City Beat October 2024: Price growth continues in Gold Coast units as house market slows
Gold Coast units have experienced robust growth throughout 2024.
According to the latest data from property analytics firm CoreLogic, unit values in the Gold Coast increased by 0.6 percent in September, marking a 1.5 percent rise for the quarter.
The median unit price, which surpassed $800,000 last month, has now reached over $807,000—an increase of 12.3 percent since the beginning of the year.
In fact, this growth has outpaced that of houses, which have shown a slight decline of 0.1 percent in September, despite being up 12.1 percent for the year.
September was particularly active in the off the plan apartment market, with notable activity coming from Main Beach and Palm Beach.
What happened in Gold Coast’s off the plan apartment market in September
There was a mix of new apartment supply in Main Beach in September, as well as supply to come.
Builder developer Alroe Construction launched Lune Main Beach, a boutique block of six villa-style apartments across the road from Broadwater.
Located on the corner of Rankin Parade and Peak Avenue, Lune offers just half-floor apartments, each spanning nearly 300 sqm of indoor and outdoor living space.
Alroe has already started construction at Lune, which will welcome its buyers in mid-2025.
Read more: Alroe reveals luxury Main Beach apartment development, Lune
There's some more density planned for Main Beach, with boutique developer Arena Property Group proposing a 28-level tower with 70 apartments.
Plus Architecture has designed the tower, named Belle Vie—French for "beautiful life"—to feature two distinct sections, separated by an amenities level on the 18th floor. This facilities level includes a residents' lounge with a games area, a library, and various lounge spaces.
Adjacent to the lounge, is a wine cellar, a private dining room, and an outdoor sunset dining area. This level also offers a dedicated work-from-home space with a boardroom, as well as a 91 sqm gym that includes a Pilates studio, a sunrise yoga deck, and a functional training room.
There were two big proposals in Palm Beach in September.
Mantaray Marina and Residences developers Gordon Corp and the hospitality Mathieson family are teaming up again, proposing a nine-level building on Jefferson Lane.
The building, a block from the beach designed by Cottee Parker, will have 47 two and three-bedroom apartments.
Sherpa Property Group is also continuing to double down on the Palm Beach apartment market. They've revealed their newest brand, Flourish, a collection of apartments that will target a diverse buyer mix, not just high-end downsizers.
The new development, Flourish on Sixth, will have 94 one, two and three-bedroom apartments, which are expected to be popular among first home buyers.
The biggest proposal in September however came from the heart of the Gold Coast.
Local developer Andrews Projects revealed it was the buyer of the well-known Orion Towers site. One of the towers was approved at over 100 levels, which would have made it one of the tallest towers in the southern hemisphere.
Andrews however has pared back the plans for 1,100 apartments, instead opting for two 37-level towers with just under 400 apartments.
In September, we spoke to three different off the plan buyers, to understand their buyer journey and what they bought.
Two of the buyers were downsizers, one from Brisbane and one from the Gold Coast, and the other was an investor who recently bought three off the plan apartments in the last six months.
Read more: The "never lived in" appeal for Gold Coast downsizer at Tapestry, Chevron Island: Urban Buyer Q&A
Read more: Why we are downsizing to Crest Broadbeach: Urban Buyer Q&A
