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Andrew Bell’s Market Wrap: Island Living in the Heart of Surfers Paradise

By Andrew Bell

Issue 22 | Thursday, September 24th 2020 | Island Living in the Heard of Surfers Paradise

Hi, Andrew Bell coming to you from the perpetually perfect weather zone of the Gold Coast.

I am coming to you today from Chevron Island. It is so easy for the words ‘Chevron Island’ to roll off your tongue without realising the significance of the word ‘island’. Throughout the world the thought of an island conjures up romantic ideas and a sense of something special, and indeed we are so blessed to have a very small number of islands here on the Gold Coast: Chevron Island, Isle of Capri, Sovereign Island and Ephraim Island to name just a few. Of the exclusive list of islands there are only two in the heart of our city and those are Chevron Island and Isle of Capri. Think of all the countries around the world and how many have exclusive small residential islands in the heart of their city. It is so unique, yet we take it for granted every day of the week.

Real estate values are so tied to location – to position, position, position. The most expensive real estate in most parts of the world are in the areas closest to the CBD. Values drop the further you are from the CBD as it is the land value that comes from the central location that adds to the value of a property.

Whilst I am sharing these thoughts, I will share with you the vision of just 1 property that typifies the opportunities that exist to live on Chevron Island and to enjoy the quality of life it presents. Just a couple of minutes’ walk and you are on the beach at Surfers Paradise and you have all the restaurants and other attractions of the heart of the city. There is a great coffee shop and neighbourhood precinct on Thomas Drive on Chevron Island. To the southern side, a newly built pedestrian bridge links Chevron Island to the HOTA, our Home of the Arts and our cultural centre. To the west, a bridge connects to major thoroughfares that will take you anywhere north or south of the city.

It is no surprise that Chevron Island is undertaking a complete revitalisation with wonderful waterfront homes, villas and townhouses wrapping right around the riverfront, and with new modern apartments under construction to provide that inner-city living that many people seek. Remember, it is an island. How amazing to be able to live on an island in the heart of the city?! This property at 3/56 Stanhill Drive we are showing you is 3-bedroom, 2-bathroom townhouse spread over two levels with two living spaces, an internal lift, its own plunge pool, and two large courtyards. This is a fine example of island living in the heart of the city.

Islands such as Chevron Island are true gems of our city. We know how prominent Isle of Capri is as a well-established, up-market housing precinct, but Chevron Island has truly come of age and will be one of our giants of the future as we see significant investment in upgrading the island, and so it provides opportunity whilst still an affordable island to get in and capitalise on all the price growth that will follow.

One quick point to follow up on all the massive interest I have been getting about the wave of southerners buying on the Gold Coast. That is we see a report that was released a month ago showing that Melbourne’s million dollar suburbs have suffered the biggest drop in value, losing up to 12%, whilst Sydney’s inner-west and North Sydney regions have also dropped sharply. These are only early days of how COVID-19 and the economies of our southern states will affect real estate prices, and so consequently it will ultimately mean less equity in peoples homes in our southern states preventing many from making a transition to Queensland, whilst for others it means they won’t have the same dollars to spend up here. There is a mistaken belief that somehow our southern buyers are going to pay prices significantly higher than local buyers, but they are not fools. They have access to all the amazing research tools that give them valuations of properties online and in 10-minutes, and so as their personal circumstances down south become more and more challenged we will probably see a drop in the volume and a drop in their financial capabilities.

For now, it remains an excellent market here on the Gold Coast and we are no different to all others in the real estate industry where we have significantly more buyers than sellers. For sellers, it is an opportunity that should be seized upon as we march through our traditional busy spring selling season. If you are thinking of selling please complete the contact form below and we would be only too happy to provide you with an appraisal and a bit of an update on the market.

Who would want to be anyone other than an Australian? I’ll be back with you in a fortnights time.

Stay safe

Warm Regards, Andrew Bell

Kind regards,

Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group

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