Issue 19 | Thursday 23 September 2021 | Another Mind-Blowing Stat
Hi, Andrew Bell here with you once again. Before I share with you an amazing statistic that is further evidence of how strong our Gold Coast property market is, I want to first share with you two pieces of information. I am here today at 117 Ashmore Road, Benowa. This is a landmark property that most of us would have travelled by many times, but it is a truly unique commercial opportunity at the very time that people are clambering to find commercial properties with great yields. Whilst on Ashmore Road, it does have a corner position to Showcase Ct, and, amazingly, to the western side is the Sir Bruce Small Park. It really makes this property such a standout with a BP service station to the front, which is part of 8 fully leased tenants generating $766,419 in annual income after outgoings. Have a look as I share some more information.
The second thing I wanted to do is thank the amazing Gold Coast people who attended our Ball just over a week ago. Some 700 people joined this iconic event we have hosted for 24-years, and despite all the challenges of COVID it was declared the best Ball of all time with so much good will and community spirit and raising a record $303,000 for the Muscular Dystrophy Association. This adds to the funds we have already raised which is approaching $5 million, and these invaluable funds will be buying respirators, heart monitors, electric beds, and other vital equipment for these young children with Muscular Dystrophy, so thank you to all of those who were so generous in their support.
To today’s topic – it is almost impossible to believe but the Gold Coast has sold a year’s worth of Gold Coast new development apartments in just three months, and I am talking about the first three months of this year. Around $800 million worth of apartments were snapped up and the market has only gotten stronger since then. If that trend continues, we will sell somewhere between 4 – 5x the previous year. We are talking about 742 sales in those three months, which an average sale price of $1.06 million, and that is up some 42 per cent over the last two years.
Whilst nearly 40 per cent of the sales were in the central parts of the Gold Coast such as Southport, Surfers Paradise, Main Beach and Broadbeach, we know that developments are alive right across the Gold Coast. Going forward this sales rate will be more dependent on availability of new stock than it will be on demand. Whilst there are a lot of development applications in at Council, not all will be approved, and so we don’t have a clear read on the supply over the next two years, but we know the demand is unprecedented.
We are desperately waiting for the latest information on migration to get a clearer read on just the volume, but I became aware of some feedback from Police on the NSW/QLD border who said in one day since the bubble was opened, 95 families came across the border from NSW as people migrating from NSW and going into quarantine. 95 families in one day!
I have some really great news in relation to a new development in my next report, so get ready to move fast as it is in a really sought-after location only metres from the beachfront – a real bottler.
I hope you have enjoyed looking over 117 Ashmore Road. It is a one-of-a-kind here on the Gold Coast. It has been our great pleasure to have managed this property for some 13-years and so we know how successful all the tenancies are due to its outstanding opportunity. If you would like more information on that please contact our agents details on screen now, but be aware that the property goes to auction at 11:00am on Thursday 30 September, so don’t delay with your enquiries.
It has been a very brisk start to Spring and as the Gold Coast’s Number 1 auction office, we have been posting the most incredible sales results – with many of our auction programs recording a 100 per cent success rate. We are doing all we can to continue bringing new properties to the market as we know the huge pent-up demand, so buyers – please reach out to us and let us know how we can help. For our sellers, give us a call because we will make sure you get the very best results that the Gold Coast has on offer in this amazing market.
You get a sense we have some really good news coming our way as vaccinations accelerate and these magical numbers we are told of 70 – 80 per cent are getting closer and closer, meaning we could be getting back to a much more normal life very shortly. I look forward to being back with you in a fortnights time. Best wishes for now.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group