The sales for the first half of 2017 have eclipsed the sales rate for the entire 2014 year in the Southern Beaches Precinct.
“The Coastal Fringe Precinct was once again the most affordable precinct, registering a weighted average sale price of $469,059” Ms Campbell said. “Over the last 12 months we have seen the majority of sales each quarter in the Coastal Fringe Precinct. This is driven by affordability. In the June 2017 quarter, 107 sales were recorded in this precinct – 55 per cent of total sales, up from 44 per cent of total sales in the previous quarter.”
Only four projects are expected to launch in the Coastal Fringe Precinct over the next six months, bringing 307 units to the precinct. Ms Campbell said the largest supply levels are still located in the traditionally high density Gold Coast Central Precinct, despite the recent popularity in the Coastal Fringe Precinct.
“Over 2,000 units are expected to launch in the next six months in the Gold Coast Central Precinct, our largest precinct with the highest proportion of high-rise, high yielding projects. Current supply levels in the precinct sit at 515, the highest level of supply across the four precincts. However, with a weighted average sale price of $755,612, well above the level recorded in the popular Coastal Fringe Precinct, new supply could see sales increase, however price points will be a major factor,” Ms Campbell said.
Once again the Southern Beaches Precinct remained the most under supplied, with only 93 new apartments remaining for sale at the end of June 2017. Ms Campbell said, considering recent sales data, the precinct remained a prime opportunity for development. “Sales rates in this precinct have been steadily increasing over the last two years as new projects have launched. The sales for the first half of 2017 have eclipsed the sales rate for the entire 2014 year in this precinct.”
Looking towards the second half of 2017, despite a change in sales levels, Ms Campbell believes the Gold Coast apartment market will remain stable. “There are several large projects in the wings which will alleviate any supply issues, but in the meantime supply levels remain low in some precincts. If developers are able to deliver the right product, in the right location, at the right price to the market, sales will continue to be achieved.”