5 Dec 2019

Sales for the Gold Coast’s new apartment market increased by 29 per cent from the previous quarter, recording 198 sales according to the latest Urbis Apartment Essentials results.

Ms Lynda Campbell, Senior Consultant at Urbis, noted that the number of developments monitored for sale on the Gold Coast has increased dramatically over the last five years. “In Q3 2014 we monitored 29 active new apartment developments – we are now monitoring 78 developments which are actively selling,” Ms Campbell said. “The Gold Coast skyline continues to change as people choose apartment living, and there is still a significant pipeline of future supply which will continue to house residents as the Gold Coast grows.”

Despite the increased number of developments on the Gold Coast, the number of new apartments remaining for sale has fallen from a five-year peak of 2,594 to the current level of 2,190 at the end of September 2019.

The majority of apartment stock remaining for sale are located in the Southern Beaches Precinct, which accounts for around 47% of total stock. The typically ‘high rise’ Gold Coast Central Precinct had the next highest level of remaining stock available, at 41 per cent of total stock. “Of the 37 active projects located in the Gold Coast Central Precinct, 14 of them contain more than 100 apartments,” Ms Campbell said. “Developments located from Labrador to Broadbeach are often much larger, due to the zonings in these suburbs and the availability of sites, resulting in greater supply.”

North Shore is currently the most undersupplied precinct across the Gold Coast with only 120 apartments remaining for sale across surveyed projects at the end of September. Only eight developments are currently selling in the North Shore precinct.

The Gold Coast Central Precinct recorded the highest sales rate with 71 sales during the quarter, followed by 55 sales in the Southern Beaches Precinct. “The Gold Coast Central Precinct had its best quarter of 2019. The weighted average sale price decreased $112,000 from the previous quarter on the back of several more affordable apartments transacting,” Ms Campbell said. “Despite this, the current weighted average sale price of $854,643 is still well above the Gold Coast average of $743,782 in the quarter.”

New projects being launched in the area has seen the North Shore Precinct record its highest sales rate since the end of 2015, with 54 sales recorded. There are a limited number of projects expected to launch in the coming quarters in the North Shore Precinct.

  • Weighted average sale price of $743,782 recorded

  • Three projects with 195 apartments launched in the quarter

  • Two-bedroom, two-bathroom apartments most popular product type, achieving 70% of sales

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