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The pandemic has put lifestyle aspirations sharply into focus, driving a wave of development across the Gold Coast.

Developers have rushed projects to the market in the past six months to capitalise on a booming property market.

According to consulting firm Urbis, apartment sales ballooned 97 per cent in the final quarter of 2020 as interstate buyers jostled with Gold Coast owner-occupiers.

Momentum has also accelerated post-Christmas with developers reporting that some luxury projects launched in December are almost sold out despite premium pricing.

The average price per apartment reached $972,000 in late 2020, compared to $785,000 in 2019, $751,000 in 2018 and $698,000 in 2017, Urbis data shows.

The city’s population was forecast to top 1.2 million within 20 years before Covid-19 effectively halted migration in March 2020.

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No. 1 Grant Avenue

Gold Coast-based Aniko Group is close to completing its $140-million “resort-style” residential precinct on Hope Island.

Aniko Group, led by George Mastrocostas, plans to deliver 210 apartments for the 1 Grant Avenue address, which spans an 8390sq m waterfront site.

The developer reached a compromise over original plans for the apartment project after taking the Gold Coast City Council to court.

Status:
Under construction

Key facts:
• Aniko Group acquired the site for $4 million in December 2017
• Originally approved in December 2018
• Construction is expected to be completed by late-2021

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Originally published by The Urban Developer
Article by The Urban Developer Editorial Desk, MAY 27, 2021