FOREIGN INVESTORS CHASE HILTON APARTMENTS
Written on the 15 November 2012
LOWER price tags have foreign investors scrambling to secure an apartment at the $700 million Hilton Surfers Paradise as the supply of new units dwindles.
More than $15 million worth of apartments have sold in the past three months, of up to 34 per cent on previously-listed prices.
Since January, 65 apartments have sold at prices between $435,000 and $2.3 million, with the final sub-penthouse on the market for $3.45 million.
Just three apartments remain for sale under $600,000, according to lead selling agent 360 Project Marketing.
360 Project Marketing director Trent Milburn says buyers have recognised Surfers Paradise could soon face an undersupply of stock.
“With no new developments underway, the opportunities to secure a new apartment in Surfers Paradise will be few and far between,” he says.
Foreign buyers are racing to buy into the Hilton because of restrictions by the Foreign Investment Review Board barred them from purchasing apartments sold or occupied in the previous 12 months.
“When the current stock is sold, it may be years before buyers have the opportunity to purchase a brand new apartment in the suburb and given the shortage of new developments in Surfers Paradise, the location and quality, it is unlikely to match that currently on offer,” says Milburn.