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The Gold Coast is more than just a premium tourist destination, it is a place to live, work and play. The apartment lifestyle makes sense for a range of Gold Coast residents, including downsizers, and quarter on quarter we have seen owner occupier sales come out on top.
Lynda Campbell
Two-bedroom, two-bathroom apartments made up 65% of total Gold Coast sales this quarter. Two-bedroom apartments have traditionally been the most popular apartment product on the Gold Coast, however this quarter there was also a rise in the number of three-bedroom plus apartments selling, making up 19.4% of sales compared to 12.9% in the previous quarter.
The Gold Coast Central recorded the highest quarterly sales rate across the four Gold Coast precincts, with 160 sales during the March 2018 quarter, accounting for 58% of total sales. Six of the nine projects which launched in the quarter were located in the Gold Coast Central precinct.
The Gold Coast weighted average sale price across the four precincts registered $729.856 in Q1 2018, the highest level recorded in 3.5 years. The Gold Coast Central precinct recorded the highest weighted average sale price at $800,625, driven largely by the successful launch of several projects in Broadbeach.
Apartment approvals dropped in the quarter to 1,385, the third consecutive drop since mid-2017. However, compared to Brisbane where only just over 300 apartments were approved in the quarter, the pipeline of supply continues to build. The Gold Coast Central precinct has the majority of developments which are currently in development approval status.
“As we predicted, 2018 was off to a strong start for the Gold Coast apartment market.
“New project launches stimulated sales in the quarter, and with a possible 19 new projects to launch in the next quarter, supply has stepped up to meet demand. Though some of our other cities may have seen a slowdown in sales, things are looking sunny on the Gold Coast,” said Ms Campbell.
