Developer Allen Sammut says average prices for large apartments in his Surfers Paradise beachfront project have doubled since June 2021.
Sydney developer Allen Sammut says apartment prices in his 37-level luxury tower overlooking the beach at Surfers Paradise have doubled since the project’s launch almost 2½ years ago.
“The market is definitely full of confidence again, especially for projects under construction and where completion is a certainty,” he said.last year due to soaring costs, Mr Sammut decided to kick off construction of the Coast GC tower, even if it meant a smaller profit margin. Total is marketing five premium projects, including veteran developer David Devine’s under-construction Royale at Surfers Paradise, where the average purchase price is $4.5 million.“For more advanced projects that are under construction, supply is at critically low levels, and that will continue to apply upward price pressure over the next two to three years,” Mr Parsons said.“We have a lot of buyers from interstate, but our strongest markets are still Brisbane and the Gold Coast.
In August, Gurner Group sold out the first stage of its $1.7 billion La Pelago resort-style project at Budds Beach. The project is a joint venture with real estate investment house Wingate.
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