- One apartment block saw 10 apartments go for $38M total across two months.
- Another Gold Coast site was acquired for 300 build-to-rent apartments.
- Sydney's west continues as a desirable apartment development hotspot.
In 2023, we’re seeing apartment developments on Australia’s east coast continue to rise in number at a rapid rate, with the wider building and construction worries gradually subsiding.
Gold Coast residential apartments taking over
Apartments across the Gold Coast have been rising at record rates, with no end in sight.
According to SQM Research, unit numbers practically double the number of houses in the Gold Coast Main region. Throughout the early days of the pandemic, the number of units to houses was almost exactly double: March 2020 figures showed 2,299 units and 1,157 houses were on the market.
That trend continued through most of the pandemic, with the latest SQM Research figures showing December had 1,489 units on market, compared to 816 houses.
Total property listings Gold Coast Main
The story is a little different for Gold Coast West, with the suburbs around the Burleigh area seeing a larger concentration of houses, typically a third of all properties being units, with houses making up the majority.
Total property listings Gold Coast West
Asking prices for homes in the Gold Coast Main region were typically double that of units, with the latest SQM Research data showing houses going for $1.4 million, and units $700,000.
While unit prices seem to be chump change at $700K a pop, don’t let that fool you, some of the Gold Coast’s latest developments are averaging eyewatering sums, $3.8 million per apartment.
Royale Gold Coast was the apartment block that managed the feat, across just two months (October and November) the residence sold ten properties for over $38 million.
The $435 million development is a 38-level tower with 104 apartments located on the corner of Markwell Avenue and Northcliffe Terrace between Broadbeach and Surfers Paradise.
Constructed by Hutchinson Builders, the property is forecast for completion in the final quarter of 2025.
A bit south of Surfers Paradise, in Robina, Sentinel has acquired a 1.4 hectare site for a 300 apartment build to rent development.
Located at lost 5 to 8 Stadium Drive, the property follows Sentinel’s other build to rent apartments in Perth, Western Australia, and West Melbourne, Victoria.
The site, situated in Robina’s Stadium Village Precinct, is conveniently located only a short walk from key amenities and infrastructure including Robina Town Centre, Robina Train Station (with direct trains to Brisbane Airport), Cbus Super Stadium, Robina Hospital, and the wider Robina Health Precinct.
Sentinel’s purchase is also close to the confirmed location for the Gold Coast Olympic and Paralympic Village for the 2032 Brisbane Olympic Games.
Sydney warehouse to be developed into units
A development application (DA) approved site in Gladesville has hit the market. The suburb is next to major centres like Ryde, and opposite Sydney Olympic Park, with 363 Victoria Road, Gladesville enjoying easy access to public transport, major roadways, and local amenities.
The 1,650 square metre site is approved for 47 units, 533 square metres of ground floor retail/commercial space, and 85 car spaces. The unit mix includes 22 one-bedroom apartments, 18 two-bedroom apartments, and seven three-bedroom apartments.
CBRE’s Toby Silk, Aaron Arias, Robert Dowdy, and Nicholas Heaton are managing the sale via an Expression of Interest campaign closing 22 February 2023.
“We expect the property will attract strong interest from industrial occupiers and developers alike. 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,” said Mr Silk.
“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.”
Mr Arias added, “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,”
“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 is expected to sell for around $13 million.