PHOTO: Highrise apartment complexes dominate in Surfers Paradise on Queensland’s Gold Coast. (ABC Gold Coast: Dominic Cansdale)
New apartment sales have surged by almost 100 per cent on the Gold Coast, according to recent property data.
Key points:
- Gold Coast apartment sales have surged 97 per cent, according to Urbis
- Apartment prices have increased, on average, 23 per cent over the previous year
- Property researcher says price growth “unsustainable” but sales growth could continue
Industry experts say the figures are the most significant recorded in more than eight years, with intrastate-based Queenslanders driving the surge, followed by Victorians.
A local property researcher says the “unprecedented demand” has led to a stock shortage, with the rate of sales expected to remain for “several years”.
Sales almost double
Gold Coast property research and real estate advisory firm Urbis recently released its quarterly report looking into the new apartment market for the first quarter of 2021.
Director Matthew Schneider said the results were significant, nearly doubling to more than 700 sales compared to the previous quarter.
“In the first quarter of 2021, we saw a total of 742 new apartments sold in the Gold Coast marketplace,” Mr Schneider said.
“Over the course of the period between 2021 and back to 2013, we’ve really seen somewhere between 300 and 500 apartments transact each quarter.
“So, to have results as high as 742 in the first quarter of 2021 is a significant increase on what we’re seeing over that last period … [it has] almost doubled the volume over that period.”
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