Palm Beach Booming As New Figures Show Unit Prices Rose 22 Per Cent In Three Years
THE once-quiet suburb of Palm Beach has become a “funky and hip’’ destination of choice for celebrities and developers who are rolling out hundreds of millions of dollars in new projects.
At least five unit complexes are under construction, with two more set to roll out this year.
New figures reveal apartment prices in the area have increased 22 per cent in the past three years, according to a Corelogic RP Data report.
Property industry figures say the property values are expected to continue going “from strength to strength” .
Area councillor Daphne McDonald said many people were attracted to the area because of its strong community and lack of high-level development .
“People just love it and everywhere you go there is a great community and everyone mixes well – it doesn’t matter if you are a millionaire because we all go to the same watering holes,” she said.
“I am not surprised it has become so popular and there are homes which were selling for $400,000 a few years ago which are now worth $800,000.
“A lot of people who come here are also concerned about overdevelopment in other places, as well as the light rail coming.”
Among the next projects set to roll out is Sunland’s Magnoli townhouses, which have already sold out, and the units of its two proposed towers to be released to the market later this year.
The two 12-storey towers were approved by the Gold Coast City Council in November last year despite 26 submissions against the project and the concerns of locals and Cr McDonald.
Also approved as part of the project were six terrace houses, shops and a huge park which will be open to the public .
DG Project’s Canopy went on the market in early January with half of its 49 units already sold.
DG Projects director Paul Dolso said the area’s growing bar and restaurant culture made it attractive for developers .
“All the new cafes and bars are making Palm Beach a young and hip area, with plans for more infrastructure like the light rail coming in future years,” he said.
“It’s a tight-knit community and has been somewhat under the radar for a long time now but we are starting to see it grow.”
Other projects under construction at Palm beach include the 46-unit Jefferson tower and the luxury 17-unit building One Palm Beach.
Jayde Pezet, director of KM Sales and Marketing, said the suburb was becoming increasingly “funky’’ .
“We have seen a jump in sales prices as Palm Beach appears to have emerged as a destination both for locals and international visitors,” he said.
“From a culture point of view the restaurants and eateries have come into their own through the Palm Beach corridor and there is a really funky scene emerging as a younger demographic takes hold.
“On the development side of things, we are mostly seeing smaller projects which suit the area rather than someone suggesting putting a super tower down in the middle of the suburb.”