Gold Coast's Housing Shift: Apartments Outpace Houses
In the preceding 12 months leading up to December 2023, Gold Coast apartments have demonstrated notable strength, displaying an impressive 9.7% price growth in contrast to the 3% observed in detached houses.
This noteworthy trend, which emerged around April of the previous year, has continued to gather momentum. Upon scrutinizing the price growth dynamics across the Gold Coast in 2023, it becomes evident that apartments dominated in eight out of the top ten suburbs. Notable regions such as Bundall, Parkwood, Ashmore, Mermaid Waters, Biggera Waters, Southport, Broadbeach Waters, and Ormeau all featured on this list, experiencing growth rates ranging from 14% to 19%.
Mermaid Beach, standing out as one of the top performers, has played a crucial role in the resurgence of the apartment market. It is gratifying to highlight the remarkable growth in Mermaid Beach's apartment market, contributing significantly to the overall success of Gold Coast apartments.
Surfers Paradise, recognized as a renewed hotspot for both owners and investors, emerged as a standout suburb, securing the thirteenth position for annual growth at an impressive 12.7%. According to CoreLogic’s Best of the Best report, Surfers Paradise recorded the highest number of sales in the country in 2023, with a total of 1,499 apartments changing hands, surpassing a substantial $1.17 billion. The median price for these transactions reached $672,734.
These sales not only surpassed those in every other regional area in the country but also outperformed the metropolitan area of Greater Melbourne. Surfers Paradise is currently undergoing a revival, fuelled by a surge in demand for property in this vibrant central suburb. Ongoing and planned boutique development projects along Garfield Terrace, coupled with notable initiatives like the opening of the Langham Hotel in the iconic Jewel building and the proposed $40 million revitalization of the suburb's centre by the council, are contributing significantly to its enhanced appeal.
If you are contemplating listing or purchasing an apartment in 2024, the team of specialist agents at ADS Realty stands ready to assist you. Feel free to reach out to us for local market insights tailored to your specific suburb of interest.
