Robust Pricing, Rents on the Rise

April 26 2023

Kollosche Commercial predicts opportunities on the horizon for developers as conditions in the Gold Coast new apartment market continue to evolve in 2023.
Robust Pricing, Rents on the Rise

Here’s a telling statistic for a Wednesday afternoon – of the 107 apartment projects earmarked as ‘active’ along the Gold Coast beachfront, some 34 are currently under construction.

Of the remaining projects, 45 have building approval, 8 have development approval, and 20 are moving through the development application process.

The Gold Coast Oceanside Apartment Market – April 2023 Report, prepared by Kollosche in consultation with industry expert Michael Matusik, offers a valuable snapshot.

According to the report, the Gold Coast apartment market – whilst experiencing a slowdown in sale volumes – remains robust with prices and weekly rents rising.

[skyline showing apartment towers | Kollosche

Apartments listed for resale remain tight, as does the rental vacancy rate. New apartments continue to attract a hefty premium – in terms of price and rent – over the established market.

Yet many approved apartment projects have yet to commence. This is due to rising construction costs and, in many cases, a poor product-to-market match.

Over the coming months, Kollosche Commercial sees an opportunity for developers to pick up sites and rework old schemes to accommodate the market shift and a broader buyer pool.

interior apartment render | Kollosche

While some development approvals may potentially need to be reworked, in most cases they still hold value with the height, density, and setbacks that have been established.

We are also confident that towards the end of 2023 there will be more clarity on the proposed changes to body corporate legislation in relation to amalgamations.

If approved, that will open up opportunities for both existing and new sites to create larger footprints and potentially reduce pressure on smaller approved sites with multi-level basements.

Introducing The Grbcic Duo

The Grbcic Duo | Kollosche

Kollosche Commercial’s father and son sales team, Tony Grbcic and Adam Grbcic, have launched a new monthly podcast.

The Grbcic Duo takes listeners inside the issues, events, and projects impacting the Gold Coast real estate market with a stellar line-up of industry leaders on the guest list.

We invite you to listen to episode one now, where Adam and Tony discuss how to navigate the complex dynamics of a family business.


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