Gold Coast empty-nesters cash in and upgrade
October 9 2021
Gold Coast empty-nesters are on the move, trading in large family homes for low-maintenance luxury apartments in popular lifestyle locations. The hottest prices the city has seen in decades are driving the trend as long-term homeowners look to cash in and transition into a prestige property that better suits their needs.
Kollosche has led a large majority in high end apartment sales in recent months. Agent Rob Lamb notes the uptick in interest from local couples looking for a lifestyle upgrade. “People are realising that there is a window of opportunity right now to get a premium price for a larger established home and put some of that cash towards a new apartment,” says Rob.
Kollosche data shows that the market is looking at both established apartments and off-the-plan stock, which is dependant on buyer timeline to purchase.
While escaping the burden of maintaining a large family home is a big driver, the modern ‘downsizer’ doesn’t necessarily want to compromise on living space. Kollosche New Projects agent Andrew Ramsey states that the demand for over-sized apartments is hot, and developers are taking this into account.
“Developers across the coast are building new projects based on the demand for large apartments. They understand that those who are down-sizing do not want to compromise on size or luxury,” says Andrew.
“The opportunity to live in a luxury sky-home has never been greater, and these are exactly the type of properties we love to bring to our clients.”
The trend of down-sizing hopes to see a flow-on effect by freeing up family homes, which have been in high demand.
With larger homes on the market due to the trend in new developments of luxury apartments, we hope to see a resurgence of residential homes listed on the coast.
This past week at Kollosche saw a fantastic result in sales which included a successful online auction with 108 Main Arm Road, Mullumbimby sold under the hammer for $2,125,000 by Kim Jones, Karin Heller and Matthew Skene.
William Sarti also achieved two stellar sales, one at 8065 Riverside Drive, Sanctuary Cove resulting in a cash unconditional sale for $2,500,000 while 2216 Arnold Palmer Drive, Sanctuary Cove sold for $5,640,000.
On Wednesday Team Grbcic from Kollosche Commercial sold 21 Jowett Street, Coomera under the hammer at our in-room auctions to an interstate buyer for $1,050,000, with 4 registered bidders.
We invite you to join our upcoming in-room auctions at Kurrawa Surf Club this Wednesday from 6pm:
If you would like to learn more about the active spring real estate market, please do not hesitate to contact our team.