Why Andiamo Apartments on Hope Island is drawing first home buyers
First home buyers in Queensland were given a shot in the arm in November when the Queensland Government announced they were doubling the concessions in the QLD First Home Owner Grant.
The $15,000 boost in budgets for eligible first home buyers has been doubled to $30,000 in an attempt to assist first home buyers to get into the property market.
While certainly a significant move, many areas across the South East Queensland area in particular don't have apartments which quality for the QLD FHOG. The incentive is only applicable for apartments under $750,000.
In fact Urban.com.au data shows that there's only two off the plan projects on the whole of the Gold Coast that has apartments currently on the market for less than $750,000, and there's only one project with two-bedroom off the plan apartments under the cap.
That's Andiamo Apartments, the Hope Island development by developer Robert Laybutt. Andiamo has two-bedroom apartments from $544,488 and priced up to $700,816, before the $30,000 Government assistance.
Andiamo had already been a hit with local first home buyers even before the increase in the QLD FHOG was announced. The doubling of the grant has done two things; brought buyers back to the project who have enquired previously but have been hampered by increased mortgage rates, as well as new first home buyers who want to act before any unforeseen change in the policy.
Andiamo Apartments comprises 76 apartments centred around a resort-style pool on Broadwater Avenue.
Prospective buyers can choose from various thoughtfully designed floor plans, while buyers of the three penthouses have the option to reconfigure and add a third room.
The apartments showcase clean, simple linear design, open-plan living and dining, and outdoor entertaining spaces.
First home buyers have also been attracted to the low body corp, just $70 a week, despite the swimming pool, barbecue area, multi-purpose room and access to lifts.
The Broadwater Avenue address has been one of the major drawcards for buyers so far.
Out of the door and turn right and residents will be at Broadwater Plaza where there's a Godfather Pizza and a handful of retailers within 100 metres. Just a few hundred metres the other way is the more abundant Hope Island Marketplace, the shopping hub of the whole of Hope Island.
Hope Island Marketplace has over 20 stores, including a Woolworths, ALDI and BWS, Bakers Delight, Osha Kitchen & Bar, Canton Road Chinese and Carl's Jr Hope Island. The Hope Island Tavern is one of the most popular pubs on the Island.
Hope Island is also home to some of South East Queensland's best golf courses, 16 in total across Hope Island and the nearby Sanctuary Cove.
The is currently under construction by SEQ builder Bryants Construction and is projected to be completed in early 2025.
Andiamo Apartments represents an incredibly rare opportunity to buy well under the Gold Coast unit median price which property data analytics firm CoreLogic puts at $721,000.
Their research shows the unit value in the Gold Coast has jumped 9.5 per cent in the last 12 months, and it's expected to continue well into the new year given the supply constraints in the in-demand region.
