City Beat June 2024: Gold Coast unit market enjoys best month in 2024

City Beat June 2024: Gold Coast unit market enjoys best month in 2024
Harry Triguboff's two-tower Cypress Palms will be one of the tallest buildings on the Gold Coast
Joel Robinson June 17, 2024CITY BEAT

It was yet another month of solid gains in the Gold Coast unit market.

The 1.8 per cent growth in May followed growth of 1.1 per cent in both March and April, was the best performing regional unit market in Queensland according to the latest CoreLogic's Monthly Hedonic Index. 

It outstripped the growth in Sydney and Melbourne.

The median value of units in the Gold Coast has reached $784,000, which would put the median value only second to Sydney. The median started 2024 at $727,000.

Read more: City Beat May 2024: Gold Coast unit market continues to surge

What happened in the Gold Coast off the plan apartment market in May

The average price for new apartments sold on the Gold Coast has risen more than $500,000 in the past six months, according to Urbis, as sustained demand and dwindling supply combined with a sharp rise in interstate investor activity and construction costs continue to impact property values.

The Urbis Apartment Market Essentials report for the March quarter has revealed that new apartment sales achieved a weighted average sale price of $1.73 million, the highest since Urbis began monitoring the new apartment market in 2014. 

This is up from $1.67 million in the December quarter, and $1.13 million in September quarter.

There was success up and down the Gold Coast, as well as a much-needed 1000 apartments added to the apartment supply. That was from Harry Triguboff's Meriton who launched their two-tower Cypress Palms development in Surfers Paradise.

The towers will home just shy of 1000 apartments across two 76 and 90-level towers on a vast 8,083 sqm site at 3346 Surfers Paradise Boulevarde, on top of the Cypress Ave G-Link light rail.

 

Cypress Palms will be Harry Triguboff's 21st high-rise development on the Gold Coast, having first visited the now thriving tourist mecca six decades ago.

There was success in Palm Beach where Marquee Development Partners recently launched La Belle Palm Beach to much fanfare. Its $100 million in sales within the first month of it being on the market made it the city’s fastest-selling project of 2024.

Sales ranged from $2.5 million to $7 million.

Aniko also announced they were over 80 per cent sold at their under-construction Chevron Island apartment development, Orama.

Only 21 apartments remain in the 21-level building. Priced from $1.25 million, there is a mix of two-bedroom, two-bathroom plus study configurations, and three-bedroom sky homes on the upper levels that are topped off by two luxury penthouses. 

Melbourne developer Hirsch & Faigen revealed the crown jewel of their recently completed, sold out Coolangatta project, Emerson Kirra.

The $10 million penthouse has nearly 20 metres of north-facing glass frontage and spans over 500 sqm. It has four-bedroom residence offers open-plan living and dining areas designed to take advantage of the panoramic 270-degree views over the Gold Coast, 

 

Some developers continue to expand their residential property pipeline to the rest of the Gold Coast, with Sherpa Property Group settling on another site in Labrador after kicking off construction at their luxury Palm Beach apartment development Perspective Nexus and revealing their latest project Perspective Helm on Chevron Island.

They've secured 45 Labrador Street, a 915 sqm block they bought for $1.5 million where they're planning a small lot subdivision.City Beat June 2024: Gold Coast unit market enjoys best month in 2024

The site, located within Labrador's highly sought-after Golden Triangle, will home Sherpa's collection of brand-new beach homes on the Gold Coast, dubbed Freedom Vantage.

Builder-developer 5Point Projects has also locked in its next project in the southern Gold Coast.

They're not straying far from their luxury Palm Beach apartment development Ophira, where they've paid $15.6 million for a double-block of 824 sqm at 171-173 Jefferson Lane, a block that offers 20 metres of absolute beach frontage.

City Beat June 2024: Gold Coast unit market enjoys best month in 2024

Damian Dove, Managing Director of 5Points Projects, said the company was currently working up plans for the site but confirmed a boutique luxury apartment project in line with their brand was in the mix.

The next project is expected to launch later this year.

Joel Robinson

Joel Robinson is the Editor in Chief at Urban.com.au, managing Urban's editorial team and creating the largest news cycle for the off the plan property market in the country. Joel has been writing about residential real estate for nearly a decade, following a degree in Business Management with a major in Journalism at Leeds Beckett University in England. He specializes in off the plan apartments, and has a particular interest in the development application process for new projects.

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