City Beat March 2024: What is happening in the Gold Coast off the plan apartment market?
The Gold Coast unit market continues to surge in 2024 after a 2023 which saw it become one of the best performing major cities in the country.
The median value of units, which incorporates both apartments and townhouses, jumped another 1.1 per cent in February to a new median $740,000. It was only October when they passed the $700,000 mark.
What is happening in the Gold Coast off the plan apartment market?
Projects by reputable developers remain the most popular on the Gold Coast.
Vista by Malaysian developer MRCB International continues to top the sales chart after another strong quarter.
Urbis research showed Vista was the top selling project on the Gold Coast in Q4 2023 with 46 sales.
Crest Broadbeach by veteran Canberra and Gold Coast apartment developer Morris Property Group has also seen a number of sales. It was the third best performing project in the Gold Coast in Q4 2023 with 25 sales.
There's also been some much needed new supply come to the market in 2024, both from two of the most reputable developers on the Gold Coast.
strong market feedback at the first stage of Lewis Land's $1.5 billion Biggera Waters masterplan, Harbour Shores.
Colliers Director David Higgins says Harbour Shores is a game-changer for the area.
"The introduction of the 15-hectare masterplan means Biggera Waters is a new option for buyers to consider," he said.
"The site is a unique one, so close to all of the Biggera Waters amenity and Harbour Town. It's a longterm project that will change the face of the suburb."
Higgins says having the reputation that Lewis Land as a developer makes the whole selling process much smoother.
"They've done incredible things for the Gold Coast over the last six decades and they own Harbour Town. They're a developer who buyers know aren't going anywhere."
There's been equally strong market feedback from buyers at Ombre Robina, the latest project by construction industry veteran John Kearney's Immerse Projects.
Tony Ashwin, who is handling sales at the Scottsdale Drive development, says one of the most interesting findings from the launch has been not only the variation in demographics, but the depth in each type of buyer.
"In 35 years I've not seen so much depth in each buyer cohort than we have with Ombre Robina," Ashwin said.
He's sold apartments to first home buyers in their 20s all the way through to a couple in their 90s.
There's been a strong uptake on all floorplans, from the unique one-bed, two living room apartments to the larger three-bedroom apartments.
Ashwin says the strong market response shows the maturity of the Gold Coast apartment market, as well as the maturity of Robina, with the early success showing that it's not all about the beachside suburbs.
"Ombre Robina is giving people option in that middle market, which a lot of the beachside suburbs aren't doing," Ashwin says.
Kearney's longtime Gold Coast construction company, Greyburn, will be the ones building the project, which is expected to start construction in the next few months.
"A lot of our buyers live in Greyburn homes, so they know the quality of delivery from the team," Ashwin added.