Issue 20 | Thursday 5 October 2023 | The Changing Face of the Gold Coast’s Heart
Hello, I’m Andrew Bell, and I’m here to provide you with today’s update from this exquisite property located at 32 Village High Road, Benowa Waters.
This property spans two levels, encompassing 774 square meters and boasting an impressive 18 meters of premium waterfront access. This newly constructed, architecturally designed masterpiece offers breathtaking views of the Surfers Paradise and Broadbeach skylines.
As I discuss this fortnight’s report, I encourage you to take a closer look at the video for more details about this property.
Today’s market review centres on Surfers Paradise, one of the Gold Coast’s most iconic and recognisable suburbs, both within Australia and globally. Traditionally known as the heart of the Gold Coast, Surfers Paradise has long been a hub for tourists, primarily offering short-term holiday accommodations. However, recent developments have reshaped the landscape of Surfers Paradise, largely influenced by the ongoing pandemic.
With a significant influx of inter-state and overseas migrants, coupled with growing frustration due to traffic congestion, more people are choosing to call Surfers Paradise home. Many high-rise buildings in the area that were once dedicated to short-term Airbnb-style rentals have now shifted towards predominantly owner-occupied residences, with more than 70% owner occupancy in some cases. The appeal of living in the heart of the city has been a driving force behind this trend, prompting developers like the Meriton Group to plan the construction of additional towers in Surfers Paradise following the success of their initial projects.
Renowned property mogul Harry Triguboff recently expressed his fondness for Surfers Paradise, echoing the sentiments of many who appreciate its beachfront charm. As you drive along Northcliffe Terrace, you’ll witness several new developments at various stages, with some already under construction and others about to commence. Notably, the median sale price for apartments in these developments exceeds $5 million, attracting high-wealth owner-occupiers. As a result, Surfers Paradise has overtaken Mermaid Beach as the most expensive suburb on the Gold Coast.
Surfers Paradise also stands out as one of Queensland’s top suburbs in terms of cash buyers, with nearly 25% of all 2022 sales completed in cash transactions. This is partly attributed to retirees from southern states selling their homes at significant profits and opting for a mortgage-free life on the Gold Coast.
Unsurprisingly, the PropTrack Home Price Index shows a 6.5% increase in house values on the Gold Coast since 2022. Recognising the transformation of Surfers Paradise, the Gold Coast City Council has allocated $40 million for the first stage of revitalisation, beginning with Cavill Mall. This investment not only benefits the 13 million annual visitors but also the growing number of locals choosing Surfers Paradise as their permanent residence.
The Gold Coast’s momentum continues to strengthen, and the success of Surfers Paradise has a positive ripple effect throughout the city. At Ray White, we share this confidence and are excited to announce two new projects, one in Buds Beach and another in Surfers Paradise, which we will share more about in the near future.
Last week, we concluded our September auctions with a total of 53 properties listed throughout the month, with 40 of them going under the hammer at our in-room auctions. We witnessed remarkable success thanks to our experienced auction agents, who are an integral part of our team. Their teamwork has united buyers and sellers, resulting in additional sellers choosing to list their properties for auctions in November and December, culminating in Australia’s leading in-room auction event, The Event, in January.
Ray White Surfers Paradise has been consistently ranked among the top real estate offices in Queensland and internationally for the past 30 years. Our Administration and Operations team also proudly secured the top position in Queensland for the year.
Whether you’re a property owner looking to sell or rent, or a buyer seeking residential or commercial properties, please don’t hesitate to reach out to us. We have the expertise and experience to assist you effectively.
Now, let’s shift our focus back to the captivating 32 Village High Road, Benowa Waters. This modern coastal home exudes Palm Springs design elements, known for its relaxed, effortless, and understated accents, combined with striking curb appeal. Situated just a 5-minute boat ride away from the Nerang River, this luxurious home boasts quality fixtures and finishes, high ceilings, Venetian rendered and stone feature walls, ducted air conditioning, and extensive cabinetry throughout. With 4 bedrooms, 3 bathrooms, a powder room, and a double lock-up garage with room for two additional cars behind an electric fence, this property is perfect for entertainers. It also features a well-designed gourmet kitchen with a spacious butler’s pantry, stone bench tops, and high-quality appliances. Positioned in close proximity to the pristine sandy beaches of Surfers Paradise, Bundall’s popular shopping precinct, Gold Coast Turf Club, state and private schools, boutique cafes and restaurants, Pindara Hospital, and the Botanical Gardens, this property is certain to be sold prior to auction.
All the best. See you in a fortnight’s time.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group