Gold Coast apartment supply heads to decade low
The Gold Coast has a reputation as on of Australia’s most volatile real estate markets. Rightly or wrongly it’s closely watched for any changes that might act as a pointer to the robustness of the wider national market.
Now it appears that research from my associates on the Gold Coast might be pointing to a possible under-supply of apartments at levels not seen in a decade. Not since 2003 when supply dipped below 1000 apartments, have numbers been this low.
At current levels and with only 1139 apartments on the market today, in just 12 months time we could well see numbers fall below 2003 levels.
This trend might well accelerate because little new stock is in the pipeline, and sales are improving. This is partly encouraged by the completion of some high quality projects, notably Oracle and the Hilton.
If the supply slide continues, which seems entirely predictable, then we might reasonably anticipate better times ahead for current owners and developers in what has been a more challenging market of recent years.