Gold Coast off the plan apartment market netting buyers 50% gains
Melbourne-based developer Hirsch & Faigen settled its $75 million debut Gold Coast apartment project, Hemingway in Palm Beach, revealing the project has delivered capital gains of between 35 per cent and 50 per cent for buyers.
The 14-level development comprises a collection of 78 one, two, three and four-bedroom apartments that were priced from $420,000 to $3.995 million when they were first released to the market in 2021.
“Early buyers at Hemingway have enjoyed significant capital gains of up to 50 per cent in one of the most dynamic markets in Australia,” said Matt George, head of sales for Hirsch & Faigen.
“Most are local downsizers and upsizers, as well as first-home buyers, who staked their faith in Hirsch & Faigendeliver this project amid the well-documented challenges the construction industry faced over this period.”
Hemingway achieved a sellout of all apartments ahead of completion in December last year, including the penthouse which sold for $3.995 million.
Brisbane resident Leah Kent is among the many buyers to have recently settled their purchases. The property industry entrepreneur, who has expanded her business Cue Property Settlements down the Coast, plans to retain the apartment as an investment and holiday home.
“We missed the project launch and by the time we enquired a lot of the apartments were already under contract,” Kent said.
“We were lucky enough however to jump on a well-appointed three-bedroom apartment on the northeast corner, with sweeping beach views and mountain glimpses.”
Kent said she previously had been looking for a year to secure an off the plan apartment at Palm Beach prior to locking in the three-bedroom Hemingway residence.
“Having an apartment for the family to enjoy that can be utilised as an office was not only a solid investment but a dream come true,” she said.
“The accessibility, laid-back lifestyle and pristine beach vantage provides the ideal destination to restore and recharge.”
Hirsch & Faigen choice of builder, architect and consultants for Hemingway was a key motivation for her purchase.
“During an uncertain period for the construction industry, seeing many projects not proceeding, this credibility and insight gave us confidence that the project would be delivered and to a high standard,” Kent added.
“As an experienced consultant specialising in high-end off the plan residential property, I am well informed and unashamedly particular when it comes to functional floorplans and quality finishes, true to Rothelowman Architect’s work.
“The appliances, finishes and inclusions were all superior and we were thrilled to find that the developer was willing to accommodate our requests for custom variations, which is increasingly rare.
“It is incredibly reassuring to see that property values are finally being recognised and so rewarding to have been able to benefit from the risk that comes with buying off the plan.”
Hemingway was the first Gold Coast development by Hirsch & Faigencompany that has a track record of quality residential and commercial projects in its home state of Victoria.
Since then, the company has undertaken two more projects – the $75 million Emerson Kirra and the $200 million Yves Mermaid Beach – with the trio of projects achieving a $350 million sellout success for Hirsch & Faigenthe space of two years.
“We are extremely pleased with the positive feedback from Hemingway’s buyers,” said Hirsch & Faigenector Daniel Faigen.
“We are equally proud to have completed Hemingway and delivered this exceptional project during challenging times for the construction sector.
“The Gold Coast has been an exceptional market for our group across three projects and we look forward to also bringing Emerson and Yves to completion in due course.”