The Gold Coast apartment market has transitioned into the Covid-19 crisis in a much better position than it was going into the global financial crisis, planning and advisory firm Urbis says.
In its latest quarterly survey, Urbis found that the Gold Coast market was tracking well, recording 265 sales in the first quarter of 2020, sitting above the two-year quarterly average of 238 sales.
The weighted average sales price also lifted by 10 per cent over the quarter to $809,811, buoyed by strong pre-Covid sales.
Urbis said that over the year the Southern Beaches Precinct recorded the highest sales rate, yet a recently launched projects in Surfers Paradise had rebooted enquiry and transactions in the Gold Coast Central Precinct.
Over the quarter 64 per cent of a sales were to owner occupiers and only five per cent to overseas buyers, while interstate investors accounted for 19 per cent of sales.
Urbis senior consultant Lynda Campbell said the current environment had pushed developers to reassess projects to ensure they are ready for changes in the market.
“It is more important now to make sure projects are targeting buyer demand in order to weather the storm,” Campbell said.
“Projects with a high exposure to the investment market will need to put in place solid pre-settlement work to maintain a strong settlement rate.”
Urbis said the city had also benefited from a shift in sentiment in recent years, favourably trending away from large developments targeting international investors and instead towards smaller boutique projects, targeting owner occupiers.
Moving forward the market is tipped to remain resilient, further supported by low interest rates, a low level of supply and a higher level of product aimed at the owner occupier market.
Worryingly, the supply of new apartments remained relatively weak at 1,000 apartments, the lowest level recorded in over five years.
“There is a pipeline of projects ready to launch over the next six months, but whether they do will be something to watch,” Campbell said.
“If project launches slow, this will put pressure on the current supply.”
Urbis said it would be watching fourteen forthcoming projects containing approximately 1,160 apartments due to settle throughout 2020 closely to see if the Covid-19 border restrictions were impacting the market.
“The next quarter’s results will be highly anticipated,” Campbell said.
“Interest rates are still low, and there is not a large volume of expensive product aimed at investors, as was the case going into the GFC.
“Though we expect sales to slow, conversations with developers suggest that enquiry is still strong.”
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
Another apartment tower lodged in hot Gold Coast market
Plans have been lodged for Alba Residences, a $105 million apartment project at North Burleigh.
Developers can’t stay away from the booming Gold Coast market.
The longstanding Queenslander developer Devine Development Group is the latest to join the ever-growing index not wanting to miss out on the current Gold Coast apartment demand.
They’ve lodged plans for Alba Residences, a $105 million apartment project at North Burleigh.
Set on the dress circle Esplanade facing the beach, the 21 level tower designed by Bureau Proberts will comprise half and full floor residences catering for the top end of the market, with prices starting from $2.25 million.
The full floor apartments will span around 435 sqm and will have four bedrooms, a multi-purpose room, and four bathrooms, while the collection of half-floor apartments will have around 218 sqm of living space with three bedrooms.
The Melbourne-based Mim Design are handling the interior. There will be a lifestyle podium for residents where there will be a swimming pool and a gym.
It will sit on Esplanade, just down the road from 88 Burleigh, the $90 million tower by Allure Property Corporation.
The seashell-inspired, 17-level tower on The Esplanade, across from Burleigh Heads beach, will home just 31 apartments..
Demand for apartments in Burleigh Heads continues to soar as a surge of interstate buyers is creating a critical shortage of supply, particularly for three bedroom apartments which are being snapped up by downsizers.
Adam Young of Burleigh Heads’ Black and Young Real Estate, who has been selling real estate in the area for over three decades, says he has never seen the market in Burleigh so strong.
Burleigh is the ‘go to’ destination on the Gold Coast as a lifestyle, entertainment and dining precinct and real estate sales are reflecting the suburb’s newfound popularity.
“The market is very strong, driven by interstate migration and downsizers who see apartment living in Burleigh Heads as under-valued given its central location and the national park setting which is not unlike Noosa,” Young says.
Veteran developer and Devine Development Group head David Devine said Alba would be one of the enduring luxury apartment projects for Burleigh Heads and the timing to enter the market could not be better.
