Sherpa Group Pushing Against The Tide As Palm Beach Becomes Gold Coast's Most Undersupplied Apartment Market

Once seen as the Gold Coast’s hidden gem, Palm Beach has emerged as a property hotspot where a flood of lifestyle buyers and a shortage of new projects have made it one of the most under-supplied markets in the city, according to research from Urbis. While developers have been mobilising to meet demand in the Gold Coast’s undisputed market gem, the research shows that Palm Beach catchment needs to more than triple current supply to meet current demand. Urbis estimates that the Palm Beach catchment, which includes the area from Burleigh Heads to Coolangatta, needs 382 new dwellings each year to meet demand, but estimates that only 119 new apartments are currently available across the southern coastal area with just 8 per cent of them located at Palm Beach.

This shortage of supply pushed the price of all new apartment sales in Palm Beach to $1 million or more in the second quarter of 2025 with an average weighted sale price of $2.25 million, according to Urbis. However, Gold Coast-based Sherpa Group, one of the most prolific developers in Palm Beach over the past two years, has been pushing against the trend to make beachside living more affordable for more buyers. Sherpa has already made its mark on the supply side by launching and completing six projects totalling 227 apartments in Palm Beach over the past two years, effectively accounting for about a year’s residential supply for the suburb based on current demand. The Palm Beach developments are among 16 projects undertaken by Sherpa on the Gold Coast since 2018.

Increasingly dominating the Sherpa portfolio are projects under the company’s Flourish brand, in a push that company founder Christie Leet says is designed to keep suburbs such as Palm Beach affordable for families and downsizers.

“Against the backdrop of record price growth and undersupply, we’ve invested more than $42 million into four sites over the past 12 months under our Flourish brand to deliver design-led, lifestyle-focused apartments tailored for locals who have struggled to secure new homes in the market,” said Mr Leet.

“The strategy of supplying quality residences that are fairly priced has been an incredible success for us on the Gold Coast and now in Brisbane, where we have just launched our first project, Symphony, at South Brisbane.”

Sherpa secured sales for 73 per cent of Symphony apartments within the first week of the project’s release to the market, building on the sales success the company has experienced on the Gold Coast with the Flourish brand. Sherpa’s first development under the Flourish brand, Flourish Amargo, which comprises 125 apartments, with the development already 82% sold out as construction of the project currently progresses. Buyers were drawn by pricing below $1 million for a significant number of Flourish Amargo apartments, a quality development that is delivering a mix of one-, two- and three-bedroom apartments plus a collection of luxury penthouses. Apartments at Flourish Amargo started from $575,000.

The overwhelming demand for the residential brand first established at Palm Beach has led Sherpa to ramp up further investment in the Flourish portfolio. After settling on all apartments at Perspective Nexus, a luxury $110 million Palm Beach project comprising 35 apartments and among the first of Sherpa’s developments in the coastal hotspot, the company has acquired four sites this year for a total of $42 million. Sherpa has already launched Flourish Amargo, which is currently under construction at 6-12 Sixth Avenue, on one of the sites. The project has locked in $110 million in sales so far. The most recent acquisitions included $11.5 million for an 810sqm site at 7 and 9 Sixth Avenue and a $19 million for a site totalling 2,050sqm at 1156-1164 Gold Coast Highway.

Sherpa Group has laid plans for Flourish Oasis on the Sixth Avenue site, recently lodging a development application for the project which will comprise 47 apartments. The fourth in the Flourish series, which has yet to be named, is earmarked for the Gold Coast Highway site which Sherpa anticipates will further boost housing supply in the suburb and meet sustained demand for quality residential projects within close proximity to the beach. “We see the Flourish brand as a game-changer for the Palm Beach market, providing opportunities for buyers who have been largely priced out of this sought-after market,” said Mr Leet.

“Our mission with Flourish at Palm Beach is to deliver a complete collection of affordable apartments in a location that would otherwise have been out of reach for so many.”

Each of the Flourish developments has been designed around the concepts of community, connection and wellbeing with a range of amenities that cater to a variety of generations. Flourish Amargo will incorporate a unique on-site ‘Community Sherpa’ to support residents and organise activities to foster engagement and everyday assistance. The development features an expansive 800sqm rooftop retreat designed as a wellness and social hub, including a northeast-facing pool with cabanas and day beds; private BBQ and pizza oven areas; indoor private dining space; gym with yoga zones and steam rooms; and hot and cold magnesium pools for recovery and relaxation

“Every element has been designed to encourage connection and enhance lifestyle, complete with panoramic ocean views from the rooftop,” said Mr Leet.

“As our flagship Flourish development at Palm Beach, Amargo epitomises everything we have envisaged for this multi-generational style of living.”

Construction of Flourish Amargo is currently under way by LPS Group, with completion anticipated in Q2 2027.