The March 2018 quarter impressed with the highest quarterly sales rate of new apartments in over 12 months (278 sales), and June quarter has delivered near identical results, with 276 sales.
The first half of 2018 saw 21 new projects launched to market comprising a total of 2,554 apartments. Over the same period, a total of six projects sold out. Over half of all project launches were in the Gold Coast Central Precinct. Broadbeach and Surfers Paradise have each had four new project launches this year.
The Southern Beaches Precinct has recorded seven new project launches for the first half of 2018, five of which were in Palm Beach. This precinct has gone from the most under supplied precinct to now having over 1,000 apartments available for sale.
While new apartment supply has increased, so too has sales volume. Over 100 sales were recorded during the June 2018 quarter, equating to 39% of total sales. The Central Precinct came up on top with 126 sales, accounting for 46% of all sales in June quarter.
Owner occupiers were the overall standout buyers in the quarter. However, the Gold Coast Central Precinct saw interest spike from interstate investors (28%) and foreign investors (15%). This clearly demonstrating the precinct’s interstate and overseas appeal.
Two-bedroom, two-bathroom product retained its title as most popular product for the quarter, accounting for 67% of all sales.
Over the quarter, 70% of total sales were priced between $500,000 and $999,999. The overall weighted average sale price increased $38,713 to reach $768,569. A significant figure, though less than the record breaking average of $813,149 set four years ago.
This was boosted by both the Central precinct and Southern Beaches precinct which recorded an average sale price of $863,294 and $736,449, respectively. The North Shore continues to be the most affordable precinct with an average sales price of $475,000.