Houses have often been the go-to choice for investors and owner-occupiers alike. The appeal of having your own fenced off section of land and the ability to easily make renovations has made it a popular form of real estate in Surfers Paradise.
However, recent reports are showing that units, be it apartments or semi-detached houses, could be the property to buy in Surfers Paradise. This is mostly to do with the impressive influx of new housing coming through the pipeline across the country. After all, house hunters can only buy what has been or is being built.
An October 14 release by the Housing Industry Association (HIA) has called new home construction "Australia's economic star". Across the country, 53,314 units started construction over the June quarter. HIA Chief Economist Dr Harley Dale noted that while this represents a small drop compared to the March quarter, there was still a record 211,976 new homes beginning construction in 2014 – 2015.
This represents a rise of 16.9 per cent and is a "phenomenal result which caps three consecutive years of growth for new home building", says Dr Dale. He notes that the residential construction boom has been a ray of light in Australia's somewhat cloudy economic conditions.
Amidst this burst of home building, multi-unit constructions are seeing a massive rise. According to an October 14 release by the Property Council of Australia, this market grew to occupy 46.2 per cent of total building starts in 2015.
And how about housing that's finished and ready for the market?
Over the June quarter, 48,941 dwellings were completed, which accumulates to a seasonal estimate of 189,239 homes built in the 12 months to this period. Again, units represent a big portion of this, making up 40.8 per cent of this total.
A reason why medium to high-density dwellings could be seeing such a boost is that developers are finding it a far more efficient use of land. Also, particularly in denser cities, people could be more interested in pursuing a city living lifestyle, which often requires living in high-density housing like apartments.
The rise of units is making waves in the Gold Coast's real estate scene.
The Gold Coast Bulletin noted in August last year than no less than ten residential apartments were undergoing development, and was primed to contribute $1billion to the city's economy.
Not to mention, construction began on the stunning new luxury three-tower apartment known as Jewel in March this year, and will proudly stand alongside other real estate in Surfers Paradise. This project has been estimated to cost $1billion, and is sure to be an iconic hotspot for the city when finished.
With the 2018 Commonwealth Games being hosted by the Gold Coast, much of this is in preparation for the immense attention the city will receive.
Hunting for real estate in Surfers Paradise? More and more multi-unit complexes are being completed and pushed into the market. With such an abundant supply and wide range available, there are many incentives to buying a unit in Surfers Paradise. If you've always been more of a house dweller, it won't hurt to give apartments or semi-detached properties a chance.
Either way, you'll benefit from the constant flow of new housing will make homes more affordable in the region. Get in touch with Ray White Surfers Paradise and we'll scour the market to find something that will nicely fit your needs.