Market Report – Troy Dowker – April 2020
Posted: 11th May 2020
April has been a very interesting month. It started off with everyone adapting to some significant changes and measures with how we work and live. In relation to buyer demand, we have seen strong, consistent inquiries from quality buyers looking to deploy capital back into property. While some buyers opted to sit on the sidelines, quality buyers sitting on cash, had been out in force seeking assets that provide for lifestyle or location, whilst opportunistic buyers had been more value-driven and looking to secure the right deal. Stock levels remain low and highly desirable locations on the beachfront and beachside markets remain tightly held. We anticipate this trend to continue whilst there is volatility in the stock market and interest rates remain at all-time lows, forcing investors to consider the safety of bricks and mortar for a return on capital.
April has been exceptionally good on the sales front, with my personal sales including two adjoining beachside blocks at 227 and 229 Golden Four Drive, Bilinga, selling for $2,500,000. At Palm Beach, I sold 261 Jefferson Lane, which transacted for $3,755,000. A modern, absolute beachfront house, sold to an expat who’s planning to return from overseas in the near future and taking advantage of the low Australian dollar. At Mermaid Beach, I transacted a four-level, absolute beachfront villa, at 209 to 211 Hedges Avenue which had an asking price $7,500,000, sold to a local Gold Coast purchaser for an undisclosed price. Showcasing superb views from the sixth floor in Acqua, with Cru Collective’s new beachside development at Palm Beach, we recently sold apartment 603 for $1,895,990 to an interstate buyer from Victoria. We have also just sold a substantial home on a large, absolute beachfront land holding at 345 Golden Four Drive in Tugun, but more on this sale in next month’s Market Wrap in May.
On new listings hitting the market, keep an eye out for a newly refurbished beachside home at 27 Surf Street, Mermaid Beach. Other great lifestyle homes which are available further south, include a four-bedroom home at 25B Teemangum Street, Tugun and a prime, northeast-facing corner villa at 2/104 Pacific Parade, Bilinga.
We are continuing to offer private appointments with our hygiene and safety standards being paramount. If you require any assistance with your buying or selling needs, please reach out to me as I’d love to be of service to you. Take care of yourself and your loved ones. I’m Troy Dowker, see you next month, all the best.