The Queensland suburbs where interstate property seekers are looking to buy have been revealed.
The Queensland suburbs where interstate property seekers are looking to buy have been revealed as homehunters look to the Sunshine State for a summer escape.
New data from PropTrack shows the Gold Coast is undoubtedly the most searched location among prospective interstate buyers, with the increasingly fashionable suburb of Burleigh Heads topping the list of most in-demand suburbs.
The PropTrack data found Broadbeach is the second most in-demand suburb, followed by Surfers Paradise and Coolangatta.
Further north, the coastal regions of Airlie Beach and Palm Cove are also on the shopping lists of interstate homebuyers.
PropTrack economist Anne Flaherty said Queensland – both metro and regional areas – remained the most popular destination for internal migrants, with more people moving to the state than anywhere else in the country during the pandemic.
Ms Flaherty said the fact the Gold Coast dominated the list probably reflected a large portion of interstate buyers looking for a holiday home or somewhere to retire.
The majority of searchers were also looking at apartments, she said.
A wave of apartment and hotel projects are planned for the Gold Coast in 2023 and beyond, with cranes dotting the famed coastline as developers such as Graya, Weiya Holdings, Vitale Property Group, and Spyre Group, all launch luxury units.
“A lot of people from Victoria and New South Wales like the idea of moving to the Gold Coast for retirement, and often they have a high amount of equity in their existing homes in their home state, so taking some equity out of those homes or selling gives them a good amount of buying power, which is going to help increase demand for higher-end apartments,” Ms Flaherty said.
“If you think about the fact this is a decade when a significant proportion of baby boomers retire… and Queensland has always been a really popular location to retire to.”
The Gold Coast is fast becoming the country’s residential development hub, from a $2b new waterfront casino to Harry Triguboffs second apartment skyscraper in Surfers Paradise.
Spyre Group recently announced its third Burleigh Heads project, Basalt – a 17-level building at 1871 Gold Coast Highway offering 46 apartments.
Prices for apartments in the $85m development start from $1.04m.
Spyre Group director Andrew Malouf said the development allowed buyers to get into the market at a lower price point than its previous projects.
“What we are really looking for here is a competitive price for three bedrooms in Burleigh, but still with ocean-view corridors and incredible connection to all that Burleigh has to offer,” Mr Malouf said.
“It’s less than 300m to the beach, and you’re still getting the high-calibre offering we are known for.”
Spyre Group’s previous Burleigh Heads project, Glasshouse, still holds the record for the most expensive penthouse sold off-the-plan in Queensland at $20m.
A two-level penthouse in Graya’s Dune project in Burleigh sold for $16.5m, reportedly to retail billionaire Solomon Lew, while the penthouse in the yet-to-built De-Luxe development has a $22m price tag.
Ray White Burleigh Group agent Dan Donovan said the days of buying an old beach shack for a bargain on the Gold Coast were over, but interstate buyers were still seeking a modern-day version.
“The buyers we’re seeing want new and luxurious but simple and easy,” Mr Donovan said. “It’s a very particular segment of the market, but they’re cashed up and ready to
“Some of them might’ve lived in the area as kids so it’s very nostalgic for them to be looking around the area.
“Others might’ve holidayed on the Gold Coast from Sydney or Melbourne when they were younger and want to retire here now.”
Originally published in The Courier Mail. Click HERE to view the article.