19 Nov Broadbeach leads growth on the east coast
Broadbeach is booming. When it comes to median price growth, apartments in the burgeoning Gold Coast suburb are outperforming every capital city on the east coast.
According to independent market analyst Urbis, Broadbeach achieved an impressive five-year growth rate of 5.4 per cent per annum, to the March 2019 quarter, overtaking all other major cities across the nation except for Hobart.
In the same time period, Broadbeach apartments fetched prices that were on average 38.5 per cent higher than the overall Gold Coast median apartment price.
The suburb also smashed another property record with 236 apartments sold in 2018 – the best sales result Broadbeach has achieved since 2013.
Ongoing investment in the area
Urbis director Matthew Schneider said Broadbeach was benefitting from its position in the heart of the Gold Coast and was “in its prime”, with $9.7 billion worth of infrastructure projects in the pipeline, underway or recently completed.
These include the completion of the first two stages of the $2.3 billion light rail project and a $709 million future stage that will allow passengers to travel from Broadbeach.
There has also been a $670 million revamp of Pacific Fair Shopping Centre; as well as The Star Entertainment Group and its consortium partners – Far East Consortium and Chow Tai Fook Enterprises –proposing a further $2 billion-plus masterplan for development at The Star Gold Coast, located on the exclusive Broadbeach Island.
“Prospective property purchasers are no doubt attracted to the enviable lifestyle and value on offer, but they also have their eye on the suburb’s consistent track record and future growth,” Schneider said.
Developer fast-tracks residential sales on second mixed-use tower to meet strong demand
Along with its consortium partners, The Star Entertainment Group has begun building the first mixed-use tower at The Star Gold Coast, which is on track for completion in 2022.
This $400 million, 53-storey tower will herald the entry to Australia of the internationally-acclaimed Dorsett Hotel brand – a 4.5-star hotel with 316 hotel rooms, as well as 423 one and two-bedroom apartments under ‘The Star Residences Gold Coast’ brand.
Demand was so high for apartments in the first tower, 92 per cent of them were sold within 19 months. As a result, the consortium has fast-tracked the sales launch of the apartments in its second mixed-use tower.
Pending sales, Far East Consortium national sales and marketing manager Lauren Sheldon said construction on this $500 million 63-storey tower could start next year. It will feature 457 residential apartments and 210 five-star hotel rooms plus a vast array of world-class amenities.
Broadening its appeal to potential buyers, the second mixed-use tower’s one-bedroom apartments, ranging in size from 55sqm to 64sqm, will be priced from $489,000. This is significantly less than the average apartment price in other cities on the east coast, with Sydney’s median apartment price sitting at $680,000.
The two-bedroom apartments, ranging from 71sqm to 106sqm, start at $692,000, and three-bedroom offerings ranging in size from 112sqm to 168sqm are priced from $1.295 million. All apartments feature expansive glass and have been designed to maximise views and coastal breezes.
Mrs Sheldon said the high-end mixed-use tower will boast an exclusive two-level resident-only recreation deck featuring private cabanas, sundecks, a yoga deck, lap pool, and barbeque area as well as a sauna, steam room, space for a kid’s club, a gym and private dining rooms.
A six-level podium, featuring an active retail concourse for residents and visitors, will connect to The Star Gold Coast and has been designed to create a world-class experience.
Other amenities to be seamlessly integrated into The Star Gold Coast include alfresco dining areas, a luxurious day spa and wellness centre, subtropical gardens and function lawns.
In a first for the Gold Coast, potential buyers can view a fully immersive $2 million display suite that is an exact replica of one of the apartments. It is positioned on level 7 of The Darling at The Star Gold Coast, located at 1 Casino Drive in Broadbeach, and is open daily from 9am-5pm.