Million dollar-plus sales surge in Paradise

Property sales in the Gold Coast glamour suburb of Paradise Waters have surged in recent months as cuts to interest rates and a rise in confidence has sparked greater buyer interest, according to leading agent.

Lucy Cole Prestige Properties managing director Lucy Cole said in recent months there had been a rise in sales in the suburb in which $1 million will not buy you a house.

Ms Cole said her agency alone had recorded eight settle sales in Paradise Waters since September last year and, with the level of buyer interest increasing, she expected that number to grow quickly.

“The level of buyer interest is outstanding at the moment and we are seeing big numbers of visitors at our open homes,’’ said Ms Cole.

“For example, one riverfront property on the Isle of Capri attracted more than 150 groups through it during open homes and it sold under the hammer after eight registered bidders competed to buy the home.

“Compared with what’s been happening in the Gold Coast market for the past three years that level of interest is outstanding and it bodes well for the coming year," said Ms Cole.

Lucy Cole Prestige Properties’ recent sales in Paradise Waters have included:
• 34 Midshipman court, a five bedroom, two storey home that sold for $2.65 million
• 64 Commodore Drive, a five bedroom, two storey home that sold for $1.85 million
• 19 Neptune Court, a four bedroom, four bathroom home that sold for $2.35 million
• 27 Norseman, a five bedroom, five bathroom home that sold for $2.1 million
• 16 Midshipman, which sold for an undisclosed price
• 9 Buccaneer Court, which sold for $1.45 million
• 19 Buccaneer Court, which sold for $1.6 million

Ms Cole said in six of the sales, the buyers had been local residents who were looking to upgrade in the weaker market.

“I think locals know the value of Paradise Waters and the prestige it carries so many are taking advantage of the  lower prices to get a foothold in what is a very exclusive enclave,’’ she said.