Gold Coast apartment sales remain strong as Vista Surfers Paradise and Crest Broadbeach stand out
Off the plan apartment sales continued to flow in the Gold Coast at the back end of last year, with the latest data from Urbis reporting 236 apartment sales in Q4 2023.
Gold Coast Central Precinct remained the city’s most active precinct, with the highest number of apartment sales achieved in the $500 million Vista residential tower in Surfers Paradise, being developed by the Malaysian conglomerate MRCB.
A total of 46 apartments were sold in Vista for a total value of more than $60 million at an average weighted sale price of $1.434 million. The number of sales was almost twice the number of the next best performing project, Marina Point at Hope Island.
Marina Point secured 26 apartment sales, at an average price of $1.4 million, while Morris Property's Crest Broadbeach saw 25 sales at an average $1,089,000.
Mosaic's luxury Isabel project on the Burleigh Heads beachside was fourth with an average sale price of $3.8 million.
Urbis director Paul Riga said the sales showed a continued strong demand for apartments across the Gold Coast, particularly along the traditional beachside strip between Surfers Paradise, Broadbeach, and Burleigh Heads.
“We’re seeing consistent sales results being achieved along the Gold Coast despite the current interest rate environment, and we think this reflects a solid level of local buyer interest as well as the continued migration from the southern states and those downsizing from existing homes into apartment living,” said Mr. Riga.
The Q4 data is consistent with the 288 sales in Q1 2023 and 211 in Q2. There was a sales spike in Q3 when there were 470 sales.
Read more: Gold Coast apartment sales jump in Q3 2023: Urbis
Riga said rising construction costs, which were impacting the viability of projects, had constrained supply but those with the delivery capability and experience to take projects to the market and construct were continuing to launch new projects.
Vista has been a standout performer in the Gold Coast market with almost half of the 280 apartments in the project sold for a total value of $170 million.
Vista sales agent Matt George, who heads the national agency Urban Activation which sells high-end projects across Australia, said the sales in Vista reflected a ‘flight to quality’.
“Buyers are more aware and searching for well-funded developers undertaking well-finished high-quality projects in good locations near the beach with a guaranteed commencement of construction and delivery by a tier one builder,” George said.
“The developers of Vista are a solid multi-national company with a large balance sheet and the project they have introduced in Vista is of premium quality, designed by renowned local architects DBI.
“These factors have certainly come to the fore over the last 12 to 18 months.”
