- Competition is hot for Australia’s beachfront hotspot of Burleigh Heads
- A short supply and and influx in interstate interest are the drivers of demand
- The spike in demand is highlighted in the recent $2.5 million sale of an aging three bedroom apartment
Buyers are battling it out on the Burleigh Heads beachfront as demand spikes with a particular interest in the scarce three-bedroom market.
The growing strength of the area is apparent in the recent $2.5 million sale of an older three bedroom apartment on The Esplanade. The sale was $600,000 over the reserve price.
Adam Young of Burleigh Heads’ Black and Young Real Estate describing the bidding as “ferocious”.
Mr Young said, “That tells the story of the Burleigh apartment market.”
Mr Young has been involved in Burleigh Heads for more than 30 years, dealing with many major transactions. He said he had never seen the market in Burleigh so strong.
“The market is very strong, driven by interstate migration and downsizers who see apartment living in Burleigh Heads as under-valued given its central location and the national park setting which is not unlike Noosa,”
“Burleigh is the ‘go to’ destination on the Gold Coast as a lifestyle, entertainment and dining precinct and real estate sales are reflecting the suburb’s newfound popularity.”
The downsizers seem to have a preference for three bedroomers, driving up the demand for these properties. A lack of supply is likely driving up the price.
“There are just no three-bedroom apartments currently on the market along a very finite stretch of beach and if there are, they are snapped up quickly.”
Mr Young says there is an influx of interstate buyers who see the Burleigh Heads’s area as undervalued by the local market.
“Some of the new apartments under construction on Goodwin Terrace have sold for between $3 and $5 million, so buying an older renovated apartment of comparable size on The Esplanade for half the price makes for a compelling argument and this is what we are seeing at present.
This recent $2.5 million sale in The Esplanade comes in a landscape of incredible sales across the southern Gold Coast.
Mr Young predicts this beachside demand in Burleigh Heads to continue.
“The post COVID world we live in with no international travel is continuing to drive domestic real estate and there is no doubt that like Byron Bay and Noosa, the southern Gold Coast and in particular Burleigh Heads are becoming magnets for real estate investment.”