As a result of “Unprecedented demand’, The Gold Coast’s new apartment stock is shrinking.
The future is full of uncertainty at the moment.. how can we do our part to ensure locals are all accommodated?
According to recent property data, new apartment sales on the Gold Coast have nearly tripled.
According to industry experts, the figures are the highest in more than eight years, with intrastate Queenslanders leading the way, followed by Victorians.
According to a local real estate researcher, the “unprecedented demand” has resulted in a stock shortage, with the rate of sales expected to continue for “several years.”
Urbis, a Gold Coast-based property research and advisory firm, recently released its quarterly report on the new apartment market for the first quarter of 2021.
“There’s a significant number of people moving from other parts of Queensland to the Gold Coast and [from] other regions,” he said.
“There is a significant amount of interstate migration, particularly out of Victoria, as people move north for better opportunities.”
“However, the relative value of apartments on the Gold Coast in comparison to capital cities is a very 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.”
the biggest driving forces were the change in buyer profile, from investors to owner-occupiers, and locals downsizing family homes to apartments.