This article is from the Australian Property Journal archive
New apartment sales have skyrocketed on the Gold Coast. According to the latest research from PRDnationwide, it is not overseas but local buyers who are heating up the market.
According to PRDnationwide, there were 441 unconditional sales of new apartments in the June 2006 quarter, up from 259 sales in the three months to March 2006.
PRDnationwide Gold Coast’s Isabelle Andrews said 45% of the apartments sold in June quarter were located across seven new projects reported for the first time in the survey.
In addition, 56% of high rise apartments sold were located in Raptis’ Southport Central Tower II, Niecon Development’s The Oracle Tower I and Urban Pacific, Macquarie and the Parkview Group’s Kirra Surf.
PRDnationwide’s project marketing director Chris Liftin said the most enthusiastic group to embrace these developments have been local Gold Coast and Brisbane residents – traditionally the most astute buyers of Gold Coast apartments.
Other new projects included in the survey were Kirra Wave at Bilinga, the Nielsen on the Park at Tweed Heads, the Lakelands apartments at Carrara and the Easy T apartments at Robina.
The seven new projects added at total of 715 apartments to the survey. Three projects were reported as selling out during the quarter – Chevron Renaissance Skyline Central at Surfers Paradise, Sea Pearl at Burleigh Heads and Bay Breeze at Tweed Heads.
The latest sales rush has dented the region’s supply levels for new apartments, dropping 7.8% to 14.6 months of supply.
The key player for the past quarter, Southport Central – Tower II, recorded 78 unconditional sales.
Sales in excess of $1 million represented 24% of the total apartment market with 106 unconditional sales, indicating demand in the prestige apartment market remains unabated.
According to PRDnationwide, 14 of these $1 million plus sales were in excess of $2 million.
In the medium rise sector, the Allisee located on the Broadwater at Hollywell has continued to perform very well with 27 unconditional sales for the quarter for an average sale price of $1.15 million.
Meanwhile Cotton Beach at Casuarina on the New Tweed Coast, achieved the greatest number of sales in the low-rise sector, with 24 sales for an average price of $805,731.
Across the board the average sale price of a new apartment on the Gold Coast this quarter was $877,962.
Liftin said the prestige apartment market has been underpinned by a strong local economy, high-returns from the stock market, overseas business expansion into Australia and purchasers from expatriates in preparation for a return home.
“The market, particularly for prestige apartments, has been virtually impervious to the broader property market slowdown in recent times.
“With migration remaining strong and promising business growth forecasts throughout South East Queensland, the fundamentals are still in place for continued growth within the Gold and Tweed Coast new apartment market,” he added.
By Kathryn O’Meara
