The third and final stage of the $700 million
Southport Central development on Queensland’s Gold Coast has sold out in a marketing campaign led by
Developed by the now-defunct
Raptis Group, the three tower, 788 apartment residential development sold out in the last 12 months with 70 of the final 92 apartments sold to a majority local market with Asian origins, further increasing the growth of the Chinese community in Southport as its demographic shifts.
Mark Worth, Director of Residential Project Marketing at Colliers International said that demand has been unprecedented. Mr Worth said Colliers International Gold Cast Project Marketing was appointed by Receivers 18 months ago to market the remaining 92 apartments in Tower 3.
“Chinese investors, who make up the largest percentage of buyers, are securing a home for their children that are studying in the area,” Mr Worth said.
“They tend to look for Chinese populated communities, and after the students graduate the parents intend to hold the property as an investment or sell it in a much improved market in the future.
“Many of the Chinese buyers have also purchased an apartment as a permanent residence, as the remaining stock still had Foreign Investment Review Board status.
Mr Worth said more than half of these buyers are based in Brisbane and Sydney and word-of-mouth referrals play a huge role in their community.
“The value of apartments sold by Colliers International amounts to $38.64 million with majority of apartments featuring a two-bedroom configuration and an average price of $420,000,” Mr Worth said.
“Street-level retail precinct and 11 floors of office and commercial space marketed by other local agencies have also sold, with the retail component purchased by a Chinese investor.”
Tony Holland, Director of Residential Project Marketing at Colliers International noted that Southport has a particularly high Asian demographic with 10.4 per cent of residents being of Asian origin, when compared to Surfers Paradise, Broadbeach and Burleigh Heads (about 2 per cent).
“This shift in demographics and Southport’s PDA classification has influenced The Gold Coast City Council to establish the new Chinatown precinct in Young Street, and Meriton to launch their new high rise development ‘Sundale’, which is the final stage of their master planned ‘Brighton on Broadwater’ project.
“In addition, offshore developers, The Sanbano Group have acquired two developments in Southport, and we expect their first project to launch to market in the first half of 2014, and commence construction prior the end of 2014.
“It is a great time to buy in Southport as the area offers exceptional value, and provides strong rental occupancy and returns,” Mr Holland said.
The nearly completed, new light rail system, access to education, medical precincts and connection to Brisbane make Southport very appealing. "These factors coupled with increasing population present a great investment potential as well as a place to live and retire for the locals" said Mr Holland.
