Qld: Luxury Gold Coast apartment sales on the move

AAP General News (Australia)
12-04-2009
Qld: Luxury Gold Coast apartment sales on the move

By Tony Bartlett

GOLD COAST, Dec 4 AAP - Cashed-up buyers are making a splash ahead of Christmas in
the luxury waterfront residential sector on the Gold Coast.

On the northern end of the coast a mansion on the Sovereign Islands has changed hands
for $9 million, while a luxurious penthouse on nearby Ephraim Island has sold for $2.23
million.

The Sovereign Islands mansion boasts six bedrooms and 10 bathrooms.

The $600 million Ephraim Island development has notched up $19 million in sales in
the past three months, on top of a multi property sale to one purchaser of $24 million.

Developed by Mirvac and private developer Lewis Land Group, Ephraim Island is the only
medium density luxury residential development on an island on the northern Gold Coast.

While the general luxury residential market has been patchy on the Gold Coast, there
has been strong demand and a significant rise in the level of inquiry in the past few
months, Mirvac CEO Matthew Wallace said.

"In the past three months, sales have ranged between $600,000 and $1.35 million," he said.

"There were seven new apartment sales in excess of $1 million, four waterfront villas
were sold and four marina berths were sold for between $100,000 and $180,000."

Buyers were a mix of existing Ephraim Island residents, local Gold Coast residents
and interstate purchasers.

David Vertullo, from Professionals Vertullo Real Estate at Paradise Point, said there
has been a wave of buyer interest, including from overseas, for luxury homes and waterfront
apartments.

"Our agency has sold more than $30 million in prestige property in the past month," he said.'

"I believe people are now thinking the worst of the global financial crisis is behind us.

"Australia has fared relatively well by world standards and there is only a strictly
limited amount of prime located waterfront `lifestyle property' available, so they have
decided to act."

Mr Vertullo said comparable properties in Sydney or overseas would be changing hands
at millions of dollars more than they are currently on the Gold Coast.

AAP bart/pjo/goc/

KEYWORD: LUXURY (PIX AVAILABLE)

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