Apartment or house? It's one of the biggest questions you're likely to face in your home buying journey. Once you decide on this, your search is narrowed down greatly, and it enables you to hone in on a specific budget and area of Australia.
When you're on the hunt for Surfers Paradise property, you gain access to a wide range of wonderful houses, but units tend to be the more popular option. There are several reasons for this.
One reason that apartments are a popular option for those seeking real estate in Surfers Paradise is simply that they are so abundant. According to census data from 2011, 74.7 per cent of dwellings in Surfers Paradise are apartments, units or flats.
It's something that is also apparent from just looking at the area – high rise towers dominate the skyline, packed with luxury apartments and units that offer both unprecedented access to the city centre, as well as the utmost privacy.
There's not questioning that the price growth in Sydney and Melbourne is much higher than anywhere else in the country. But this is likely due to issues with supply, leaving demand much higher than the amount of available properties. This isn't the case with Main Beach real estate.
CoreLogic RP Data has looked at the best areas for growth in houses and apartments across Australia, and the Gold Coast has fared particularly well. While inner Melbourne is far ahead of everywhere else for unit approvals, the Gold Coast sits on a par with the Australian Capital Territory and south Brisbane for the construction of this type of dwelling.
Clearly, our part of the world holds its own when it comes to creating apartment real estate! It means more opportunities for you to buy Surfers Paradise real estate, which is ideal in the current interest rate environment.
You could say that the Gold Coast is a trend-setter of sorts. We've had an apartment-dominated landscape for some time now, but it looks like the rest of Australia is only just catching up! BIS Shrapnel research released on 29 June has indicated that the housing market is likely to slow down by 2017, but the trends within this are particularly interesting.
For example: Of a total 210,000 dwelling that are expected to be built across the 2014/2015 financial year in Australia, 95,500 are anticipated to be apartments or units. This is 45 per cent of all construction, and a new record.
Brisbane is one of the only capital cities expected to come through this period with real price growth, and Gold Coast properties are likely to match this. According to BIS Shrapnel, by 2018 there could be as much as 13 per cent price growth in property here! This is the sort of statistic that has investors watering at the mouth, and provides a sound case for buying up Surfers Paradise property.
The growing supply of units on a national scale is something the Gold Coast has done before everyone else – maybe it's time we show the rest of the country how it's done on steady price growth too.
When you want to purchase real estate in Surfers Paradise, don't go past the team at Ray White. We have been around for a long time, helping people from all walks of life secure their ideal property – apartment or house. While the skyscrapers are a popular option, don't forget that we can find you whatever you need.