Apartment living at an all-time high
NEW Gold Coast apartments are hot property with a huge spike in sales over summer.
Among the big deals was an off-the-plan two-level penthouse in Trenert’s White Main Beach development that was snapped up for $6 million. According to Urbis, 323 sales were recorded in the last quarter of 2019, an increase of 62 per cent from the previous quarter.
Ray White Projects’ Caitlin Rosenboom said interest was strong across a range of projects with the summer holiday period one of the best in years for the Gold Coast property market.
“We took more written expressions of interest and issued more contracts for new projects in December and January than in the preceding 12 months,” she said.
“It’s an incredible result that has been supported by strong interest from local buyers and interstate downsizers, with a distinct focus on owner occupier-style apartments among both groups.
“Some buyers were determined to combine a holiday with looking for a property, with many of them planning to relocate to the Coast over the next year or two.”
Ms Rosenboom said the strength of the market was reflected in the number of sales recorded for premium apartments.
“We secured four contracts of between $2 million and $6 million at Main Beach and Surfers Paradise during the holiday period,” she said.
“Properties that are garnering the strongest interest are those that are nearing completion and currently under construction, and those with total construction timetables under 24 months.”
Director of residential at Colliers International David Higgins managed the sales and marketing for Village Palm Beach, which recorded 75 sales during the final quarter of 2019.
“Over 70 per cent of the buyers in Village are the Gold Coast locals and from Brisbane, with strong interest also from New South Wales looking to relocate,” Mr Higgins said.
He said 5000 new dwellings were needed per year to keep up with the rapidly growing population on the Coast.
“Many people who are relocating here from other parts of Queensland as well as interstate are chasing value for money propositions, and are interested in two and three-bedroom apartments in boutique projects that are in beachside locations,” he said.
Marketing Projects South East Queensland managing director Kyia Anderson shared a similar view.
“Over the summer period, we finalised selling at Bellevue The Glades, Robina and experienced a significant uplift in inquiries and sales compared to the previous quarter,” she said.
“We then entered the prerelease phase for Salt Palm Beach prior to Christmas, which has received hundreds of inquiries.
“In fact, the most I have ever received in such a short period on any project with the majority coming from local downsizers.”