How First Home Buyers Can Still Access Off-the-Plan Apartments in the Gold Coast Market
With soaring property prices, a shift in dwelling types, and rapid interest rate hikes, it might seem like first home buyers have been locked out of the Gold Coast property market. But there’s still hope.
The COVID-driven property boom transformed the off-the-plan apartment scene on the Gold Coast.
From 2020 onwards, as Australia implemented both state and federal lockdowns, the Gold Coast became one of the most sought-after real estate markets in the country. Once borders reopened and life returned to normal, demand remained high. However, the types of apartments being developed saw a shift, with large, towering skyscrapers becoming less common—aside from a few projects by Meriton’s Harry Triguboff.
Today’s focus is on half- and full-floor luxury apartments, designed to appeal to local downsizers and affluent buyers from southern states looking for either a change of scenery or a future retirement spot near the beach. This shift in apartment styles, combined with a median unit price now exceeding $800,000, has created challenges for first home buyers looking to enter the market. But the situation isn’t as dire as it seems.
The Rise of First Home Buyer Interest
Data from MatterFact, a new product from Urban.com.au, shows that first home buyers are still eager to break into the market. In 2024, one-third of inquiries about off-the-plan apartments on the Gold Coast came from first home buyers—surpassing investor interest. This is a significant increase compared to previous years, where in 2023, first home buyers accounted for 30% of inquiries, and in 2022 and 2021, they made up less than 15%.
Despite higher prices and changing apartment configurations, opportunities remain for first home buyers. They must, however, act quickly, as supply is limited—especially for more affordable one-bedroom units.
Available Opportunities for First Home Buyers
Developers are still catering to the needs of first home buyers in select developments across the Gold Coast. Here are a few projects worth considering:
1. Flourish Palm Beach (Sherpa Property Group) Located at 6-12 Sixth Avenue, Palm Beach, Flourish is a 94-apartment project spread across 13 levels, offering entry-level prices in the $600,000 range. While it features all the modern amenities like a pool, barbecue areas, and garden retreats, only 10 one-bedroom apartments are available, so first home buyers need to act fast.
2. Ombré Robina (Immerse Projects) Ombré, located at 46 Scottsdale Drive in Robina, offers a mix of 95 one-, two-, and three-bedroom apartments. The one-bedroom units, which come with two living areas, are priced from $749,000. Ombré includes amenities like a pool, residents’ lounge, and landscaped outdoor areas. Construction started in June 2024, with a projected completion date in late 2025. Over 50% of the apartments have already sold, with 70% of buyers being local.
3. LAANI Mermaid Beach (Dankav Developments) Dankav’s LAANI development at 26-28 Alexandra Avenue, Mermaid Beach, offers a rare chance to purchase a new one-bedroom apartment in this prestigious suburb, with prices starting at $780,000. The 46 apartments across 18 levels include high-end amenities such as a heated pool, gym, sauna, cinema room, and communal workspaces. Given the luxurious nature of Mermaid Beach properties, this is a rare opportunity for first home buyers to enter the market at this price point.
4. Southport Development (MRCB) Malaysian developer MRCB is preparing to launch a 20-level building at 20 Queen Street, Southport, which will feature 180 affordable apartments. The development, set to be a part of the Queensland Government’s Homes for Queenslanders and the Australian Government’s National Housing Accord, includes 92 one-bedroom and 88 two-bedroom apartments, all likely priced under $1 million. The project is designed to help address the national housing crisis, while still offering prime amenities like a pool, gym, and barbecue areas. Its location near Broadwater and proximity to dining, entertainment, and shopping options, along with easy access to the light rail, make it an appealing option for first home buyers.
A Window of Opportunity
While the off-the-plan market on the Gold Coast has evolved, first home buyers still have a shot at securing their dream apartment. With limited supply and rising interest from both local and interstate buyers, acting quickly and strategically is key to making the most of these opportunities.
