APARTMENTS dominate the roll-call of properties to go under the hammer at this year’s biggest auction event as investors cash in on growing demand for units.
Andrew Bell, CEO of the Ray White Surfers Paradise Group, which is holding The Event, said there had been a spike in activity in the apartment market over the past 18 months, with data showing that Surfers Paradise had the largest volume of property transactions (2,325) nationally in the 12 months to June 2021.
There was also a strong turnover of units in neighbouring Southport and Broadbeach.
“We are still seeing Covid-induced lifestyle changes, where buyers are taking advantage of the still-low interest rates and the ability to work remotely and move away from the capital cities.
“Within that shift, the apartment market is stronger than ever, especially with those who are over 50, retired or semi-retired and looking for an easier, more relaxed lifestyle.”
Mr Bell said the growing interest led The Event team to focus heavily on this sector when sourcing properties for the auction.
“We put a circle around the areas we know have a lot of interest – Main Beach, Broadbeach, Southport and, in particular, Surfers Paradise and have brought together a selection of some of the best apartments on the Gold Coast,” Mr Bell said.
“The Event is all about diversity, and the diversity in the apartment market is outstanding. There’s studios and one-bedroom apartments, sky homes and penthouses, to huge towers with extensive facilities, and small boutique apartment blocks,” he said.
“With prices rising from $200,000 all the way up to $10 million, there is an apartment to suit every need, want and budget.
Among the more prestige properties on offer are Harvey Norman CEO Katie Page’s two-storey penthouse in the M3565 building, which she developed, The Moroccan penthouse at 2-4 View Ave, Surfers Paradise, a full-floor apartment in the exclusive Jade building in a condominium in the Palazzo Versace resort in Main Beach.
“We have units with ocean views, city views, mountain views, ground-floor apartments, top-floor apartments, ultra-modern designs with every mod con, and small, simple and affordable units.”
Mr Bell said there had also been a shift in intentions, with more owner-occupiers, rather than investors, looking for apartments to call home.
“More people want to buy an apartment to live in, rather than rent out as a holiday stay,” Mr Bell said.
Buyers are also doing the math on strata and body corporate costs, and discovering it is more affordable than expected.
“Sometimes people become overly fixated on the body corporate costs associated with apartment living,” Mr Bell said. “Until they do the calculations of how much they pay to maintain their own property with gardeners and pool maintenance etc, more often than not, body corporate costs are far more affordable – and stress free – than they imagined.
“That has become a real bonus for buyers, especially those looking for a simpler,
easier life. Let someone else take care of all of that.”
More than 140 properties will go under the hammer at RACV Royal Pines Resort Gold Coast as part of The Event to be held on Sunday, January 23 from 10am, with a prestige offering at the Sheraton Mirage resort on Friday, January 28 from 6pm.
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