The beachfront strip along the front of the Gold Coast’s Mermaid Beach is home to some of the most luxurious addresses in Queensland. Although the latest data suggests that Hedges Avenue, or “Milionaires’ Row” as it’s called, may have some competition approaching to the north.
While the annual growth rate for Mermaid Beach sits at 6.3% over the past year, the once-sleepy seaside suburb of Scarborough is hot on its tail. In 2018, the median price for an apartment in Scarborough has gone through the roof and increased by 7%.
Although the property market in Scarborough (and the surrounding suburbs on the Redcliffe Peninsula) is still in its infancy, the region is poised to experience growth at the top end of the market. With downsizers selling up their Queenslander homes and searching for a more manageable piece of paradise, new and off-the-plan luxury apartments in the area are selling like hotcakes.
One of the newest apartment developments to come to market on the Redcliffe Peninsula is The VUE apartments in Scarborough. This boutique complex of nine luxury waterfront residences is located at 131 Flinders Parade. With uninterrupted views of Moreton Bay, The VUE offers a level of luxury not often seen in the area, providing a product that buyers have clearly been hungry for.
Since it’s release by developer, Develop2U, nearly half of the available residences have already sold. CEO of Develop2U, John White, says he’s not surprised at the demographic of purchasers so far.
“The buyers that have already purchased at The VUE are all owner-occupiers, with 75% already living on the Peninsula,” he said.
“They are all downsizers from large homes who don’t want to compromise on space and still want all the high-end inclusions which come with these apartments. I’m confident the remaining apartments will go to similar buyers,” said John.
The VUE apartments start at $1,158,800 and range to $1,498,800. Each residence offers three bedrooms, three bathrooms and a study with the majority also featuring an additional cinema/media room. They all offer plenty of storage space and all except one also include two secure car spaces.
The apartments are all designed to maximise natural light and welcome the outdoors in, with full-height glass doors opening up onto expansive balconies. These balconies are designed for entertaining, with built-in speakers and a large BBQ as well as a special wine/beverage fridge.
Complete with the latest in Home Automation Technology (Control 4), controlling everything from lighting, heating, security and entertainment, The VUE apartments have all the luxury touches you never knew you needed. Other luxury finishes include SMEG appliances and stone benchtops throughout (in the kitchen, bathroom and laundry) as well as large feature baths adorning the main bathrooms.
As one of the only premium projects currently under development in the region, it’s no doubt a sign of things to come.
“I have seen so many changes on the Redcliffe Peninsula over the last 10 years, so I decided it was the place that I wanted to start developing property,” says John.
“Prices have risen rapidly for many properties on the Peninsula, especially luxury waterfront apartments in Scarborough with amazing water views over Moreton Bay and Tangalooma as well as the Glass House Mountains to the north west,” he said.
Scarborough is undoubtedly one of the most affluent suburbs in the Redcliffe Peninsula area and it’s earmarked for change over the next five years.
“The whole area is set to see some amazing changes and all for the better — the lifestyle choices are endless and it is so relaxing and the local people are so friendly and helpful, it’s a laid-back atmosphere and lifestyle that is only getting better,” said John.
With all signs pointing up for the luxury apartment market in Scarborough, it’s time for Hedges Avenue to watch it’s back — there’s a new kid in town.