Gold Coast revival in full bloom following $33m in prestige sales

The Australian Financial Review (AFR)

The Gold Coast residential market is well on the mend after $33 million in prestige homes sold in the past week and foreign buyer inquiries doubled in the past three months. While the city’s recovery had been in motion since the start of the year Ð after it was flattened by the global financial crisis in 2008 Ð it received another surge of activity in recent weeks. Chinese online property portal ACproperty.com.au had twice as many inquiries from foreign buyers and 75 per cent more traffic on their website for Gold Coast properties in the last three months. There was interest in places like Hope Island and Sanctuary Cove, which were FIRB-free. Foreigners were allowed to buy established homes in these areas. “A year and a half ago, we did a Brisbane seminar, it was lacklustre,” director Esther Yong said.