City Beat September 2024: Gold Coast unit median tips over $800,000
The continued bullrun of unit growth in the Gold Coast has pushed the median value over $800,000.
So far in 2024, the unit market, which incorporates both apartments and townhouses, has jumped nearly 10 per cent, data from property analytics data firm CoreLogic shows. The median started 2024 at $724,000.
August showed another strong month for units, according to CoreLogic, recording 0.6 per cent growth.
The housing market tells a similar story, which is why downsizers are driving demand for new apartments and townhouses up and down the Gold Coast.
The median house value in the Gold Coast is $1,218,000, which in capital city terms, would be the second most expensive capital only behind Sydney.
CoreLogic’s Head of Research, Eliza Owen, noted that markets like the Gold Coast, along with Perth, Adelaide, and Brisbane, are outpacing other regions, thanks in part to a surge in demand for more affordable property options. This is reflected in the fact that unit values in most capital cities are now growing faster than house values.
What happened in Gold Coast’s off the plan apartment market in August
The Gold Coast's largest development for decades kicked off its construction in August.
Lewis Land, one of the pioneers of Gold Coast development founded by the late Bernard Lewis back in the 1950, broke ground on their landmark Biggera Waters masterplan, Harbour Shores.
Lewis Land Chief Executive Officer Brett Draffen said the vacant 16-hectare site, which has been held by the group for more than 40 years, would be transformed into a vibrant ‘village of villages’ that will ultimately be home to more than 4,000 people.
Harbour Shores has received a 6 Star Green Star Communities rating from the Green Building Council of Australia, a world leadership standard, making it the most sustainable development in the history of the Gold Coast.
Greyburn will deliver the first collection of residences. Around 40 per cent of the first stage has been reserved, with Colliers handling the sales.
Designed by BDA architects, Harbour Shores will evolve over the next decade to deliver a mix of boutique apartments and villas, communal open spaces and parklands, a 1.2-kilometre waterfront boardwalk, private marina berths, and a range of resort-style resident amenities.
Another city-shaping development is also set to get underway with the approval of the redevelopment of the Gold Coast Turf Club.
The joint venture with the Gold Coast Turf Club and Tony Fung's Aquis Australia will see a new $370 million delivered. Known so far as the Sunlight Lifestyle Precinct, the new community will home eight new buildings, including three high-rises which will house most of the 582 apartments and 63 short-term accommodation suites.
Tower A and Tower B will also house the rooftop amenities like a swimming pool, outdoor dining area, sauna, spa, and an indoor function room, while Tower C, the tallest at 19 levels, will feature a two-level day club with a central pool, cabanas, day beds, pavilions, restaurant dining, bar space and a VIP lounge.
The remaining residential buildings will be low-rise, located away from the track, featuring ground-floor amenities along a sub-tropical boulevard.
The Sunlight Lifestyle Precinct project will span over seven years and aims to transform the area into a dynamic precinct that complements the Turf Club and nearby Home of the Arts (HOTA).
There was plenty activity on the beach in August.
The only apartment project to launch to the market was Malo in Broadbeach, the latest instalment from Morris Property Group.
The 16 half-floor apartments, designed by Guida Moseley Brown Architects, feature three bedrooms and expansive views across the Gold Coast skyline.
Morris, with its own building arm, has been quietly building the boutique development, launching to the market just months before it completes. They're expecting to welcome buyers before the end of 2024.
Malo’s location offers residents easy access to Surf Parade, known for its dining options, as well as Pacific Fair, the largest shopping centre on the Gold Coast.
Several developers bolstered their apartment pipeline last month, with a handful of notable applications submitted to the Gold Coast City Council.
The largest pipeline of apartments by one developer is no doubt Harry Triguboff's Meriton. They have once again filed for a new high-rise in Surfers Paradise.
The new development, Meriton Shore, at 126 Esplanade Surfers Paradise, takes its name from the 52-year-old high-rise, The Shore, which currently sits on the vast 3,460 sqm site along with The Dolphins boutique apartment block and several high-street retail spaces.
Meriton Shore will have 519 one, two, three and four-bedroom apartments across a 73-level tower designed by Cottee Parker with landscaping by DBI.
The 3,460 sqm site is less than 300 metres from the under construction Iconica, 260 metres from Ocean that was completed in 2022, and 700 metres from the recently launched Cypress Palms, set back from the beach on Cypress Avenue.
The four developments total well over 2,000 apartments.
Down the coastline, Mosaic Property Group finalized plans for their newly acquired beachfront development site in Palm Beach.
The nine-level building, designed by bureau^proberts, will replace a 1980s apartment block and will feature 32 luxury apartments.
The new development will have a mix of seven two-bedroom and 25 three-bedroom apartments. The apartments will sit above two levels of basement parking for 67 cars. It will form part of Mosaic's Masterpiece Series of luxury new apartment developments.
Read more: First look: Mosaic finalizes plans for next Gold Coast apartment development
Another interesting development application in August came from Malaysian developer MRCB, who is currently delivering Vista at Surfers Paradise.
They filed for a 20-level tower at 20 Queen Street, Southport, offering 180 one and two-bedroom apartments, configurations left behind in current market conditions.
MRCB International Sales and Marketing Director, Kevin Zhang, said the Southport development is aimed at capitalising on the prime location.
“The north-facing apartments will have unobstructed views of Broadwater, while residents will also enjoy easy access to all the popular dining, entertainment and shopping precincts of the central Gold Coast right at their doorstep, with access to the light rail.”
Read more: MRCB targets untapped affordable Gold Coast apartment sector with new Southport tower
