Retiree units hot property

THE Gold Coast appears to have escaped its boom-andbust cycle due to a shift towards smaller apartment developments with extra features.

Industry heads say boutique projects are complementing the traditional multimilliondollar luxury apartment towers and helping to solidify the market.

“This means there won’t be a huge increase in supply, and with the steady increase in population on the Gold Coast and the ever-increasing downsizer demand from retirees, the result is a very stable property environment,” said Chris Litfin, Knight Frank head of project marketing.

“The Gold Coast apartment market had a boom-and-bust reputation, particularly when it had a low population base as the market generally relied on tourism and apartments were discretionary assets. But now that is certainly not the case.”

Mr Litfin said retirees wanting to downsize and enjoy a maintenance-free lifestyle closer to cafes, shops and the beach were driving demand.

“(Years ago) 60 used to be old. Sixty is now middle age so people reaching retirement want to do stuff,” he said.

Urbis senior consultant Lynda Campbell said retirees often preferred smaller developments.

The latest Urbis Gold Coast Apartment Essentials report shows the city recorded more than 550 new apartment sales in the first half of this year – up from 449 in the same period last year. During the period, 21 new projects were launched.

Mrs Campbell said extra features were being incorporated into new developments, including bike storage, yoga rooms and shared dining areas, to appeal to owner-occupiers.