City Beat September 2023: Gold Coast unit values pass $700k after continued 2023 growth
The continued strength in the Gold Coast property market has seen the South East Queensland hotspot's median unit value surpass $700,000.
CoreLogic's Hedonic Home Value Index found Gold Coast units jumped another 1.3 per cent across September, topping growth in Sydney, Melbourne and Brisbane.
Unit values are now 6.4 per cent up in the last 12 months, according to the property data analytics firm.
Read more: City Beat August 2023: Gold Coast unit median approaches $700k following August growth
What's happening in the Gold Coast off the plan market?
Prospective buyers are still queuing up for off the plan apartments developments on the Gold Coast.
While signing up to join waitlists was more prevalent during the pandemic when buyers were missing out on projects which were selling to databases without even hitting the market, the recent development application by Molti for their luxury beachfront Bilinga project saw a strong response.
Molti Director Ben Teague said the response has been incredibly positive.
"We’ve already had people join our waitlist at this early stage," Teague said, adding that buyers have been impressed with both the architecture and the beachfront position in Bilinga.
"We’ve been looking at the southern Gold Coast for a number of years, and while it’s seen considerable growth since the pandemic, we still feel there’s plenty more room to grow."
Molti's key business contacts and stakeholders from southern states, particularly Melbourne, are wanting to heavily invest in property in South East Queensland.
"That tells us the growth wasn’t solely pandemic-fuelled. While thousands from the southern states viewed it as an escape from lockdowns over 2020 and 2021, there’s still people moving in droves to SEQ, and forecasts suggest that will continue."
Prominent Canberra developer Amalgamated Property Group are set to bring some further supply to the Gold Coast off the back of the success of their under construction Broadbeach apartment development, Amaya Broadbeach.
Amalgamated Property Group Development Manager Michael D'Elboux says they are seeing a return of buyer confidence, which he says is a direct response to the recent introductions of developer/builders at the helm of both the project vision and delivery.
"Specific feedback that we’re hearing from our buyers at Amaya Broadbeach is that this is providing them with additional certainty knowing that the delivery of the home they’re investing in will actually be of the highest priority to both parties and that their successes go hand-in-hand; there isn’t another party calling the shots," D'Elboux says.
"Industry-wide, this all contributes to a much-needed positive sentiment – these increases in sales and continuation of construction activity does have a broader flow-on effect, with impact on the general market confidence and therefore, future demand and supply."
D'Elboux said that even with the arrival of spring and its natural inclination for the number of sales to pickup, the majority of enquiries at the moment are discerning buyers, namely those who have been watching the marketplace for some time.
"Buyers are doing more independent research before they even reach out to us, which means we're experiencing higher-quality enquiries and shorter conversion timelines to purchase," D'Elboux says.
"They are connecting with the long-term vision so we’ve got a strong reassurance of a quality residential community that will be in alignment with our original concept.
"As well as holiday-home makers, we’ve definitely been seeing a strong pickup in owner-occupiers who are looking to the future and finding their way to get closer to the water and live that Gold Coast dream by the sand and the sea, but in a low-maintenance home for an easy lifestyle."