- $787M worth of new apartment sales recorded in the first three months of 2021
- This is just $112M short of the entire 2020's new apartment sales
- Demand is high for the Gold Coast lifestyle
Close to $800 million of new apartment sales were recorded in the Gold Coast in the first three months of this year, according to research funded by Colliers.
The figure is just $112 million shy of the total sum sold in the entire 2020.
For the second quarter running, the average price of a new apartment exceeded $1 million.
Colliers Gold Coast Director Residential David Higgins believes that these figures indicated that the strong performance could continue, at least for the short term.
“The market performance over the first quarter was incredible, one of the best we’ve ever experienced.”
David Higgins, Colliers Gold Coast Director Residential
With the Gold Coast lifestyle in high demand, new apartments have been attracting buyers from interstate and locally.
“The demand is backed up by strong migration numbers, both interstate and intrastate, which sets the Gold Coast up for continued growth at least for the remainder of this year and into 2022,” said Mr Higgins.
Queensland Government forecasts predict the Gold Coast will attract 14,700 people a year for the next 20 years. This means the city will need an additional 6,300 dwellings a year to sustain this population growth.
With the gold rush for Gold Coast apartments, developers are struggling to keep up with the unprecedented demand.
As reported on Wednesday, several new towers are set to be built on the strip, with weekly stories of several more coming to light, as well as new developments selling out.
Mr Higgings believe delays in the completion of apartment projects can be linked to increases in the cost of building materials and shortages in skilled trade people.
