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New apartment sales on the Gold Coast at their highest level in two years

By Zahndra Kershaw

As new residential towers are skyrocketing on the Gold Coast, so are the number of apartment sales.

New data from property consultant Urbis shows almost 300 new apartments sold in July, August and September. Urbis Consultant Lynda Campbell said the figure was a new high for the Gold Coast.

“New apartment sales on the Gold Coast are at their highest level since the end of 2016 with 298 sales in the September quarter (of) 2018,” she said. The latest data is part of Urbis’ Gold Coast Apartment Essentials, which is released quarterly.

Since its inception in 2013, it has recorded an average of 292 sales each quarter. Ms Campbell said this year was already one of the best on record before it had even finished. “Sales for the first three quarters of 2018 have eclipsed total sales for 2017,” she said.

A total of 852 sales have been recorded this year to date while 2017 recorded 811. With almost half of available stock sold, Urbis predicted the strong sales rates would continue into 2019.

In the September quarter, two-bedroom, two bathroom apartments were most popular, recording 61 per cent of total sales. However, three-bedroom apartments were increasing their share in the market at 24 per cent. It comes off the back of an increase in larger owner-occupier apartments hitting the market.

The latest quarter’s results also show that apartments in medium rise projects have recorded their highest average sale price for the first time at $768,056.

This was also 13 per cent higher than the sale price of apartments in High-rise projects during the period.

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