Chinese buyers are really exerting their influence in my home town. It’s different to the heady days of the Japanese though. Many Japanese ‘investors’ were thoroughly lied to and screwed over by Gold Coast ‘sharks’ and paid the price years later when their investments sold for pennies on the dollar. The Chinese are buying up distressed assets at the higher end of the market at bargain basement, ‘less than replacement’ cost. Whilst there is still some downside risk, in most cases they are buying well. That said, and as I’ve opined previously, some just don’t seem to care they are paying well over the asking price or reserve at auction, hence my questioning of their true motives. There appears now to be two distinct types of Chinese buyers.
Anyway, back to the article below. I wonder if this Chinese buyer has even set eyes onf this penthouse. Who in their right mind would live in the middle of Surfers Paradise is beyond me. I am sure that living in the Penthouse would be lovely (I wonder if it and the Sky Homes have a dedicated elevator?) but having the share the foyer with the drunken ferals about to descend on the Gold Coast for the Motor Racing Festival followed by hoardes of out-of-control “Schoolies” would put me off. Imagine living in that gorgeous penthouse and waking very early Sunday morning for a walk on the beach. You’d step out to drunks, half-clothed foul-mouthed women, vomit and rubbish all the way to the beach. No thanks.
And whilst this may not happen any time soon, the old real estate cry of ‘Location, Location,Location’ must always be applied to any purchase. Most of the gorgeous views to the ocean could vanish over the years as massive high rises are built on the beachfront north and south of the already massive ‘SOUL’ building (another pricing disaster subject to many, many law suits as I write). If you venture into a beach area with high rises, the ONLY position is absolute beachfront or across the road from a beachfront park that would/should never be sold off for development by local authorities.
Good luck to whoever bought this. Their first early Sunday morning walk may well see it back on the market!