Burleigh development: Every new high-rise tower planned for exclusive Gold Coast suburb
Burleigh Heads will be Queensland’s Bondi Beach within a decade when its golden sands will be an exclusive haven only for the rich as a new map reveals the wave of new development.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
Burleigh Heads will be Queensland’s Bondi Beach within a decade when its golden sands will be an exclusive haven only for the rich.
Property experts say the beachside village will become increasingly out of reach for families as wealthy buyers snap up the remaining units and houses around the future tram route.
While 13 towers are in the pipeline for Burleigh – the fourth-most of any Coast suburb – its population has increased only 5 per cent in the past decade, far below the boom suburbs of Ormeau (up 41 per cent), Coomera (up 129 per cent) or even Surfers Paradise (32 per cent).
In contrast, house prices have already skyrocketed to $500,000 more than the city average and penthouses are selling for more than $20m.
The minimum price for units in new high-rises is expected to touch $1m.
Colliers Gold Coast residential director David Higgins said Burleigh Heads would become increasingly exclusive thanks to a low supply of units, even as the light rail extension moves south.
“Burleigh was behind the other suburbs because it had little to no new stock of units and right now it is hard to get your hands on a site and deliver more,” he said.
“This will keep the prices up because the existing land is tightly held and there is nothing more affordable coming to the market.
“Broadbeach will be the big winner out of this because it has the supply and the fantastic lifestyle.
“Burleigh has the name but Broadbeach has a lot more.”
The median house price in Burleigh Heads is $1.4m, up 24 per cent in 12 months and far above the Gold Coast average of $940,000.
The median unit sale price for Burleigh is $892,600, up 35 per cent year on year.
A Bulletin investigation last month found there are nearly 120 tower projects either under construction, approved, on the market or before city leaders awaiting a green light.
Despite record population growth and hundreds of new units coming to the market, the Burleigh stock will do nothing to take pressure off the city’s tight market, with most almost entirely sold out before construction begins.
The Burleigh towers are primarily lower density than those of surrounding suburbs like Broadbeach or Palm Beach, offering single-floor “skyhome” units.
The southern Gold Coast suburbs have been at the epicentre of the city’s red-hot property market, which has seen vacancy rates fall to record lows, with just 45 units available for sale in the March quarter.
A market overview report released last week by Colliers International tips Burleigh and Southport to be among the key suburbs to benefit from hosting the 2032 Olympic Games.
The report noted more than $5bn of “transformative” projects were in the pipeline, including light and heavy rail upgrades, the Star masterplan at Broadbeach and the Spit Masterplan in Main Beach.
“With city-changing projects expected to become a reality, we expect commercial redevelopment opportunities in key locations like Southport CBD and Burleigh Heads, which are crucial locations for the proposed transport networks,” the report reads.
“Southport CBD is a 190ha Priority Development Area (PDA) going through a transformation process, attracting over $5bn from private and public investments. An integral part of the process is the planned development of Gold Coast’s Chinatown, an already popular precinct that is desperate for a revival.
“Similarly, the construction of all of the mentioned projects will place pressure on the region’s industrial land stocks, and developers are expected to see increasing opportunities to expand industrial development activities to service the growing industrial demand and growing population.”
City planning boss Cr Cameron Caldwell said new infrastructure provided the opportunity for urban renewal.
“We want Gold Coast residents to live and work where there is good infrastructure to keep up with their transport needs,” he said.
“We need to ensure that we preserve the Gold Coast lifestyle and maintain a consolidated urban form which is well-served by infrastructure.”
Leading town planner David Ransom said the city would face many challenges in the next decade as developable land ran out, forcing more tower projects around the tram network.
“Inevitably, we are going to run out of greenfield land and that is going to cause the city to look at urban consolidation as the answer to the ongoing population growth,” he said.
“We will have to work out how to cater to that growth sustainably while still catering to everyone.”
Construction is expected to begin within weeks on the light rail’s Stage 3 between Broadbeach and Burleigh Heads, while planning continues on Stage 4, which will run to the border.
Both routes are expected to be completed in time for the 2032 Olympics.
Colliers Gold Coast direct Steven King said the infrastructure would prove to be a magnet for new residents as well as capital from ”institutional investors”.
”Thes are people who would not normally look at the Gold Coast with so much happening but with the growth coming because of the Olympics, we will get that too.
“Whether we like it or not, the Gold Coast is fast emerging and people want to live here, so we have to be happy with the fact that this is happening.”
BURLEIGH SITE SELLS FOR $8M
The site of one of the Gold Coast’s most popular indoor sports centres has sold for more than $8m.
Long-time developer Firestar bought the 7003sq m site on Burleigh Heads’ Fremantle St in June.
It is currently home to the Gold Coast Indoor Sport Centre. The lease term ends June 2024.
The land was bought off GTS Holdings, which had owned the site since 2003.
Firestar boss Tony Lenan said the company would consider creating another man cave-style development on the site but plans were far from certain.
“We are yet to finalise how we will develop (it) and we are considering a ‘city caves’ development similar to the project we recently completed at Margaret St, Southport,” he said.
“However, we are mindful that there are a huge number of recently built and under construction man caves in the Burleigh region and there is strong demand for larger, more conventional light industrial-style strata units.
“Level parcels of land of this size with easy access to the Bermuda St and the M1 Motorway are like hen’s teeth and we see tremendous long-term development potential.”
More Coverage
Originally published as Burleigh development: Every new high-rise tower planned for exclusive Gold Coast suburb
Surprise twist in future of Surfers Paradise shopping centre
A once-glamorous Surfers Paradise shopping centre will be transformed into a new development which is set to become a tourist magnet. FIND OUT MORE
Young couple snap up new home for $50,000+ above price range
A couple have bought an abode moments from their home on the same street at one auction out of more than 1150 running across Victoria this weekend. WATCH AUCTIONS LIVE.