Gold Coast property: $787 million in real estate sales in the first three months of 2021

The Gold Coast recorded an astonishing year’s worth of new apartment sales in the first three months of 2021, a new report reveals. SEE THE MOST POPULAR SUBURBS

• SUBURB BY SUBURB: FULL LIST OF EVERY GOLD COAST TOWER PROJECT
• ‘SIMPLY SCATHING’: REVEALING THE WILD LIFE OF CHRISTOPHER SKASE

THE Gold Coast recorded a year’s worth of new apartment sales, worth $787 million, in the first three months of 2021, a new report reveals.

Sales for the first quarter of 2021 were just $112 million shy of combined new apartment sales across all of 2020, research commissioned by real estate firm Colliers shows.

The average price paid also shot past the $1 million mark for a second quarter, with the average price of new apartments up more than 42 per cent in just two years.

With an average price of $1.61 million each, these sales totalled more than $787 million, compared with 987 apartments sold at an average price of $915,258 totalling $903 million for the entire year in 2020.

Gold Coast real estate: Property auctions reach near 100 per cent clearance rate as boom continues

Gold Coast development: New luxury tower planned for Kirra Musgrave St site

Colliers Gold Coast Director Residential David Higgins said: “The market performance over the first quarter was incredible, one of the best we’ve ever experienced.

“This data gives us a clear understanding of the extent of the demand driving the local development industry and the signs are there that this level of activity could continue at least for the immediate near term.”

The research confirmed the southern Gold Coast as the city’s new apartment hotspot, with 320 new apartments sold in the March quarter, or 43 per cent of the total.

QLD_CP_NEWS_GORDONVALE_25JUN21

This was followed by the Central Gold Coast precinct, which includes Southport, Surfers Paradise, Main Beach and Broadbeach, with 285 sales, accounting for 38 per cent.

The research surveyed 67 of 80 new apartment projects currently under way on the Gold Coast.

It revealed the central precinct, which includes the key suburbs of Main Beach, Broadbeach and Surfers Paradise – and taking future supply into consideration – is tipped to gain the most sales momentum in the immediate future.

There were 1350 apartments for sale at the end of March, with most of them in the central region precinct and only 106 on the Southern Beaches.

The Southern Beaches spans from Mermaid Beach to Coolangatta, and includes the beachside suburbs of Burleigh Heads, Palm Beach, Kirra and Greenmount.

Mr Higgins tipped sales to continue.

“Central Gold Coast is undergoing a resurgence with quality apartments being bought to market to meet owner occupier demand,” Mr Higgins said.

“The demand is backed up by strong migration numbers, both interstate and intrastate, which sets the Gold Coast up for continued growth at least for the remainder of this year and into 2022.”

Follow @GCS_Pottsy