Apartment supply on the Gold Coast is now at historically low levels creating a surge in demand for development sites in prime Gold Coast suburbs.
The latest Apartment Essentials report from planning consultancy Urbis forecasts that the supply of new apartments across the Gold Coast will be absorbed in just over eight months.
Stock is even tighter on the southern Gold Coast where, based on current quarterly sales and supply, new apartment stock will dry up in less than three months.
The Urbis shows there were 375 apartments sold on the Gold Coast in the October-December quarter– the best result since 2016.
That momentum carried through post-Christmas too with developers reporting that some luxury projects launched in December are almost sold out despite premium pricing.
Those sales were driven by demand from local and interstate owner-occupiers looking for larger apartments in smaller-scale projects, the Urbis report revealed.
This acute shortage presents a real opportunity for those in possession of well-located sites with DA/BA in place for developers to purchase and start a project immediately.
Sites that may have previously sat on the market and proven difficult to sell are now in demand.