On the up and up: Gold Coast new apartment market

2018 saw 33 new apartment projects launch across the Gold Coast. Two projects sold out in the quarter, bringing the annual tally to nine projects sold out and 30% of this quarter’s surveyed projects are over 75% sold out.

The Gold Coast recorded weighted average sale prices in the low $700,000s over the course of 2018, whereas 2017 recorded low to mid $600,000s. The gradual increase in apartment prices is consistent with the higher concentration of luxury apartment projects on the Gold Coast, highlighting the move towards larger, owner occupied buildings.

Southern Beaches recorded the highest weighted average sale price during the quarter ($797,500), based on 40 sales, coinciding with the precinct’s larger proportion of 3-bedroom products (23% of future supply). 12 months ago, this precinct had 14 projects being actively marketed – it now has 24.

“Apartments in this precinct tend to have larger floor plates and are suitable for owner occupiers, hence the higher price points,” Ms Campbell commented.

The Gold Coast Central precinct recorded the highest sales rate with 87 sales, dominated by high rise projects and selling mainly two-bedroom, two-bathroom products.

Interstate investors and owner occupiers made up the majority of sales in the quarter, with 41% and 38% respectively. Owner occupiers made up the majority of sales in 2018 with 38%, followed closely by interstate investors 36% of total buyers in 2018.

2019 is shaping up to be an exciting year for Gold Coast’s new apartment market, with approximately 2,000 new apartments expected to launch their sales campaigns in the first half of 2019. Strong population growth and an increase in interstate migration should see demand continue into 2019.

• Weighted average sale price recorded: $715,865
• 7 project launches in the quarter: 412 new apartments
• 709 apartments approved in the quarter