9

Broadbeach Building Boom

Market Insights
6 months ago
4 minutes

The Gold Coast has long been a holiday destination for many Australians, particularly those south of the border, with countless southerners in the seventies and eighties succumbing to the lure of the warmer weather and making the annual pilgrimage to the north - more often than not, tackling the trip by road.

Fast forward a few decades and the Gold Coast is not only a popular holiday destination but a lifestyle choice for nearly three quarters of a million people, with interstate migration a major contributing factor to the region’s population boom.

Local Gold Coast property experts GV Property Group said the surge in demand for homes on the Gold Coast can be attributed to the region’s enviable proximity to shopping, dining and entertainment precincts, as well as its infamous golden, sandy beaches.

article-image
Broadbeach has transformed from a docile surfside town into a sophisticated suburb.

Broadbeach in particular has been enjoying a residential property boom for a good part of the past decade, with the once docile beachside town now home to luxury hotels, fine dining restaurants and a thriving nightlife scene - all of which are enticing more visitors to become residents, according to GV Property Group principal and director Antonio Mercuri.

“The fact that Broadbeach has transformed into a sophisticated suburb with an exciting entertainment and retail offering, all while having some of the country’s best surf beaches on its doorstep, has contributed to its increase in property market share on the broader Gold Coast,” Antonio said.

“Developers are delivering quality apartments that are literally a stone’s throw from great local amenity, all within walking distance - including Pacific Fair, the convention centre and casino, the Oracle Boulevard that offers great retail opportunities and a dining precinct, plus Kurrawa Surf club and the internationally-acclaimed surf breaks.

“Add to that the world class Gold Coast Light Rail network and you’ve got yourself an incredibly lucrative residential property market,” he said.

article-image
5-9 Anne Avenue in Broadbeach has the beach & ample amenity on its doorstep.

Embracing the opportunity in growth that Broadbeach has to offer, GV Property Group recently closed expressions of interest on a 1,548 square metre site with a 51 metre of frontage at 5-9 Anne Avenue.

The site has been granted development approval for 224 residences across 35 storeys, with its  location lucrative to prospective investors and owner-occupiers, given it’s only a short 200 metre walk to the beach with ample amenity close by.

Antonio said the diverse range of living options being launched to market in Broadbeach caters for a range of purchasers, from interstate families seeking a seachange to local empty-nesters and retirees, and developers are meeting that demand with their product offering.

“The Broadbeach apartment market offers everything from boutique buildings featuring high-end, luxury residences, plus at the other end of the scale, larger multi-unit residential towers containing hundreds of apartments,” he said.

“A common trend we’re seeing most developers offering in their projects are communal amenities like gyms, swimming pools, barbeque areas and wellness facilities, providing residents with health, fitness and leisure options outside of their apartments, yet still at their own address.”

Antonio predicts an opportunity for the supply of more investment grade apartments in Broadbeach, believing the current lack of such stock is driving up rental prices.

“Once construction softens or becomes more competitive, we hope to see a swing towards the investment grade stock to cater for the demand in investment product that we predict the next six to 18 months will bring,” he said.

“There’s a real opportunity for local builder-developers to fill this void of investment grade product, and we’ve already seen developers start up their own building arm to help deliver this stock.

“The design and development of multi-unit residential product on the Gold Coast - and in particular Broadbeach - has gone from strength to strength, and we’re optimistic about the prospect of future projects.”