While existing housing market demand is booming, robust demand from locals and migration from interstate buyers have all boosted the next wave of apartment expansion.

As a result, limited new project supply and high demand for existing stock are seeing a lift in development sites for apartments in the medium term.

The high rate of interstate migration into south-east Queensland, particularly the Gold Coast, will continue to boost new development in both the investor and owner-occupier markets. The market gives us confidence that we will see even greater demand coming from ’empty nesters’ seeking to purchase a residential apartment when borders reopen.

Residential apartments, especially along the coastal strip, are an attractive option for owner-occupiers who typically desire larger floor plans of 200m2+. Popular features include spacious bedrooms, multi-purpose rooms, secure car parking and storage.

They place a higher value on smaller ‘day spa’ style recreational and relaxation areas than hotel-style pools and large common areas.

Expect to see more development approvals for these boutique buildings that range in height from nine levels to 35 levels and comprise mostly of half or full-floor unit configurations

When international borders open to foreign investors, I expect they will target investor style apartments in key suburbs like Broadbeach and Surfers Paradise located close to public transport, shopping plazas, beach and dining precincts. These properties are typically two-bedroom and average between 80m2 – 150m2 in hotel or resort-style buildings with managed holiday letting options.

These are much higher density buildings, typically 30 to 70 storeys with four to eight units per level with impressive resort-style facilities including lagoon pools, fully equipped gym and fitness rooms, cinemas, games rooms and cafes that comfortably cater to a larger number of guests and owners.

With the much-publicised success of significant projects selling out in record time, it has brought a new wave of interest from interstate development companies looking to capitalise on the success of the Gold Coast real estate market.

This can only be positive for employment in the construction and hospitality industry and will bring international standard accommodation to the already popular Gold Coast destination.

The past month has seen some incredible results by our team:

• Back-to-back sales on the same day were achieved with two outstanding results with an interesting twist. First, 2/13 Second Avenue, Broadbeach sold for a great result under the hammer for $1,780,000. Then the seller then became the buyer and purchased 23 Beach Parade Surfers Paradise for $1,795,000 under the hammer.
• A luxury half-floor apartment at 2702 ‘Infinity‘ sold for $1,980,000 to an interstate investor; this high-end residential development is under construction.
• Apartment 3901 ‘The Lanes’ sold for $840,000 off the plan to an owner-occupier looking for an entry-level new apartment
• A full-floor luxury apartment at ‘Dune’ Main Beach sold for $5,400,000 – under construction by local developers Andrews Projects and sold to an interstate buyer relocating to the Gold Coast.

If you are struggling to navigate the apartment market or want to know the best opportunities available, Kollosche is the Gold Coast’s leading prestige property agency with a selection of luxury residential real estate across the city.

Reach out to Rob Lamb on 0405 608 601 to kickstart a conversation around your property plans or email rob@kollosche.com.au.