Gold Coast property : Race to downsize into lap of luxury

THE Gold Coast is renowned for its luxury beachfront living with towers dotting the coastline.

But now buyers are gravitating to apartments that are often bigger than suburban houses, according to leading real estate agents.

Jayde Pezet, of KM Sales & Marketing, said the Gold Coast off-the-plan market had been underpinned by luxurious beachfront sales – a trend he expected to continue as the borders opened and southerners sweep into the city for summer months.

“The strength of the off-the-plan market is heavily focused on the luxury downsizer, whether local or interstate, wanting to downsize to luxury homes and live in properties that have unobstructed ocean views or views that cannot be built out,” Mr Pezet said.

“On the Gold Coast we have witnessed a phenomenon since the pandemic that shows no signs of abating, and this is driven by people who want to downsize but don’t want to sacrifice space and luxury.

“Some of the developers we are working with have tapped into this distinct shift in strength away from the traditional investor market that normally underpins the Gold Coast, now transferred to the downsizer.”

“Coast” development at 43 Garfield Terrace, Surfers Paradise sold for $8.775 million.

Just last week Tolemy Stevens, of Harcourts Coastal, inked an $8.775m off-the-plan deal in Surfers Paradise tower “Coast”.

The whole floor apartment on the 30th level will have four bedrooms, a study, butler’s pantry and wine cellar.

“We’ve had a fantastic spread of buyers from the Coast, Brisbane Sydney and Melbourne,” he said.

“The Gold Coast market, in my opinion, compared to markets in Sydney and Melbourne, represents amazing value.”

“It’s quite scary that in four to six weeks we’re going to have anyone that is eligible from Sydney and Melbourne racing to the Gold Coast to secure real estate and enjoy the beautiful lifestyle.”