Market Insights

Apartment Price Growth Outperforms Houses

January 5 2024

Gold Coast apartment price growth continues to outperform, with Surfers Paradise emerging as a hotspot.
Apartment Price Growth Outperforms Houses

The apartment market is experiencing a renaissance with units outperforming detached houses in terms of price growth and sales.

Gold Coast apartments registered 9.7 per cent price growth in the 12 months to December 2023, compared with just 3 per cent for detached houses.

It is a significant trend that first emerged in April last year and has continued to gain traction. Looking at price growth across the Gold Coast in 2023, apartments dominated in eight of the top ten suburbs.

Bundall, Parkwood, Ashmore, Mermaid Waters, Biggera Waters, Southport, Broadbeach Waters and Ormeau all made the list with growth ranging from 14 per cent to 19 per cent.

2/3527 Main Beach Parade | Kollosche
2/3527 Main Beach Parade, Main Beach sold for $5,300,000

Surfers Paradise, which ranked thirteenth for annual growth with 12.7 per cent, is emerging as a renewed hotspot for owners and investors.

The suburb had the highest number of sales in the country in 2023, according to CoreLogic’s Best of the Best report. A total 1,499 apartments, worth more than $1.17 billion, changed hands by the end of the third quarter for a median price of $672,734.

The sales not only outnumbered those of every other regional area in the country, but also the metropolitan area of Greater Melbourne, which had a comparative 1,386 apartments sell for a total of $791,729,223 and a median price of $473,589.

Although a popular holiday and tourist destination, Surfers Paradise has lost some of its lustre in recent years, but is now experiencing a revival, with demand for property in this vibrant central suburb on the rise.

Helping to boost its popularity is a host of boutique development projects planned, under construction or coming to completion along Garfield Terrace, sparking gentrification within the wider pocket.

801/13 Garfield Terrace, Surfers Paradise | Kollosche

Apartments holding this elite address are being swiftly snapped up by buyers. A two-bedroom apartment in the exclusive ‘Beaches’ building at 801/13 Garfield Terrace, marketed by sales agent Rob Lamb, sold for $2,152,800 well ahead of its scheduled auction.

The opening of the Langham Hotel in the iconic Jewel building and the council’s proposed $40 million revitalisation of the suburb’s centre are also helping to draw buyers to the locale.

If you are thinking of listing or purchasing an apartment in 2024, reach out to one of our specialist agents, who can offer local market knowledge on your suburb of interest.

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