New apartment sales on the Gold Coast have spiked by more than 30 per cent, after recent project launches initiated a sales frenzy, according to new research released today.
The latest Urbis Gold Coast Apartment Essentials report has revealed a total of 416 transactions occurred among 47 projects between July and September, compared to 314 sales in the previous
quarter.
Urbis Senior Consultant Lynda Campbell said an increased level of supply coupled with strong buyer demand had been the catalyst for growth throughout the quarter.
“The Gold Coast apartment market is continuing to break records in 2015 with sales in the first three quarters combined (1041) overtaking the total yearly sales for 2014 (825),” Ms Campbell said.
“The latest report shows that sales this quarter increased by 253 compared to the corresponding quarter for 2014 which recorded a total of 163 sales – an increase of more than 150 percent.
“Seven new projects have launched this quarter with the possibility of another 22 projects launching during the next six months. This would bring another 2,165 new apartments to the market and keep the delicate balance between supply and demand.”
“As apartment prices in capital cities become less affordable, the Gold Coast is attracting a greater share of the investor markets, who are seeking value for money, return on investment and lifestyle opportunity,” Ms Campbell said.
The overall LGA Gold Coast median apartment price at June 2015, which includes new and existing apartments, was $360,000 – significantly more affordable than Sydney ($650,000), Melbourne ($470,000) and Brisbane ($429,000).
“The Gold Coast has welcomed 23 new apartment project launches during the past 12 months. This is driving a competitive market for developers who have become more savvy and sophisticated in their designs and amenity offerings – giving buyers more choice.”
The majority of activity was concentrated around the Gold Coast Central* precinct which recorded 206 transactions or almost 50 per cent of total sales. This precinct also holds the largest pending supply with a total of 909 apartments in nine towers which are expected to enter the market over the next six to nine months.
