Landmark Sales, Record Cranes, and the Truth About What’s Next

Andrew Bell Market Update | Issue 23

Landmark Sales, Record Cranes, and the Truth About What’s Next

Well hi there, Andrew Bell with you.

As we round out the spring selling season, it’s clear that the Gold Coast market remains remarkably strong and in many ways, continues to defy broader expectations.

After five consecutive years of robust growth, many expected to see the market begin to taper. Yet, this spring has produced some of the most extraordinary results of my career. Across the Ray White Bell Group, we’ve achieved a 100% auction success rate from early September through to mid-October, an unprecedented milestone.

Among the standout results was the sale of the Silver Point Penthouse at Main Beach, owned by my dear friend Mr. Harry Triguboff AO, founder of Meriton. Following the loss of his wife last year, the sale of this family home was deeply personal. Together with my colleague Robbie Graham, we ran a world-class marketing campaign that attracted five registered bidders and achieved a result of $11 million, two million above reserve. We’re honoured to have represented Harry through this important transition.

These sales highlight the market’s ongoing strength but they also sit within a more complex picture. While buyer demand remains elevated, there are some conflicting indicators worth noting.

The Crane Index, a long-standing barometer of construction activity, shows a record 67 cranes operating across the Gold Coast, with 21 new cranes added last quarter. Almost 96% of these cranes are working on residential projects, underlining a concerning slowdown in commercial development.

At the same time, building approvals have fallen dramatically. According to the latest Australian Bureau of Statistics data compiled by the Housing Industry Association, unit approvals on the Gold Coast have dropped 33% over the past 12 months from 4,184 to just 2,824. Detached housing approvals have also followed a similar downward trend.

This means that while the skyline looks busier than ever right now, forward indicators point to an impending shortage. Many approved projects are no longer commercially viable due to soaring construction costs and tighter finance conditions. Developers and lenders are hesitant to proceed without confidence that end sale prices will justify the risk.

Interestingly, foreign investment in Australia’s commercial property sector has surged, rising to $15.9 billion in the year to June 2025, up $10 billion year-on-year. This jump has been helped by faster Foreign Investment Review Board processing times, now averaging just 29 to 33 days, restoring some international confidence in our market.

However, the underlying story remains clear: supply is tightening, not improving. The next few years are likely to see further pressure on available stock, which will continue to fuel competition and price growth for quality properties, particularly here on the Gold Coast.

On a brighter note, I’m thrilled to announce the official launch of The Event 2026, Australia’s largest and most recognised real estate marketing program. Now in its 32nd year, The Event will once again showcase an outstanding cross-section of residential and commercial properties across the Gold Coast, from southern Brisbane to northern New South Wales, and from the coastline to Mount Tamborine.

Having sold billions of dollars in property through this program over the decades, we know exactly how to harness the power of the January holiday season, a time when buyer activity peaks, and competition is at its strongest. Spaces are limited, so if you’re considering selling in early 2026, I encourage you to contact our team now to secure your position in this prestigious campaign.

Finally, I’d like to extend a heartfelt thank you to everyone who attended our inaugural Bellissimo Lunch, held in support of our ongoing commitment to Muscular Dystrophy Queensland. We’re proud to share that we’re now closing in on $5 million raised, and have established a perpetual research grant to fund international collaboration in the search for a cure. It was a truly inspiring day, one that reflects the heart and community spirit that defines the Bell Group.

Enjoy the rest of this beautiful spring season, and I look forward to being with you again in a fortnight’s time.

Andrew Bell, OAM
Chairman | Ray White Bell Group