August 18, 2021
A year’s worth of Gold Coast apartments sold in 3 months
Gold Coast buyers snapped up nearly $800 million worth of apartments in the first three months of the year, as developers continue to scramble to cater for the insatiable demand.
Data released by Colliers International showed apartment sales in the first quarter of 2021 were just $112 million shy of all sales in 2020, with 742 apartments sold between January and March.
The average sales price surged to $1.06 million, up more than 42 per cent over the last two years.
Colliers Gold Coast director of residential David Higgins described the market performance as “incredible”.
“This data gives us a clear understanding of the extent of the demand driving the local development industry and the signs are there that this level of activity could continue at least for the immediate near term,” he said
The southern Gold Coast was the buyer hotspot, accounting for 43 per cent of all sales between January and March, while 38 per cent of sales were racked up in the Central Gold Coast precinct, covering Southport, Surfers Paradise, Main Beach and Broadbeach.
Mr Higgins said it was the first time that southern beaches sales had eclipsed that of the central Gold Coast for two consecutive quarters.
However, he said he expected sales volumes to drop off due to a lack of new projects in the short to medium term.
“Central Gold Coast is undergoing a resurgence with quality apartments being bought to market to meet owner occupier demand,” Mr Higgins said.
“The demand is backed up by strong migration numbers, both interstate and intrastate, which sets the Gold Coast up for continued growth at least for the remainder of this year and into 2022.”
Mr Higgins said Queensland state government forecasts indicated demand would remain red hot for Gold Coast apartments in coming years, with the city’s population expected to swell by 14,700 people each year.
“Queensland is currently experiencing the highest rate of net interstate migration since 2007 and that is underpinning the market amid the pandemic,” Mr Higgins said.
“The difference between Queensland and the bigger states is that we don’t rely as much on international migration to support our construction industry, so it’s purely the big shift from interstate that is largely behind the activity we’re seeing at the moment.”
While facing challenges around the availability of construction trades and supply issues for building materials, developers continue to push forward with new projects to try to keep pace with demand.
One of the latest to move was Spyre Group, which this week lodged a development application for an 18-level luxury project in Main Beach, four weeks after selling out of its Coolangatta project Cala Dei.
Spyre Group’s Main Beach development will be highlighted by a pair of split-level, four-bedroom penthouses, while the entire building will comprise just 15 dwellings.
“Our latest project seeks to make a positive contribution to the locality of Main Beach, with its elevated architectural form providing an artistic reflection of the surrounding coastal environment” Spyre Group director Andrew Malouf said.
“Main Beach presents us with an exciting opportunity to leave our mark on a suburb that we feel is unparalleled in the high-rise multi-res development space.”
Also this week, Melbourne-based Hirsch & Faigen officially launched its second Gold Coast project, offering 27 apartments over 13 levels at Kirra.
Hirsch & Faigen director Daniel Faigen said enquiry had already been strong for the project, on the heels of the developer selling out its first Gold Coast development, Hemingway in Palm Beach earlier this year.
“Kirra is unique in that it’s one of the only Gold Coast suburbs to have a beachfront facing true north, which brings with it an incredible opportunity to seize direct views across the ocean, the curvature of the coastline and the distant hinterland all at once – while providing sensational sunrises and sunsets,” Mr Faigen said.
Brisbane-based Ention Properties has also unveiled fresh plans for a new Gold Coast tower this month, proposing to create a New York-inspired apartments project at Chevron Island.
The 15-storey tower, to be known as Greenwich, takes inspiration from New York City’s famous Flatiron building and will comprise 46 apartments.
Melbourne-headquartered Little Projects descended on Broadbeach earlier this month, lodging a development application for its second Gold Coast project.
The 20 Mary Avenue project will be another luxury offering, which executive director of KM Sales and Marketing, Jayde Pezet, said would likely grab the attention of the growing marketplace of affluent lifestyle seekers.
“With overseas borders shut, we are continuing to witness interstate buyers flock to the Gold Coast in pursuit of a tropical retreat,” he said.
“With the development set just moments from the beachfront, and the retail and dining options essentially at its doorstep, it will be the ultimate home for buyers seeking coastal convenience.”
Also making moves this month was Sherpa Property Group, which acquired two development sites on the north and south shores, pushing its forward pipeline past $250 million worth of projects.
Sherpa Property Group chief executive Christie Leet said the company’s acquisition of 536 Marine Parade in Biggera Waters was its first foray north of Burleigh Heads.