“We have worked for a long time to bring a project together that epitomises beachfront apartment living and Alba is the creation of that,” said Mr Devine.
“We believe is it a fantastic time to enter the market. Burleigh Heads is undoubtedly one of the most sought after residential locations for the luxury downsizer anywhere in Australia and there is certainly currently a shortage of new apartment product tailored to this market.
“Interstate migration to the Gold Coast is very strong as is the value that the Gold Coast offers compared so the southern states. The market is certainly leading the way nationally.”
JLE Projects director Jamie-Lee Edwards says Alba will be the epitome of beachfront living on what is a very tightly held and very high demand beachfront precinct.
“The convergence of sophisticated architectural design and interior styling with uninhibited views and the unparalleled location of Australia’s most recognisable beach, Alba is the pinnacle of contemporary beachfront living.”
Article Source: www.urban.com.au
Summer never ends in Queensland: Eight of the best developments across Queensland’s coast
Urban takes a look at eight stunning coastal properties to consider in Queensland
This summer has earmarked a trend in Australians keen to invest in a holiday home to call their own.
“With the costs of renting a holiday home soaring thanks to huge local demand, combined with record-low interest rates, we’re experiencing a unique situation where it may actually be more cost-effective to buy rather than regularly rent a holiday home”, said David Hancock, senior financial planner at Montara Wealth.
To assist in your search, Urban takes a look at eight stunning coastal properties to consider in Queensland.
1. Shoreline, Surfers Paradise
Address: 61 Old Burleigh Road, Surfers Paradise QLD 4217
Three-bedroom apartments from $1.1 million
Shoreline is the latest Surfers Paradise tower to be created by Marquee Development Partners.
The boutique 27 apartment development across 17 levels offers residents a luxury unseen in the between Surfers Paradise and Broadbeach for a number of years.
2. Miles Residences, Kirra Point
Address: Corner Miles Street & Marine Paradise, Kirra QLD 4225
Two-bedroom apartments from $795,000
Soak up ocean views every day at Kirra’s Miles Residences.
Situated on one of the rare Australian north-facing beaches, residences in KTQ Group’s luxury project boast an abundance of light thanks to the floor-to-ceiling stacker doors, connecting you to the Pacific Ocean and surrounding Norfolk pines.
Designed by Woods Bagot, the development offers a suite of five-star amenities that turn any home into a getaway, such as a 25-metre pool.
3. The Monaco, Main Beach
Address: 2-4 MacArthur Parade, Main Beach QLD 4217
Three-bedroom apartments from $1.8 million
The Monaco is set to be Main Beach’s most luxurious tower when it’s completed at the end of 2022.
The 24 level tower, designed by Rothelowman and delivered by Ignite Projects, will comprise six half floor apartments, 17 full floor apartments and a double storey penthouse.
4. Elegance, Mermaid Beach
Address: 2605 Gold Coast Highway, Mermaid Beach QLD 4218
Apartment prices available upon request
Maximising the majestic views of the Pacific Ocean and Gold Coast hinterlands, Elegance delivers a lifestyle unlike anywhere else.
Developed by United Investment Group, each residence delivers enhanced style and comfort, carefully positioned according to the latest feng shui principles.
The project includes a theatre, swimming pool and outdoor deck area, tennis court, pilates room and Zen garden retreat area.
5. Elysian, Broadbeach
Address: 185 Old Burleigh Road, Broadbeach QLD 4218
Two-bedroom apartments from $855,000
Rich finishes and luxurious touches welcome you at Spyre Group’s Elysian project.
Each apartment, beach villa and penthouse present exceptional beachfront and hinterland views, and resort-style communal spaces elevate the coastal lifestyle.
Designed by ML Architecture, the luxury property features bespoke cabinetry, swimming pool and sauna room and residents’ dining areas.
6. Hemingway, Palm Beach
Address: 1267-1273 Gold Coast Highway, Palm Beach QLD 4221
Apartment prices available upon request
Surfers and sun-bakers may find their ideal new home within the 12-storey Hemingway apartment, delivering the experience of your dream beach house in the sky.
