New apartment projects across the Gold Coast to look out for in 2023
Australia’s Gold Coast is one of the most beautiful locations on Earth, so it’s no surprise that its property market is highly sought after by buyers across the globe. Southeast Queensland has become a popular destination for young people and urbanites, boasting a consistent rate of growth between 1.28% and 2.25% for the past decade thanks to strong population growth and significant investment in infrastructure. While demand has diminished over recent months due to weak consumer confidence, prices remain at elevated levels compared to the pre-pandemic and the available supply of apartment units remains low relative to demand. We’ve now reached a point where apartment prices are outpacing those of detached homes on the Gold Coast with comparative rises of 3.95% and 0.36% in the first quarter of 2023.
This trend is expected to continue with a number of new apartment buildings in the pipeline set to lure buyers with high-quality finishes, first-rate amenities, and prime locations within the key tourist hub of Surfers Paradise and other popular suburbs such as Broadbeach. As well as providing potential investment opportunities, these new developments are likely to increase the Gold Coast’s appeal as a destination for tourists and permanent residents alike. Notable projects include the $2-billion Star Gold Coast development on Broadbeach Island, an $880-million triple-tower development on the King Tutt’s Putt Putt site in Surfers Paradise and SPG Land’s $500-million luxury tower, Paradiso Place.
Although buyers’ borrowing capacity has come down due to multiple interest rate increases, prices have held up better than expected as the market moves beyond the boom and bust cycles of the past. According to recent data, the Gold Coast’s property market is expected to continue to grow through to 2041 when the region’s population is predicted to reach the one million mark. This impressive rate of growth for Queensland’s second city will require further investment from both private and public entities in the city’s infrastructure to cope with demand from new residents. That’s exactly what the local government of the Gold Coast plans to encourage with a commitment to funding a range of projects throughout the city, including the redevelopment of Cavill Mall and the third stage of the light rail network from Broadbeach to Burleigh Heads.
Pezet Matheson has been at the forefront of the Gold Coast’s rapid expansion with several big projects this year, each of which are expected to contribute to the future success and growth of the Gold Coast. They are valued at half-a-billion dollars and include Aniko Group’s $120m Orama at Chevron Island, the Lagoon project at Main Beach and Rhythm Kirra Hill.
Overall, the Gold Coast’s property market is thriving, with demand for new and existing apartments increasing as the population grows. Prices have held up throughout the pandemic and borrowing costs remain at reasonable levels ensuring the rewards are there for investors who choose to enter the market. The new developments in the pipeline and the local government’s commitment to providing further funding for projects throughout the city means there are capital gains to be reaped in the future.
Pezet Matheson is recognised as a leader in the Gold Coast property space. They are dedicated to helping you make the most of this unique and vibrant market, aligning your property needs with the right type of project. Contact us today to get started.
