GALLERY: Picture perfect 1770 property reels in city buyers
GOLD Coast and Sydney buyers are most likely to buy a popular holiday home at Seventeen Seventy, prompting a warning for regional buyers to act before being priced out of the market.
Classic, high set, Elliot Lodge at Seventeen Seventy is luring interstate interest after it was listed for sale three months ago at $850,00 by PRD Nationwide 1770 agent Gordon Christian.
Mr Christian said interested buyers were city livers looking to cash in their million-dollar homes and buy a property where the housing market is more affordable.
He said this was part of a growing trend of "southern money" shifting into regional towns.
"A lot of my clients are aged from 50 and upwards, they're cashing in on city prices, which means there's an incredible amount of money shifting into regional towns," he said.
The 3 Elliot St home is among several ocean-view properties at Seventeen Seventy listed for less than a million dollars. Two lots, part of new eight-lot estate, Tree Houses, are on the market at $340,000.
While Gladstone's housing market lingers at the bottom, Mr Christian has seen an increase in spending at the Discovery Coast in the past 18 months.
"18 months ago we were selling a property at Seventeen Seventy every two months, then towards the later part of last year there were six sold in two months," he said.
"Some of the new money - younger money - is from self-made 50-year-olds spending between $600,000 to $900,000 in what once was an area for the older elite."
Mr Christian said there was still an opportunity for residents to buy a slice of paradise at Seventeen Seventy.
"That could change if we see more money coming in from the south. It's not so much about the price, Seventeen Seventy is an emotional market... at the peak we saw people spend more than $2 million."
For more property news pick up the Real Estate lift-out inside Saturday's Observer.