City Beat December 2024: Gold Coast unit values grow over nine per cent in 2024 but ends with cooling market
It was another solid growth year in the Gold Coast unit market.
Much like the majority of capital city unit markets, the Gold Coast market has cooled toward the end 2024, with December values remaining flat. However, the start of the year was so strong, and the market softening came much later than other city markets, values still rose 9.1 per cent in 2024, research from property data analytics firm CoreLogic shows.
The Gold Coast median unit value is now $820,000, having started 2024 at $740,000. To put in capital city comparisons, it would fall just behind Sydney's median ($859,000) and well ahead of Brisbane ($680,000).
What happened in Gold Coast’s off the plan apartment market in December?
While the majority of cities across the country shut down over the Christmas and New Year period, the Gold Coast market ramps up. Developers are keen to launch projects right up to Christmas, knowing that attention from interstate holidaymakers is particularly high—a trend that has been prominent since the pandemic.
One developer that has bided their time before launching in December is Iris Capital, who, two years after securing approval for their luxury Surfers Paradise beachfront project, has launched 71 Garfield, just 52 two, three, and four-bedroom apartments.
Garfield Terrace was set to undergo a drastic transformation a few years ago; however, several developments launched during the pandemic era didn’t proceed. Iris Capital, with its billionaire owner Sam Arnaout and in-house construction arm Iris Built, has all the tools to take to market a project that will go ahead as promised.
Architecture firm DBI, who designed Iris Capital's other Gold Coast development, Victoria & AlbertBroadbeach, was in charge of the designs for 71 Garfield. The large-scale apartments will be serviced by a suite of luxury beach-facing amenities, like a swimming pool and open-air gym.
Broadbeach has been the most popular suburb for developers for several years. No single developer has contributed more projects than Morris Property Group, who is onto their 10th development in Broadbeach.
They recently revealed Maison Broadbeach, just 21 full-floor apartments across a 22-level tower.
Similarly sized apartments are on offer at Brighton on the Park in Southport which offer the most expansive apartments the suburb has seen. The project, by developer Sixty Sticks, features just 12 units starting at 247 sqm, with the largest spanning 300 sqm.
Positioned on Brighton Boulevard with views over James Overell Park and the Main Beach skyline, Brighton on the Park apartments have been designed for the downsizer.
Sixty Sticks has also doubled-down on luxury amenity, not often seen in such a boutique development.
The rooftop will home a resort-style swimming pool with sun-drenched day beds, a fully equipped gym, and multiple lounge areas.
December also marked the registrations of interest campaign for The Landmark, the transformative $2 billion mixed-use precinct in Mermaid Beach by Aniko Group.
Comprising four towers, The Landmark will comprise around 800 apartments, high-end office spaces, and a luxury hotel. Its amenities range from a pickleball court to a lagoon pool and a golf simulator.
The first release consists of 240 two and three-bedroom apartments that start from just under $1.2 million.
“We are incredibly excited to bring The Landmark to life in Mermaid Beach,” said George Mastrocostas, Founder and Managing Director of Aniko Group.
“This project reflects our dedication to creating iconic spaces that not only redefine residential living but also enrich the surrounding community.
“We are encouraging those interested to register early, as The Landmark promises to be a highly sought-after address for those looking to experience a premium coastal lifestyle.”
