Momentum on the Gold Coast has accelerated post-Christmas with apartment sales activity surging by 97 per cent on the previous quarter.
The new apartment market recorded 742 sales in the first quarter of 2021, the strongest quarterly sales result since 2013, surpassing the previous record of 495 sales made in mid-2016.
Migration from Victoria has been one of the main growth drivers, however, the bulk of the buyers have been from Queensland—relocating intrastate.
Apartment supply, meantime, is now at historically low levels with present stock levels set to be absorbed by within a few months time.
In this TUD+ Briefing, Urbis director Matthew Schneider discusses the shifting trends, demographics and market drivers propelling the recent boom on the Gold Coast.
Downsizing owner-occupiers have displaced investors as the primary purchasers, a trend reflected in the increased development of larger apartments with more bedrooms.
Prior to the pandemic, city planners were working to a framework that the population would reach one million by 2041, delivering 6000 dwellings for approximately 15,000 new arrivals per annum.
“Consumer sentiment and ‘FOMO’ has well and truly returned to the Gold Coast property market and is having playing a big role in the market,” Schneider said.
“If people are anxious about the level of activity, development and growth on the Gold Coast that has existed over the last couple of years, the reality is we actually have to find a way to grow smarter and pick up the pace of delivering product if we are to meet those long-standing population targets.”