January 2, 2022

Tower units flying off the market

MORE than $80m of units in a proposed Gold Coast tower have been sold in just three weeks.

Melbourne-based developer Hirsch & Faigen put its $200m Yves at Mermaid Beach on the market just before Christmas, with sales continuing to pour in, defying a downturn in spending as the Omicron variant rapidly spreads across the state.

More than 70 per cent of buyers for the 24-storey Mermaid Ave project have come from Gold Coast and Brisbane- based downsizers, with the rest including first-home buyers.

Hirsch & Faigen Sales director Matt George said buyers from Sydney and Melbourne accounted for 20 percent and 10 per cent respectively of the recent sales.

The demand we’ve experienced in recent weeks shows the market remains strong despite the latest Covid outbreaks,”he said.

“Yves is generating interest from a broad range of buyers looking for the lifestyle afforded by this exclusive pocket of Mermaid Beach, just a stroll away from Pacific Fair and the Broadbeach entertainment precinct.

“Brisbane buyers are predominantly buying a second property while Gold Coast buyers are either downsizing or first-home buyers. “Five of the eight one-bedroom apartments have sold to local first-home buyers.”The highest price paid for an apartment in Yves is$2.995m for a sub-penthouse,bought by a Melbourne investor.

Negotiations are also under way on the other sub-penthouse with a price tag of$2.495m.

The penthouse remains on the market with a $5.5m price tag.

Yves is the third project launched by Hirsch and Faigen on the Gold Coast in recent years and comes on the heels of the success of the group’s Hemingway project at Palm Beach and Emerson at Kirra.