Gold Coast unit boom leads to changing skyline

The volatile Gold Coast apartment market appears to be on another roll with unit sales up 29 per cent over the quarter.

The number of apartment tower developments on the Gold Coast is on the rise

The volatile Gold Coast apartment market appears to be on another roll with unit sales increasing 29 per cent over the quarter to 198 transactions.

The number of apartment tower developments has also increased from 29 towers or blocks in the third quarter of 2014 to 78 in the September quarter.

“The Gold Coast skyline continues to change as people choose apartment living, and there is still a significant pipeline of future supply, which will continue to house residents as the Gold Coast grows,” says Urbis senior consultant Lynda Campbell.

But the number of Gold Coast apartments for sale had fallen from 2594 to 2190 with the majority of those on offer located in the Southern Beaches Precinct.

Another 41 per cent of apartment stock is in the Gold Coast Central Precinct with 14 towers containing more than 100 units.

“Developments located from Labrador to Broadbeach are often much larger, due to the zonings in these suburbs and the availability of sites, resulting in greater supply,” Campbell says.

The Gold Coast Central Precinct had the highest sales rate with 71 sales during the last quarter followed by 55 sales in the Southern Beaches precinct.

The average sale price in the Gold Coast Central Precinct decreased by $112,000 to $854,653, but was still well above the Gold Coast average of $743,782.