Apartment supply low on Gold Coast
Supply of apartments on the Gold Coast has reached its lowest level in a decade, research from Colliers International shows.
The number of new apartments has dropped below 1,000, with no new stock added to the market in the June quarter.
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Sales over the first half of 2013 were ahead of the same period last year by 49 per cent, meaning the market is on track to record a significantly higher full-year figure in 2013 than in 2012.
The remaining new apartment stock could be absorbed within 17 months, according to Colliers International residential director Tony Holland.
“There will be serious undersupply at that time, particularly in the low rise sector,” he said. “Increasing buyer demand coupled with an undersupply will lead to growth in prices over time.”
Mr Holland said a few apartment projects were likely to be launched off-the-plan in the next six months, with more in planning for mid-2014.
