Launched before Christmas by Colliers International, the block has tapped into pent-up demand in the Gold Coast's "premier apartment market" from buyers seeking a new apartment close to the beach.
The Beach Apartments Broadbeach (pictured centre) has now recorded sales on more than 40 of its 219 DBI-designed apartments.
The project is being developed by joint venture partners Anthony Moreton Group and Pryde Group, with Brookfield Multiplex as development managers and builder.
"The key drawcards to date have been the superb location, the amazing views and the exceptional value on offer, with one bedroom apartments starting from $330,000 and two bedroom apartments starting at $532,000," says Tony Holland, Colliers International director of projects.
"Broadbeach is the Gold Coast's premier apartment market - given the suburb's proximity to the beach, the new light rail network, and surrounding lifestyle amenities."
Demand is accelerated by the fact that few new residential apartments are being marketed in The Beach Apartments Broadbeach's price range, and off the plan.
"There are very few new residential apartments being marketed in the sub $400,000 category on the Gold Coast right now - particularly off the plan," says Holland.
Regular Gold Coast visitors, such as Sydney, Melbourne and Brisbane families, have been driving enquiry at the onsite sales display this holiday seasons.
"These buyers are looking for a lifestyle investment that will provide a solid holiday or short term rental return, as well as provide them and their family with a perfect home away from home when they visit the Gold Coast."
CEO of Anthony Moreton Group, Tony Hazell, says the Gold Coast is in an upward cycle in light of the market being one of Australia's "most undervalued".
"The Gold Coast is currently the most undervalued property market on the east coast of Australia, however the decline in stocks of new beachside apartments has begun to put upward pressure on values and pricing.
"Our buyers recognise that the market is now in an upward cycle and have strong expectations that by the time they are required to settle in early 2017, the value of new property will have improved significantly from where we are today."
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support