Unit sales fall on Gold Coast

Brand new unit sales on the Gold Coast are the lowest they have been for three years, a new report reveals.

Only 180 new apartments were sold between July and September last year, a report by Colliers reveals.

However, prices have hit record highs with the average sale now edging towards $2million.

It is the limited supply of premium projects that has pushed prices upward, according to David Higgins, a director at Colliers Gold Coast.

"Because supply has dropped and these premium projects which are much smaller have got favour of the market they're pushing prices up," he said.

But there is a silver lining. Domain reports units are remaining on the market for longer, providing buyers with more time to make informed decisions. 

"That reflects not only the affordability with first home buyers steering towards units but also shows the investment interest," said Nicola Powell, Domain's chief of research.

This article was produced with the assistance of 9ExPress.