Mermaid Beach tower The Landmark hits $250m in sales within month as property shortage continues

More than $250m in sales have been notched up for the first stage of a new tower in just a month, as the shortage of available Gold Coast property continues amid surging population growth.

More than $250m in sales have been notched up for the first stage of a new tower in just a month, its developer says.

Southport-based developer Aniko Group says it has sold nearly there quarters of the units in the first building of its $2.5bn The Landmark project at Mermaid Beach as construction begins.

Aniko boss George Mastrocostas said buyers had included locals looking to downsize, “lifestyle purchasers” and investors.

“This is a landmark in every sense of the word – scale, quality, and vision,” he said.

“To achieve more than $250m in sales this quickly speaks to the pent-up demand for integrated projects that offer design excellence, amenity, and confidence in delivery.

Aniko Group's The Landmark at Mermaid Beach.

“We’re seeing strong engagement from buyers who want to secure product at the top end of the market without compromising on location or lifestyle.”

Units in the 240-unit first tower, which will be one of four built in the project, cost between $1.3m and $2.1m.

Peter Malady, who is marketing the project for Aniko, said there had been a strong response from buyers.

“We knew there was genuine depth in the market, but this level of demand has exceeded even our expectations,” he said.

“Achieving this volume of sales puts The Landmark in rare company; it’s one of the best absorption rates we have seen on the Coast in years.”

George Mastrocostas from Aniko Group

Construction on the project began in June, with the first residents expected to move in around 2027.

The development is earmarked for a 1.13ha site on the corner of Seaview Ave and Gold Coast Highway which Aniko bought for $32.5m in 2022.

The development, which will have a 53-storey supertower at its heart, along with residential buildings of 25, 30 and 40 levels, was approved by the Gold Coast City Council in 2023.

It will ultimately deliver nearly 900 new residential units to the market.

It comes amid a shortage of available unit stock on the Gold Coast as building rates lag behind population growth.

New data released in June revealed the average new unit now costs above $2m.

Data by real estate firm Colliers warns the supply of new housing is causing a cash crunch in the market, driving prices to the extraordinary new high.

The research shows 2464 dwellings were approved on the Gold Coast between July 1 and May this year, 62 per cent below the 6500 target set by the state government.

The average price of new units has risen dramatically in recent years.

In September 2023 it was $1.13m.

Property Council of Australia and consulting firm Urbis released a report in June warning the city was falling further behind its housing targets.

Property Council state executive director Jess Caire said at the time there was “significant doubt” over the Gold Coast’s ability to meet targets set out by the Southeast Queensland Regional Plan. 

Originally published as Mermaid Beach tower The Landmark hits $250m in sales within month as property shortage continues