Gold Coast apartment market continues to impress with high sales

For the first time since Urbis began monitoring the Gold Coast new apartment market, medium rise projects have recorded their highest weighted average sale price. Not only has medium rise reached its highest price point to date, they have also achieved a higher weighted average sale price than high rise projects during the quarter. At $768,056, medium rise projects achieved a weighted average sale price 13% higher than high rise projects during September quarter.

Ms Campbell stated, “Sales for the first three quarters of 2018 have eclipsed total sales for 2017.”

Sales to date for 2018 amount to 852 while sales for all of 2017 totalled 811. The Gold Coast new apartment market has showcased its stability within the last twelve months, recording a steady sales rate and weighted average sale price increase. With 49% of available stock sold, it is very likely that these strong sales rates will continue into 2019.

The Gold Coast Central Precinct recorded the highest number of sales in the quarter (166), followed by Southern Beaches Precinct (78). The high level of supply in these precincts has supported this regular performance in sales, currently accounting for 87% of total supply across the Gold Coast. Supply in the North Shore precinct is dwindling with only 49 apartments remaining for sale at the end of September.

All precincts, with the exception of Southern Beaches, have recorded an increase in sales rate over the previous quarter, highlighting the diverse nature of the Gold Coast new apartment market.

While two-bedroom two-bathroom product continues to dominate, recording 61% of total sales, three-bedroom product is increasing its share of the market. Q3 2018 saw three-bedroom product take 24% of the market on the back of an increase in larger owner-occupied product coming to the market.

• Number of sales recorded in the quarter: 298
• Weighted average sale price recorded: $727,685
• 5 project launches in the quarter: 287 new apartments