It’s a full house at Ignite Projects’ Cabana Palm Beach in Queensland, with all 34 apartments snapped up for circa $80 million within eight weeks of their launch, ahead of the project receiving development approval this week, and construction expected to start ahead of schedule in June.

The average price paid for an apartment ($2.7 million) was $300,000 more than the average list price on launch ($2.4 million), with interstate purchasers paying top dollar to secure their abode, including four buyers who each paid up to $5.5 million to purchase and combine two apartments.

With development approval now granted, Ignite Projects has appointed Hutchinson Builders to commence work on the nine-level, absolute beachfront building in June.

Ignite Projects managing director, Josh Foote, said while the market is running hot, the stellar results are still underpinned by Cabana’s unique location and outstanding design.

“It’s true we are experiencing a new level of demand sparked by low-interest rates, incentives and higher levels of migration across the board, but purchasers are still discerning about where they put their money, especially at the higher end of the market,” Mr Foote said.

“All Cabana buyers had done their research and knew exactly what was on offer in the Gold Coast market, which made it easier for them to see all the ways Cabana is unique – such as the beachfront residents’ retreat with resort amenities just steps from the sand.”

“To have all apartments sold ahead of receiving development approval is a huge vote of confidence in our project team, and the fact people were willing to spend more than list price and, in some cases, combine two apartments shows we have got it right.”

“We’re now gearing up to bring Hutchinson Builders on-site earlier than expected, with building to start in June and completion slated for November 2022, which means our first residents should be handed keys prior to the Christmas holiday next year,” he shared.

Artist’s impression of an apartment inside Cabana Palm Beach, courtesy of Ignite Projects.

Cabana marketing agent, Andrew Erwin of NPA projects, said Palm Beach is continuing to set the pace for new development.

“Developers are still looking to Palm Beach, because that’s where people are buying,” Mr Erwin said.

“Palm Beach is in the top five most searched for suburbs in Queensland and property prices have increased 9.1 per cent in the past quarter alone, so it’s not surprising to see buyers securing properties off-the-plan, above list price and ahead of development approval.”

“There is an element of FOMO ‘fear of missing out’ – but it’s a legitimate concern because quality projects are selling so quickly and the market is increasing in depth.”

Mr Erwin detailed that at Cabana, they had purchasers from the Gold Coast, Brisbane, Sydney, Melbourne and a number of other regional areas, so the competition was fierce, and buyers had to be fast.

“A lot of these buyers were relocating for the lifestyle on offer at Palm Beach, as well as the opportunity to secure a larger than average apartment, with those who bought two units able to enjoy up to 400 square metres of living space,” he commented.

“The trend towards larger beach-home style apartments is here, and I anticipate this will continue as more people want additional space for work, study and recreation in the home.”