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Gold Coast's ritzy street sells up

On Oct 09 2012
Tagged as:
  • QLD


House hunters in the market for a high-end residential property may be interested in an influx of ...

House hunters in the market for a high-end residential property may be interested in an influx of ritzy homes hitting the Gold Coast real estate sector.

More than 30 million-dollar Paradise Waters' properties have been put up for sale simultaneously - giving top-end buyers more real estate choice.

The prestigious suburb, which fronts onto a canal, is bordered by the Nerang River and is located in a prime position close to the Broadwater.

According to a News Limited report, several properties are asking for prices in the millions - with some waterfront apartments and luxury mansions worth up to $5.5 million.

In total, the 35 Commodore Street properties up for sale command a total market value of more than $50 million.

With high-end homes taking longer to shift around the country, property investors with enough capital may be interested in snapping up bargain mansions in some of the ritziest postcodes.

Paying $3 million for a sprawling residence in a seaside destination may be more appealing for some than forking out the same amount for a three-bedroom terrace house in Sydney's inner-suburbs.

Louise Christopher, of property advisory company SQM, said while an upturn in the market was imminent, the higher end of the market is performing weaker than the lower end which remains stronger.



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