In a show of strength in the Gold Coast market, developer Lacey Group has sold 32 of the 33 apartments in its latest project, The Monroe at Jefferson Lane in Palm Beach for $33 million, just two weeks after launching to the market.
Featuring a range of two and three bedroom apartments, a townhome and a penthouse, many with spectacular ocean views, The Monroe residences have been sold to predominately local owner occupiers, for between $619,000 and $1,790,000.
Jayde Pezet and Todd Matheson, of KM Sales and Marketing, who marketed The Monroe, said the success was the result of an off-market campaign, with 65 per cent of sales made from databases or purchasers who have previously bought in Lacey Group projects.
“The number of sales to previous Lacey Group buyers is testament to the quality of project delivered by Adam and the team, and is further evidence of the unprecedented demand for off-the-plan apartments in a market that is becoming increasingly competitive,” Mr Pezet said.
“A combination of record low interest rates and incredibly tight supply has created an environment where buyers are acting quickly to secure a property, resulting in the scenario we have seen at The Monroe, with an entire building all but sold out within weeks of hitting the market.
“While this is an incredible achievement, I believe it will become more common due to the pressure cooker type situation we have in the Gold Coast property market.
“There’s virtually zero rental vacancy across the city, and this is leading more people to consider buying, however those who do are finding there are dozens of purchasers lining up to make offers on an established property.
“In turn, this has prompted an uptick in interest for off-the-plan apartments, so buyers really need to be on a database to ensure they don’t miss out.
“From a developer perspective, it shows previous projects have hit the mark in terms of quality and value, giving people the confidence to either re-invest or make sure they don’t miss out this time around.
“The buyer has the opportunity to capitalise on the heat in the market by purchasing at today’s prices and taking advantage of the anticipated upswing, with the Commonwealth Bank tipping Brisbane house prices to rise 16 per cent to December 2022.
“The Gold Coast generally follows the Brisbane trajectory, so there should be a lot of confidence in the market over the coming years.”
The Monroe is the second Lacey Group project to be developed on Jefferson Lane, following the sellout success of the $32million The Jefferson, which was sold out prior to completion in July 2019.
Lacey Group’s Southbreak project in North Kirra also sold out to the tune of $16.5 million, with 19 of 20 apartments sold prior to completion.
Lacey Group director Adam Lacey says the latest project, which will be topped off by an expansive rooftop terrace offering 250sqm of recreation space, brings a new dimension to beachside living.
“When designing The Monroe, we put a lot of thought into who our buyers would be and how they would experience living here,” Mr Lacey said.
“The project was designed to appeal to local owner occupier downsizers, young professionals and those looking for a lock and leave beachside home.
“Jefferson Lane is one of the Gold Coast’s most exclusive addresses and The Monroe has a front row seat to all it has to offer, with incredible ocean views from apartments and the suburb’s best retail and dining right at the doorstep.
“The Monroe combines this sought-after location with signature building features, including a one-of-a-kind rooftop recreation terrace, boasting an infinity pool, barbeque facilities, a resident’s lounge and a firepit.
“The Monroe offers the location and lifestyle that everyone is looking for.”
Early site works for The Monroe are expected to commence by mid this year to pave the way for construction to start.