Property analyst Michael Matusik has pinpointed Palm Beach, Gold Coast as the next big thing for investment due to an under-supplied apartment market, growing demand in the area, and infrastructure upgrades.
The beachside suburb is expected to benefit from the $550m Tugun Bypass along the existing Gold Coast Highway which is predicted to be completed by the end of 2008. Another major infrastructure project expected to have a positive impact on Palm Beach is the upgrade of the Gold Coast Airport which will accommodate larger aircraft and thus open up direct flights to Japan and the US.
"Our research shows that major transport infrastructure improvements can translate into higher rate of sales; increased land values; a wider target market; denser product; and greater development yield," says Matusik
One of the active projects in Palm Beach is the $110m 'Pavilions on 5th' development by Australian Property Growth Fund (APGF). Located between Fourth and Fifth Avenues on the Gold Coast Highway, the project consists of 194 apartments complemented by restaurants and cafes as well as retail premises.
"Pavilions on 5th is the first mixed-use development in Palm Beach and has the potential to revitalise the suburb's commercial centre as well as act as a catalyst for subsequent development and price growth," says Matusik.
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