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Australia Gold Coast's new apartment stock shrinks as 'unprecedented demand' drives sales boom

01:05  22 june  2021
01:05  22 june  2021 Source:   msn.com

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New apartment sales have surged by almost 100 per cent on the Gold Coast, according to recent property data.

Industry experts say the figures are the most significant recorded in more than eight years, with interstate-based Queenslanders driving the surge, followed by Victorians.

A local property researcher says the "unprecedented demand" has led to a stock shortage, with the rate of sales expected to remain for "several years".

Sales almost double

Gold Coast property research and real estate advisory firm Urbis recently released its quarterly report looking into the new apartment market for the first quarter of 2021.

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Director Matthew Schneider said the results were significant, nearly doubling to more than 700 sales compared to the previous quarter.

"In the first quarter of 2021, we saw a total of 742 new apartments sold in the Gold Coast marketplace," Mr Schneider said.

"That's the highest number that we've seen since the service has been doing this report (since about the end of 2013).

"Over the course of the period between 2021 and back to 2013, we've really seen somewhere between 300 and 500 apartments transact each quarter.

"So, to have results as high as 742 in the first quarter of 2021 is a significant increase on what we're seeing over that last period … [it has] almost doubled the volume over that period."

Mr Schneider said the majority of sales came from within Queensland, as well as from the south.

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"There's a strong representation of people moving from other parts of Queensland to the Gold Coast and [from] other regions, " he said.

"There is a big proportion of interstate migration, particularly out of Victoria, as people move north, driven by lifestyle opportunities.

"But, certainly, the relative value of apartments on the Gold Coast, compared to capital cities, is a really strong feature.

"But it's creating some affordability issues in the local market … it's starting to price out some local purchasers, but interstate purchasers are still seeing relative value, so that's something that we need to address as a city over the coming months."

Mr Schneider said the biggest driving forces were the change in buyer profile, from investors to owner-occupiers, and locals downsizing family homes to apartments.

But what that would look like in the future, he said, remained unknown.

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"The future is full of uncertainty at the moment," Mr Schneider said.

"One of the pleasing things is we are seeing this level of activity driven by relatively fundamental forces things, [such as] low interest rates … good value here on the Gold Coast, good quality products, access to jobs and schools.

"So, the fact that those are fundamental drivers stands us in good stead to make sure this is something which continues in a sustainable way.

"I think the flip side is that we do need to be conscious of an intensifying affordability and supply issue here on the Gold Coast."

Mr Schneider said more needed to be done by planners and developers to ensure locals were accommodated as well.

"With those increased levels of interest from outside the coast, we need to make sure that we're building the right type of products," he said.

"Bringing to market apartments at the right price point and making sure that our locals are well accommodated for — and that's a difficult challenge at the moment.

"So, I think we'll see relative stability … particularly over the next 18 months.

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"But certainly [there is] some uncertainty around if and when that happens.

"And then we need clear focus on what happens to make sure that our local market and Gold Coast residents can keep finding places to purchase as well."

Sales can continue, prices can't

Property researcher Colleen Coyne said she did not believe the surge in prices could continue at the rate it had, but sales growth could continue.

"Back in April, Core Logic was reporting for the March quarter a 23 per cent gain on average apartment prices over the year to March 2021," she said.

"[That was] across the suburbs of Palm Beach, Bilinga, Currumbin and Tugun.

"I do feel like [that level of price rise is] unsustainable … 23 per cent in a year.

"Maybe that can continue for a year, or something like, that but, after that, surely supply [needs to] catch up.

"So, perhaps the level of price increases will diminish in 12 months but I think the momentum that Queensland and the Gold Coast has got going is going to continue for several years."


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