Urban's top five most popular Gold Coast suburbs for downsizers and rightsizers in 2023
The boom of the Gold Coast off the plan apartment market continued in 2023, with some agents reporting they secured more enquiry in sales even compared with 2022.
While not as strong as enquiry from 2020 and 2021 during the pandemic, there was still significant purchasing numbers from the southern state for the mid-level stock, around the $1.5 million mark. Those buyers are either pre-retirees looking to move north in the future, or those who will move up on completion of the development.
Locals have buoyed the market in 2023, feeling like they have more of a chance compared with 2021 and 2022 when southern money quickly snapped up most of the sought-after apartments.
2024 is shaping up to be another strong year on the Gold Coast, with supply still an overarching factor in forecasted price growth.
Downsizers and rightsizers made up the most of enquiry in 2023, with first home buyers all but priced out of quality stock near the sand.
We've looked at Urban.com.au data to look at which were the most sought-after suburbs for downsizers and rightsizers in 2023.
Mermaid Beach
The millionaire's playground of Mermaid Beach continues to attract downsizers and rightsizers whenever there's a new development, given the opportunity to develop in the pricey suburb is at a premium.
DANKAV's LAANI Mermaid Beach on Alexandra Avenue was a favourite for next home buyers. The 48 apartments across an 18-level building presented itself as boutique, but large enough to have significant residential amenity to service the building.
Starting at $1,150,000 for two-bedroom units and $1.75 million for three-bedroom residences, LAANI's amenities sit on level seven and include a heated lap pool, gym, sauna, cinema room, shared office space, private dining, and an outdoor lounge with barbecue facilities.
Around 60 per cent of LAANI's apartments are sold.
Construction is underway, and is expected to be complete by the end of 2024.
Mermaid Beach's only other high-rise development in Yves Mermaid Beach, which is all but sold out following the conditional sales of their penthouse and sub penthouse just before Christmas.
The apartments, which sold for $6 million and $5.5 million respectively, were secured by local Gold Coast downsizers, one who already resided in Mermaid Beach.
The Rothelowman-designed development, Hirsch & Faigen's third in the Gold Coast after Hemingway at Palm Beach and Emerson at Kirra, has continually garnered significant interest since it launched to the market at the start of 2022.
Yves, Mermaid Beach
The development features a north-facing swimming pool, yoga deck, gym, sauna, recreation lounge, and barbecue seating.
Apartments at Yves are priced from $1.05 million to $1.3 million.
Queensland’s largest and most reputable builder, Hutchinson Builders, anticipates a late-2024 completion date.
Surfers Paradise
Surfers Paradise is popular with every kind of buyer, from first home buyer and investor to rightsizer and downsizer.
The majority of next home buyer interest came at Florian, quietly outside of the central hub of Surfers on the river on Monaco Street.
The development, by Pacifico Investments, comprises just 45 two and three-bedroom apartments across 17 levels. Pacifico went back to the drawing board during the sales process after identifying the demand from the downsizer and rightsizer market for two-bedroom apartments with a multi-purpose room, as well as larger three-bedroom units.
Florian, Surfers Paradise
Embracing a French Riviera theme, prominent interior design firm Coco Republic curated the apartment interiors with light, coastal tones.
There was also next home buyer interest at 26 Vista, the 51-level tower on Vista Street by MRCB.
Urban Activation Sales Director Matt George said there were around 140 sales in the sustainable building in 2023, with both prices and enquiry rising from 2022 levels.
One street back from the sought-after Northcliffe Beach, 26 Vista will have 280 apartments and six three-storey townhouses that front Northcliffe Light Rail Station.
DBI's design incorporates an internal wellbeing precinct featuring a spa, gym, outdoor yoga space, pool, sauna and steam room and a residents lounge.
Chevron Island
Chevron Island's rise in popularity among downsizers is a testament to its status as a hidden gem on the Gold Coast.
