The Jefferson – the new Palm Beach project by Lacey Group – that has chalked up more than $10 million in sales since it was launched last month.GOLD Coast residents are leading the charge of buyers securing a boutique apartment in The Jefferson – the new Palm Beach project by Lacey Group that has chalked up more than $10 million in sales since it was launched in May.Located on Jefferson Lane, between Fourth Ave and Palm Beach Ave, the project features 46 apartments, many with ocean views.McGrath Estate Agent Tony Holland – who is marketing The Jefferson alongside Brendan Andrews – said while there had been strong interest in the project from interstate buyers, 80 per cent of purchasers lived within 10km of the suburb.The Jefferson – the new Palm Beach project by Lacey Group – that has chalked up more than $10 million in sales since it was launched last month.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North6 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day ago“The majority of buyers are locals, many of whom are planning to downsize from an older home and upgrade to a new, low-maintenance beachside lifestyle, so the spacious apartments in The Jefferson have really appealed to them,” Mr Holland said.“Many of these people have lived in the area for some time and understand the value of owning property in Palm Beach.“The suburb has undergone a huge transformation in recent years and people are keen to secure a home so they can enjoy all that Palmy has to offer for generations to come.”Mr Holland said 14 apartments had sold in The Jefferson totalling more than $10 million, however, there was still a good selection of one, two and three-bedroom apartments available.“The Jefferson has been designed to suit a range of needs and budgets so there is something for everyone, whether you are looking to invest in beachfront property, or move in and take advantage of the lifestyle it provides,” he said.Lacey Group director Adam Lacey said he had anticipated strong interest from established local residents prior to launch.“There has been increasing demand for boutique, contemporary apartments in the region for some time, but it has been answered with limited supply,” he said. “Many of our buyers have been holding out for something like The Jefferson to launch.”Construction of The Jefferson is expected to start in late 2017. One-bedroom apartments start from $390,000; two-bedroom apartments start from $535,000; and three-bedroom apartments are available from $865,000.
It’s not hard to see why renters are keen to secure property at Caloundra Beach.Harcourts Caloundra owner Luke Carter said within Caloundra the vacancy rate was the lowest he had ever seen.“Yesterday I had a tenant vacate a property where they were paying $370 per week,’’ he said.“We put the property online for rent at $425 per week and the property rented within 25 minutes at $55 more per week.“We are seeing huge changes in our market on the ground happening as we speak which is exciting for a region that’s property market has been lacklustre for nearly seven years.’’Ms Mercorella said previously ten of the major regional areas had rental markets which would have been labelled weak, this had reduced to six this quarter and even those were showing improvements. TIGHT RENTAL MARKETS Caloundra Coast – 0.6%Sunshine Coast – 1.4%Noosa – 1.5%Cairns – 1.7%Pine Rivers – 1.8%Maroochy Coast – 1.8%Gold Coast city – 1.9%Ipswich city – 1.9%Redcliffe – 1.9%Moreton Bay – 1.9%Southern Downs – 2%More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North2 hours agoNew apartments released at idyllic retirement community Samford Grove Presented by Brisbane surrounds – 2%Redland city – 2.1%Logan City – 2.1%Caboolture – 2.1%Whitsunday – 2.1%Hervey Bay – 2.2%Fraser Coast – 2.2%Scenic Rim – 2.4% HEALTHY RENTAL MARKETS Toowoomba – 2.6%Mackay – 2.8%Banana – 3.2%Brisbane (5-20km) – 3.4% WEAK RENTAL MARKETS Brisbane city – 3.6%Brisbane (0-5km) – 3.7%Bundaberg – 4%Tablelands – 4.1%Townsville – 4.3%Rockhampton – 5.5%Livingstone – 5.6%Gladstone – 5.7% Finding rentals properties at Caboolture can be tough, although this unit at2/38 Bradman St, is listed for $250 a week.WHILE an oversupply of units within inner Brisbane has resulted in a lift in vacancy rates, it’s some of the further out suburbs were tenants are struggling to find a place to call home.New vacancy rate figures from the Real Estate Institute of Queensland reveal that Caloundra has the lowest vacancy rate in Queensland of just 0.6 per cent.Other areas where renters could find it tough to find a property were, Pine Rivers, where the vacancy rate was just 1.8 per cent, Ipswich, Moreton Bay, and Redcliffe which all had a vacancy rate of 1.9 per cent and Caboolture where it was 2.1 per cent.When there is a vacancy rate of about 3 per cent that is considered to be healthy.The REIQ September quarter data, revealed rental markets had tightened in much of regional Queensland as well.The story wasn’t the same in Brisbane, were the vacancy rate rose from 3.3 per cent to 3.6 per cent – which was considered a weak market.The inner ring, up to 5km out from the CBD was the weakest, rising from 3.5 per cent in the previous quarter to 3.7 per cent.REIQ CEO Antonia Mercorella attributed the softening of the inner Brisbane rental market to an oversupply or units, but said it wasn’t cause for concern.“Brisbane has undergone an incredible transformation, with unprecedented levels of apartment supply coming onto the market in the inner and middle rings over the past few years,’’ she said.“We are starting to see the impact of that supply as it finally catches up to high levels of pent-up demand.’’Ms Mercorella said as Brisbane’s population continued to grow, so would demand for housing.The Gold Coast and Sunshine Coast rental markets both remained tight with vacancy rates of 1.9 per cent and 1.4 per cent.