Palm Beach: The most indemand off the plan apartment market on the Gold Coast
Since the pandemic hit Australia, there's arguably not been a suburb in Australia that's been more in vogue than Palm Beach on the Gold Coast.
Data from Urban.com.au's new data product, MatterFact, showed that from 2020 to 2021, enquiry spiked 130 per cent, driven by local and interstate purchasers snapping up luxury beachfront apartments.
Enquiry levels returned to early pandemic levels in 2022, namely due to the fact several developments sold out quicktime, but the appetite to live in the coastal enclave did not abate, with search traffic to Palm Beach staying consistent. There was simply much more demand than there was supply.
Josh Foote's Ignite Projects took just eight weeks to sell all 34 apartments at Cabana Palm Beach, where sale prices ranged from $1,775,000 to just over $5.5 million.
It was the same story with developer Pask. Launching during the pandemic, they sold out The Esplanade, named after its position on the dress circle street that runs down to Burleigh Heads. The 15 apartments on the beachfront sold between $3.2 million and over $7.1 million.
One of the main reasons southern dwellers descened on Palm Beach was how much it flew under the radar. The quiet neighbour of Burleigh Heads, Palm Beach had been void of new developments until the demand spurred by the pandemic to live on the Gold Coast became aparent, those from the southern states in particular had a narrow brief; Gold Coast, and as close to the beach as possible.
Palm Beach has been one of the most active suburbs for development site sales.
Since the start of 2021, around 25 per cent of total sales by site amalgamation and sales specialists GV Property Group has been in Palm Beach, only second to Broadbeach.
After the boom that saw the likes of Cabana, Esplanade, The Tally and Hirsch & FaigenHemingway development sell out, the suburb remained in hot demand, but supply wasn't there to match it. When a project like Seaclusion, 40 one two and three-bedroom units on Twenty First Avenue entered the market, the majority of apartments were snapped up within a month.
It wasn't until earlier this year that the tap was turned back on. Prominent Gold Coast developer Sherpa brought to the market Perspective Nexus, 35 apartments at 949 Gold Coast Highway that have race to 75 per cent sold, while fellow renowned local developer Marquee Development Partners launched La Belle Palm Beach to similar fanfare. Over 80 per cent of the 75 apartments on offer were snapped up, making La Belle the fastest selling project on the Gold Coast in 2024.
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The apartment pipeline for Palm Beach looks strong, as demand will be somewhat to be satisifed by the number of developments waiting to hit the market.
Sherpa is soon to launch Flourish on Sixth, the first development of its Flourish brand that caters for a wider range of buyers with a diverse mix of 94 one, two and three-bedroom apartments.
Tim Gordon's Gordon Corp, in another joint venture with the Mathieson hospitality family, is teaming up again to create a development that is also expecting to attract several buyer camps.
"We have been very deliberate in not pushing scale, or density,” Gordon Corp Sales and Marketing Director Lara Dimond said.
The building, designed by Cottee Parker, comprises 47 two and three-bedroom apartments across a nine-level building at 62-64 Jefferson Lane, just one row back from the beach.
The apartments start from 115 sqm and range in size to 275 sqm. Private resident amenities have been incorporated on the ground floor. There will be a 15m lap pool with day beds and cabanas, a wellness centre with cold plunge and a hot spa, as well as a sauna and steam room. The wellness centre will also feature a state-of-the-art gym.
One of the most recent submissions is for one of Palm Beach's largest developments to date.
B.K.A Holdings Pty Ltd, a company directed by solicitor David Ingwersen, has proposed two 13-level towers on an amalgamated six-lot, 2,472 sqm site at 1395-1405 Gold Coast Highway and 436-438 The Esplanade, which would home 98 two, three and four-bedroom apartments.
The West Tower will have the bulk of the apartments (72), with six units per floor, while the East Tower will have just 25 three-bedroom apartments, each with a multi-purpose room, and a sole four-bedroom penthouse.
There will be two small hospitality venues on the ground floor of the buildings. The more dense buildings will have greater amenity, in the form of a ground level swimming pool and a wellness centre with a gym, steam room, and sauna, while the more boutique building will have the same facilities, just without the gym.
Demand from both developers and buyers is expected to see Palm Beach continually be one of the most popular suburbs on the Gold Coast for the foreseeable. Over the last four quarters, Palm Beach has been the most searched Gold Coast suburb on Urban.com.au.
