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ISCOVER
Staff Reporter
The Gold Coast apartment market is clearly on the way back up, according to new research from Colliers International.
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The latest Colliers International Gold Coast Apartment Report, which analyses new apartment sales over both the Gold Coast and Tweed Coast, found 202 new apartments were sold in the first quarter of this year, which is the highest level of quarterly sales reported in three years.
Colliers International research manager Lynda Campbell said new apartment sales volumes have now increased for five consecutive quarters.
“Throughout 2012 sales volumes increased each quarter and that trend has continued into the first quarter of 2013,” she said.
“The rise in the first quarter of this year was a 26 per cent increase on the previous quarter and was up 78 per cent on the same period last year.”
Colliers International residential director Tony Holland said the latest figures indicate the Gold Coast apartment market has gone past the bottom and is on the way back up.
“A total of 546 new apartments were sold during 2012 and with 202 sales already for the first quarter this year, 2013 is on track to show an improved sales rate on the previous year,” he said.
“The level of supply also continues to decline – at the moment there are around 1,000 new apartments on the market, and based on the current quarterly sales rate, stock will be absorbed within 16 months. If the sales rate continues to increase, as it has now done for the past five quarters, this timeframe will of course be reduced.
“The amount of new apartments currently on the market is a significant reduction from the peak in mid-2007, when supply levels were sitting at around 2,500 apartments.
“Some areas have virtually no new stock – 93 per cent of current available apartment stock is between Broadbeach and Hope Island and areas south and west of Broadbeach are recording extremely low levels, with only around 100 new apartments on the market.”
The Colliers International Gold Coast Apartment Report found the average sale price of a new apartment across the Gold and Tweed Coasts over the March 2013 quarter was $720,000.
The report also found the high-rise sector was the standout performer for the March 2013 quarter, with 117 new apartment sales reported.
