City Beat April 2024: Gold Coast unit market continues to outperform East Coast capital cities
Much like neighbouring Brisbane, the Gold Coast unit market won't be slowed down.
Following similar supply demand metrics to the Queensland capital, the Gold Coast unit market posted another strong gain in March, according to property data analytics firm CoreLogic.
CoreLogic's Monthly Home Value Index showed Gold Coast units, which incorporate both townhouses and apartments, rose in value by 1.1 per cent over March to be 2.8 per cent up in 2024.
The median value of units on the Gold Coast is now at $749,000, higher than both Brisbane ($587,000) and Melbourne ($612,000).
What happened in Gold Coast’s off the plan apartment market in March?
Data from Colliers released in March showed the average price for new Gold Coast apartments has reached $1.6 million for the first time, indicating a significant increase from previous quarters.
While the number of new apartment sales in the December quarter was relatively low compared to previous years, the average price per apartment saw a notable increase.
Owner-occupiers accounted for 55 per cent of the sales in the quarter, reflecting a resurgence in this segment of buyers.
Read more: Gold Coast apartment prices hit record highs
March also saw developer Aniko Group refine the masterplan for its flagship $2 billion mixed-use development, The Landmark at Mermaid Beach.
They want to accommodate the "escalating demand for affordable luxury living in the beachside suburb by trying to target the rightsizing demographic."
They say it's a segment of the market that has been overlooked by developers in the Gold Coast’s prime beachside suburbs in recent years.
The amended development application seeks to increase the height of Tower 1 from 30 to 35 storeys, accommodating 240 apartments, up from the 170 currently approved, bringing the entire masterplan to a total of 891 apartments.
Last month also saw a record sale at Holm Rainbow Bay by Chapter Two Group. They sold a two-level penthouse for $4.5 million to a Sydney buyer.
Chapter Two Director Jon Quayle believed this transaction is the highest square metre rate achieved for a non-waterfront or front-row apartment in the sought-after enclave. The 246 sqm apartment represented an internal price per sqm of $24,590.
The penthouse will feature three bedrooms, two decks, and a rooftop terrace with outdoor dining and a spa.
Read more: Rainbow Bay penthouse sold for record price per sqm
One of the northern Gold Coast’s most prolific developers, Lewis Land, has fast-tracked the release of the first home collections within its Harbour Shores master-planned community in an attempt to meet the soaring demand in the Runaway Bay catchment, one of the most undersupplied markets on the Gold Coast.
Lewis Land Chief Executive Office Brett Draffen said Harbour Shores would deliver more than 2,000 dwellings to the Runaway Bay catchment over the next decade.
“The first residential releases at Harbour Shores will be launched on 15 April and includes a collection of waterfront villa residences, two mid-rise residential apartment buildings, and early delivery of the large community park,” Draffen said.
Read more: Lewis Land to launch Harbour Shores first house release in undersupplied Runaway Bay catchment area
There were two new Gold Coast apartment developments that launched in March, targeting the luxury end of the market.
Family-owned builder developer Xsite Group has revived its plans for its recently launched luxury beachfront apartment tower, Arc Residences, on Surfers Paradise's most sought-after beachfront strip.
The 25-level Mosca Pserras Architects-designed building will home 39 high-end half and full-floor three and four-bedroom apartments overlooking the popular Northcliffe Beach, which start from just shy of $4 million.
Two levels in the building have been reserved solely for resident amenities such as a beachfront pool, private dining facilities, work-from-home office space, a cinema room, designated dog wash, and a wellness hub with a gym, sauna and treatment room.
Developer Ature Group also launched their first Gold Coast high-rise tower, Sola in Broadbeach. That will comprise just 20 full-floor apartments starting from $2.75 million.
Each 219 sqm apartment, which has private direct lift access, has three bedrooms, with the option to customise the space with the ability to add a fourth bedroom, office retreat or even a wine room.
Building work got underway at Perspective Nexus, the new Palm Beach apartment development by Sherpa .
LPS Group will be constructing the new nine-level project will deliver a collection of 32 apartments, including two half-floor penthouses and three sky homes with private rooftops.
The construction start comes on the heels of Perspective Nexus achieving sales of over 50 per cent of apartments worth a total of $65 million, with Gold Coast locals having driven the majority of sales.