Apartments in The Star Residences have been selling fast. With more than 90 per cent of the 423 residential apartments in the mixed-use Broadbeach Island tower already sold, the development is one of the fastest-selling residential projects in Queensland.
Currently under construction, this 53-storey, $400 million tower will also feature the first Dorsett hotel in Australia, comprising 316 4.5-star hotel rooms.
Situated just off the Gold Coast Highway, the tower is part of a broader multi-billion dollar investment proposed for The Star Gold Coast by joint venture partners The Star Entertainment Group, Far East Consortium and Chow Tai Fook Enterprises.
The full masterplan includes five towers and a host of resort amenities that are set to transform the island into a world-class tourism and entertainment destination.
Sales in the second tower, which is 10-storeys higher than the first and includes 457 apartments and 210 five-star hotel rooms, have been taking off since its launch in May.
Southern buyers are taking note
The Residences are proving to be an attractive option for savvy property investors, with a large number of enquiries coming from Sydney and Melbourne, according to sales manager Chris Hinds.
Some investors are planning on utilising the apartments as a holiday home when they visit, with others planning to move in full-time when they eventually relocate to the Gold Coast.
“There are an incredible amount of people looking at moving north at the moment, chasing an improved lifestyle,” says Hinds. “Affordability is also a draw card – you tell these buyers about the price and their jaw drops.”
Prices in the second tower start from $486,000 for a one-bedroom apartment and range up to $1.995 million for a luxury three-bedroom apartment, with sizes ranging from 55 to 168 square metres.
Hinds says the development presents a unique opportunity to invest in one of the most luxurious resorts in the sought-after coastal suburb.
Units in Broadbeach have experienced impressive price growth, being among the top eight performers for the Gold Coast over the past year, with prices rising by 3.4 per cent compared to an average 2.3 per cent drop in unit prices across the Gold Coast, according to data compiled by Domain.
Over the past five years, Broadbeach units rose in value by 20 per cent, reaching a median of $545,000 compared with the Gold Coast’s median unit price of $420,000.
Infrastructure and amenity are key to growth
The suburb has become “the place to be” on the Gold Coast in recent years, taking over from Surfers Paradise, says Hinds.
“The brand name stores and infrastructure has moved south,” he says. “Broadbeach is a suburb that both locals and tourists like to visit. The vast array of amenity, including restaurants and bars, and infrastructure at Broadbeach makes it so attractive, along with its proximity to the beach.”
Queensland’s largest shopping centre, Pacific Fair, is situated in Broadbeach and is just a 5-minute walk from The Star Gold Coast, as is the Gold Coast Convention and Exhibition Centre.
The Gold Coast light rail, G:link, which is experiencing record patronage, also runs through Broadbeach to Helensvale, and is to be extended south to Burleigh.
If The Star Gold Coast’s $2 billion-plus masterplan is completed in full, Broadbeach Island will be home to award-winning restaurants and bars, exciting nightlife and luxurious resort amenities.
“Broadbeach Island will be the largest entertainment, tourism and lifestyle precinct in the southern hemisphere,” says Hinds.
Residents will also have access to exclusive facilities. The most recently released tower features a two-level recreation deck that includes a 23.5 metre lap pool, barbeque areas, gymnasium, steam room, sauna and private dining rooms.
Sydneysider Lisa Sanders purchased a two-bedroom apartment in The Star Residences as an investment, but says she is open to making the apartment her home in the future.
“Broadbeach is an area where I would like to live,” she says. “I choose to invest in areas that I would also be happy to call home.”
She expects her investment to grow in value due to the surrounding infrastructure.
“My investment will attract holiday makers, guests at events at The Star and visitors for conferences and exhibitions at the Convention Centre,” she says.
Rents for Broadbeach units have increased by 18.3 per cent over the past five years to reach a median of $420 per week, according to Domain data.
To find out more about The Star Residences, click here.