The upside to downsizing on the coast
Buyers in the current Gold Coast market are gravitating to spacious oceanfront beachside apartments with unobstructed views as they look to downsize to their next home, according to one of the city’s leading boutique project marketing experts.
Jayde Pezet of KM Sales & Marketing says the Gold Coast off the plan market has been underpinned by luxurious beachfront sales – a trend he expects to continue as the borders open and southerners sweep into the city for summer months.
“The strength of the off the plan market is heavily focussed on the luxury downsizer, whether local or interstate, wanting to downsize to luxury homes and live in properties that have unobstructed ocean views or views that cannot be built out,” says Mr Pezet.
“On the Gold Coast we have witnessed a phenomenon since the pandemic that shows no signs of abating, and this is driven by people who want to downsize but don’t want to sacrifice space and luxury.
“some of the developers we are working with have tapped into this distinct shift in strength away from the traditional investor market that normally underpins the Gold Coast, now transferred to the downsizer.”
Melbourne heavyweights Little Projects has this week launched its dose of spacious luxury for Broadbeach in what Pezet describes as the pinnacle of coastal downsizing and a shining example of the latest trends.
‘Aperture’ has hit the market, offering just 29, full floor and double storey apartments encasing 3-bedroom floor plans gazing upon the coastline just a hundred metres away.
“Aperture downsizes maintenance and upgrades lifestyle – which is really the embodiment of what we’re talking about when we say ‘luxury downsizer’,” said Mr Pezet.
“The fact that it’s set across from a school just enhances its desirability since you don’t have that threat of having your panoramic coastal view wiped out by another residential high-rise.
“We’ve already had considerable enquiry from interstate buyers in the lead up to Aperture’s launch this week, and there’s evidently a very strong appetite for beachside product that is low maintenance yet incredibly high end.”
The downsizer wave has taken up a commanding presence across the coast as post-pandemic lifestyle shifts continue to drive the aspirational move north – but Mr Pezet anticipates the re-opening of domestic and international borders are set to see their presence soar.
“Given how prolific the uptake of sight-unseen property purchases has been, I can only see the downsizer demographic increasing even further once those interstate borders are unlocked and buyers can start to get a feel for the Gold Coast first hand,” said Mr Pezet.
“We’re witnessing those projects that steer away from the high density modelling barely spending a second on the market before they’re snapped up by buyers eager to set up their life on the ocean’s doorstep.”
Further south, in the heart of Rainbow Bay, S&S Projects Flow Residences cornered an emerging pocket of downsizers looking for unpretentious luxury with a laid-back lifestyle inextricably linked to surfing and the beach.
The project uniquely offers a range of surf-inspired amenities including surfboard storage rooms, a surf craft preparation room, foot washes at every entry and outdoor hot water showers.
“Developers are getting increasingly savvy with what they can bring to the table for the well-heeled downsizer, and Flow managed to fuse together the two pillars of Gold Coast downsizing appeal – space and ocean – to record incredible success,” said Mr Pezet.
The developer’s successive projects at Rainbow Bay, Awaken and Esprit, have mirrored Flow’s formula for upscale apartment living to amass an equally impressive sales result spurred by eager downsizers.
Awaken attracted the eyes of two international buyers to sell the bulk of its stock sold for record average prices of $4.7 million apiece, while Esprit recorded a staggering $71 million in sales in a single weekend.