Every new apartment development planned across Gold Coast in April
Not enough housing to meet demand.
That's the state of the market in the Gold Coast, where the lack of activity in the new development space is a growing concern for the coastal hotspot that is still seeing surging population growth following a boom during the COVID-19 pandemic.
Real Estate Institute of Australia spokesperson, Andrew Bell, said the unprecedented demand for properties on the Gold Coast is unlikely to ease.
“It is simply an equation of supply and demand,” Bell said.
“What has happened, particularly post-COVID, has been a significant transfer of wealth from other parts of Australia including Melbourne and Sydney.
“During the pandemic, there was an increase in divorces, downsizing and simply relocation. We are also seeing a lot of high-wealth people, with the capacity to pay higher prices, moving to Queensland. In Surfers Paradise and Broadbeach, 24 per cent of sales have been cash purchases.”
Bell said while this was a major positive for the state, and a “coming of age” for Queensland, this northward migration had resulted in a decline in affordability for many buyers and renters.
“We don’t have enough properties to meet the huge influx of residents, especially workers who will contribute to strong economic growth.”
Read more: City Beat May 2024: Gold Coast unit market continues to surge
There was only one new apartment development launched to the market in April on the Gold Coast, La Belle Palm Beach by Marquee.
Despite the lack of new supply in the market, there were several development applications submitted to the Gold Coast City Council in April.
Of course, these projects won't be realised for several years, with the approval phase, marketing, and then the build generally making the lifespan of a new development between three to five years, depending on density and the speediness of the approval process.
We've wrapped up the top three apartment developments that went through council in April.
Address: 14 Chelsea Avenue, Broadbeach
Developer: Morris Property Group
Veteran Gold Coast developer, Morris Property Group, is planning their 10th residential development in Broadbeach, the majority of which have been delivered in the last few years.
Morris has submitted plans for a high-end tower focused on the more affluent owner-occupier on a 607 sqm site next to their Opus Broadbeach tower which they completed in 2021.
They've had Cottee Parker design a 25-level building with 22 full-floor apartments and a sole two-bed unit. They will sit above three basement levels which will have 45 parking spaces.
Read more: Exclusive first look: Morris Property Group plot another Broadbeach tower
Address: 137 Old Burleigh Road, Broadbeach
Developer: DVB Projects
DVB Projects, the developer behind Broadbeach's Sea Glass development that is currently in market, is doubling down in the burgeoning suburb.
DVB, led by Dean Brown, has filed plans for a similar tower at 137 Old Burleigh Road, a 1,156 sqm site near the Old Burleigh Road and Queensland Avenue roundabout that is currently home to the 12-unit, 1980s block Gala.
They've called on Rothelowman again to handle the design of the 105-metre, 32-level building that will have 39 half-floor and full-floor apartments and a two-level penthouse.
Read more: First look exclusive: DVB Projects doubles down in Broadbeach
Address: 118 Old Burleigh Road, Broadbeach
Developer: Little Projects & R.Corp
Two Melbourne developers are pushing on with their prime apartment development site on one of Broadbeach's best streets.
Little Projects, in a joint venture with fellow Melbourne-based developer R.Corp, has gone back to the drawing board for their luxury apartment tower at 118 Old Burleigh Road, on the corner of Australia Avenue.
Since being knocked back by the Gold Coast City Council for their initial 30-level plans by DKO in early 2023 which would have seen 33 apartments delivered, Little Projects and R.Corp have been working with council and have now officially submitted new plans by Plus Architecture.
They will be still targeting the high-end buyer in the building that was initially dubbed One Australia.
Read more: First look: Little Projects redesign Old Burleigh Road, Broadbeach apartment tower
Address: 402-404 The Esplanade, Palm Beach
Developer: Chanine Developments
The latest play on luxury apartment developments on the Palm Beach beachfront is by Sydney-based developer Chanine Developments who secured a large site through site amalgamation specialists GV Property Group.
Chanine, led by Marwan Chanine, has now lodged plans for a boutique eight-level building with 15 half-floor apartments and a massive five-bedroom penthouse.
There will be 16 apartments in the building which has been designed by CDArchitects. The 15 three-bedroom apartments will sit beneath a massive 354 sqm, five-bedroom penthouse with its own rooftop pool, barbecue kitchen and alfresco space.
Read more: Sydney developer eyes Palm Beach luxury apartments
Address: 50 Sunset Boulevarde, Surfers Paradise
Developer: Macquarie York
It's taken less than five months for Roy Skaf's Macquarie York to secure approval for its upcoming absolute waterfront Surfers Paradise project.
Macquarie York will develop a 17-level tower at 50 Sunset Boulevarde, a 1,057 sqm riverfront block on the Nerang River facing Chevron Island's Home of The Arts building.
Plus Architecture, led locally by Danny Juric, says the project has been "meticulously designed to seamlessly blend with its urban and natural surroundings, achieving a harmonious balance between the human-scale streetscape, riverscape, and the emerging skyline."
Among the amenities planned for residents is a dedicated recreation level on the second floor boasting a swimming pool, lounge area, BBQ space, gym, sauna, steam room, and work-from-home office space complete with desks and a boardroom.
Read more: Macquarie York secure approval for new Surfers Paradise apartments