Flow Residences at Rainbow Bay has a $10.5 million penthouse.
As the year winds down, buyers of new-build apartments are ramping up with sales set to exceed those of last year.
Data from Urbis shows that despite a brief dip in second-quarter figures, sales picked straight back up in the third quarter peaking at 612 and surpassing last year’s comparative period figure of 582.
Apartments in One16 The Esplanade in Surfers Paradise have an average sale price of $3.75 million.
According to Urbis, only four new projects were launched in the first half of the year as developers took a cautious approach during the onset of COVID-19, but as market sentiment rebounded relatively quickly so too did developer investment, with ten new projects launching to market between July and September.
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Several of these developments are achieving record sales, many off-plan, and with those high sales has come higher prices.
In fact, the weighted average sale price has over the past 12 months risen from $737,771 to $1,091,174, a lift of more than $230,000 in 12 months.
The top-end sales are being driven by owner-occupiers who are drawn to larger, three-bedroom apartments.
It is the first time that the average price has tipped $1 million since Urbis began monitoring the price in 2013.
An apartment in Cerulean at Main Beach will set you back an average of $2.75 million.
Urbis Senior Consultant Lynda Campbell said the uncertainty and caution in the market had been replaced with optimism and growing confidence.
“Developers are out looking for new opportunities and sites are transacting. Interestingly, all Gold Coast precincts are receiving attention from developers, including areas such as Gold Coast Central, which already has a healthy level of current and future supply.”
Developments with the largest average sales prices include the completed One16 at Surfers Paradise, which has sold nine of a total 20 units, with an average sale price of $3.75 million.
The under construction Cerulean on Main Beach was equal second, selling 28 of a total 29 units at an average sale price of $2.75 million, along with Natura at Burleigh Heads and Northcliffe Residences, Surfer Paradise.
Spyre Group’s $77 million Natura Project at Burleigh Heads.
Flow at Coolangatta rounds out the top five with 65 of 78 apartments pre-sold at an average price of $2.733 million. The development includes a $10.5 million penthouse and four-full floor apartments starting at $6.5 million – all are spoken for.
All four Gold Coast precincts recorded a lift in average prices, with the top sales record swinging between the Central and Southern Beaches precincts.
However, despite the rise in developments hitting the market the number is still at its lowest in 12 months with most of the remaining stock sitting in the Gold Coast Central precinct (60 per cent) followed by the Southern Beaches (19 per cent), Coastal Fringe precinct (17 per cent) and the North Shore, which has just 3 per cent of remaining stock.