“While we hold a deep affinity for the southern Gold Coast, we recognise there is incredible potential and value that lies further north on the central Gold Coast’s Broadwater precinct,” Mr Leet said.
Mr Leet said the company’s plan was to create a boutique collection of six whole floor residences and a two-level penthouse at the site.
On the south end of the coast, Sherpa bought a parcel of land at 949-953 Gold Coast Highway in southern Palm Beach.
The acquisition follows the developer selling more than $70 million worth of apartments in Palm Beach across two projects in the last 12 months.
Mr Leet said the new projects had a combined value of more than $100 million, adding to $150 million in developments under construction.
“It has been an absolutely sensational few months on the Gold Coast for Sherpa and the acquisition of these two landmark sites means we can continue this moment into bringing more of our signature luxury residences to life,” Mr Leet said.
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H&F Property Group Pty Ltd understands the importance of your personal privacy. Therefore, we have created this Australian Privacy Policy so that you know how we use and disclose your information when you make it available to us under Australia’s consumer laws. The Australian Privacy Policy below discloses our practices regarding information collection and usage website located at https://hfproperty.com.au.com.au , the related mobile website, and the mobile application (collectively, the “Websites”) and the service provided thereon (the “Service”).
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Key aspects of our privacy practices described in this Privacy Policy include the following explanations:
- The information we collect and why we collect it;
- How we use that information.
- How we share information; and
- The choices we offer.
Personally Identifiable Information That We Collect:
We may ask you for, or you may voluntarily submit, personally identifiable information when you are using the Service. The personally identifiable information which you may provide to us could include, but is not limited to:
- Your name
- Your contact information (including, without limitation, address and email address);
- Your IP address; and
- Other personal information.
Non-Personal Or Aggregate Information That We Collect:
When you access our Service, we may automatically collect non-personally identifiable information from you, such as IP host address, web pages viewed, browser type, operating system, referring service, search information, device type, page views, usage and browsing habits on the Service and similar data. We may also aggregate demographic information collected from our users (such as the number of users in a particular geographical location) in a manner which does not identify any one individual. We may also aggregate information collected offline in connection with the Service, obtain non-personally identifiable information from third party sources and develop aggregate information by anonymizing previously collected personally identifiable information.
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Information Usage:
We will only use your personally identifiable information as described below, unless you have specifically consented to another type of use, either at the time the personally identifiable information is collected from you or through some other form of consent from you or notification to you:
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We may use analytics services that use cookies, javascript and similar technologies to help us analyze how users use the Service. The information generated by these services about your use of the Service (including your IP address or a truncated version of your IP address) is transmitted to and stored by analytics service providers on their servers. Those service providers will use this information for the purpose of evaluating your, and other users’, use of the Service, compiling reports for us on website activity and providing other services relating to website activity and Internet usage.
We may collect information about your computer, including your IP address, operating system and browser type, for system administration and in order to create reports. This is statistical data about our users’ browsing actions and patterns, and does not identify any individual.
For example, we use cookies on our site for Google Analytics (the “Analytics Service”). The Analytics Service is a web-based analytics tool that helps website owners understand how visitors engage with their website. The Analytics Service customers can view a variety of reports about how visitors interact with their website so that they can improve it.
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Security:
The security of your personally identifiable information is very important to us. When we collect your personally identifiable information online, we use reasonable efforts to protect it from unauthorized access. However, due to the inherent open nature of the Internet, we cannot guarantee that your personally identifiable information will be completely free from unauthorized access by third parties such as hackers and your use of our Service demonstrates your assumption of this risk. We have put in place reasonable physical, electronic, and managerial procedures to safeguard the information we collect. Only those employees who need access to your information in order to perform their duties are authorized to have access to your personally identifiable information. For more information on protecting your privacy, please visit https://www.oaic.gov.au/privacy-law/privacy-act/.
Your Disclosures In Blogs And Other Social Media:
You should be aware that personally identifiable information which you voluntarily include and transmit online on the Service or in a publicly accessible blog, chat room, social media platform or otherwise online, or that you share in an open forum such as an in-person panel or survey, may be viewed and used by others without any restrictions. We are unable to control such uses of your personally identifiable information, and by using the Service or any other online services you assume the risk that the personally identifiable information provided by you may be viewed and used by third parties for any number of purposes.
