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Major projects are being brought to market ahead of schedule on the Gold Coast, as developers seek to capitalise on South East Queensland\u2019s once-in-a-generation property boom.<\/p>\n
As far as property hotspots go, South East Queensland’s current market has to be one of the most scorching in the history of Australian real estate.<\/p>\n
While pundits across the country were predicting solid growth in Queensland at the start of 2021<\/a>, only the most excitedly optimistic would have predicted what\u2019s unfolded over the past 10 months.<\/p>\n The latest data from the Australian Bureau of Statistics showed Queensland recorded a gain of more than 7,000 people in the first three months of the year, adding to the more than 30,000 who arrived in 2020.<\/p>\n Property transactions have predictably soared, with data from PEXA showing there were 59,160 settlements in Queensland in the September quarter, a 42.5 per cent rise on the same time last year.<\/p>\n And with that burst of transactional activity, capital growth has been widespread, with the Gold Coast racking up an annual gain of 28.6 per cent in its median house price, and 23.2 per cent for its median unit price.<\/p>\n Brisbane posted similar growth in the 12 months to the end of October, with CoreLogic data showing its median house price had risen by 24.8 per cent, while units gained 10.4 per cent.<\/p>\n Against that backdrop, developers are increasingly mobilising in an effort to satisfy the seemingly insatiable appetites of Queensland property buyers.<\/p>\n One of the latest to bring forward a new project ahead of schedule was Gold Coast-based Richope, the developer behind a $145 million luxury apartments precinct at Hope Island<\/a> known as Anchorage Apartments.<\/p>\n Stage 5 of Anchorage Apartments sold out before construction was completed on the building, prompting Richope to launch a marketing campaign for the project\u2019s final stage four months earlier than it had initially anticipated.<\/p>\n \u201cWe always had a steady market for our apartments, but we never thought our sales numbers would rocket up like this in the past seven or eight months,\u201d Anchorage Apartments sales and marketing manager Reza Niari said.<\/p>\n \u201c We sold out building 5 a lot earlier than the completion of the building, we completely ran out of completed stock and we have sold 50 per cent of building six.<\/p>\n \u201cAnd the way that the market is going, we expect that all of the remaining apartments will be sold out before Christmas.\u201d<\/p>\n While Mr Niari said owner occupiers had dominated sales at Anchorage Apartments, those that had invested were enjoying strong demand on the rental market.<\/p>\n \u201cWe have got a limited number of rental apartments and all the rental apartments are quality apartments, and some tenants are looking for high quality,\u201d he said.<\/p>\n \u201cNormally we don\u2019t even advertise to rent out our apartments, people line up to register their interest if anything comes up available.\u00a0<\/p>\n \u201cRight at this moment we have around 20 people who would like to move in at some stage to Anchorage Apartments.\u00a0<\/p>\n \u201cBut we only have a limited number of apartments for rentals, and when they are available they are taken very quickly.\u201d<\/p>\n Once the project is complete by August next year, Richope will have delivered 210 apartments across all six stages.<\/p>\n Mr Niari said once the project was sold out the developer would turn its focus to its future pipeline, with plans being formulated for another Hope Island project that will likely be unveiled by March.<\/p>\n \u201cWe had some re-sellers from the previous stages, but the majority of them wanted to move to the new building to upgrade their apartment to a larger size and a better quality of finishes,\u201d he said.<\/p>\n “The majority of them have made money from their sale, or they have covered their costs of buying and selling.<\/p>\n \u201cThey are nice and liveable apartments, they are great for the rental market because they are all designed to be very liveable and enjoyable.\u00a0<\/p>\n \u201cThe other thing that sets us apart from other developers is the fact that we create a nice community in the complex.\u00a0<\/p>\n \u201cWe have different activities like yoga classes, water aerobics and various get-togethers in the function rooms.<\/p>\n \u201cRegardless if you are a tenant or an owner occupier, they all enjoy the community.\u201d<\/p>\n