Window 'fast closing' to nab a good deal on a Gold Coast waterfront home

They come for the sunshine, the long sandy beaches and the theme parks.

They come to shop, to dine out and to enjoy the nightlife.

They come, in other words, for the lifestyle. And with nine times more waterways than Venice, a waterfront property is the ultimate accessory on Queensland’s Gold Coast.

“If you had a choice anywhere in the country, why wouldn’t you choose to have a Gold Coast waterfront?” asks Ray White Surfers Paradise Group chief executive Andrew Bell.

“How lovely is it to have a water frontage instead of staring onto the neighbours? If you look over any fence along our waterways you’ll see a jet-ski or a tinny or a boat – something to get out onto the water. It’s just an additional dimension to the wonderful lifestyle here.”

A look through the top 50 Gold Coast sales for 2015 confirms water frontage as a key ingredient in high-end properties.

There are more than 260 kilometres of navigable waterways within the city and a host of public and private boating facilities. The Gold Coast has 52 kilometres of beaches and is known as a global surfing capital. 

“It’s got a lot to offer, it’s one of Australia’s most significant lifestyle markets with the beach, the climate and the general recreation buzz,” Domain Group senior economist Dr Andrew Wilson says.

“After a period of subdued buyer activity, the economy has certainly improved and the renewal of confidence and the economic vibe is certainly strong at the moment, indicating upside for growth yet to come.”

Bell says the recovery is working its way up from the lower price brackets to the higher ones.

“In the last couple of months we’ve seen some volume in the $2 million-plus price brackets, with interest largely from local buyers.”

Bell says his agents are fielding plenty of inquiries from Brisbane-based buyers looking for weekenders, with the most sought-after properties those along the main tributary of the Nerang River.

“The quicker the route [via water] to Broadwater, the more valuable the land,” Bell says.

Visitors to the Gold Coast looking to buy waterfront property can take advantage of The Event, Ray White’s annual super-auction. To be held on Sunday, January 24, The Event will see up to 130 properties go under the hammer in a single day, with a selection of prime waterfront residences among the offerings. Weekly inspections are well under way.

Angus Geddes, chief executive of financial services company Fat Prophets, says property prices along the Gold Coast canals have already moved up with more growth expected this year.

“We’re going to see a lot of international buyers picking them up and we’re going to see a lot of Sydney and Melbourne people moving up,” he says.

Geddes has been backing the Gold Coast property market for some time and says the region remains his No. 1 choice heading into 2016, with the Commonwealth Games in 2018 “a massive advertising billboard for the region”. He believes buyers of prime-located property could double their money over the next five years. 

Geddes says there are still opportunities to buy Gold Coast properties below replacement cost, however the window for the best deals is closing.

“Occupancy rates are the best they’ve been in 40 years, a lot of new jobs are going to be created in the construction industry and a lot of new jobs in tourism which will have a knock-on effect in the property market,” he says.

While Geddes doesn’t expect the same capital growth for prime beachfront sites selling for about $15,000 a square metre, he says rising rents provide an alternate income stream.

A swath of high-end developments either approved or under construction are adding weight to the prestige market, with the Surfers Paradise development Jewel scheduled for completion in time for the Commonwealth Games.

Claiming 130 metres of absolute beachfront, Jewel’s apartments are selling for up to $19,700 a square metre. Back in 2010, vendors struggled to get a bid above $5000 a square metre for beachfront land.

The Gold Coast City Council has also approved the $1 billion Iluka development, an 88-storey tower on the Surfers Paradise beachfront to house almost 700 luxury apartments.

At Mariner’s Cove, super-yacht berths, an infinity pool open to the public and a floating waterfront park are part of a $600 million redevelopment proposal being considered by council. 

“As they build these luxury developments we’re going to see the flow-on effects for the economy,” Geddes says. “They will attract tourism and bring in a new wave of clientele, particularly from China.”

Geddes says prices for beachfront blocks will soar and this will flow through to unit prices.

“Competition is set to begin breaking out in auctions,” Geddes says. “We think the timing is right now for an upswing in the market.”

Paradise Waters

32 Admiralty Drive

Auction*

Designed by Rachael Hayek and completed in 2012, this sophisticated home is set on the riverfront in Paradise Waters, a premier Surfers Paradise enclave comprising eight streets where every property enjoys water frontage. 

Needles to say boaties are well-catered for, with a floating concrete jetty able to accommodate a 50-foot (15 metres) cruiser and an adjoining fixed pontoon supplied with water and power. If you’re looking to relax, the sparkling pool gazes over Jaraparilla Cove and comes with swim jets.

Inside, the living areas are zoned for lounging and dining, with glossy solid timber floorboards underfoot and soaring three-metre high shadowline ceilings. Full-height stackable sliders open this space onto the riverside covered patio.

The kitchen comes decked out for the cooking enthusiast with two Gaggenau ovens, a Scholtes built-in Multipro, induction hotplates, a teppanyaki grill and integrated fridge/freezer. 

There are five, huge, hotel-style en suite bedrooms, dual studies, a gymnasium space and a media room with Bose sound system and media chairs. 

The home is located within walking distance of the beach and Main Beach cafes and restaurants. 

To be auctioned at The Event, January 24.Ray White Prestige Gold Coast: 0404 444 439

*Due to Queensland legislation, agents are not permitted to provide price guides for properties going to auction. 

Comparable sales

$4.8 million for 34 Admiralty Drive, Surfers Paradise, in February 2011

$4,735,000  for 69 ​Stanhill Drive, Surfers Paradise, in June 2015

$5.65 million for 62 Admiralty Drive, Surfers Paradise, in December 2013