Why the Gold Coast apartment market is better placed than ever before: Five minutes with Evan Raptis

Since the onset of COVID-19, there's simply not been enough apartment stock on the Gold Coast.

The Coast was well placed in the lead up to 2019, but an influx of demand, both locally and interstate when COVID-19 grabbed hold of the local market in mid-2019, demand has heavily outstripped supply.

The lack of stock has seen a new trend emerge. Established stock has been commanding similar prices to off the plan stock. It's a trend that Evan Raptis, the joint managing director of longtime Gold Coast developer Raptis, believes won't change for the next three to five years.

"We’ve never seen the gap close like this on the Gold Coast before," Raptis says.

"The trend has come about because there's not enough finished stock coming to market between Coolangatta and Hope Island.

"Southerners who have relocated to the Gold Coast post-COVID have had to look to resales to get into the market, and that’s pushed up the price of established stock."

Two-bed apartments under 100 sqm have been selling in some of Broadbeach's better towers for $1.2 million, which Raptis says is comparable to what developers are taking deposits on for planned and under construction projects.

Broadbeach is where Raptis will be turning their focus to next, while they complete Pearl at Main Beach.

In early 2023 they'll be launching The Sterling at 6-8 George Avenue. Raptis has just gone back to the drawing board however to amend the application, with the aim of wanting to meet market demand earlier than they previously forecasted. The tower has been designed by the prominent architect Koichi Takada, who only has a handful of Gold Coast developments to his name.

Raptis says Broadbeach has evolved heavily since 2007, when he followed in the footsteps of his father Jim, co-founding developer Emandar Group alongside Aniko Group's George Mastrocostas.

"Broadbeach has seen a lot of regeneration with Star Entertainment Group’s opening of The Dorsett hotel and the light rail now allowing people to travel to Surfers Paradise and Southport via the light rail network, as well as south. The new Langham Hotel has opened up as well which will bring more global travellers to the suburb."

Raptis are currently developing Pearl in Main Beach, and have sold 80 per cent of the two and three-bedroom apartments.

Apartments have been snapped up largely by owner-occupiers, both locals who are looking to downsize from their family home, and interstate couples who are pre-retirement age.

Two sub-penthouses have sold, and Raptis will be releasing more to the booming penthouse market soon.

Raptis has now reached level 17 of construction of the 29-level building at 3550-3552 Main Beach Parade.

Raptis says Main Beach will feel like Australia's own version of Monaco, with the future $480 million redevelopment of Mariners Cove which will include a new superyacht marina and a Ritz-Carlton hotel.

Despite the country working its way back to normal in the post pandemic world, Raptis says there's still strong interest in the Gold Coast lifestyle and the desire for new premium apartments with premium amenities in desirable locations.

Raptis has considerable faith in the Gold Coast market, suggesting the city is in a better position to manage national price moderations than it has been in previous cycles.

"The city’s economy has matured significantly with investment in health and knowledge, film and creative industries, sports and digital industries," Raptis notes.

"The Work from Home movement has enabled professionals to hold national roles and still live on the Gold Coast. You can even have a role in a global team with the international terminal at Coolangatta Airport opening recently."

Raptis says the 2032 Olympics and Paralympics will further promote the Gold Coast lifestyle, with considerable planned infrastructure to transform the wider South East Queensland location.

"The coastal strip will be beamed around-the-world and we’ll see a new wave of global hotel brands wanting to establish themselves here."