Sales increase as new projects hit the Gold Coast apartment market

The most affordable precinct was the Coastal Fringe Precinct, which recorded a weighted average sale price of $537,013. The Coastal Fringe Precinct was also the top-selling precinct during the quarter, registering 37% of total sales, and also the top-selling precinct for 2017.

As a result of its strong performance throughout 2017, the Coastal Fringe Precinct now has one of the lowest levels of supply on the Gold Coast. Only 329 apartments remained for sale at the end of the quarter, compared to 406 apartments in the previous quarter.

The strong performance of the Coastal Fringe Precinct has also resulted in medium-rise apartments selling at a higher rate than high rise apartments. Medium rise apartment sales accounted for 57% of total sales during the December quarter.

Senior Consultant Lynda Campbell said, “There are currently 22 projects yielding over 2,000 apartments which could potentially launch across the Gold Coast in the first half of 2018.

“A quarter of these are in the Southern Beaches Precinct, which has gone from being one of the most undersupplied markets to now having the second-highest level of future supply and the highest level of active supply.

“During 2018 we can expect to see an active new apartment market on the Gold Coast with new projects launching which will bring a plethora of quality stock to the market.”

• 209 sales recorded in the December 2017 quarter, a 37% increase on the previous quarter sales.
• 71% of sales were a two-bedroom, two-bathroom product.
• The weighted average sale price recorded at $619,737.
• The Coastal Fringe Precinct recorded the highest quarterly sales rate across the four Gold Coast precincts, with 77 sales during the December 2017 quarter, accounting for 37% of total sales. The Coastal Fringe Precinct was the top-performing precinct in 2017.
• The Gold Coast Central Precinct recorded 70 sales during the December 2017 quarter, followed by Southern Beaches (43 sales) and North Shore (19 sales) precincts.
• Supply remains stable with 1,794 apartments for sale at end of December 2017, the top-performing precinct (Coastal Fringe) now has the second-lowest level of supply.
• The Southern Beaches Precinct has gone from being the most undersupplied market to now having the second-highest level of pending future supply and the highest level of active supply.

_{*Coastal Fringe suburbs include Arundel, Parkwood, Molendinar, Ashmore, Benowa, Bundall, Carrara, Robina, Clear Island Waters, Merrimac and Varsity Lakes.
*North Shore suburbs include Biggera Waters, Coombabah, Helensvale, Hollywell, Hope Island, Paradise Point and Runaway Bay.
*Gold Coast Central suburbs include Labrador, Southport, Main Beach, Surfers Paradise and Broadbeach and Broadbeach Waters.
*Southern Beaches suburbs include Bilinga, Burleigh Heads, Burleigh Waters, Casuarina, Coolangatta, Currumbin, Kingscliff, Kirra, Mermaid Beach, Mermaid Waters, Miami, Palm Beach, Tugun and Tweed Heads.}