Bela
43-49 Peerless Avenue, Mermaid Beach
ViewSituated at the southern end of the Gold Coast, Kirra is best described as a perfect little beach haven, that offers residents the peace and tranquility of a coastal town with the convenience of major city infrastructure.
Often referred to as the Gold Coast’s “spiritual home of surfing”, Kirra is a high demand location that is internationally renowned for producing some of the best surfing breaks in the world. Given the wide variety of strong demand drivers, it is no surprise then that residential real estate located in Kirra appeals strongly to purchasers from Brisbane, Sydney and Melbourne; especially downsizers who often plan to initially rent their property until they are ready to move in.
Here’s 7 reasons why the Kirra Area is experiencing strong residential growth:
Perfectly positioned for easy access to major city centres via the M1 Motorway, Kirra is approximately a 1-hour drive to Brisbane. And it’s proximity to the Gold Coast International Airport also makes Kirra an attractive location for residents and visitors alike, given direct links to many overseas destinations and numerous daily flights to major Australian cities. World Heritage Listed National Parks and the world-famous Byron Bay with its highly coveted natural appeal are also a short drive over the border into northern New South Wales.
The Kirra Area’s population increased by 21% in the previous 10 years. Based on projections from the Queensland Government, by 2026 the population is expected to increase by a further 14%.
Future population growth will be driven by appealing lifestyle factors teamed with employment opportunities generated through major infrastructure and tourism projects. Couple this with relative affordability compared to southern state cities, and demand is magnified for new, high-quality apartments will be crucial to meeting the demands of a growing interstate migration population.
Over recent years, the Kirra Area has experienced strong price growth for both residential detached houses and attached dwellings (apartments and townhouses). From the 2013/14 financial year, the average price for both attached and detached properties increased on an annual basis. It is interesting to note that over both the longer and shorter-term, attached dwellings in the Kirra Area have outperformed detached houses on an annual percentage return basis.
Apartments are the preferred dwelling type in the Kirra Area, given a strong desire for people to maximise the lifestyle benefits through convenient lower maintenance living.
Highlighting recent apartment resale activity in the Kirra Area, it is interesting to note that even apartments of lower quality, condition and location have still achieved positive resale growth over both the short and longer-term. Apartment resales researched were held for an average period of around four years, during which time they achieved total average growth of $202,118 for the four years or annual average growth of $56,314.
Over the past two years, median rents for 2- and 3-bedroom apartments in the Kirra Area have increased by $63 or 15.9%. The fact that older apartments of lower quality, condition and location have still achieved positive rental growth recently confirms the investment potential of this area’s apartment market. With a vacancy rate of 1.1%, (which effectively means close to zero vacancies given that some properties will always be in a transition phase between tenants but not necessarily vacant in a traditional sense), there is further factual evidence to highlight the strong investment credentials and future opportunity for apartments located in the Kirra Area.
New apartment supply in Kirra itself has been constrained in recent times and will remain so into the future. This makes logical sense given site availability is limited due to Kirra’s relatively small
geographical area. To put this supply and demand environment into context, data from a recent Urbis’ Gold Coast Apartment Essentials Report, showed that of the entire Gold Coast new apartment market, the Kirra Area only accounts for 3% of supply that is currently under construction, being pre-sold or due to be released later in 2019.
This constrained apartment supply environment, coupled with high-demand drivers, greatly adds further weight to the strength of the investment opportunity within the Kirra Area.
With considerable infrastructure upgrades recently completed or planned for the southern end of the Gold Coast, residents and investors are well-positioned to directly benefit. Demonstrating the positive impact these major infrastructure projects have had on strengthening employment opportunities for local Kirra Area residents, improved economic and employment conditions are being experienced in the Kirra Area, resulting in extremely low vacancy rates and increased rents.
The Gold Coast Airport redevelopment and the John Flynn Hospital extension are just two major projects underway that will benefit the Kirra Area well into the future.
Interested to learn more about investing in Kirra and the Gold Coast? Read more key investment statistics here: mosaicproperty.com.au/gold-coast/, scroll further down the page to read more property insights, or contact us to receive our full Kirra suburb profile.
* References made to the Kirra Area in this report typically includes Kirra, Coolangatta and Rainbow Bay. Please view our disclaimer for more information on Mosaic Research.
As the 6th largest ‘significant urban area’ in Australia, the Gold Coast now acts much like a major capital city, where the transition away from a pure reliance on industries like tourism and construction has created a more sustainable economy.
Read moreThe scale and strength of the Sunshine Coast as a region is often underestimated. It is the 10th largest ‘significant urban area’ in the country, with economic and population growth that is outpacing other scale regions both as a percentage and in absolute terms.
Read moreAccording to a recent report, the Queensland property market is looking extremely positive due to a combination of factors including rising migration, affordable home loans and increasing incomes.
Read moreSunCentral Maroochydore has released brand-new images of its planned, $430million Maroochydore CBD, one of Queensland’s largest urban regeneration projects.Civil works have been completed in the core commercial precinct of the site and construction of the CBD’s first buildings are expected to start mid-year.
Read moreMosaic’s projects are in high demand locations where people want to live – with schools, transport, and lifestyle amenity. Great sites in these key locations are rare and the growing level of demand to live in these areas will always exceed supply, putting Mosaic property owners in the best position for growth in capital value over time.
Read moreFrom the stunning hinterland and beautiful iconic beaches, to the vibe of the thriving restaurant, cafe and shopping scene, Mermaid Beach is more than just a prestigious suburb of the Gold Coast, it's a well-connected lifestyle hub. Here's 15 great reasons why you need to be in Mermaid Beach.
Read moreOne of the Gold Coast’s premium suburbs, Mermaid Beach, is seeing continued momentum in capital growth and national demand, particularly from Sydney and Melbourne buyers. Despite prestige property cooling off slightly across the country, recent sales in Mermaid Beach’s Hedges Avenue prove there is still a strong appetite for buyers.
Read moreFollowing a recent audit of the area, leading demographer Bernard Salt tips the Sunshine Coast will emerge as a hotbed of urban growth and development, supported by the stand-out volume of small-business owners.
Read moreIn Knight Frank’s recently released The Wealth Report 2019, the Gold Coast was listed as one of only five Australia hot spots in the world’s top 50 cities for prestige market performance.
Read moreThe significant level of public and private investment committed to the Gold Coast represents a strong opportunity for residential investment returns to be maximised.
Read moreDownsizers, professional couples and families are looking to apartments on the Gold Coast, as traditional detached residential housing is being passed up for apartment living in the area.
Read more