The property market in Palm Beach, QLD is booming. Over the last 5 years the median house sales price has increased by more than 50% and in the last 3 years unit prices have risen a massive 22%! So, just what is driving property prices in the area?
Proximity to beach
Beachside living on the Gold Coast has always been in demand and, with more people moving to the Coast, the hunt for beachside property is driving homebuyers southwards. Twice awarded Queensland’s cleanest beach, Palm Beach offers 4 km of soft golden sand bordered in the north by Tallebudgera Creek and Currumbin Creek to the south.
Change in demographic
In recent years the once-quiet and sleepy suburb of Palm Beach has become something of a trendy choice of destination for hipsters and celebrities alike. There have been a substantial number of new businesses, cafés and restaurants opening up which in turn have brought an influx of young people. The demographic is clearly changing, as Palm Beach becomes more popular with professionals and young families.
There are a number of new construction projects springing up in the area. Palm Beach is relatively undeveloped compared to other beachside suburbs—like Surfer’s Paradise and Broadbeach— and this, coupled with the area’s burgeoning reputation as a trendy retail and restaurant destination, is attractive to developers. This year alone has seen the rollout of Sunland’s Magnoli townhouses, a development which includes two 12-storey towers, six terrace houses, shops and parkland. Further development in the suburb includes DG Project’s Canopy, Jefferson Tower and One Palm Beach with more construction projects in the pipeline.
Phase 3 of the Gold Coast light rail will see the tram service extended from Broadbeach to Coolangatta. The exact route is yet to be decided but it has been proposed that the tram will be built along the Gold Coast Highway at Palm Beach. Studies have shown that new infrastructure such as light rail has a positive impact on property prices.
The combination of all these elements has clearly driven demand in Palm Beach upwards and because of this, median house prices in the suburb show no sign of dropping and we predict prices will continue to climb.
At Elanora Realty we have over 20 years’ experience selling real estate in Palm Beach and we can help you get the best price for your home. Download our free property seller’s guide for more information or give us a call today.