The Gold Coast off the plan apartment market is expected to run similarly to how it went in 2023.
Supply is still expected to be the biggest challenge, while demand is anticipated to continue to be strong, considerably strong enough to outstrip supply.
There is confidence there will be new supply however, with developers getting to a point where they think they can manage the now stable build costs, given the price of apartments is now higher.
Last year the Gold Coast was the best performing unit market in Queensland outside of Brisbane, according to property data analytics firm CoreLogic. The unit market rose 10.8 per cent over 2023, to a new median $727,000.
CoreLogic’s latest Hedonic Home Value Index reported another 0.6 per cent gain in the Gold Coast unit market in January.
Unit demand showed strength the deeper into 2023. Urbis reported sales jumped in Q3 2023, from 200 in Q2 to 470 in Q3.
Urbis Director Paul Riga said the majority of sales were centred around the traditional apartment precincts of Surfers Paradise, Broadbeach and Main Beach – while the remainder of sales along the Gold Coast were limited due to a lack of new projects.
Jack Leamon, Transactions and Development Associate at burgeoning Gold Coast development firm SIERA who is currently in the construction phase of their Chevron Island apartment development Tapestry and their luxury Bilinga beachfront project Pipis, says the broader Gold Coast region has gone from strength to strength in recent years, buoyed by the maturing economy and growth in the property market.
“Facing a surge in demand from all of local, interstate, and international buyers has further amplified the diminishing supply of available properties in the market, as many projects face uncertainty or delays,” Leamon says.
“This trend was a key feature of 2023 and while it shows little sign of letting up in 2024.”
Late last year SIERA brought construction in house to start the build at Tapestry, while simultaneously kicking off construction with LPS Group at Pipis in a sign of confidence to both those who have already purchased as well as prospective buyers.
Pipis 303 Golden Four Drive, Bilinga QLD 4225
Pipis sits right on the Bilinga beachfront on Golden Four Drive and comprises just 17 luxury apartments across an 11-level building, a building height which is unlikely to be replicated on the beachfront.
The project, designed by Ellivo Architects, features luxury resident amenity in the form of a 15-metre heated lap pool and sun lounge deck area, a fully equipped gym with rowing, biking and reformer Pilates, and an outdoor rain head shower and a dog wash.
Tapestry is SIERA’s debut Gold Coast apartment development, following a decade of developing boutique townhouse projects in Brisbane’s inner-ring.
The 22-storey sculptural tower has been designed by local architecture firm BDA as a ‘cultural continuation’ of the neighbouring HOTA precinct.
Tapestry, Chevron Island 39 Darrambal Street, Surfers Paradise QLD 4217
Tapestry’s rooftop delivers more than 700 sqm of separate recreation zones for residents to relax, connect and engage in the elevated landscape. It includes a private dining space and kitchen, lounge and fire pit, yoga lawn, pool, spa and sundeck, barbecue and alfresco area, gym, sauna, steam room, and lounge area separated by extensive landscaping.
Morris Property Group is also reporting a strong start to the year, despite the wet weather across South East Queensland.
Morris Property Group’s COO and construction director James Morris said that while the wet weather deterred in person appointments, particularly those who were intending on travelling from interstate, however online enquiry was as strong, if not stronger than ever.
“Now we’re working our way through that enquiry which is turning into appointments now the wet weather has passed,” Morris said.
“There’s good sentiment in the market on the Gold Coast, and we can supply further confidence being a builder developer which are two words buyers want to be reading.
“Good projects in good locations will do well in 2024,” Morris added.
“There needs to be great amenity not only in the building, but in the immediate area. That’s what we’ve seen in our two under construction projects in Broadbeach, which provide both quality owner-occupier product in an area arguably unmatched in the Gold Coast.”
Morris recently launched Crest, their 40-level tower on the sought-after Armrick Avenue, fronting the Broadbeach Bowls Club.
Crest comprises 184 two and three-bedroom apartments designed by Guida Moseley Brown. A maximum of five apartments per floor, Crest also features extensive amenity on top of the building’s podium on level two. Wrapped with terraces with seating and dining areas, this space features a pool, gym, lounge area and a communal barbecue area.
Crest Broadbeach 13 Armrick Avenue, Broadbeach QLD 4218
Heading into 2024 having done a lot of heavy lifting in 2023 is Immerse Projects, who has just launched its latest residential development and will launch another approved project later in the year.
The newest project, Ombre Robina, will offer one, two and three-bedroom apartments designed by BDA Architecture at 46 Scottsdale Drive, ideally located a stone’s throw from the Robina Town Centre.
Immerse Projects Founder and Managing Director Jon Kearny says he has great confidence in the SEQ property market, from which he’s seen in both his current projects for Immerse and his building contractors for his longtime construction firm Greyburn.
“I have great confidence in the SEQ property market underpinned by strong interstate migration for both lifestyle and job opportunities,” Kearney says.
“I envisage further growth in Kirra, where we’re building Rhythm Kirra Hill and where we have another project coming later this year.
“Any new projects need to reset to higher prices to cover the increased cost of delivery.”
Ombré Robina 46 Scottsdale Drive, Robina QLD 4226
Kearney says he’s seen a spread of demographics across his projects, with the age of buyers ranging from 30 through the mid-70s.
Locals have shown considerable interest at Ombre in the pre-launch phase. Kearney says that’s come from locals who are wanting to live in a next generation modern building and those who are looking to downsize.