Unit sales ris­ing

De­mand for new apart­ments on the Gold Coast is on the rise and ex­pected to keep climb­ing

Weekend Gold Coast Bulletin - Property - - MARKET WRAP | REWIND - WORDS JES­SICA BROWN

AS new res­i­den­tial tow­ers are sky­rock­et­ing on the Gold Coast, so are the num­ber of apart­ment sales.

New data from prop­erty con­sul­tant Ur­bis shows al­most 300 new apart­ments sold in July, Au­gust and Septem­ber.

Ur­bis Con­sul­tant Lynda Camp­bell said the fig­ure was a new high for the Gold Coast.

“New apart­ment sales on the Gold Coast are at their high­est level since the end of 2016 with 298 sales in the Septem­ber quar­ter (of ) 2018,” she said.

The lat­est data is part of Ur­bis’ Gold Coast Apart­ment Es­sen­tials, which is re­leased quar­terly.

Since its in­cep­tion in 2013, it has recorded an av­er­age of 292 sales each quar­ter.

Ms Camp­bell said this year was al­ready one of the best on record be­fore it had even fin­ished.

“Sales for the first three quar­ters of 2018 have eclipsed to­tal sales for 2017,” she said.

A to­tal of 852 sales have been recorded this year to date while 2017 recorded 811.

With al­most half of avail­able stock sold, Ur­bis pre­dicted the strong sales rates would con­tinue into 2019.

In the Septem­ber quar­ter, two-bed­room, two bath­room apart­ments were most pop­u­lar, record­ing 61 per cent of to­tal sales.

How­ever, three-bed­room apart­ments were in­creas­ing their share in the mar­ket at 24 per cent.

It comes off the back of an in­crease in larger owner-oc­cu­pier apart­ments hit­ting the mar­ket.

The lat­est quar­ter’s re­sults also show that apart­ments in medium rise projects have recorded their high­est av­er­age sale price for the first time at $768,056.

This was also 13 per cent higher than the sale price of apart­ments in High-rise projects dur­ing the pe­riod.

New apart­ment sales on the Gold Coast are at their high­est level since 2016.

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