105 Better by the Water

LIFE IS BETTER BY THE WATER

The Gold Coast has emerged as a leading lifestyle haven off the back of COVID-19 and the appetite for waterfront property has never been greater.

21 Saxonvale Terrace, Mermaid Waters

WORDS JANELLE ESTREICH

LATE ON A SUNNY Sunday afternoon, a crowd gathers on the tiled terrace of 34 Bulolo Avenue in the northern Gold Coast suburb of Runaway Bay.

Set on a point position and facing due north to the Broadwater and South Stradbroke Island, all eyes are on the spectacular expanse of sparkling blue in every direction.

On any other day, kids might be splashing in the pool while parents sip drinks with friends or take their time unpacking the boat after a day on the water.

But today there is tension in the air as 11 would-be buyers line up for a tilt at the five-bedroom residence boasting 38 metres of water frontage, one of the widest in the area.

An opening bid of $2,500,000 sets off a flurry of activity, the auctioneer working overtime to call some 68 bids in just over 17 minutes before the hammer finally drops at $3,950,000.

The result stuns everyone present, including the buyer – who exceed their pre-auction price limit by $500,000 – and the seller who yielded $950,000 above their reserve price and a staggering $1,225,000 more than they had paid for the property only seven months earlier.

The scene is familiar enough across the Gold Coast as the demand for blue chip property surges in the 12 months since the onset of the COVID-19 crisis.

And while sunshine, the city’s safe-haven status, and a laid back culture are part of the allure, when it comes to real estate the three major draw cards are water, lifestyle and sand.

“Australia’s love affair with waterfront living is stronger than ever,” says Michael Kollosche, Managing Director of prestige property agency Kollosche, who has been selling the city’s best waterfront real estate for more than two decades.

“Australians associate lifestyle with water, the beach and that seachange opportunity and homes on the water have become ‘lifestyle havens’.

“What greater luxury is there than the ability to walk out your back door and jump on a jet ski or grab your surfboard and step straight onto the sand?”

Data from property listings platform realestate.com.au (REA) shows that search activity for homes by the water or beach increased by more than 30 per cent in the six months to December 2020.

Southern and central beachside suburbs are high on the hit list, with Tugun, Mermaid Beach, Palm Beach, Burleigh Waters, Currumbin, Miami and Mermaid Waters among the top 10 most searched suburbs.

“The Gold Coast has always been a very popular area for buyers and COVID-19 has accelerated this interest,” says REA Chief Economist Nerida Conisbee.

“The combination of people working remotely, so they’re not tied to a capital city, and also searching for more space and a better lifestyle is really driving people to the Gold Coast.”

And lifestyle-driven buyers aren’t afraid to splash the cash.

When compared to pre-pandemic times, views on properties priced $1,000,000 and above have risen by 6.6 percent while those shopping for homes priced over $10 million has surged by a whopping 150 per cent.

While some of those searches could be attributed to lockdown dreaming, record price points suggest that buyers are prepared to pay a premium for lifestyle real estate.

The Broadbeach Waters main river estate at 297-299 Monaco Street owned by Gold Coast

34 Bulolo Avenue, Runaway Bay

'Tidemark' 45-51 Albatross Avenue, Mermaid Beach power couple Billy and Jackie Cross fetched $12,500,000 in January while the same month another main river estate at 139-141 Monaco Street achieved a street and suburb record of $12,800,000.

In February a Melbourne buyer paid $15,750,000 for a four-level beachfront home on Hedges Avenue in Mermaid Beach, with all sales handled by Kollosche.

Earlier this year Kollosche set a new record inside Palazzo Versace where an interstate buyer paid $6,420,000 for a penthouse with a large marina berth.

Last month a tri-level waterfront entertainer at 21 Saxonvale Terrace, with pontoon and jet ski dock, sold for $3,410,000 in a new suburb record for Mermaid Waters.

“Even at the top end of town we’re handling more enquiries, seeing greater numbers at open homes and registering more bidders at auction than ever before,” says Michael.

“That level of competition combined with low stock levels and record-low interest rates is fueling a frenzy of buying activity and exceptional sale prices.

“The flight to luxury and lifestyle is very much tied to property on the water – be that the beach, main river, canal or lakeside – and the Gold Coast is fortunate enough to have it all.”

Closed international borders and a concerted push to ‘holiday at home’ is also driving demand for lock and leave luxury apartments in key waterside locations on the Gold Coast.

Interstate and Brisbane buyers are snapping up well-appointed weekenders, but locals are very much in the mix too, trading large established homes for spacious apartments in residents-only boutique buildings.

Off-the-plan apartments in projects such as White Main Beach have sold out in the past four months with buyers excited by the prospect of walking to the beach and Tedder Avenue for coffee, skipping over to Marina Mirage to launch the cruiser or to indulge in a spot of shopping.

Similarly, the lure of lakeside living has seen a run of sales in The Lanes Residences – part of the Sunland Groups’ master-planned community The Lakes in Mermaid Waters – where limited stock remains inside two high-end apartment towers.

“That lifestyle where you can wake up to water with close amenities is very appealing and people have fast-tracked plans to relocate or buy that second residence,” says Michael.

“The water becomes an extension of your home and a licence to indulge a lifestyle that lends itself to watersports, fishing, boating and outdoor entertaining.

“Even with the current price growth, Gold Coast real estate offers exceptional value for money when compared to buying on or near the water in most other Australian cities.”