Summit 110 on Broadwater approaching sell-out
Summit 110, the Broadwater development by the property developer Centa Property Group, is approaching sell-out after its mid-2020 completion.
There's been a wave of sales since the turn of the year, with 27 apartments snapped up over the last six months or so.
Sales in the first three months of 2020 in the Rothelowman-designed tower were coming in at around two a week, RE Ventured agents Nikola and Rudi Scutti advised.
“We’ve experienced an upswing in sales over recent months with solid interest being shown in the remaining apartments,” Nikola said.
Downsizers have been taking a liking to the larger three bedroom apartments, while the two bed apartments proved more popular with owner-occupiers and first home buyers.
The price point on of the biggest drivers.
“At Summit buyers can buy a luxury two-bedroom apartment ready to move in for under $500,000," Nikola said, adding that buyers were surprised by the quality of finish, and the central location so close to the water and to major infrastructure.
Investors have also creeped back in to the market, with a mix wanting a holiday home, or a tenanted investment with a view to move to the Gold Coast permanently in a few years.
Rudi Scutti said the tight rental market is delivering these buyers yields of up to six per cent on Summit apartments.
“The few units that have been bought by investors were snapped up based on those returns alone,” Rudi said.
The $40 million development, completed in August last year, homes 83 apartments across its nine levels.
The remaining two-bedroom apartments, expected to be sold out in the next few weeks, are priced from $450,000.