Gold Coast property market: Real estate unit sales in Biggera Waters fall 92 per cent from Covid high

Unit sales in the Gold Coast’s north have plummeted to pre-Covid levels, with one suburb seeing a staggering 92 per cent drop. SEE THE DATA

Unit sales in the Gold Coast’s north have returned to pre-Covid levels, with new data revealing the number of units which changed hands in one suburb has fallen 92 per cent.

Just 40 units were sold in 2023 in the Runaway Bay catchment area, which takes in Runaway Bay, Arundel, Biggera Waters, Coombabah, Helensvale, Hollywell, Hope Island, Labrador and Paradise Point.

The same area saw 524 sales in 2021, the height of the pandemic-fuelled property boom.

The data, compiled by property consulting firm Urbis, underlines the slowdown brought about by rising interest rates.

Urbis senior consultant, Lynda Campbell said the area suffered from significant undersupply, with demand remaining high.

Lynda Campbell. Picture: Scott Fletcher

New developments, including Lewis Land Group’s $1.5bn Harbour shores project, would help gradually relieve the pressure as its stages were completed.

“New apartment sales on the Gold Coast are back to pre-pandemic levels, however the lack of supply in the Runaway Bay Catchment remains at a record low,” she said.

“It comes as increasing construction costs, interest rate uncertainty, and inflation continue to put pressure on developers who play a critical role in new dwelling supply.

“The arrival of Harbour Shores will significantly supercharge supply back to levels we haven’t seen since 2015.”

More than 200 units were sold on the Gold Coast in the final months of 2023, with the report revealing sales remained steady heading into 2024, particularly in the city’s central area between Southport and Burleigh Heads.

Artist impression of the Harbour Shores development at Biggera Waters on the Gold Coast by Lewis Land Group. Picture: Supplied

The 236 sold between October and December compared to the 288 sold in the first quarter of 2023 and 211 in the second quarter.

However it marks a significant fall from the 470 sold between July and September

Lewis Land Group chief executive Brett Draffen says the company would begin construction of Harbour Shores in May which they argue will help reduce the under-supply by created 2000 dwellings across the next decade.

“The first residential releases at Harbour Shores will be launched on 15 April and includes a collection of waterfront villa residences, two mid-rise residential apartment buildings, and early delivery of the large community park,” he said.

Artist impression of Harbour Shores development planned for land next to Harbourtown shopping centre on the Gold Coast by Lewis Land Group.

“We intend to commence civil works in May so that we can be in a position to start home construction as soon as possible.

“We’re collaborating with the best in the industry to create a sustainable, design-driven master plan that will meet the needs of the community now and in the years to come.”

Among the projects that sold the highest number of units in the final months of 2023 are the $500m, 51-storey Vista tower, to be built in central Surfers Paradise by Malaysian developer MRCB International, Hope Island’s Marina Point and Crest Broadbeach.

The MRCB tower, which will have 280 units and will be the company’s third Australian project, sold 46 units near the end of 2023, with 141 still on the market.

Meriton sold 23 units in its under-construction Iconica beachfront towers in Surfers Paradise, with an average price of $1.2m.

The figures come as the development sector struggles to keep pace with the city’s dramatic population growth.

The content summaries were created with the assistance of AI technology then edited and approved for publication by an editor.

Originally published as Gold Coast property market: Real estate unit sales in Biggera Waters fall 92 per cent from Covid high