Off the plan buyers are turning to the Gold Coast for off the plan deals, according to a new report by Urbis.

Over the September quarter, average sales price of off-the-plan apartments fell to $743,782 after a hitting a record high in the previous quarter.

While prices dropped, sales jumped 29%, translating to 198 deals. During the period, three projects were launched and added 195 new apartments to the city's supply.

There are 2,190 apartments available on the market as of September. Most of these units are within the southern beaches precinct. On the other hand, supply is limited in the northern end of the city, with only 120 units up for sale.

Also read: Luxury off-the-plan units "best bet" this spring

The number of developments appears to have dramatically increased in the past five years. In 2014, there were only 29 active developments in the city — this ballooned to 78 this year.

The drop in the Gold Coast’s average sale price for apartments could be due to new apartment buyers searching for homes below $800,000, said Marketing Projects SEQ director Kyla Anderson.

"It doesn't surprise me the sales price has dropped because most buyers are in that sub-$800,000 price point. Last quarter's record price was probably due to the fact there were a few premium beachfront project sales and we are now waiting for a few more premium projects to come to market," she told The Gold Coast Bulletin.

Anderson said the demand for these apartments would likely grow in the next 10 years as downsizers preferring apartments in premium locations increase. However, the current supply of units currently in the market is not enough to meet the projected demand.