Main Beach Market Update
‘Pottering happily along on its own’ is how a Valuer recently described the Main Beach property market to me and I don’t think anyone could argue with that looking at the graph below!
I am speaking mostly about apartments in this report because it represents almost all our sales. There were 9 house sales (including the September quarter) last year and 262 apartment sales (please note there is a lag in the data filtering through and I am dealing with only confirmed sales).
Main Beach is very much an evolving suburb and there really is something for everyone on offer. We have 3 storey walk up apartments at the more affordable end of the scale (late $300,000’s upwards) right up to multi-level penthouses and 3-4 storey homes on dual blocks with lifts and every imaginable luxury. Although there is a trend Australia-wide for individuals and families to make an apartment home, the ubiquitous holiday apartment
is still very much a part of the Main Beach property market.
There are basically two types of complexes in Main Beach.
1. a residential only complex where owners can owner occupy or put a long-term tenant in place (the ‘normal’ 6-12 month lease) or
2. holiday complexes with onsite managers that will offer your apartment to the holiday market on a nightly basis. You can also owner occupy holiday apartments or lease it on a long-term basis.
Most of the time there is a premium to be paid for a property in a residential only complex. A similar apartment with the same location, internal specs, space and views is usually more affordable in a holiday let building although there are exceptions to this rule.
Most of the buildings in Main Beach were constructed during the 80's & 90's and were viewed as behind with modernisation projects during the early 2000’s. However in recent years most buildings have enjoyed modern renovations of foyers, facilities etc and present as solidly constructed buildings. They also enjoy lots of space and sit on very generous blocks of land with beautiful landscaped gardens and facilities. Space is a hallmark of luxury and this is an advantage our buildings have over newer developments. This is true of both common areas and interiors of individual apartments.
If renovation is your preference you will still find plenty of unrenovated rough diamonds to add your own personal touch!
Touching on the topic of newer developments there has been very little new construction within Main Beach. M3565 positioned itself ‘right on the sand’ and a similar building in concept, ‘Sea’, was built a year or two later. Apart from these there has been no other new buildings in Main Beach. Developers are certainly actively talking to Lot Owners and Body Corporates and ‘Cerulean’ and the building nicknamed ‘Bladerunner’ are due to begin construction in 2019.
Land is a scarce commodity in Main Beach and we are virtually locked in on every side by water.. there is no more land to be released… our new development can only come from what exists now… there is no expanding for Main beach although The Spit, part of Main Beach, is frequently discussed for future projects both residential and commercial in nature.
Lifestyle is the reason we are all here and I imagine this is why prices have remained steady over the last 12 months despite falls elsewhere, negative press and falls in other suburbs. The G-Link has provided a benefit and the increase in some infrastructure post Commonwealth Games has provided further stability. Buyers recognise our unique upmarket seaside village vibe and I’d say that Main Beach residents are amongst the happiest in the country!
We are the destination of choice for retirees and are attracting many Gold Coast professionals. We are also home to many parents with children attending or boarding at TSS and St Hildas and are home to some lucky students enrolled at Griffith and Bond Universities.
Rental demand (long term tenancies) is always strong, only deviating from virtually 100% occupancy during the depth of winter on occasion. If you have an investment try to avoid looking for a new tenant or renewing your current tenants lease at this time as prices can sometimes fall a little. Our Property Management Division can of course assist you here!
Incomes from holiday let apartments are very seasonal and you will earn most of the income at certain times of the year and it is wise to budget for this!
Our Main Beach market is subject to local, national and international influences as all property markets are… the experts are expecting an uneventful 2019 here on the Gold Coast and that, without the benefit of a crystal ball, is indeed what we are also expecting.
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