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.
Gold Coast’s Kirra Beach sees $25 million MAYA development completion
Spyre Group has announced the completion of its $25 million MAYA project in the Gold Coast’s Kirra Beach.
“The southern Gold Coast is undergoing an amazing transformation”, Spyre Group director Andrew Malouf said.
“Our discerning buyers have recognised this and bought into a luxury project right in the heart of this transformation.”
Just last month, Brisbane-based KTQ Group unveiled plans to launch a $380 million redevelopment of the Kirra Beach Hotel.
MAYA’s features include ocean views, coastal-inspired architecture and outdoor amenities, including a pool, leisure area and outdoor beach showers.
Most apartments also include a full-size multi-purpose room which can accommodate an additional living area, study or library.
Prices for a three-bedroom, two-bathroom residence in the Kirra Beach development start at $1.65 million.
“With construction completed we expect the limited remaining apartments will sell before the end of the year,” Malouf said.
MAYA is the third project on the Gold Coast to be developed by the Spyre Group.
Article Source: propertyobserver.com.au
Builder appointed for new luxury Gold Coast development The Monaco
Gold Coast-based developer Ignite Projects have appointed McNab Construction to build their 25 level Main Beach project, The Monaco.
The Monaco at 2-4 MacArthur Parade will home 25 half and full-floor residences, adjacent to the Southport Marina.
Designed by Rothelowman, the new tower will feature the Southern Hemisphere’s first car elevator to apartments, sky garage and a custom-designed kitchens for each buyer.
Apartments in the Monaco will offer up to 362 sqm of living space, a communal 24-metre heated pool and an additional multi-purpose space, as well as the sky cave.
One whole floor of the Monaco has been dedicated to private storage space.
“McNab has a brilliant track record for delivering projects that exceed all expectations in terms of quality and deliverables, so they are a good fit for our project team,” Ignite Projects’ Josh Foote said.
Construction is expected to take 20 months to complete and will begin around mid-next year.
The project is expected to support over 200 construction jobs a day during peak times, McNab Construction manager Mark Jewell said.
The post “Builder appointed for new luxury Gold Coast development The Monaco” appeared first on the propertyobserver.com.au Blog
Elysian Broadbeach finishes construction, selling final apartments
The luxury Broadbeach tower Elysian has finished its construction and has released the remaining apartments for sale.
The Spyre Group’s Broadbeach development sold 85 percent of its stock and has released only 10 apartments remaining, a mix of two, three, and four-bedroom units.
Elysian at 185 Old Burleigh Road has 61 apartments across its 21 levels.
Prices start at $785,000 for a two-bedroom apartment or from $1.5 million for a three-bedroom.
Designed by ML Architecture and Boyds Bay Group, Elysian’s amenities include a swimming pool, yoga terrace, sauna room, and gym.
Just 70 meters from the beach, the rare beachfront offering enjoys 180-degree views of the expansive ocean, city, and Gold Coast hinterland.
Its features include open-plan living and dining, balconies, floor-to-ceiling windows, and timber flooring.
CBRE Gold Coast is marketing the project.
The post “Elysian Broadbeach finishes construction, selling final apartments” by Joel Robinson appeared first on the propertyobserver.com.au Blog
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