Nerida Conisbee, chief economist at Ray White Group, says the Gold Coast’s transformation over the past five years has been remarkable.
It is now more expensive to buy a unit on the Gold Coast than in Sydney, as the market for Glitter Strip units continues to grow.
While Sydney remains Australia’s most expensive city for housing, Neoval data shows unit prices on the Gold Coast have soared, with a median of $956,000, compared to Sydney’s $927,000.
“Housing and unit prices on the Gold Coast are rising again, after a brief slowdown in mid-year, due to population growth, easing of interest rates and an ongoing shortage of new homes,” said Nerida Conisbee, chief economist at Ray White Group.
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Neoval data shows unit prices in the Gold Coast have soared, with a median of $956,000 compared to Sydney’s $927,000.
107/30-32 Paradise Island, Surfers Paradise is for sale with offers over $750,000.
“Three rate cuts so far this year have significantly increased borrowing capacity, and markets are now pricing in a possible fourth in November.”
It follows a string of mega-apartment sales, including billionaire developer Harry Triguboff’s Main Beach penthouse, which sold for $11 million, and a first-quarter apartment that traded for $11.5 million in a quick, muted deal.
Ms Conisbee said migration remains a key factor in driving up unity values.
“The region is attracting new residents from across Australia and abroad, attracted by lifestyle, climate and improved infrastructure,” she said.
“Population growth on the Gold Coast and wider south-east Queensland remains among the fastest in the country, but the supply of new homes is not keeping pace.
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The Silverpoint penthouse at Main Beach Parade, Main Beach, recently traded for $11 million through Ray White Main Beach.
Neoval data shows Main Beach leads the city with an average unit price of $1.73 million, after increasing $880,000 over the past decade.
Ray White Main Beach agent Robert Graham said Main Beach was considered the “Double Bay of the Gold Coast” by many locals and interstate buyers.
“Main Beach offers an exclusive village atmosphere that caters to permanent residents rather than the transient holiday market of Surfers Paradise and Broadbeach,” said Graham.
“This resident-focused lifestyle has seen sophisticated buyers place great value on the suburb’s premier position, leading to notable recent apartment sales.
“With its boutique charm, prestigious buildings, trendy Tedder Ave hangouts and unrivaled location, Main Beach has firmly established itself as the Gold Coast’s number one beachside suburb for luxury apartment living.”
504/10 Third Ave, Palm Beach is for sale at bids over $2.095 million.
Burleigh Heads and Palm Beach round out the top three, where average unit prices have risen by $760,000 and $740,000 respectively.
Currumbin-Tugun also saw a strong increase, with prices up 134 percent over the past decade and reaching $740,000 in dollar terms.
Ms Conisbee said these results underlined how the Gold Coast’s prestige markets had driven the growth cycle.
“Suburbs such as Miami, Coolangatta, Mermaid Waters and Paradise Point have all posted gains of between $670,000 and $700,000 since 2015, confirming the broad-based strength across the city’s key coastal corridor,” she said.
2005/9 Norfolk Ave, Surfers Paradise is for sale for $849,000.
Ms Conisbee said demand was led by downsizers and interstate buyers from Sydney and Melbourne.
“The transformation of the city over the past five years has been remarkable,” she said.
“Luxury development along the coastline is driving much of the price growth, with the strongest results recorded in upscale beachside neighborhoods.
“Developers have responded with a wave of high-end apartment projects offering resort-style amenities and large floorplates, a product now synonymous with the Gold Coast’s modern skyline,” she said.
A rendering of Bastion Property Group’s latest luxury project, the $167 million Nera Residences.
Developer Bastion Development Group was recently given the green light to add two additional floors to the historic Nera development, in Surfers Paradise, following a surge in demand with more than 70 percent of the apartments now sold.
The $174 million Nera will span 30 floors, with a further six luxury apartments added.
“It’s incredible to see Nera resonate with so many buyers. We’ve invested heavily in this development, and it’s humbling to see that effort paying off,” said Alex Wood, CEO of Bastion Development Group.
14-3-16 Bright Ave, Labrador goes to auction on November 13th.
Ms Conisbee said key constraints for the Gold Coast include affordability and supply issues.
“Despite strong demand and a robust development pipeline on paper, the number of completed homes is falling short of what is needed to house a rapidly growing population.”
“High construction costs, limited land availability and longer delivery times will continue to hold back new projects.”
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