Sep
21

Gold Coast unit buyers turning back on Glitter Strip as they bargain hunt the west

Gold Coast Bulletin

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GOLD COASTERS are turning away from the Glitter Strip and flocking to purchase apartments in coastal fringe suburbs.

New apartment sales in suburbs away from coastal areas such as Broadbeach and Surfers Paradise accounted for more than half of all sales on the Gold Coast for the June quarter.

The Urbis Gold Coast Apartment Essentials report to be released today will show apartment sales in areas such as Ashmore, Benowa, Robina, Bundall, Parkwood and Merrimac made up 159 of the 314 sales in the second quarter of this year.

This number was up 89 on the first quarter of 2015.

This is the second time the fringe suburbs, which also recorded the most affordable average sale price of $439,950, have outperformed the coastal strip in the past year — also recording a higher figure in the December quarter of 2014.

Urbis senior consultant Lynda Campbell said properties on the Glitter Strip and the coastal fringes would continue to battle for the top sales spot into the third quarter of 2015.

“The coastal fringe was the stand-out performer for June and it’s only the second time on record it’s outsold the beach front strip,” she said.

“I think we’ll see a bit of to-and-fro between these areas into the future,” she said.

Ms Campbell said the high sales figure for the coastal fringe was due to apartment affordability and infrastructure development in suburban areas.

“A lot of it is to do with affordability as there is a lot of new product being introduced to that market and the area also has good infrastructure, such as the rail at Robina and golf courses,” she said.

A close second in apartment sales was the Gold Coast Central area, which includes Broadbeach, Labrador, Main Beach and Surfers Paradise.

The central area made up 40 per cent of all apartment sales for the second quarter.

Meanwhile, the southern Beaches precinct — taking in Burleigh Heads, Coolangatta, Kirra and Kingscliff — remained the highest priced area, with an average price tag of $963,462.

Meanwhile, there were more than 1000 new DA applications approved for the Gold Coast in the June quarter of the year, up 1024 from last year.

Ms Campbell said the majority of new applications had been for the Southport area.

Two-bedroom, two-bathroom apartments were the most popular offering on the market in all areas of the coast, with this type of unit accounting for 58 per cent of all sales.

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