The Gold Coast commercial property sales market has remained generally steady in the three months to June 2019, according to the latest CoreLogic Cityscope update. This quarter's sales increase the value of the last 12 month's transactions to over $706 million, which is a significant $263.9 million more than the same period last year.
The second quarter of 2019 saw total sales worth $192.2 million from 38 sales. CoreLogic breaks this figure down into:
A number of significant sales helped bump up the value this quarter, including assets sold by the Ji Feng Trust for $60 million, such as the Hilton Surfers Paradise Hotel. Meanwhile, a number of buildings in Varsity Lakes were sold for $25.1 million and the Spirit development was sold on for $56.6 million.
The most recent figures are the icing on the cake of a successful start to 2019 in the commercial property market. CoreLogic's March data showed sales figures were again steady, but the value of the transactions was much higher than we saw in the final quarter of 2018.
Total sales in the Gold Coast in the quarter to March 2019 reached 45, with a value of $214.8 million. In the three months to December 2018 the number of sales was exactly the same, sitting at 45. However, the total value of these transactions was only $50.2 million.
Again, a handful of large sales significantly boosted the value of sales at the beginning of 2019, with Ray White Commercial Gold Coast's sale of the Tiki Hotel freehold and the state leasehold of the associated pier contributing $30.5 million.
As with the quarter to June, around half of the sales in the first three months of the year were commercial units. Commercial building sales sat equal with retail building sales, seeing two properties move in the quarter. However, it's the value of the retail building sales that really stands out in the first three months – coming in at $142 million from two sales, compared to $5 million from one sale in the June quarter.
The number of retail unit sales was also much higher at the beginning of the year with 10 transactions, compared to the five recorded in the June quarter. Interestingly, the value increased by a similar percentage, unlike we've seen in some of the other categories.
Finally, the number of other building and units sold in both quarters were close, sitting at eight and six. However, the value of the sales was vastly different. The June quarter saw a value of $127.8 million, whereas the period to March only brought in $42.7 million.
Exact figures for the quarter ending March 2019 are:
Ray White Commercial Gold Coast are highly experienced in uniting the right sellers and buyers for every transaction, being involved every step of the way when it comes to negotiating the best deal. Whether you're looking to sell or are interested in expanding your Gold Coast commercial investments, call today to talk to one of our experienced team members.