towers.
Design by DBI Design, 26 Vista offers a range of apartments from one, two and three-bedroom floorplans, each offering views over the ocean, towards the river, hinterland and beyond.
A builder is yet to be appointed but MRCB International expects to do so by the end of the year, and is targeting a 2026 completion date.
