- Three developments total more than $1 billion
- Two in Surfers Paradise, another close to Hope Island canal
- Luxury properties spend 148 days on market (average)
The coast clad in shimmering samite is once again expecting more developments. Three new towers will appear on the Gold Coast, one on Sickle Avenue, and two on Surfers Paradise.
Totalling more than a billion dollars combined, the Surfers Paradise developments will be created by a joint venture between SPG Land and Gordon Gorp, worth $800 million, and the other two developments by Aniko Group and Marquee Development for a combined total likely above $200 million.
Each of these luxury developments have their own unique selling points.
One Cannes, by Marquee, is 95% sold out. As per its namesake, it draws “an artistic flair from the French Riviera”. With travel still not possible for most, it is rather appropriate some amenities were inspired by a QANTAS first-class lounge.
The $800 million joint venture will be bringing Surfers Paradise a slice of Sydney, by the looks of the renderings. The podium level of the SPG development looks reminiscent of Barangaroo House, just north of Kings Street Wharf 1.
It will be a three-tower development with swimmers able to find respite in either a pool on the lower podium level or work out in a glass-bottomed lap pool 26 storeys above the streets of the Gold Coast.
A third developer has purchased 9,279 square metres of land with frontage to the Hope Island Canal, the building to be similar to the Grant Avenue project by Aniko.
The GC luxury market
Prime property is defined as between $2 million and $7 million. Super prime is defined as above $7 million.
Knight Frank reported a total of 2,250 medium and high density new apartments and townhouses were completed in the Gold Coast prime region in 2020.
With more on the way, it will hopefully ease current pricing pressures. Gold Coast prime apartment prices rose 10% in 2020 to an indicative $19,250 per square metre, according to Knight Frank.
The report also found that the average days on market for a prime property was 148 in Q1 2021, down from 155 in the last quarter of 2020. Volume of sales also rose, 164 were sold in Q1 2021, a 102% rise from Q4 2020 numbers, and 90% up year on year to March.
Seven super-prime properties were also sold in Q1 2021, up from zero sales in the last quarter, and 117% year on year.
Knight Frank forecasts that prime property prices will rise at least 3% more by the end of 2021, the report also found capital growth for the sector had risen 3.5% year on year to March.