Gold Coast property market: Most popular suburbs to buy in

New property sales data has revealed the three most popular Gold Coast suburbs for buyers. But there’s bad news for those looking to get into the market.

Gold Coast apartment sales have more than doubled in the past three months as the number of available units plummets further.

New data compiled by property consulting firm Urbis reveals a dramatic up-tick in sales in Broadbeach, Surfers Paradise and Main Beach on the back of strong demand.

Urbis director Paul Riga said 470 units sold between July and September, up from 200 between April and June.

Of those, 77 per cent were in the three central suburbs.

Urbis director Paul Riga

“What the data tells us quite simply is that the demand for apartments has remained strong, with new developments harnessing the purchasers,” he said, speaking at a joint event with property marketing firm Highland.

“This is great for the property market, underpins property prices but creates further problems with supply – meaning if new projects don’t get underway the supply will continue to diminish.”

According to the data, the city had 1770 units on the market in September, with more than 80 per centre on the coastal stretch between Southport and Broadbeach.

Outside of the coastal stretch, there are just 264 units available in the city’s south and northern suburbs.

There’s few new units coming onto the market Picture: Glenn Campbell

However, just five new developments launched to the market during the same quarter.

Nearly 40,000 units which have been approved for the Gold Coast in the past decade have not yet started.

The 2023 Gold Coast Dwelling Supply Study, released in July, warned the state government’s updated dwelling supply estimates for the Gold Coast are “questionable”, with existing greenfield sites able to viably deliver 17,564 houses.

This is less than a third of the state’s target of 57,194.

David Highland

Highland boss David Highland said Gold Coast property was at a premium.

“What this shows us is that demand for the Gold Coast has not diminished since the boom times brought about after the Covid pandemic,” he said.

“We are still seeing very strong interest from Sydneysiders keen to either move to the Gold Coast or at least take a stake in the Gold Coast’s future by purchasing an apartment here.

“The problem is that unless construction costs stabilise there may not be the stock required to meet demand, so buyers getting into the market now are in an enviable position where there may be considerable upside in the value of their apartments.”