- GV Property has facilitated five major land transactions along the Gold Coast recently
- Many sites have development applications in place already
- Comes as interstate migration to Queensland has been high over the past year
The sun is still rising on the Gold Coast, with a wave of interstate developer interest that isn’t expected to crash anytime soon.
One real estate consultancy, GV Property, has alone seen five transactions for landholdings by different interstate developers based in Sydney and Melbourne in recent times.
Abadeen Group in Sydney recently purchased a Palm Beach site from a local developer in an off-market deal after Cru Collective obtained development application (DA) approval for 69 apartments and a retail offering. The project, Vilea, has already begun presales.
Nearby, Melbourne developers New Sky Group purchased the 818sqm site at 1203-2015 Gold Coast Highway for $6.5 million, also in an off-market deal, with 5-month settlement terms.
The site was sold with a DA in place for 29 apartments, with the developer exploring options to fast-track the planning of a new design with some minor changes.
A 1235sqm corner block at Rosewood Avenue, Broadbeach was purchased by Sydney-based Macquarie Developments Group for an undisclosed price. A DA is in place for 186 apartments over 39 levels.
Beckdev – a Melbourne-based developer – also acquired a 2355sqm site on Mclean Street, Coolangatta unconditionally for $7.9 million. The developer intends on delivering 170 mixed configuration apartments.
One of the last remaining Esplanade sites was transacted by GV Property to an undisclosed Melbourne-based developer for $10.8 million. The 861sqm has 22 metres of beach frontage with DA approval in place for 15 apartments.
Notably, the site is near Burleigh Heads National Park and Tallebudgera Creek which was voted as Australia’s best swimming spot in 2019 during Wotif’s Uniquely Aussie Awards program in 2019.
The investor interest comes as Queensland experienced its largest population growth in 16 years with over 30,000 interstate residents migrating to the state, including 18,000 Sydneysiders and 12,000 Victorians according to the Australian Bureau of Statistics (ABS).
Antonio Mercuri, GV Property Group director, said he isn’t surprised by the interest garnered from interstate developers.
“Not only does the Gold Coast offer developers an opportunity to transform beachside sites, but the area also offers incredible value when compared to Victoria and New South Wales,” said Mr Mercuri.
“The pandemic has also caused a dip in interest from international developers, which has opened the market for more interstate buyers.
Antonio Mercuri, GV Property Group director
“With the Gold Coast currently undergoing a complete regeneration, developers can now afford to push project boundaries further than they typically would in their home states.”
Mr Mercuri noted that Gold Coast suburbs such as Surfers Paradise, Broadbeach and Burleigh Heads were amongst the most researched in Australia last year.
Gerard Adamsons, New Sky Group Director, believes the booming southern Gold Coast market has even more potential for growth.
“We’ve witnessed insatiable appetite from buyers both locally and from the southern states snapping up apartments off the plan at very buoyant rates and volumes, which gives us great confidence as developers to be in the Gold Coast market and trading,” said Mr Adamsons.
“Particularly with overseas travel still likely to be restricted for the foreseeable future, New Sky Group believes that the Gold Coast real estate market will make its shine as an attractive destination to live and invest.”
Gerard Adamsons, New Sky Group Director