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Gold Coast developers are fielding inquiries from interstate and even international buyers driven by COVID-19 to downsize, holiday, or retire in southeast Queensland.

An Australian expat in Florida recently paid more than $2.5m for an apartment in the yet-to-complete $40m Siarn project, by developer Chris Bolger, of The Cru Collective.

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Apart from the American-based buyer the remaining purchasers hail from either Brisbane, Sydney or Melbourne and are either owner-occupiers or lifestyle buyers looking to escape the big cities.

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Recently, at the height of the COVID-19 driven lockdown, a couple from Wollongong, south of Sydney, who are nearing retirement age, purchased an apartment and marina berth at a $140m project known as 1 Grant Avenue at the Gold Coast’s Hope Island. “We are talking completely sight unseen, we didn’t even facetime with him,” says developer George Mastrocostas, of the Aniko Group.

Since its launch one year ago, 99 out of the 105 apartments at 1 Grant Avenue have sold for an average of $600,000 each. “The majority of our purchasers have been from southeast Queensland and the owner-occupier market. “It’s a good downsizer option in the northern Gold Coast corridor on a prime waterfront development site in Hope Island,” Mastrocostas says.

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Excerpt only. Continue reading at The Australian Business Review

Originally published by The Weekend Australian
Article by Lisa Allen, September 12, 2020