Gold Coast Apartments
The Gold Coast property market across all sectors continues to remain one of Australia’s most resilient, bolstered by high numbers of migration and significant new infrastructure and investment projects.
Famed for its natural amenities and idyllic lifestyle, this iconic coastal destination is one of the fastest growing economies in the country with interstate migration fuelling population growth and that in turn super powering demand for property.
Like many parts of Australia, demand on the Gold Coast continues to be strong, driven by high levels of immigration that has been at record levels.
Many were forecasting a drop or at least an easing in the number of people choosing to call the Gold Coast home but the influx of new Australians remains high.
Population growth for the Gold Coast is known for overseas immigration but strong interstate migration is super powering the property market.
As such, property prices are expected to continue increasing throughout 2024.
Prices had been forecast to drop in 2023 but figures showed they increase of 8.1 per cent.
The area is well-known for roller coasters and although the property market also sees peaks and troughs, over the 35 years to 2021 PRD research shows the Gold Coast median house price grew 1,077 per cent and unit prices rose 643 per cent.
A Trip Down Property Memory Lane
How did 2023 stack up?
The Covid 19 pandemic greatly impacted the building and construction sector. Unsurprisingly, FY23 saw a sharp fall in apartment launches, around a -48 per cent drop from the launch numbers from FY22, however it was still the highest number of apartments launched since FY19.
New apartment sales on the booming Gold Coast. The surge came as a swath of cashed-up local and interstate buyers pounced on the larger luxury residences that have become the post-COVID-19 staple of the coastal city market.
The biggest-selling Gold Coast projects
Over the September quarter, the biggest-selling Gold Coast project – according to Urbis – was Drew Group’s Lagoon project at Main Beach, which is being built by Hutchinson Builders and racked up 124 sales across two towers.
The first stage of Cienna, a multi-tower project in Varsity Lakes being undertaken by Ron Bakir’s Homecorp, secured 85 sales. Meanwhile, 26 Vista, a high-rise tower at Surfers Paradise being developed by Malaysian-listed MRCB Malaysia, sold 80 apartments over the quarter.
Urbis director Paul Riga said a significant new trend was the conversion of a number of build-to-rent projects to build-to-sell as developers look to capture sales in a constrained supply environment.
“What the data tells us quite simply is that the demand for apartments has remained strong,” Mr Riga said.
“This is great for the property market, underpins property prices, but creates further problems with supply – meaning if new projects don’t get under way, the supply will continue to diminish.”
Homecorp is about to release the next stage of Cienna Varsity Ridge in 2024 and will also complete Eve Residences, a luxury apartment development on Marine Parade with unobstructed Broadwater views.
To discover more about what Homecorp are developing, reach out to the team today.