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Some of these projects will be staged and may not have the total number of apartments released over the following six months but will be rolled out over several years. With a sales rate of 1,494 during 2015 and 2016 set to eclipse this, the supply level is keeping pace with demand.
Ms Campbell said the Coastal Fringe* precinct recorded the highest level of sales, out-performing the usually high-performing beachfront locations.
“The Coastal Fringe precinct recorded a total of 255 sales during the September quarter 2016, the precinct’s highest quarterly sales level in three years and accounted for 51 per cent of sales across the Gold Coast.”
The Southern Beaches* and Northern NSW precincts recorded their highest quarterly sales rate of the last three years with 88 sales during Q3 2016. This precinct has been undersupplied for many years and the introduction of new projects have gone some way to quench pent-up demand and has resulted in an increased sales rate.
“While new supply has been introduced, the Southern Beaches remains the most undersupplied precinct across the Gold Coast, with only 63 apartments available for sale at the end of September,” said Ms Campbell.
Along with increased sales, the overall weighted average sale price lifted to $596,149 and supply is keeping up with demand, with a total of 496 new apartment sales recorded across the Gold Coast during September quarter 2016.
The GC Central Precinct recorded the largest increase in weighted average sale price, lifting $75,985 during the quarter to record a figure of $685,069 based on 144 sales across 17 monitored projects.
As confidence returns to the Gold Coast new apartment market and developers begin to move forward with projects, the number of pending projects likely to be launched over the following six months has increased to 33. This compares to 22 for the same quarter last year.
Almost half of all pending projects (17) are in the GC Central Precinct with 12 of these located in the suburbs of Broadbeach and Surfers Paradise.
Ms Campbell believes the number of apartments contained within the pending projects list totals 3,944. “Some of these projects will be staged and may not have the total number of apartments released over the following six months but will be rolled out over several years. With a sales rate of 1,494 during 2015 and 2016 set to eclipse this, the supply level is keeping pace with demand.”
Two-bedroom, two-bathroom product continues its domination of the new apartment market, recording an increased level of sales during the September quarter 2016, lifting to their highest level in 12 months with a total of 367 sales, equating to 74 per cent of total sales.
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