According to a new report from Urbis, buyers are turning to the Gold Coast for off-plan deals.
During the September quarter, the average sale price of plan apartments dropped to US $ 743,782 from a record high in the previous quarter.
As prices fell, sales jumped 29%, translating into 198 transactions. During the period, three projects were launched and added 195 new apartments to the city's offer.
In September, 2,190 apartments were available on the market. Most of these units are located within the confines of the southern beaches. On the other hand, the offer is limited in the northern part of the city, with only 120 units for sale.
Read also: "Unplanned" luxury units are the "best bet" this spring
The number of developments seems to have increased considerably in the last five years. In 2014, there were only 29 active developments in the city – this figure was increased to 78 this year.
The decline in the average sale price of apartments on the Gold Coast could be attributed to new homebuyers looking for homes under $ 800,000, said Marketing Projects SEQ Director Kyla Anderson.
"It is not surprising that the selling price has gone down because most buyers are in the low range of $ 800,000.The record price of the previous quarter was probably due to there had been some sales of high-end beachfront projects and we were now waiting for some extra premium projects to come on the market, "she told the Gold Coast Bulletin.
Anderson said demand for these flats would likely increase in the next 10 years as staff reductions favoring apartments in prime locations would increase. However, the current supply of units on the market is not enough to meet the projected demand.
Top suburbs:
Menai
,
Bendigo
,
St Kilda West
,
St Mary
,
Artarmon
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