Burleigh undergoing a $5 billion development boom

The greater Burleigh area has emerged as one ofAustralia’s most active development hotspots with almost $5 billion worth ofresidential, commercial and infrastructure projects in the pipeline, accordingto property consultancy Urbis.

Urbis has identified 35 residential, commercialand infrastructure projects either planned or under way in the Burleigh-Miamicatchment that are driving the investment boom.

While infrastructure spending, includingupgrades to the M1 and the extension of the light rail, dominate this total, Urbisconservatively estimates more than $687 million is being poured intoresidential and commercial projects in the area.

“The popularity of the Burleigh region iscompelling from an economic and lifestyle perspective, especially as some ofthese infrastructure projects come to fruition. The added amenity will continuedemand for residential dwellings in the area” said Urbis Gold Coast directorMatt Schneider.

The rapid rise of Burleigh Heads house prices overthe past year provides a tangible guide to the existing appeal of the beachsidesuburb.

According to REIQ data up to the June quarterof this year, Burleigh Heads house prices rose 18.3 per cent in 12 months to amedian of $905,000. Over five years, this price represents a surge of 46.8 percent, making it one of the best performing suburbs on the Gold Coast.

Mr Schneider says while Burleigh hastraditionally appealed to local buyers, it is increasingly finding favour withinterstate migrants as well.

“Burleigh is well and truly on the map as avibrant dining and lifestyle hub and that’s driven demand for moresophisticated projects in recent years.

“When combined with its family-friendly beachenvironment, and the famous surf break, the momentum is there for Burleigh to continueits ascendancy as a drawcard for property buyers.”

Mr Schneider points out the appeal of BurleighHeads extends well beyond the shoreline, due to its proximity to major retailfacilities, such as Stockland and Treetops Plaza, and the employment base ofBurleigh Waters andVarsity Lakes.

Among the projects highlighting the strength ofbuyer appetite for new apartments in the area is Spyre Group’s $77 millionNatura development, which achieved a near sell-out this year at the peak ofQueensland’s COVID-19 lockdown.

High-profile Burleigh projects currently intrain include the redevelopment of the Old Burleigh Theatre by Sydney’s WeiyaHoldings and a 22-level project planned by David Devine at North Burleigh.

“The success of recent projects has led to acompetitive environment for suitable development sites throughout the Burleigharea,” said Mr Schneider.

One Gold Coast developer that has been sittingon a prime site for decades, Rayjon Group, has announced plans for a $45million apartment project adjacent to Treetops.

Rayjon owns Treetops and has decided toreplicate the success of its Vantage Gold Coast development, which set abenchmark for the downsizer market due to its popularity with buyers, on a siteadjacent to the retail precinct.

“The downsizer trend is one of the key localdrivers of apartment living along the Gold Coast’s beachfront precincts, andmany of the projects proposed for the Burleigh-Miami area aimed at meeting thatneed,” said Mr Schneider.

“The growth of house prices over the past 20years is enabling many of these downsizers to sell their homes and movestraight into a modern apartment that meets their lock-and-leave lifestyle.”