Luxury Gold Coast opportunities could run out
The opportunity to buy premium apartments on the Gold Coast could completely run dry within two years, Colliers International has warned.
Apartments in the regions three luxurious ‘super towers’ – The Oracle at Broadbeach and Hilton and Soul at Surfers Paradise – are being snapped up by buyers, according to Colliers International residential director of project marketing, Tony Holland.
Five hundred and forty six apartments were sold in total on the Gold Coast over 2012, with 229 of these being in the three super towers. This is in contrast to 2011 and 2010, with only 74 and 68 sales respectively.
Mr Holland said that the super towers had attracted pent-up demand after pricing in both Hilton and The Oracle was adjusted in early 2012.
"The figures speak for themselves," he said. "Buyers are clearly seizing the opportunity to buy high quality, new, luxury apartments on the Gold Coast at prices that are currently below replacement.
"The prices these premium apartments are selling for now simply cannot be replicated in the future."
In addition to seeing the market as great value, Mr Holland said a sense of urgency was being created amongst buyers of super tower apartments because the availability of new stock was drying up.
"These two factors are pushing smart buyers to re-enter the market, and to act quickly," he said. "They know they need to act now or there will be nothing left.
"There is now clearly limited opportunity remaining to buy a new premium apartment on the Gold Coast – and at the current sales rate of 229 per year, the 438 remaining apartments in the three super towers will be sold out within two years, if not quicker.