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Spotlight on Surfers Paradise, Gold Coast
TOTAL Research | April 2008 With new projects like Circle on Cavill, Q1 and Avalon spearheading its rejuvenation, Surfers Paradise is now a cosmopolitan, exciting place to live, with all modern conveniences at your doorstep.
It is commonly reported that the Gold Coast as a whole is one of the fastest growing areas in Australia, but did you know that in the 10 years to June 2007, the growth in the resident population of Surfers Paradise eclipsed that of the Gold Coast as a whole?
In this 10 year period, according to recently released figures from the Australian Bureau of Statistics, the population of Surfers Paradise increased at an average of 3.8% per annum – that’s an average of over 644 new residents in the suburb each year!
Circle on Cavill’s recently completed 637 apartments occupy a prime location in the heart of the new Surfers Paradise. With a stream of new permanent residents moving in every week, enjoying this new benchmark of modern Gold Coast living, we can safely predict that the number of residents in Surfers will be even greater in the next release of Australian Bureau of Statistics suburb population figures.
This growth explosion in Surfers Paradise is a reflection of an Australia-wide trend. The number of residents choosing the convenience of beachside apartment living now rivals the volume of people setting up home in traditional suburban growth corridors. This will continue the high level of demand we are currently seeing for the now limited apartments remaining for sale in Circle on Cavill.
Despite recent interest rate rises in Australia, the outlook for well positioned residential product on the Gold Coast remains strong.
In their April 2008 Month in Review, valuers Herron Todd White noted that “prime locations continue to defy underlying market factors with beachside and beachfront property still in high demand.” They further noted that rents are continuing to rise and vacancies remain low.
Median weekly rental statistics from the Residential Tenancies Authority show that rents for one and two bedroom apartments within Surfers Paradise and surrounds (the area defined by postcode 4217), have been steadily increasing for the past five years. The annual growth for a one bedroom apartment over the past five years has been 9.6% per annum or $22 per week per annum. Amazingly, during the period since the completion of Circle on Cavill, the median weekly rental paid for a one bedroom apartment in this locality has increased by 18%.
According to the REIQ, the median unit sale price for Surfers Paradise in the 12 months ended December 2007 was $380,000, an 8.6% increase in one year.
Disclaimer: Sale prices, average prices and growth rates quoted above are based on TOTAL Project Marketing’s research using the sources noted. These sources are deemed reliable, but are subject to revision and fluctuating market conditions. This article does not constitute financial advice. Purchasers should undertake their own independent investigations to ensure the product for sale is suited to their own circumstances. | |
