PR Australian Properties

Investment Opportunity,

Pavilions on Fifth is the first mixed-use residential project in Palm Beach, one of the Gold Coast’s southern suburbs located seven kilometres from Coolangatta airport, 17km from Surfers Paradise and approximately 80km south of Brisbane’s CBD.

Australian Property Growth Fund is about to release the second stage of Pavilions on Fifth with 92 one-, two- and three-bedroom apartments priced from $345,000 to $1.6 million. Stage 1, comprising 104 apartments, has been built and only a handful of apartments remain for sale.

 

According to the latest edition of the Midwood Queensland Investment Report, the average selling price per square metre for medium-rise apartment product on the Gold Coast is currently $7,296 per square metre gross (as at level 4 of each building).

 

This compares to an average price per square metre (at level 4) of $6,100 per square metre gross in stage 2 of Pavilions on Fifth. On a square metre basis, apartments in Stage 2 of Pavilions on Fifth are therefore significantly cheaper than those in many other multi-storey projects across the Gold Coast. Indeed, in its June 2009 Gold Coast Apartment Report, Colliers International states that Pavilions on Fifth is the most affordably priced apartment project on the Gold Coast’s southern beachside precinct.

 

Our research confirms the strong demand for permanent rental apartments across the Gold Coast’s southern suburbs, with very few vacancies existing. Weekly rents have moved up considerably in the Palm Beach area and in some cases by as much as 18% over the last 24 months.

 

The supply of new residential apartments in and around Palm Beach remains very tight, with just 108 new apartments for sale across 13 active projects in the southern part of the Gold Coast between Burleigh Heads and Coolangatta (not including the 92 apartments soon to be released in stage 2 of Pavilions on Fifth). The lack of readily available development finance is likely to continue to restrict new apartment supply for some time to come.

 

Furthermore, the re-sale performance of apartments in Palm Beach during 2008/09 was solid, averaging 6.0% across the ten projects in Palm Beach that recorded apartment re-sales during the last financial year.

 

Project Overview

Australian Property Growth Fund is about to release the second stage of its Pavilions on Fifth project in the Gold Coast suburb of Palm Beach.

The first stage, comprising 104 apartments and a range of mixed-use facilities, has been built and more than 90% of apartments sold.

Situated on a 9,800m² site that covers almost a full block bordered by the Gold Coast Highway and Fourth and Fifth Avenues, stage 2 of Pavilions on Fifth comprises an additional 92 one-, two- and three-bedroom apartments over six levels.

Prices range from $345,000 to $1.6 million and several have already sold.

Regional Overview

Palm Beach is one of the Gold Coast’s southern suburbs and is located seven kilometres from Coolangatta airport, 17km from Surfers Paradise and approximately 80km south of Brisbane’s CBD.

Bordered by Tallebudgera Creek in the north, Currumbin Creek in the south and the Pacific Motorway to the west, Palm Beach covers roughly 11 square kilometres and has 4.5km of beach frontage.

As well as having clean and attractive beaches and the scenic Burleigh Heads national park nearby, Palm Beach offers easy access to the hinterland areas of the Currumbin and Tallebudgera Valleys, the Fleay’s and Currumbin Wildlife Sanctuaries and northern New South Wales.

Palm Beach therefore appeals to people seeking not only a seachange but also a “green change” – the desire to live near national parks, in natural surroundings and with a “retreat-like” lifestyle.

 

 

Population Growth

The estimated resident population of Gold Coast City at 30th June 2008 (the latest official figures available) was 497,848 permanent residents.

Having gained an additional 15,400 new residents each year over the last five years, an average annual growth rate of 3.4%, the Gold Coast has been the fastest growing major region in Australia and is the largest city outside of the five mainland state capitals.

The suburb of Palm Beach has a population of 15,000 permanent residents. An additional 48,000 people live in the adjoining suburbs of Burleigh Heads, Burleigh Waters, Currumbin, Currumbin Waters and Elanora.

 

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