City Beat November 2024: Gold Coast units continue to outperform houses
The tight Gold Coast unit market continued to outperform its house market counterpart in October.
CoreLopgic's Monthly Index showed a further 0.4 per cent growth in units across the Gold Coast, compared to 0.1 per cent growth in houses.
Over the last 12 months, Gold Coast units values have risen 11.9 per cent.
The median value of a unit on the Gold Coast is now $818,000, adding nearly $100,000 having started 2024 at $727,000.
In 2023, unit values rose 10.8 per cent, according to CoreLogic data.
What happened in the Gold Coast off the plan apartment market in October?
It was a relatively quiet month in the Gold Coast off the plan apartment market, with only a handful of new developments submitted to council, and another month of no new projects for buyers to choose from.
The Abedian family propped up the apartment supply in October, filing plans for two of its sites in Coolangatta and Broadbeach.
The first lodgement was for two eight-level towers on part of its 7,000 sqm plus site borderning Marine Parade and Eden Avenue. It's the site of the Greenmount Hotel & Resort which was bought by the Abedian's new development company, Arium, for $42.1 million in 2021.
Read more: First look exclusive: Abedian family propose second stage of Greenmount Beach Hotel redevelopment
Then the family, through another new brand, Abedian & Co, filed for a 47-level tower at its Mary Avenue site which Urban revealed they bought earlier this year.
The $580 million plans are for 115 two, three, four and five-bedroom apartments.
Read more: First look exclusive: Abedian family reveal Broadbeach apartment plans
The Mary Avenue tower by Abedian & Co. Image credit: BDA
Serial Gold Coast developer Marquee launched its penthouse collection atop La Belle, it's luxury Palm Beach development that is over 70 per cent sold.
The Penthouse Collection includes 10 sub penthouses and the sprawling five-bedroom Grand Penthouse.
The Grand Penthouse offers 520 sqm of internal living space and a further 162 sqm of external area. It has five bedrooms, four and a half bathrooms, a multi-purpose room, and four car parks, along with an indoor cinema, wine display, a large home office, and a feature fireplace,
The subpenthouses are a mix of three and four-bedroom apartments. The three-bedroom sub penthouses start from $4,125,000 and the four-beds from $7.5 million.
Construction recently kicked off on the 14-level building with 75 apartments. Completion is slated for Q2 2026.
Read more: Marquee launches exclusive penthouse collection at La Belle Palm Beach
