Owner occupancy on the rise as apartment design changes

Owner occupancy in the central coast strip between Surfers Paradise and Mermaid Beach is set to trend upwards over the coming years, with the introduction of a new generation of apartments suited to permanent residents.

Colliers International Residential Director, Andrew Roubicek, says that while dwellings designed for investors have dominated the Gold Coast skyline in recent years, the tide is about to turn, with savvy developers lodging applications for home-style apartments.

He said there was already evidence of more Gold Coasters choosing to buy and reside along the central coastal strip, with the latest Census pinpointing Mermaid Beach as the most popular beachside locale with 43.5 per cent of dwellings now owned outright or mortgaged, followed by Broadbeach with 40.7 per cent ownership and Surfers Paradise with 39.9 per cent.

“The average lot size and home size is getting smaller so people are now weighing up their options and realising a large apartment can deliver more lifestyle value in terms of location and amenity,” he said.

“There has been a scarcity of apartments designed with owner occupiers in mind in recent years, simply because the market was more geared towards investors but that is now starting to change.

“We are starting to see more sophisticated projects on the drawing board, like the proposed Pindan development overlooking Hedges Avenue, where the developer has identified a shortfall in the market for larger, upmarket  two and three bedroom apartments with two side by side car parks, storage, a secure area for home delivery and parcel collection and other features that embrace the beach lifestyle.

“It is all about addressing the pent up demand in the market for apartments that provide all the features of a private home and benefits of the apartment lifestyle – low maintenance living with space and storage.”

Roubicek told WILLIAMS MEDIA that while the Gold Coast was still appealing to interstate buyers looking to leverage the relative affordability of beachside property, he anticipates that many new owner occupiers in the central coast precinct would be locals moving from the surrounding suburbs.

He said Mermaid Beach-Broadbeach in particular had been a ‘magnet’ for population growth, with Census statistics showing 58.4  per cent of the region’s 12, 927 residents had a different address five years ago.

The region is expected to almost double its population to 22,167 residents by 2036.

“The central coastal precinct has really matured in recent years. It has been a beneficiary of the Commonwealth Games, with significant  infrastructure and lifestyle upgrades, including the G Link and revamped Pacific Fair, now complete,” he said.

“The people who are moving in to the area are generally from ‘look-alike’ suburbs – so they might move from one waterfront or beachside location to another, with the aim of upgrading or downsizing their home in the process.

“Local buyers trend towards residential ‘pockets’ which have easy access to amenities, yet offer a quieter lifestyle. Interstate buyers choose these same areas because they want security and a sense of community as they get to know the area.

“Mermaid Beach really strikes the balance in terms of its mix of housing types and it is an area I expect to experience higher levels of owner occupancy over the coming years, given its location between the Broadbeach entertainment hub and foodie hotspot Nobby Beach.”

Leave a Reply

Your email address will not be published. Required fields are marked *