Gold Coast luxury market going strong

Print Friendly, PDF & Email

A LUXURY beachfront project in the Gold Coast has achieved more than $50 million in sales over the weekend across almost 80% of its apartments.

Brisbane-based Spyre Group’s $77 million Natura project launched on the Burleigh Heads Esplanade on Saturday. By Sunday afternoon, only eight of the 33 luxury, three bedroom apartments – priced from $1.85 million – remained for sale.

“We have never seen anything like this. We had people queueing up early on Saturday morning to place deposits on apartments,” marketing agent Nick Clydsdale of CBRE Residential Projects Gold Coast said.

“This type of sellout or near sellout was relatively common during the boom in the capital markets but I’ve never seen this in a lifestyle market.”

Burleigh Heads has more than $1 billion in development activity either planned or underway, including more than $500 million in residential development.

All of the apartments are three bedrooms with no more than two apartments per floor. Clydsdale said these are very hard to find in Burleigh Heads, and there had been high demand from interstate and local downsizers for this type of product.

Buyers comprise predominantly of local owner occupiers from Burleigh or surrounding Gold Coast suburbs trading up, with around 30% coming from interstate.

Natura will rise 17 levels on a 1,011 sqm site located at 112 The Esplanade. Currently on the site is a mid-level apartment project launched by Mimi Macpherson, the sister of Australian supermodel Elle, some years ago. The building will be demolished to make way for the new tower and construction is set to begin in 10 weeks.

This will be Spyre Group’s third Gold Coast project, following on from its $79 million Elysian Broadbeach tower, which is nearing completion, and the $25 million boutique Maya Kirra Beach that is due for completion mid-year.

Apartments will have 211 sqm of living space. Natura has been designed by Brisbane-based architectural firm Bureau Proberts which has a portfolio of residential developments across Australia, Asia and the UAE.

Related posts

Prestige property developer snaps up Cronulla block

PRESTIGE home developer Hamid Samavi of Orosi has splashed out $11.1 million for a Cronulla unit…
Read more

Bullish developers press ahead with $1bn projects

FOUR Queensland development companies pushing ahead with more than $1 billion worth of residential…
Read more

Prestige residential appetite defies pandemic

DEVELOPER Crown Group has sold $63 million worth of apartments over February, March and April…
Read more