NEW research shows more homeowners are choosing to buy apartments over houses on the Gold Coast.
MORE homeowners are choosing to buy apartments over houses on the Gold Coast, new research reveals.
Data from the Queensland Statistician’s Office shows 8511 apartments and townhouses were sold in the March, June and September quarters last year compared to 6412 houses.
During that period, the average price for a house ranged between $638,000 and $650,000 while apartments had an average sale price of $425,000 to $427,000.
@realty director JJ Taylor said the company sold $46.9 million in property on the Gold Coast during the first quarter of this year – $26 million of which was apartment and townhouse sales.
“About 60 per cent of sales we made in the first quarter were apartments and townhomes, and there was quite a bit of activity at the top end of the market, which shows demand for this style of property is strong across the board,” Mr Taylor said.
“We sold an apartment in Como Crescent in Southport for $3.22 million and, at the other end of the spectrum, five apartments in Labrador sold to a single investor for $140,000 each.
LJ Hooker Surfers Paradise also noticed the trend, particularly among local and interstate buyers investing in apartments in the $350,000 to $600,000 price range.
Agency principal Anna Tooma said anyone interested in listing an apartment is in a good position.
“The Gold Coast and more particularly the 4217 postcode area is very popular with local and interstate investors because they get great value for their investment dollar,” she said.
“The Gold Coast can afford to embrace this surge in residential investment because of the direct and indirect benefits including job creation, boosting the economy and tourism plus community development.”
Residential sales director Sam Mansy said those investing in central areas including Surfers Paradise, Main Beach and Broadbeach would also capitalise on the development, lifestyle and the tourism markets.
“While house prices fluctuated in 2017, apartment prices remained stable and that has played a role in the continued demand for this type of property.”