Designed by Rothelowman Architects, the project boasts panoramic ocean views and striking architectural design.
7. Koko Broadbeach
Address: 12-14 Elizabeth Avenue, Broadbeach QLD 4218
Two-bedroom apartments from $729,900
Follow your coastal heart and feed your urban soul at Koko Broadbeach.
The vibrant and connected development is just minutes from the Gold Coast’s walking and cycling paths, stunning beaches and world-class facilities.
Developed by Morris Property Group, Koko features modern fixtures, contemporary design and hotel-quality amenities, including a lap pool, lounges, modern gym facilities, private outdoor entertaining areas and gardens.
8. Maya Kirra Beach, Coolangatta
Address: 1 Coyne Street, Coolangatta QLD 4225
Four-bedroom apartments from $1,930,00
Maya celebrates the relaxed beachside culture of Queensland with a fresh dynamic energy.
Imbued with cool tones and contemporary aesthetic, Spyre Group’s project benefits from the abundant Gold Coast sunshine, the alluring coastline and the stunning ocean views.
The residence offers north-facing ocean views from generous balconies, a welcoming lobby, private residents’ dining and a resort-style pool and leisure area.
Article Source: www.urban.com.au
Queensland’s House Rents Hit New Highs
The cost of renting a house in most capital cities hit record highs in the March quarter, according to Domain’s latest rent report.
Melbourne, Perth and Darwin were the nation’s exceptions to the trend.
Melbourne’s rental market has recorded price falls for house and unit rents during the past year and quarter, which means Melbourne is now tied with Perth as the second-most-affordable capital city to rent in.
Domain senior research analyst Dr Nicola Powell said inner Melbourne unit rents dropped by $110 a week.
“This is good news for renters as it firmly remains a renters’ market,” she said.
Domain data shows that all other capitals have seen median rental asking prices hold steady or increase during the quarter and year, except units in Sydney.
House weekly asking rent
^ Rent report, Domain.
Sydney units recorded the steepest annual fall since Domain records began in 2004, with a 9.6 per cent drop, or $50 a week reduction, compared to the same period last year.
“Sydney’s rental market remains varied depending upon property type and location. House rental conditions are tighter compared to units and prices have become more competitive in the outer suburbs,” Powell said.
Following three strong consecutive quarters of rent gains, Brisbane rents are at record highs, showing the steepest annual increase in house rents since 2008.
Annually, the biggest jump in asking rent was recorded for houses in Brisbane’s north and Moreton Bay North, up 6.8 per cent and 6.7 per cent annually respectively.
“Queensland has always been a preferred destination for those moving interstate. However, the pandemic has made remote working a possibility and may have fast-tracked the decisions,” Powell said.
Powell said Gold Coast and Sunshine Coast rental markets continued to outperform Brisbane with rents rising at a faster pace.
“Sunshine Coast house rents have surged $80 above last year and $50 higher on the Gold Coast, to $580 and $560 respectively,” Powell said.
“Unit asking rents on the Gold Coast have risen $25 during the year to $465 a week. On the Sunshine Coast they are $40 higher at $460.”
Units weekly asking rent
|Capital City||Mar 21||Dec-20||Mar-20||QoQ||YoY|
^ Rent report, Domain.
Perth and Darwin recorded the greatest median asking rent increases for houses and units during the year with rental prices increasing by $70 a week in some areas.
“In half a year, Perth has moved from the most affordable capital city to more expensive than Adelaide. House rents are now on par with Melbourne,” Powell said.
Perth rents have now risen for three consecutive quarters.
The report found that Hobart rents jumped by $20 during the March quarter, pushing house rents to a record high. Asking rents for houses are now at $480 a week and $420 for units.
“It was only about five years ago that Hobart was the most affordable capital city to rent—it is now the fourth most expensive city to rent a house and unit,” Powell said.
Latest SQM Research shows vacancy rates remain tight in Australia’s cities, with exception in Sydney and Melbourne, creating a surge in rents in Perth, Adelaide and Brisbane.
Article Source: theurbandeveloper.com
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