Buying an Apartment Off the Plan: What Separates One New Project From Another?
August 10 2023
Why does one half-floor three-bedroom apartment in Broadbeach cost $1,800,000 while another nearby in the same suburb costs $3,200,000?
Not all new projects and apartments are created equal and understanding the elements that differentiate one development from another can help to inform your buying decisions.
Location, Location, Location
Many of the Gold Coast’s luxury residential towers are concentrated along the city’s coastal strip, including Main Beach, Broadbeach, Burleigh Heads, Palm Beach, and Bilinga.
The location of a new project, and its position within a suburb, will have a direct impact on the price and demand for that product.
Absolute beachfront development sites are rare and those projects will attract a premium price. In general, the closer to the surf and sand a project is, the more sought-after it will be.
Proximity to amenities is another major selling point for off-the-plan apartment buyers who love to be close to the beach, dining and retail precincts, entertainment, and transport.
Aspect and Views
One of the major benefits of having a home in the sky is the incredible views that can be achieved.
Views of the ocean – uninterrupted and panoramic – are desirable for apartment buyers and higher apartments with clear views will command a premium price.
The orientation of the block will also have an impact on price and demand, with east and north-east facing parcels the most coveted due to view lines and the ability to capture morning sun and natural light.
While north, north-east and east facing apartments will command a higher rate, apartments with a west-facing aspect enjoy glorious sunset vistas, while south-facing sky homes capture an outlook over the cityscape, with the potential for ocean to hinterland views.
Finishes and Fixtures
The quality and standard of the finishes and fixtures selected will also play a significant role in the price tag for an apartment.
High-end products feature more expensive finishes such as marble benchtops, engineered timber flooring, European appliances, designer tapware and wool carpets.
Home automation, LED lighting, integrated joinery, as well as motorised blinds and curtains will also influence the price per sqm for an apartment.
A project sales agent can provide a list of finishes, fixtures and inclusions for you to review.
Project Size and Exclusivity
The number of levels and apartments within a project will play a part in the pricing equation.
Boutique developments with fewer levels and a lower density of units will generally attract a premium price due to the exclusivity on offer.
Similarly, owner-occupiers will pay more for an apartment within a residents-only tower where they can enjoy the luxury of not living alongside short-term holidaymakers.
Generally speaking, the higher levels will carry a higher price tag due to better view lines.
The total price for an apartment will be calculated on a sqm rate, taking into account many of the cost factors mentioned above.
Floor plates can vary greatly in size across projects, with buyers paying more to enjoy spacious open plan living areas, bigger balconies, more bedrooms, additional living areas, and car parks.
Levels within a building are generally divided into three per floor, half floors or full floors, with penthouse suites occupying one or two levels, some with the addition of the rooftop.
Resident recreation and relaxation is a major drawcard for apartment buyers, with the level of amenity varying widely across projects.
Amenities such as pools, spas and gymnasiums are common inclusions, while some projects boast resort-style facilities such as saunas, steam rooms, yoga and Pilates studios, hot and cold plunge pools, massage rooms, and residents’ lounges.
The rise in remote working during Covid saw some developers add office space and business centres to their amenities, a feature which buyers are prepared to pay more for.
View a range of luxury residential apartments now selling with Kollosche.