Demand continues to swell on sunny Gold Coast
Demand continues to swell on sunny Gold Coast
Developers and selling agents on Queensland’s Gold Coast say the surge of demand that occurred in the back half of 2020 is showing no signs of slowing down, with buyers lining up in droves for established properties as well as off-the-plan apartments.
Sales activity is occurring across the spectrum of property types, from new land estates to luxury apartments, as local buyers and purchasers from other states compete strongly for properties from Hope Island to Rainbow Bay.
The surging interest follows a solid year for capital growth in Gold Coast apartments, with eight of CoreLogic's top 10 suburbs for price growth in regional Queensland located in the lifestyle location.
Price growth across those suburbs ranged from 15 per cent to 24.9 per cent, CoreLogic's recent research said.
Several developers have reported strong sales success at Hope Island going into 2021, with the precinct emerging as one of the Gold Coast’s most active property markets.
Aniko Group’s 1 Grant Avenue is around 70 per cent sold, while 30 per cent of the townhouses on offer at Keylin Group and Kinstone’s Serenity Green, part of a $650 million larger estate, have been sold after a five-month campaign.
GH Properties has also reported 70 per cent of its luxury land estate The Gallery have been sold in short order.
“The high demand we’ve seen just from interstate buyers is motivating local buyers to secure their property choice, which is becoming a driving force in the Gold Coast property market,” The Gallery sales and marketing consultant Tony Hymus said.
At Sanctuary Cove, Mulpha Australia is gearing up to launch its $50 million Harbour One Residences, while developer Labrador said it received more than 300 enquiries for its $45 million Summit on Broadwater in the fourth quarter of 2020.
Australia’s biggest selling agent network, Ray White Group, is also setting itself up to capitalise on the surging demand, with one of the nation’s biggest in-room auctions set to launch on January 24.
The auction will be conducted by Ray White Surfers Paradise’s Andrew and Greg Bell, who have listed more than 120 properties to be auctioned.
Andrew Bell said the current conditions on the Gold Coast were unprecedented in the location’s history.
“None of us will ever forget 2020 but for the Gold Coast property market, Covid 19 has for many reasons driven an insatiable appetite for the traditional lifestyle markets like the Gold Coast,” Mr Bell said.
“The diversity of the properties we are taking to auction will suit a broad range of buyers who are in a large cohort looking to relocate permanently – whether from the southern states or overseas Aussies expatriates – or looking to make a lifestyle investment.
“We’ve only had more than 100 properties on a few occasions over the last 30 years but this January is shaping up to be very well in excess of that, which is even more extraordinary because listings are hard to come by.”
Down on the southern Gold Coast at Kirra Beach, Peggy Flannery’s KTQ Group has experienced a stunning run of sales success just weeks after its official marketing launch.
KTQ said it had sold $88 million of apartments sold at its Miles Residences since launching in late December, with the first stage of the $380 million redevelopment of the Kirra Beach Hotel resonating strongly with buyers.
More than 1,000 enquiries since December 27 have been converted into more than 50 sales, at an average price of $1.61 million.
Keenan & Co’s Tim Keenan, who is running the marketing campaign, described the interest as overwhelming.
“We have not stopped. The inquiry from locals as well as interstate purchasers has been relentless,” said Mr Keenan.
“The reality is that the southern Gold Coast has never seen such a quality offering and the market has responded in kind.
“Buyers who know and understand the uniqueness of one of Australia’s most iconic north facing beachfront locations have been waiting for a project of the quality and scale that KTQ Group has put together.’
KTQ Group development director Jeremy Holmes sadi c onstruction would be fast-tracked on the back of the promising sales campaign.
“We’re pleasantly surprised at the sales, but we were always of the belief that when we went to the market with Miles Residences there would be significant interest no matter what type of market we were in,” Mr Holmes said.
“We have seen a great cross section of buyers to date, with 70 per cent coming from Queensland and 23 per cent from New South Wales.
“The high level of Queensland buyers is mainly due to the local market acting quickly to choose their ideal apartment.
“They have been waiting 10 years for this project and didn’t want to miss out on the uninterrupted view lines.”
Future projects pending for launch on the Gold Coast in 2021 include the historic Old Burleigh Theatre on the highly sought-after Goodwin Terrace at Burleigh Heads and David Devine’s Alba residences on the coveted Esplanade at Burleigh Heads.
“The development activity on the Gold Coast for residential apartments has never been as strong as we are seeing it,” said Jayde Pezet, of KM Sales and Marketing, which is marketing two projects on behalf of local developers.
“We are riding a wave of very strong local interest along with increasing numbers of interstate buyers looking to relocate to the Gold Coast.
“Developers we are talking to are very eager to get into the market with projects to meet this very strong demand.”