PROPERTY PORTFOLIO
2021 MARKET UPDATE WITH STEVE HUNT | MEDIAHUNT.COM.AU
Iris Capital – ‘Victoria and Albert’, Broadbeach
Little Projects – ‘Aperture’, Broadbeach
Sammut Group – ‘Coast’, Surfers Paradise
SPG Land – ‘Paradiso Place’, Surfers Paradise
NEW MONEY
Southern developers are heading up some of the biggest projects to hit the Gold Coast. BRACE YOURSELVES, The Mexican Wave is coming. Freedom starved southerners are on their way to Queensland, and when we think of a second wave, it won’t be in relation to the pandemic. It will be in the form of the next phase of the boom that Queensland, and particularly the south-east, has been experiencing for the last 18 months. Victorian and NSW buyers still make up the highest proportion of investors to the Gold Coast – representing some 20 per cent of the buyers in the second quarter. And in a sign of the resilience of the Gold Coast market, some 56 per cent of all buyers in off the plan product are owner occupiers – a market that is traditionally dominated by investors. The latest research compiled by Colliers Gold Coast reports a breakdown of data from projects
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marketed by Colliers has shown owner-occupiers are the overwhelming drivers of apartment market sales on the Gold Coast. Of the buyers from south-east Queensland, more than 85 per cent are owner-occupiers. Another interesting observation we have made is the amount of ‘big money’ coming into the south-east. Not that the big money hasn’t been here. One only has to think of Australia’s high-rise king Harry Triguboff, who has made the Gold Coast a happy hunting ground. But Triguboff has doubled down with another site in Surfers Paradise in a strong indicator of his view of the region’s future in a post lockdown, open border environment in Queensland. What is of particular note is the other big players from Victoria and NSW who would never have considered the Gold Coast as part of its investment strategy.
Here’s some that spring to mind. Beckdev, a company founded by the Beck family and chaired by development industry veteran Max Beck, is planning to revive a longlost piece of the Gold Coast’s social history in a landmark residential project at 31-35 McLean Street, Coolangatta, which was home to the Jazzland Dance Palais in the late 1930’s and officially closed in 1951. The developer is working with BDA Architects to create an architectural innovative design for the high-profile site that will be sympathetic to the nostalgia and history of the location, which will be marketed by CBRE Gold Coast. The Beck family are renowned for delivering a foray of quality and landmark developments in Sydney and Melbourne, including one of Australia’s most important heritage building restorations in 333 Collins Street in Melbourne.
