How first home buyers can still get into the off the plan apartment market in the Gold Coast
The COVID-induced boom changed the face of the off the plan apartment market in the Gold Coast.
Since the start of 2020 when various lockdowns were in place on both a state and federal level blocking those coming and going form Australia, the Gold Coast market has been one of the strongest property markets in the country.
As the country got back to normal and borders reopened, demand didn't wane. However, one of the biggest changes in the new development market is the type of apartments being developed in the Gold Coast.
All but gone are the large skyscrapers, barring a few from Harry Triguboff's Meriton. Now in vogue is half and full-floor apartments, catering to the local downsizer and affluent southern state dweller either looking for a tree change or a future retirement apartment on or near the beach.
The change in dwelling make-up has pushed first home buyers out of the market. The median price of a unit in the Gold Coast has also soared over the past few years. Now over $800,000, the median unit price is only just behind that of Sydney ($859,000).
The increase in prices, dwelling change, and quickfire increase in the interest rates, pushed first home buyers out of the market. Or so it seemed.
Data from MatterFact, the new data product from Urban.com.au, shows a huge willing from first home buyers in 2024. A third of enquiry on Urban across the Gold Coast in 2024 has been from first home buyers. They've even out-enquired investors.
Across 2023 first home buyers made up 30 per cent of enquiry, and 2022 and 2021 it was less than 15 per cent.
While there's been a significant shift in apartment configurations on offer, there are still some opportunities for first home buyers, however they need to act fast in most circumstances.
With the cost of construction, and the low returns for one-bedroom apartments compared to three and four-bedroom apartments, developers just aren't creating a meaningful number of one bedrooms within their developments.
We've had a look at what Gold Coast apartment developments have options for first home buyers.
What: Flourish Palm Beach
Where: 6-12 Sixth Avenue, Palm Beach QLD 4221
Who: Sherpa Property Group
Prominent Gold Coast developer, Sherpa Property Group, is one of few developers championing affordability with their new collection of apartments.
They've created a new brand, Flourish, which will cater to a wide range of buyers, including first home buyers.
Their first installment of apartments under Flourish is Flourish Palm Beach, 94 apartments across a 13-level building with some of the entry-level unit prices in the $600,000's.
Located at 6-12 Sixth Avenue, Flourish Palm Beach will still have all the bells and whistles of a modern development, with a resident pool, barbecue areas, and garden retreats as part of the building.
With just 10 one-bedroom apartments on offer, first home buyers will have to act fast to secure one.
What: Ombre Robina
Where: 46 Scottsdale Drive, Robina QLD 4226
Who: Immerse Projects
Immerse Projects is also catering to a wide demographic at its Ombré Robina development, with a mix of 95 one, two and three-bedroom apartments.
The one-bed units, which have two living areas, are priced from $749,000
Ombre's amenities include a pool, residents' lounge, and landscaped outdoor areas.
Construction at Ombre Robina started in June. Builder Greyburn is forecasting a late 2025 completion.
Over 50 per cent of the apartments have been snapped up. More than 70 per cent of purchasers so far have been local.
What: LAANI Mermaid Beach
Where: 26-28 Alexandra Avenue, Mermaid Beach QLD 4218
Who: Dankav Developments
A handful of the one-bedroom apartments at DANKAV's under-construction LAANI at Mermaid Beach are priced at $780,000.
Rarely is there an opportunity to buy a new one-bedroom apartment in Mermaid Beach, with the suburb dominated by luxury beachfront homes and high-end, boutique new developments that are more likely to be priced from upwards of $2 million.
LAANI, on Alexandra Avenue bordering Broadbeach, comprises just 46 apartments across an 18-level building designed by BDA.
LAANI features a string of hotel-style amenities including a heated pool, gym, sauna, cinema room, and communal workspaces.
What: 180 one & two-bedroom apartments
Where: 20 Queen Street, Southport
Who: MRCB
While not yet in market, Malaysian developer MRCB is set to bring an injection of affordable stock to the Gold Coast.
They recently settled on a well-connected site at 20 Queen Street, Southport, currently home of the Sundale Motel, and quickly submitted plans for a 20-level building with 180 apartments.
The 92 one-bedroom and 88 two-bedroom apartments will all likely come in under $1 million.
The development falls in line with the Queensland Government’s Homes for Queenslanders and the Australian Government’s National Housing Accord, aiming to contribute to addressing the national housing crisis by adding much-needed housing stock in a rapidly growing region.
The building will feature amenities such as a pool, gym, and barbecue areas.
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.”
