A lack of new projects being approved and built on the Gold Coast is providing a boost to the wider apartment market. 

Demand for apartments in new projects has risen significantly in recent years, with more buyers seeking options that provide luxury-level living with minimal maintenance. 

Buyer appetite has been especially strong for off-the-plan apartments along the beachfront offering an elevated level of privacy, security and amenities.  

However, rising labour and material costs within the construction sector and a lack of Tier 1 builders has put pressure on the market and led to a slowdown in the number of new projects being delivered. 

Based on estimates from 2023, some 37,625 apartments or townhouses have active approvals on the Gold Coast, but have not yet been built. 

The imbalance in supply versus demand has led to off-the-plan sales in projects with a reputable builder offering certainty of delivery selling out soon after they hit the market. 

With demand outstripping supply, those buyers still keen to gain a foothold in key beachfront suburbs are now including established and recently completed apartments in their search. 

Offerings in recognised or recently completed developments in particular are experiencing a spike in enquiries, although stock can be limited here too. 

Beachfront apartment market specialist Gareth Denning says that while the overall market has experienced exceptional growth over the past decade, the slowdown in delivery of new projects has refocused buyers’ attentions. 

“The undersupply of new product is pushing more people to temper their expectations and consider the second-hand apartment market,” Gareth says. 

“There are not a lot of builders who can deliver large-scale products and many of them are now focused on delivering infrastructure projects, especially in the lead-up to the Olympics. 

“I can’t see the situation for residential development changing any time soon.” 

The increased competition in the established apartment market is having a positive effect on prices. 

Recent data from CoreLogic shows apartments along all Gold Coast beachfront suburbs registered positive price growth of between 6.8 per cent to 33.3 per cent over the 12 months to June.  

Figures were also up in suburbs away from the coastline, with only two suburbs across the entire Gold Coast not experiencing positive growth.  

If you are currently searching for a new or established apartment reach out to one of our specialist sales agents today.