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3 Jun 2016 Surfers Paradise 0 Comment



Spend-up of $10b on projects keeps market red-hot

TEN billion dollars in new and upcoming infrastructure is fuelling a boom in apartment sales on the Gold Coast, says a new report.

The latest Urbis report covering new unit sales during the first quarter of this year lists 149 projects as completed, under construction or planned from Yatala to Casuarina.

They include the $670 million refurbishment of Pacific Fair and the potential $850 million redevelopment of Jupiter’s Hotel & Casino at Broadbeach, as well as $800 million to be spent on sporting infrastructure for the 2018 Commonwealth Games.

Urbis senior consultant Lynda Campbell said infrastructure spending had been included in the report for the first time because it was a key driver for new apartment sales.

“If you’re located near infrastructure such as the light rail network, universities and shops, that goes well for apartment living,” she said.

Ms Campbell said the effect of the improving infrastructure was to help drive higher rates of unit sales. In this year’s first quarter there were 436 unconditional sales across 39 projects, compared to 311 sales for the same period last year.

The highest-selling project was Allegra at Southport by Andrews Projects, where there were 80 sales in the quarter.

Ms Campbell said new projects were continuing to sell strongly, despite fears of an oversupply.

“Our sales rate was 436, which is a clear case of supply meeting demand,” she said.

“Over the past 12 months we have had 30 new projects launched and more than 1600 sales. In some areas, apartment supply is struggling to keep up with demand.”

Gold Coast REIQ chairman and Professionals Newlands Surfers Paradise principal, John Newlands said he did not foresee a glut of apartments on the Coast at this stage. “If they keep going at the rate they are, we do not have a problem,” he said.

Commonwealth Bank of Australia senior economist Michael Workman said improved domestic tourism and the Games were contributing to ensure the Coast did not have a glut of apartments at the same levels as the capital cities.

Source: Gold Coast Bulletin

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