A Brisbane couple have recently spent more than $7 million purchasing 10 apartments at the Hilton Surfers Paradise. Pic: Supplied
A BRISBANE couple have taken advantage of big price cuts and splashed out more than $7 million on 10 apartments in the $700 million Hilton Surfers Paradise.The purchase -- one of the biggest recent multiple property investments -- takes total sales in the landmark Surfers Paradise tower to $35 million this year.
The businessman and his wife, who did not want to be named, snapped up the 10 two-bedroom apartments in the Orchid Tower, between levels 34 and 44.
The couple have placed eight of the apartments into the hotel's letting pool and will hold on to the other two as an investment.
Agents said 42 apartments in Hilton had sold since January, off the back of a national marketing campaign after prices in the tower were reduced by more than 30 per cent.
The 360 Project Marketing managing director Peter Malady said it had been the Hilton's strongest summer selling season since the project was launched in 2007.
Mr Malady said the couple's pick-up was one of the largest recent single-line apartment investments on the Gold Coast.
"The buyer has opted to maximise his passive income by purchasing multiple apartments, which he has the option of renting or placing in the holiday letting pool, for the same price as a luxury home in some of the Gold Coast's most prestigious suburbs," Mr Malady said.
"The Gold Coast has just experienced its best summer for tourism in five or six years and in turn, the city's prestige property sector recorded one of the its best summer sales periods since the global financial crisis."
He said price reductions of up to 36 per cent had lured buyers from across Australia and internationally since early 2012.
"Properties less than $500,000 in the five-star development were the first to be snapped up," Mr Malady said.
"Astute buyers are recognising the availability of new apartments in Surfers Paradise is on the decline and with little to no construction under way the opportunities to purchase a new property in the area will be few and far between in the coming years."
Apartments are now available at the Residences at Hilton Surfers Paradise from $495,000, with three and four-bedroom Sky Homes selling from $1.75 million.
The final sub-penthouse is for sale at $2.75 million, and the two penthouses are still available.
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