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Urbis senior consultant Lynda Campbell says apartment sales in 2015 are the strongest in almost eight years and the figures show demand is gathering pace.
The popularity of $1 million-plus apartments was even stronger with sales in the December quarter more than doubling to 37 from a year earlier and up from 12 in the previous quarter.
Urbis senior consultant Lynda Campbell says apartment sales in 2015 are the strongest in almost eight years and the figures show demand is gathering pace.
“This has been one of the most active quarters we have seen since the GFC,” says Campbell.
“There were 12 projects launched and at the same time four projects sold out. There’s a lot of interest in the Gold Coast at the moment and it’s a lot to do with affordability.”
Urbis estimates that 26 new projects will bring an additional 2500 apartments to the Gold Coast market over the next nine months, or about 18 months’ supply.
Campbell says a slowdown in the Sydney market will drive even more investor interest in the Gold Coast with average apartment price differential of about $345,000.
Campbell says owner-occupiers dominate the $1 million-plus market, but there is anecdotal evidence of a strong upturn in foreign investors buying into the Coast. Urbis will begin monitoring buyer profiles from the March quarter.
Campbell says demand broadly appears to be keeping pace with supply on the Gold Coast.
“The sales rate keeps increasing and new projects are coming on,” she says.
