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THE Gold Coast's thriving property market has attracted global brand Savills to set up a residential office in the city for the first time.
Ged Rockliff (pictured), head of residential at Savills Australia, says the expansion has been a key objective for Savills and comes as part of a strategy to enter markets seen as having growth potential.
The coast's residential property market is recognised as booming, driven by the 2018 Commonwealth Games and its associated infrastructure such as sports facilities and improved public transport.
"Savills has seen that the Gold Coast is in an upturn position and that property is transacting again in consistent numbers," Rockliff tells Business News Australia.
Rockliff dismisses concerns of oversupply in the market following a sustain period of record approvals for both houses and apartments.
"In certain areas there has been a suggestion of oversupply based on development applications, however from the last quarter of data this shows these have reduced or are not going ahead," he says.
"We believe quality projects in premium locations will continue to sell well and achieve price expectations."
The international brand provides sellers with access to a wide net of potential buyers through the agency's marketing reach, and as such it has received a number of requests to move into the Gold Coast market.
"We see the Gold Coast as under supplied in terms of a global brand offering and have had clients requesting our presence," says Rockliff.
Savills Gold Coast director Christopher Jones adds, "The Gold Coast's residential market represents a logical step for Savills due to its significant activity and vast potential, which have flowed in large part from its upcoming hosting of the Commonwealth Games," he says.
"It is also a market that is gaining a reputation for offering good value for buyers, especially in comparison with southern markets like Sydney and Melbourne.
"So, with the Gold Coast increasingly appearing on buyer radars both nationally and internationally, we felt that this was a region where we needed a frontline presence."
The office joins Savills commercial property operation on the Gold Coast which has been operating since 1995.
Savills Residential has already secured a number of properties, including a bespoke 'masterpiece home' at Norseman Court, Paradise Waters, which has an asking price of more than
$11 million, and an award-winning home at Anglers Esplanade, Runaway Bay where the buyers are seeking more than $5 million.
While Savills is known for selling in the luxury end of the market, it will focus on all sectors on the Gold Coast.
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