Two new Gold Coast developments offering sub-$400,000 options

Home buyers looking for affordable options on the Gold Coast may not be thrilled to know that the average price for a new apartment in the area is sitting at $812,045, according to Urbis Research’s Gold Coast Apartment Report.

However, there are two new development projects offering apartments for under $400,000.

These projects are:

• Sage in Merrimac (from Minamarc Pty Ltd), pictured above: Two bedroom, two bathroom apartments in stage one from $345,000 to $369,000, averaging more than 90 square metres.
  
  
• Azzura Greens in Hope Island: A resort complex that offered 159 one and two bedroom apartments, from approximately $330,000 upwards.

Sage Apartments sale manager, Elena Marchetti, said that the level of sales and enquiry in recent months have been strong, reflecting upwards growth figures in the median price – with Merrimac’s median lifting to $380,000 (a 25% uptick, potentially due to the new developments in the area), a vacancy rate of 1.03% and an estimated yield at the 6.1% mark.

Sage represents one of the few entry level projects on the Gold Coast and has also seen a high level of investor enquiry.

"The majority of the apartments we have sold to date have been taken up by interstate investors and local first home buyers who wanted an affordable property with potential for growth, in a central location," she said.

"While Sage is considered entry level stock, purchasers are also saying that they are extremely impressed by the high quality of fittings and finishes in the apartments.”

Their display apartment is open next month, with their first building of 24 apartments completed in early-2015. Body corporate fees are $47 per week for some apartments.

Sage Apartments were recently labeled a “Matusik Property Pick” for these seven reasons:

1. Quality stock, well-priced, well-designed.
   
   
2. Population growth area, with growth stronger than projected.
   
   
3. Undersupply is evident with greatest rental demand for affordable attached dwellings.
   
   
4. Strong demand from young rental and first home buyer market, plus locals downsizing.
   
   
5. Tight local vacancy rate.
   
   
6. Over 67,500 people work in the local area with a strong employment backbone.
   
   
7. The Gold Coast market generally is in a recovery upswing.

Meanwhile, Hope Island’s Azzura Greens is a resort complex for holiday purchasers, rather than for standard residential buyers.

A few properties are available, such as a two bedroom, two ensuite offering for $357,000 on the top floor. It also includes a car park.