Highrise a safety option
The scourge of youth crime is driving up apartment prices on the Gold Coast, as fearful residents seek refuge from the threat of violence by investing in secure high-rise pads.
Real estate principal Michael Kollosche raised the less glamorous side of the city’s unit market boom, which is often pinned to surging interstate migration and the demand from affluent buyers for lavish lock-and-leave beachside holiday pads.
But Mr Kollosche said many unit buyers were downsizers who viewed high-rise living as safer amid a crime wave where teen thugs prowled suburban streets by night.
“A lot of people have been affected by youth crime and just don’t feel safe anymore, particularly the older generation,” he said.
“Security is something many now feel that they must consider when moving.”
Mr Kollosche said the prevalence of youth crime affecting the housing market would be a “contentious issue” at the next election.
“The public has been very vocal about the issue for the past few years, with little solutions presented or actions taken,” he said. “Considering all these factors alongside the current 30 per cent deficit between net migration and the building of new dwellings, it’s no wonder apartments performing so well.”
Developer Rob Gray, who heads up Graya with brother Andrew, said the company’s new luxury builds incorporated added security features for buyers’ “peace of mind”, including multi-stage entry, sophisticated alarm system, and CCTV monitored by a caretaker.
Graya launched a pipeline of Gold Coast projects in 2023, with construction of the 12storey Kloud apartment building now underway.
“Residing in an apartment is rapidly becoming more and more popular, and the added security and safety of being off the ground and having cars parked in basements is a big part of that,” Mr Gray said.
“With the scarcity of prime land continuing to grow, developers are offering up a bigger and better apartment product that allows for longterm living, because these apartments are as well suited as a permanent residence for your family as a traditional house would be.”
Crime figures by the Australian Bureau of Statistics this week revealed unlawful entry with intent was one of the three most common principal offences among youth defendants, alongside theft and acts intended to cause injury.
Last year, Mr Kollosche tracked down and apprehended a suspected thief accused of raiding his office of equipment during the Easter break.
He made a citizen’s arrest on locating the alleged thief who broke into his company’s Broadbeach office.
The latest K Property Insights report, compiled by Kollosche with industry analyst Michael Matusik, found Gold Coast apartment prices had registered growth for 10 years.
Unit prices were up in real terms by 15 per cent annually, with the trend expected for the coming decade.
Mr Kollosche identified continued interstate migration as a contributor to the apartment market’s continued success, with cashed-up buyers from Melbourne and Sydney purchasing secondary residences.
Downsizers, who transitioned to apartment living when families moved away, were another key driver.
“We have seen a shift towards developers delivering larger, half and full-floor apartments in boutique residential-only buildings to cater for those moving from larger homes, who don’t want to compromise on size and quality,” Mr Kollosche said.