During the first half of 2019, volumes have yielded good results considering the political and economic uncertainty felt early in the year. Gold Coast investment activity represented over $520 million during the first six months of 2019, while this may be behind the result achieved in 2018 of $677.2 million (aided by a number of big ticket sales), it remains well ahead of the $276 million results during the same period of 2017.
In 2019 Industrial sales dominated, accounted for the largest proportion of sales at 26.32% represented by a couple of larger transactions including the Boardriders APAC HQ in Burleigh which sold for $38.46 million, while this asset does include both Office and Showroom space its largest use is Industrial given its manufacturing and distribution facility. There were 102 sales recorded across the Industrial market over this six-month period, with more than half of these less than $1 million highlighting the ongoing demand for smaller investor and owner occupier stock. Close to a fifth of all Gold Coast sales in 2019 have been Hotel & Leisure sales, which is due to the large sale of Hilton earlier this year for $70 million. Office stock represented 13.23% of total turnover comprising both smaller strata and larger assets including Argus’ purchase of 1 Lake Orr Drive, Varsity Lakes for $25 million. Development Sites saw minimal sales activity throughout 2018, however demand has rebounded this year, with this sector representing more than a quarter of total sales so far.