New apartment sales on the Gold Coast jumped by more than 80 per cent in 2015, according to new research.
The latest Urbis Gold Coast Apartment Essentials report has revealed a total of 1,494 new apartments were sold last year compared to 825 in 2014.
Urbis Senior Consultant Lynda Campbell said affordability, foreign investment and population growth contributed to quarter-on-quarter sales growth in 2015, with 2016 expected to follow suit.
“The Gold Coast apartment market has experienced its highest level of activity in almost eight years, after a lag in residential construction following the global financial crisis,” Ms Campbell said.
“Urbis is monitoring 26 new projects which could launch during the next six to nine months and bring some 2,500 new apartments to the market.
“At the current sales rate, this is roughly 18 months’ supply. However, demand is expected to increase as the Gold Coast experiences one of the highest rates of population growth (2.3 per cent) in South East Queensland.
“Retail, health and transport projects including the $670 million redevelopment of Pacific Fair Shopping Centre and stage two of the Gold Coast Light Rail are expected to continue to drive lifestyle factors and demand in 2016.”
Sales activity ramped up in the last quarter of 2015 with 453 transactions across 58 projects, compared to 416 sales in the previous quarter and 303 in the corresponding period of 2014.
The luxury apartment market also experienced a sales surge between October and December with 37 sales exceeding $1 million, compared with 12 in the previous quarter and 18 in the corresponding period of 2014.
The majority of activity was concentrated around the Gold Coast Central* precinct which recorded 254 transactions for the quarter and 714 sales in total for 2015. The two-bed two bath apartment product was the most popular product type for the year with 428 total sales across the precinct.
*Gold Coast Central suburbs include Labrador, Southport, Main Beach, Surfers Paradise and Broadbeach and Broadbeach Waters.
*Southern Beaches suburbs include Bilinga, Burleigh Heads, Burleigh Waters, Casuarina, Coolangatta, Currumbin, Kingscliff, Kirra, Mermaid Beach, Mermaid Waters, Miami, Palm Beach, Tugun and Tweed Heads.