Is this your chance to get onto the Glitter Strip?
The residential market on the Gold Coast has seen some fabulous growth in the past year. With a 5.8 per cent increase in median house sale prices, the region is already one of the most exciting to be in. Couple this with $2billion economic benefits as well as the job influx projected to fly in with the Commonwealth Games and you've got yourself a great investment opportunity.
Many people think of living at the Gold Coast as the ultimate dream of beach, sun and fun – giving you an incredibly vibrant lifestyle. Now with Adelaide Bank stating housing affordability is at its best since about four years ago, the dream might just be moving closer to being achievable.
Add to this the positive outlook of the rental market as vacancy rates remain minimal according to CoreLogic RP Data, and you have got yourself an attractive possibility to grab yourself a nice home in one of Queensland's strongest performing regions.
What is happening on the Glitter Strip?
Only recently has the Gold Coast Bulletin reported that a whopping 14 new buildings are planned for the Gold Coast Highway and its surroundings. The project grants opportunity for an impressive 10,000 people to set up shop and make the dream of living on the Gold Coast a reality.
Everything from futuristic Blade Runner to Hipster boutique-style building will be lining the streets of the Glitter Strip, being sure to cater to almost all style preferences. Taking into account the encouraging report by the Gold Coast Bulletin, the potential of having an additional 5,000 units at Chevron Island, Budds Beach and Main Beach will delight the heart of those looking for an opportunity to get their piece of the Gold Coast property cake.
And if the above prospect doesn't tickle your fancy, there might be another project to serve your needs: the already-approved and partially under construction of another six-tower Ruby and Sapphire project worth $2billion and lovely 2,600 units by the Ralan group.
Although these developments sound incredibly alluring, as so often is the case, not everyone is excited about them. The Gold Coast Bulletin interviewed Chevron Island Residents Association President Kym Carter, who is not as happy about the planned projects as you might think. He raised his concerns about the infrastructure in close proximity to the developments, claiming that the impact the development will have within a 5 kilometer radius is being overlooked.
However, these concerns can be eased as the light rail extension for the Gold Coast is already a planned project.
Get ahead of overseas investors
Now, if you are looking for a slightly larger-scale investment, we have good news. Another article by the Gold Coast Bulletin announced that Sydney developer William O'Dwyer wants someone to buy one of his complete city blocks on Ferny Ave.
Having invested $94million in Surfers Paradise properties over the last year alone, Mr O'Dwyer owns a very large amount of land in the region. As part of the Sapphire project, which is approved for 715 apartments as well as retail and commercial space across 33-71 storeys, the developer has approval for a twin-tower project and is looking for interest from investors. The big player claims one of the two towers has already sold out and work on the second one is on its way, being built by Australian construction company Hutchinson.
If this is something you have been contemplating on doing, now might just be the right time for it as demand is high from overseas investors.
Are you ready to make your dream of owning a property on the Gold Coast a reality? Get in touch with our team at Ray White Surfers Paradise.