Can Apartment Supply Continue to Keep Up With Demand?
September 17 2021
The Gold Coast has been in high demand over the past 12 months from sea-change buyers, interstate investors and downsizers, drawn to increased affordability and a strong market.
However, with residential houses being snapped up quickly, investors are now turning towards apartments, with the ultimate question remaining – can the supply keep up with the demand?
The trend towards working from home has also driven sales of larger apartments, creating a demand for floorplans to include space for offices allowing buyers to take advantage of the lifestyle benefits the Gold Coast offers.
According to The Urbis Gold Coast Apartment Essentials Report, while the demand is there, stock continues to be low.
The report found that based on the current sales rate of 450 apartments each quarter, the market will only have 4.2 months’ supply of apartments if no new projects are launched.
The data could not be more transparent – if you have been thinking of buying or selling an apartment, the time is now.
Renewed apartment development activity is now focused on the future route of the light rail between Broadbeach and the border, particularly Burleigh and Palm Beach.
Kollosche New Projects agent Simon Worthington says demand for apartments has never been stronger.
“We are experiencing a never-before-seen record number of enquiries. As a result, we have been working closely with developers, and we have several new projects being launched on the Gold Coast very soon,” he says.
And a record-breaking sale was achieved for a single level home in Runaway Bay with 26 Bulolo Avenue, Runaway Bay selling under the hammer with 13 registered bidders for $2,400,000.
We’re expecting a bumper week ahead with more highly anticipated auction activity.
Top auctions this week include:
If you are considering selling or would like any information on apartment listings, sales or new project developments we have in our pipeline, please do not hesitate to reach out to our team.