Unit sales on the Gold Coast have dropped to their lowest levels in three years, according to a recent report by Colliers. Between July and September last year, only 180 new apartments were sold, while average prices soared to nearly $2 million. This price surge is attributed to a scarcity of premium projects, as noted by David Higgins, director at Colliers Gold Coast. He explained that the decline in supply, combined with the popularity of smaller, high-end developments, is driving prices higher.
On a positive note, market conditions have shifted, allowing units to stay on the market longer. This trend provides buyers with extra time to evaluate their options, which is especially beneficial for first home buyers turning towards unit purchases. Nicola Powell, Domain’s chief of research, highlighted that this situation reflects both the affordability challenges and growing investment interest in the unit sector.
Overall, while new unit sales are down, the current market dynamics may present opportunities for informed buyers navigating a high-priced landscape.