The highly sought-after $135 million Tapestry project by Siera Property Group, which commenced construction last September, reflects the surging demand in the area. Initially marketed as a 22-storey tower, the Tapestry project expanded to incorporate five additional levels, totalling 113 units, to meet market demand in the area.
Designed by local architecture firm BDA, the sculptural tower aims to be a 'cultural continuation' of the neighbouring HOTA precinct.
Located on Darrambal Street near the HOTA precinct, Tapestry benefits from its strategic location, attracting owner-occupiers, particularly downsizers seeking easy access to shops, leisure facilities, and public transport.
Within Tapestry, residents will enjoy the rooftop amenity, set to rival the best on the Gold Coast, featuring a private dining space, which can be closed off to the rest of the rooftop, an infinity pool with views across Surfers Paradise, a gym, and outdoor lounge areas.
Prospective homebuyers still have the opportunity to secure a residence at Tapestry, with two and three-bedroom apartments available starting at $939,900. The completion of Tapestry is slated for July 2025.
The nearby Chevron One has also been popular with rightsizers and downsizers given its uniqueness on Chevron Island. It's set to be the tallest tower the island will ever see, given it was launched and construction had started before the COVID-induced build and labour cost rise.
The project, by Melbourne developer Bensons, will rise 41 levels and will home around 230 apartments when it's completed in 2025. The Marchese Partners-designed building features a raft of resort-style amenity, over 2,000 sqm, far surpassing any other development on the Gold Coast. The Club One residents’ lounge, floating cinema, sculptured gardens and dining facilities.
Main Beach
A little like Mermaid Beach, Main Beach sees an affordable multi-residential development, which is one of the contributing reasons of the success of Drew Group's Lagoon Main Beach.
Lagoon Main Beach, two towers centred around a lagoon pool on Cronin Avenue, has been Main Beach's most popular project for a number of years.
The two towers Sunrise and Sunset comprise 259 apartments with extensive podium-level amenities including a barbecue garden, a fully equipped function lounge, a fitness centre with a connected yoga terrace, and a 24/7 network-connected boardroom designed for flexible co-working needs.
There was a recent flurry of sales, the majority to southern state dwellers, who were buying the expensive two-bedroom and three-bedroom apartments with a view to move to Main Beach once the project is completed by Hutchies in late 2025.
Lagoon's prime location in the heart of Main Beach provides residents with easy access to the beach just 150 metres away and the famous Tedder Ave, known for its quality restaurants, cafes, and boutique shops.
Broadbeach
Broadbeach is seeing a boom in popularity as a mix of high-rise, amenity-laden apartment projects are mixed with luxury, full-floor projects for the more affluent buyer. The suburb offers something for everyone.
Catching all segments of the market, particularly next home buyers who want everything at their doorstep, has been Victoria & Albert, the mega-precinct by Iris Capital.
Over 50 per cent of the 400 apartments have been snapped up on the site of the former Niecon Plaza. The apartment towers will rise above a significant $200 million commercial precinct at the foot of the building, with residents of V&A afforded direct access to the heart of it.
As expected in a large-scale development, V&A features a range of resort-style amenities, including a 25-metre lap pool, spa, steam room, Zen garden, yoga deck, resident's lounge, and a kids' club area with a playground, all surrounded by sub-tropical gardens.
A popular new project that's just hit the market in Broadbeach is Morris Property's Crest Broadbeach on Armrick Avenue, designed for the owner-occupier.
The 40-level tower offers 182 two and three-bedroom apartments by Canberra-based architecture firm Guida Moseley Brown.
Crest Broadbeach's extensive amenities on the podium's second level include a pool, gym, lounge space, and a communal barbecue area, all wrapped with terraces featuring seating and dining areas.
The strategic location, situated across from the Broadbeach Bowls Club, not only ensures proximity to amenities but also offers protected views to the south, making it an appealing prospect for downsizers and rightsizers.