Apartment developments on Australia’s east coast have been rising at record rates this year, leading to a gradual decline in wider building and construction worries.
During the early days of the pandemic, the number of units to houses in the Gold Coast Main region was nearly exactly double, with March 2020 SQM Research figures showing that there were 2,299 units and 1,157 houses on the market.
The trend continued through most of the pandemic, with latest SQM Research data showing that there were 1,489 units on the Gold Coast Main region market in December, compared to 816 houses, The Property Tribune reported.
The case is somewhat different in Gold Coast West, where there was a larger concentration of houses in the suburbs around the Burleigh area and where only a third of all properties were units.
Homes in the Gold Coast Main region had asking prices that were typically double that of units, with houses going for $1.4 million, and units $700,000, according to the latest SQM Research data.
But if you think that $700,000 per apartment’s pretty cheap then know that some of the Gold Coast’s latest developments are averaging eye-watering sums of $3.8m per apartment.
Royale Gold Coast, a $435 million development, located on the corner of Markwell Avenue and Northcliffe Terrace, managed to sell 10 properties for over $38 million over just two months (October and November).
Constructed by Hutchinson Builders, the 38-level tower with 104 apartments is set to be completed in the final quarter of 2025.
In Robina, close to the confirmed location for the Gold Coast Olympic and Paralympic Village for the 2032 Brisbane Olympic Games, Sentinel has swooped on a 1.4-hectare site for a 300-apartment build-to-rent development.
In Gladesville, the suburb is next to major centres like Ryde, and opposite Sydney Olympic Park, a 1,650 square metre site has been approved for 47 units, 533 square metres of ground floor retail/commercial space, and 85 car spaces.
The sale is being managed via an expression of interest campaign closing Feb. 22 by CBRE’s Toby Silk, Aaron Arias, Robert Dowdy, and Nicholas Heaton.
“We expect the property will attract strong interest from industrial occupiers and developers alike,” Silk said. “Gladesville is in Sydney’s heart and with a median house price of $2,480,000, the development presents a great opportunity to capture buyers whose budget doesn’t stretch this far. The site has been granted development approval for a brand-new residential project, meaning the project can proceed to construction once a construction certificate has been issued by the local council.”
“Being on a prominent corner location, the development has been architecturally designed by well-regarded Mackenzie Architects with oversized, open-plan, modern apartments orientated to maximise natural light and outlook,” Arias said. “With the Gladesville property market on the rise, this development site will generate strong interest from developers and investors looking to capitalise on the growing demand for property in the area.”
The site would likely sell for around $13 million, The Property Tribune reported.
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