IT’S a remarkable proposition — three for the price of one units. And it’s the reason why southern investors are flocking to the Gold Coast in droves.
A REMARKABLE three for the price of one deal has Sydney buyers piling into the Gold Coast real estate market.
Southern agents are advising investors their money is better spent on the Coast, where the average price for a unit in Surfers Paradise is $370,000 compared $1.041 million at Bondi — almost three times the price.
Prominent Sydney agent John McGrath, of McGrath Real Estate, who is on the Gold Cost to host the 20th annual Australasian Real Estate Conference, is among those advising clients to look north.
“I am still sending them north, I think this is still the place to be,’’ Mr McGrath said.
“I think the value for money is compelling — you can still buy properties here in some instances for a third or a quarter of the equivalent in Sydney.
“In Sydney now we are selling for $800,000 or $900,000 one-bedroom units and I look at that and I think well, you can buy one for a third of the price of that on the Gold Coast in an equally beautiful location, or you could buy a house on a canal for a similar money.’’