Prestige apartment market awakens

JUNE 2010

Prestige property is showing signs of vitality in the languished apartment sector, according to property agent Chris Litfin.

The comments follow the sale of two beachside apartments totalling more than $8 million in separate projects developed by Amalgamated Property Group (APG).

The sales were realised at two beachfront apartment projects, the $90 million Eclipse at Broadbeach and the $76 million Element at Burleigh Heads.

More than $50 million in sales have been achieved across the two projects this year. More than $27 million of these sales ranged in price from $1.65 million to more than $4 million – at an average of $3 million.

A local buyer shelled out $4.2 million for a 634 square metre penthouse perched atop Element’s beachfront tower with sweeping views over the Gold Coast. The three bedroom penthouse includes a home theatre plus study and has a private pool on the roof deck.

Another apartment has sold for more than $4 million in Eclipse, after two high floor apartments were merged to make a sprawling single residence over 400sqm. The apartment will feature a massive frontage of nearly 30m directly facing the Pacific Ocean.

“The sales demonstrate that the prestige market is healthier than what many people think, and shows particularly strong demand for beachfront boutique apartments,” says Litfin.

“We’re not only seeing more interest but we are converting sales that last year were somewhat harder even though sales continued to tick over. The signs of life are there and what’s interesting is that buyers are predominantly local or have a long affinity with the Gold Coast and have invested here in the past.”

APG is headed by Barry Morris and Graham Potts, the duo responsible for projects including Verve apartments at Broadbeach, Ivory at Burleigh Beach, Sierra Grand Residential Resort at Broadbeach and Element.

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