The whole-floor apartment trend flooding the Gold Coast apartment market
The pandemic has forced a shift in the way people want to live, and developers on the Gold Coast are taking note of what buyers want in the modern world.
GV Property Group agent Luke Reaby, who amalgamates future development sites up and down the Gold Coast, says boutique sites for one-per-floor apartments are becoming more desirable by developers.
"It used to be the belief that larger sites equalled higher margins in the minds of developers," Reaby said.
"But now apartment developers are pivoting to the current market conditions, where buyers demand space, exclusivity and high end luxury, and are willing to pay a premium for it given the lack of high-end stock in the market."
Reaby is already fielding high demand for a 690 sqm site at 118 Old Burleigh Road in Broadbeach, which GV has listed for sale.
'When the downsizer market is this strong, you can see why a developer will choose to develop 10-25 apartments at $2m+ each instead of 90 apartments at $650k' Reaby says.
'It's also giving great design and architecture a chance as it's not as heavily dictated by price point.
'With limited development sites left, developers are seeing value in smaller sites suitable for boutique projects," Reaby said.
Jayde Pezet of KM Sales & Marketing says the Gold Coast off the plan market has been underpinned by luxurious beachfront sales – a trend he expects to continue as the borders open and southerners sweep into the city for summer months.
“The strength of the off the plan market is heavily focussed on the luxury downsizer, whether local or interstate, wanting to downsize to luxury homes and live in properties that have unobstructed ocean views or views that cannot be built out,” Pezet says.
Pezet, alongside Todd Matheson at KM Sales & Marketing, are handling the sales for the latest Broadbeach apartment development from Little Projects, who are targeting the luxury owner-occupier after selling out their their 246 apartment Signature nearby.
Aperture, a term which refers to the opening of a lens's diaphragm through which light passes, will have just 29 apartments across its 35 levels.
There's 26 full-floor apartments with three bedrooms, three bathrooms, and three parking spaces, all spanning over 200 sqm across a whole level of the 120 metre building.
The Mary Avenue building has been designed by the Melbourne architect firm Elenberg Fraser to cater for the luxury owner-occupier, with hand-crafted materials and a minimalistic design featuring throughout.
Gaggenau appliances and natural timber and stone have been used for the interiors, creating an extra level of luxury rarely seen in the market..
Read more: Little Projects Co launch Broadbeach apartment development, Aperture
There's been huge success at Main Beach, where Polites Property Group, in a joint venture with QNY Group, aren't far from selling out La Mer, the luxury Main Beach Parade tower of just 29 apartments spread across 34 levels.
Mostly locals have snapped up the three-bedroom apartments, which were priced from $2.35 million. There's only a handful left, starting from $3,245,000.
Polites Property are taking the same line with their next joint venture.
Alongside Monaco Property Group, Polites has lodged plans for Belvue, the first residential tower in Runaway Bay for three decades.
That will have 31 apartments, just one apartment per floor, each with either four bedrooms or three and a multi-purpose room. The grounds are reminiscent of a resort-style hotel, with two luxury pools, private beach access and a barbecue pavilion.
The swimming pool renders for Belvue
Recently Ignite Projects sold out The Monaco at Main Beach at an average apartment price of $4.6 million, one of the most expensive towers on the Gold Coast. That will have just 24 half and full-floor apartments across 24 levels.
David Calvisi's FORME only has a few apartments left at its latest Burleigh Heads development, Sea, his second in Burleigh Heads designed by the renowned architect Koichi Takada.
The new development at 96 The Esplanade will home 23 half-floor apartments of around 220 sqm, as well as three full-floor residences with around 440 sqm of space.
Cru Collective are currently selling SUR at Kirra Beach, which will have just 10 whole-floor apartments on the dress circle Musgrave Street.
Apartments at SUR start from $4 million.
One of the latest developers to join the Gold Coast scene is also taking the same approach.
Orenda Projects, led by the South East Queensland veteran developer Leonard Steiner, are set to create Myst, a slick 33-level tower designed by Plus Architecture.
There will be 46 apartments across the 33-level tower, 45 of those being three-bedroom apartments, which, apart from the three whole-floor sub-penthouses, will span half of a floor.
The proposed Myst apartments at 14 First Avenue
