Priority Development Area status for Southport leads to increase in value of unit sales

THE value of unit sales has leapt by 14 per cent or $25 million in Southport’s CBD one year after it was named a Priority Development Area.

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THE value of unit sales has leapt by 14 per cent or $25 million in Southport’s CBD one year after it was named a Priority Development Area by the State Government.

Since October last year, buyers have spent more than $191 million on residential units in Southport, up from $165 million for the previous year.

Southport Councillor Dawn Crichlow said the area had grown in “leaps and bounds” since gaining PDA status.

“Business confidence has returned and it has increased confidence in the property market,” Cr Crichlow said. “We will soon get to a stage where everyone will work and live in Southport and buy acreage properties for the weekend.

“Developers have seen the interest for units in Southport and they are planning billions of dollars worth of projects

as a result.”

The PDA allows the Gold Coast City Council to fast-track development approvals in the Southport CBD.

Since the announcement, nearly $2 billion worth of projects have been submitted

to the council for approval.

Cr Crichlow said international investors

were also buying units for students heading to the new Southport TAFE campus and Griffith University.

“An extra 10,000 students have poured into the area since the TAFE has opened and heaps of Asian families are buying units for their children,” she said.

“It has done wonders for the property market and goes another step to creating an

all-purpose area. The hospital, light rail system and Chinatown Precinct have all helped attract people, as well.”

Mayor Tom Tate said the PDA had led to a massive growth in CBD development.

“Since the declaration of

the PDA, the total potential development investment value of major projects for Southport, including land, consultants, holding costs, finance, marketing and construction

is $1.9 billion.

“It’s clear both developer and investor confidence in the area has returned, which is great news for our economy.”

REIQ Gold Coast zone chairman John Newlands said the Southport property market was on the mend.

“It is really great to see results like this and it is proof the Gold Coast has recovered from the downturn,” he said. “We’re a big city and having a CBD is very important.”

Ray White Surfers Paradise chief executive Andrew Bell said there was increased competition for development sites since the PDA announcement.

“Southport’s PDA status is very positive for the area and its residents,” he said.