Apartments.
Discovering the Gold Coast: A Comprehensive Guide to Apartments
When most people think of an apartment, they imagine a cozy living space or a grand penthouse, but there’s so much more to consider, especially if you’re eyeing off the Gold Coast for your next move or investment. What exactly is an apartment? What factors affect their value? What are the pros and cons of different types? Should I buy an older or newer apartment? Does the view matter? If you’re in the market for any property type on the Gold Coast, these are crucial questions to explore.
What is an apartment?
At its core, an apartment is a self-contained housing unit within a building. However, the nuances of what makes an apartment desirable, valuable, or practical can vary greatly. From the cost of the body corporate fees, the size, the views, and the building’s age—all of these factors can shape your apartment experience and its performance as an investment.
Types of Apartments on the Gold Coast
On the Gold Coast, apartments come in various styles and price ranges, each offering unique benefits and considerations. Here’s a breakdown of what you can expect:
High Rise - A collection of a lot of apartments. With roughly 50+ in the building.
Boutique - A medium-sized apartment block of around 12 & 50 apartments
Brick walk-up - The smallest apartment block on offer, generally between 4 & 12 apartments in the building
Older Style Brick Walk-Ups (Late 90s to Early 2000s)
These classic Gold Coast apartments are found in beachside suburbs within medium to high-density zones. You will not find apartments in the northern or western suburbs of the Gold Coast that are low-density and rural residential areas. They are well known for you guessed it the classic brick facade and structure.
Features:
Body Corporate Fees: Ranging from $60 to $90 per week. These fees are lower as they dont have the maintenance cost required by modern amenities such as lifts, pools, or extensive gardens.
Typical Sizes: You’ll find 1-bedroom, 2-bedroom, and 3-bedroom options. These will be within block sizes of 4, 6 and 8 individual apartments.
Floor Plates(Internal m2): Larger than their newer counterparts. They just don’t build them like they used to these days.
Style: Original apartments are full of arches, exposed brick, vinyl flooring and carpets. You will find the internal paint ranging from light pinks to yellows and oranges.
Land to Asset Ratio: Divide the block size by the number of apartments and that is theoretically the land you own. The land is what will go up in value so the higher the land-to-asset ratio the more capital growth you should get. This number tends to be higher with the older brick walk-ups as they are traditionally built on larger land holdings with fewer apartments on the block.
Position: Apartment blocks located on the east or west side of the Gold Coast Highway (GCHW) will vary dramatically in price. Further to that there are some very tightly held pockets. To get a better understanding on this contact one of our buyers agents today.
Price Range:
Your average 2-bedroom, 1-bathroom brick walk-up in Palm Beach, original condition, is trading for around $750,000+. This price varies dramatically depending on the east/west side of the GC highway and if it has views or is absolute beachfront. Adding bedrooms, bathrooms, or renovations will increase this price with new 2-bed apartments fetching $1,000,000+
In Palm Beach, they are renting for around $750p/w to $900p/w depending on the level of finish, position and views
Best For: First-home buyers, downsizers, and those interested in property flipping. Long-term holds for developers are an option for blocks with with high land-to-asset ratios.
Here is an example!
3 Culgoa Street, Palm Beach
5 Apartments on 857m2 (171.4m2 each)
Walking distance to the beach
The last transaction in the building was for $681,500 on the 15th March 2024
New Style Modern Apartments (High Rise & Boutique)
These apartments are a blend of contemporary design and updated features with modern amenities.
Features:
Body Corporate Fees: Generally between $80 and $120 per week, or higher if the building has extensive amenities such as pools, saunas, office spaces, theatre rooms, lifts and elevated gardens.
Floor Plates (Internal m2): Generally they are smaller compared to older-style apartments. Larger floor plans can be obtained at higher price points
Style: The colour schemes tend to be very neutral. With lots of floor-to-ceiling glass, most rooms capture a view. Bathrooms are modern with stone benchtops, tiled splashback with modern convinces built in such as ovens, dishwashers and dryers.
Land to Asset Ratio: Lower, meaning you’re paying more for the building itself rather than the land. Simply there are always more apartments on the block meaning you own less land.
Price Points:
Many factors can affect the pricing of modern apartments. Including position, view, amenities, how many are in the block and the age of the building.
Surfers Paradise: 1-bedroom units starting at $500,000. With the top of the market penthouses achieving $10,000,000+
Palm Beach: Newly built boutique apartments with 2 beds and 2 baths in Palm Beach on the west side of the GC Highway are trading for $1,000,000+. The top end of the market one-per-floor sky homes are achieving $4,000,000+.
Best For: First home buyers, investors looking for good yields, downsizers, and those looking for a property that is 100% move-in or rent-ready.
Where to Find Apartments
Gold Coast apartments are scattered across a range of suburbs, each offering its own unique appeal:
Oceanfront Locations: Apartments on Jefferson Lane, Albatross Av, Hedges Avenue, Old Burleigh Rd and Marine Parade offer breathtaking ocean views and are highly sought after as they are absolute beachfront with never-to-be-built-out views.
Investing in Gold Coast Apartments
For investors, Gold Coast apartments can be a lucrative opportunity. Older style apartments often provide better land value ratios tend to have strong capital growth. The original level of finish also presents opportunity for those looking to renovate and add value.
Newer apartments, while pricier, offer modern amenities and can attract high-end renters or buyers tending to facilitate higher yields. Buying off the plan can be a great strategy to get capital growth quickly.
Who Should Consider Gold Coast Apartments?
Gold Coast apartments are a fantastic option for various groups:
Ideal For:
First Home Buyers: Many affordable options exist in the desirable locations first home buyers want to live in
Downsizers: If you’re looking to simplify your living situation without sacrificing quality, modern apartments offer a great lifestyle and level of finish. Either a ground-floor apartment in an older building or a low-level apartment in a newer building with a lift is perfect for those needing accessibility.
Property Flippers: Older apartments with renovation potential can yield significant returns.
Land Banking/Developing: Blocks with large land-to-asset rations close to the beach are on the radar of all developers on the GC, often offering well above market value for them.
Not Ideal For:
Large Families: Apartments might be too small for larger families.
Those with Mobility Issues: Many older buildings lack elevators and other accessibility features.
Body Corporate: All buildings will have rules and guidelines to adhere to. Some are not pet-friendly.
Final Thoughts
Whether you’re considering an older brick walk-up or a sleek, modern high-rise, Gold Coast apartments offer something for everyone. From breathtaking ocean views to contemporary comforts, the right apartment can elevate your lifestyle or serve as a savvy investment.
So, what’s your ideal apartment? With a range of options and price points, the Gold Coast awaits your discovery!
If you have any more specifics or would like to focus on a particular aspect of Gold Coast apartments, just let me know! Contact a Gold Coast Buyers Agent today here at FUTR Property.
Have a great day!
