The hotly-anticipated stage two of Cienna Varsity Ridge has officially been given the go ahead by the Gold Coast City Council, paving the way for the next phase of this inspiring project in the heart of Varsity Lakes.
The DA approval of stage two will bring forth 289 apartments across two 12- and 14-storey towers, with a collection of one, two and three-bedroom residences, carefully curated alongside generous open-living spaces designed to aid community connection.
Homecorp has added 83 apartments and an extra nine storeys across the last two towers planned for its half-complete $200-million Capital Court build-to-rent project.
The first stage of the project—comprising two towers of 10 and 16 storeys—has been delivered and its 257 apartments are occupied.
Under reworked plans by design studio BDA Architecture, the second stage has been increased in height from 10 to 12 storeys and 9 to 16 storeys, respectively adding 19 and 64 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.
Gold Coast Property Trends
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.
Gold Coast Population Growth Forecasts
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.
Australian Property Growth Statistics
How 2023 stacked up in property
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.
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.
Eve Residences stands proudly at the gateway to Southport’s Golden Mile with unobstructed views of the Broadwater that can never be built out.
Gold Coast Luxury Waterfront Living
In real estate, the old adage is location, location, location and Eve Residences has that is spades, spades, spades. Eve Residences is the whole package:
