Gold Coast Property on the rise again (24/06/09)
It seems that the waiting game for Gold Coast prestige property prices to bottom out has come to an end with cashed up city millionaires madly rushing to buy before prices soar again.
Almost $27 million has been spent on Gold Coast luxury apartments in the past fortnight, including $2.75 million for a penthouse in the Ambience twin tower development at Burleigh Heads.
A Brisbane couple, who did not want to be identified, bought the 15th floor penthouse.
The penthouse has three bedrooms and a study, three car parking spaces and an 86sqm wrap-around balcony offering sweeping ocean views.
Buyers are realising that prices aren’t getting any lower and brand new developments are becoming more harder to come by.
People have been sitting on their cash, but the property clock is at the bottom. People thinking they will sit around trying to pick the bottom of the interest cycle — they’ve missed it — it was two months ago.
Most of the buyers were from capital cities.
They’re from Brisbane, Sydney and Melbourne and they’re seeing the value in our top end.
They’re doing their research and they’re buying based on quality and location. They’re not buying based on price but they’re still getting good value.
Two other Ambience apartments have sold in the past two weeks including a three-bedroom, 13th floor apartment for $1.6 million and a three-bedroom, third floor apartment for $1.2 million.
The towers were finished in January and house 95 units, with only 15 left for sale.
Other Burleigh Heads apartment sales in the past fortnight include the penthouse and sub-penthouse at Ivory for $4.85 million and $3.8 million respectively.
The penthouse in the second Ambience tower, which is identical to the one just sold, is expected to sell quickly.
Four people, including some from Sydney, are ‘flashing their cheque books’ and have shown interest in the apartment in the past few days.
When it rains it pours.
Burleigh Heads appeals because it’s a touch quieter, families come back year after year on holidays and it’s an easy drive from Brisbane.