Half a billion dollars in project launches as Gold Coast captures interstate buyers
WORDS: Madison Cooper PHOTOGRAPHY Supplied
As hundreds of thousands of people flock to the Gold Coast, property agents and developers are seeing an uptick in sales.
And savvy developers have dived into the market to capture the interstate investment market – with three projects valued at almost half a billion dollars being launched between Boxing Day and January. These include:
- Gold Coast developer Aniko Group, a company that has changed the face of waterfront living at Hope Island, has officially launched its latest luxury apartment project, the $120 million Orama at Chevron Island.
- Rhythm Kirra Hill, located on a prime corner site at the base of Kirra Hill at 30 Garrick Street, just 350m from Coolangatta Beach, is now under construction after launching to the market by Gold Coast developer John Kearney – delivering a stunning collection of beachside apartments. Jayde Pezet will be the mouthpiece for this.
- Masthead at Main Beach – One of the most exclusive luxury apartment projects ever seen in Australia is set to be unveiled on the Gold Coast linked to the royal family will be launched this month. Developed in partnership by highly credentialled Australian businessman Rory O’Brien and UK-based Banda – a world leading interior design studio and development business founded by Edo Mapelli Mozzi – the $250 million ‘Masthead Ocean Club’ will be the most prestigious and first of its kind residential development to grace the country, promising a 7-star resort experience and ultra-luxe amenities, Masthead has been designed exclusively for the most discerning buyers, flaunting true global appeal.
Real estate and development figures had been bracing for a strong start to the New Year buying period as hundreds of interstate and overseas buyers flock to the Gold Coast for the Christmas holidays.
Jayde Pezet of Pezet Matheson – one of the city’s most active project marketers – says the sales are an encouraging sign leading into 2023 despite a slowdown in the property market nationally.
“We’ve got 13 projects coming out of the ground at the moment and some really beautiful stock, so we’re just striving towards another strong year of sales and settlements in 2023,” said Mr Pezet.
“Looking further into 2023, we have seven projects that will settle which is fantastic and it’s a good barometer for the market as well.
“A solid indicator for the Gold Coast is that settlements are coming through and they’re coming through really strong. We’ve done 716 settlements in the last four months alone.”
Pezet believes that demand for property will only grow stronger next year as Queensland enters a ‘golden era’ ahead of the 2032 Olympic Games – spurred by massive infrastructure and job opportunities.
“Demand has been incredible. The lead flow that we’ve seen across the board, from Main Beach right through to Coolangatta, has been exceptional,” said Mr Pezet.
“We’ve actually had a fantastic year in 2022. If we look at John Drew’s project ‘Lagoon’ up in Main Beach – we’ve just recently hit $120 million worth of sales and that has transpired in the last five months, so it’s been an incredible run up there.
“We’ve also had some really good success down on the southern end of the Gold Coast. Migration is high and people are still making the move to the Gold Coast as we edge closer to the 2032 Olympics.”
The most recent Urbis Apartment Essentials report also found that the existing and established Gold Coast apartment market is continuing to perform relatively well as migration to the Gold Coast is driving demand.
“These properties have recorded significant increases in sales numbers which shows that demand is still very much present – an important factor with a large portion of new product settling over the next 3-6 months,” said Urbis senior consultant Lynda Campbell.
“The underlying factors that developers believe continue to support the apartment market on the Gold Coast are low supply, consistent demand, strong investment in infrastructure over the next decade, population growth, solid rental yields, and extremely low vacancy rate,”
Land sales throughout 2022 also performed well and industry figures are expecting sales to maintain momentum in the new year as supply runs low.
CEO of Orchard Property Group, Ted Cronin says the company witnessed strong demand in the land sales market achieving $71 million despite a lack of supply.
“2022 was a busy year and sales were particularly strong,” said Mr Cronin.
“When homebuilder kicked in, obviously it stimulated the market substantially – arguably, it overstimulated it and it just caused too much pressure on supply chains.”
“Delivery numbers were down, purely because of the supply constraints experienced, but we are playing catchup now and we expect that will incur in the first half of next year.”
“There are a couple substantial holdings getting developed at the moment but once they’re finished, I don’t know where the next land releases will be on the Gold Coast.”
“It’s the best market to be in so we’ve been very fortunate to develop land in the area over our nine-year history, but it won’t be our dominant market going forward, that’s for sure.”