If you login to the Websites and/or Service through your Facebook account, connect to a third party service such as Facebook or Twitter through an icon or link on the Service or otherwise link your https://hfproperty.com.au.com.au account with a third party service, we may share the contents of your post and associated information (such as your user name, the fact that your connection originated from the Service, and other relevant usage and diagnostic information) with such third party. With your one-time consent, we may also send information about the content you watch and your activities on the Service to such third parties. Once such information is shared, the use of your information will be subject to that service’s privacy policy and this Privacy Policy will not apply.
Protection for Children:
We generally do not collect personally identifiable information from children under the age of 13. If at any time in the future we plan to collect personally identifiable information from children under 13, such collection and use, to the extent applicable, shall, when required, be done in compliance with the Children’s Online Privacy Protection Act (“COPPA”) and appropriate consent from the child’s parent or guardian will be sought where required by COPPA. When we become aware that personally identifiable information from a child under 13 has been collected without such child’s parent or guardian’s consent, we will use all reasonable efforts to delete such information from our database.
Other Services:
As a convenience to you, we may provide links to third-party Services from within our Service. We are not responsible for the privacy practices or content of these third-party sites. When you link away from our Service, you do so at your own risk.
Changes to this Privacy Policy:
We reserve the right, at our discretion, to change, modify, add, or remove portions from this Australian Privacy Policy at any time. However, if at any time in the future we plan to use personally identifiable information in a way that materially differs from this Australian Privacy Policy, including sharing such information with more third parties, we will post such changes here and provide you the opportunity to opt-out of such differing uses. Your continued use of the Service and our services following the posting of any changes to this Australian Privacy Policy means you accept such changes.
Opt-Out Process:
All unsubscribe or opt-out requests may be made by clicking the “unsubscribe” link at the bottom of the relevant email. We will process your request within a reasonable time after receipt. However, we are not responsible for, and in some cases we are incapable of, removing your personally identifiable information from the lists of any third party who has previously been provided your information in accordance with this Privacy Policy or your consent. You should contact such third parties directly. If you would like to update or correct any personally identifiable information that you have provided to us, please email us at daniel@hfproperty.com.au and once we confirm your information, we will update such information within a reasonable amount of time.
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By providing your contact information to us (including, without limitation, your email address, physical address, and phone number) (collectively the “Channels”) to us, you expressly consent to receive communications from us. We may use the Channels to communicate with you, to send information that you have requested or to send information about other products or services developed or provided by us or our business partners, provided that, we will not give your contact information to another party to promote their products or services directly to you without your consent or as set forth in this Privacy Policy.
By using the Service, you expressly consent to receive in-product communications from us (including, without limitation, push notifications on the App).
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Any communication or material you transmit to us by email or otherwise, including any data, questions, comments, suggestions, or the like is, and will be treated as, non-confidential and nonproprietary. Except to the extent expressly covered by this Australian Privacy Policy, anything you transmit or post may be used by us for any purpose, including but not limited to, reproduction, disclosure, transmission, publication, broadcast and posting. Furthermore, you expressly agree that we are free to use any ideas, concepts, know-how, or techniques contained in any communication you send to us, as well as any data developed using the content of such communication, without compensation and for any purpose whatsoever, including but not limited to, developing, manufacturing and marketing products and services using such information.
No Rights of Third Parties:
This Privacy Policy does not create rights enforceable by third parties, nor does it require disclosure of any personal information relating to users of the Service.
Site Terms of Use:
Use of this Service is governed by, and subject to, the Terms of Use located at https://hfproperty.com.au.com.au/terms-of-use (the “Terms”). This Privacy Policy is incorporated into the Terms. Your use, or access, of the Service constitutes your agreement to be bound by these provisions. IF YOU DO NOT AGREE TO THE TERMS AND THIS PRIVACY POLICY YOU MAY NOT ACCESS OR OTHERWISE USE THE SERVICE.
Servers:
Our servers are maintained in Australia. By using the Service, you freely and specifically give us your consent to export your personally identifiable information to Australia and to store and use it in Australia as specified in this Privacy Policy. You understand that data stored Australia may be subject to lawful requests by the courts or law enforcement authorities in Australia.
Governing Law:
This Privacy Policy and our legal obligations hereunder are subject to the laws of the State of Queensland regardless of your location. You hereby consent to the exclusive jurisdiction of and venue in the courts located in the State of Queensland, Country of Australia, in all disputes arising out of or relating to the Services.
Contact:
For questions or concerns relating to privacy, we can be contacted at daniel@hfproperty.com.au
Effective Date:
This Privacy Policy was last updated on 8 May 2020.
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