Miles Residences investors safe and sound with local infrastructure boom and sea-changer trend
Miles Residences is one of the Gold Coast’s most sought-after residential beachfront projects in the pipeline.
The development of 118 apartments is part of the redevelopment of the Kirra Beach Hotel. The brains behind the operation is the family-ran KTQ Group, led by Peggy Flannery, who are behind the award-winning Elements of Byron Bay.
They've already seen unprecedented levels of success in the $180 million Development with over 80 per cent of apartments sold in just under 3 months since launching.
There has been a strong uptake from local investors, with around 52 per cent coming from Queensland and 37 of those are lifestyle investors.
KTQ Group Development Director Jeremy Holmes says the high level of Queensland buyers is mainly due to the local market acting quickly to choose their ideal apartment.
"They have been waiting 10 years for this project and didn’t want to miss out on the uninterrupted view lines.”
What investors need to know
Infrastructure
Despite the market booming from COVID-19, there are hopes the Gold Coast apartment market will continue to grow due to the strong infrastructure pipeline.
Some $2.3 billion has been allocated to upgrade the G-Link Light Rail which currently runs as far south to Broadbeach.
The next stage will see the south terminus become Burleigh Heads, then, as part of the Gold Coast City Transport Strategy 2031, it will head as far as the airport at Coolangatta, less than a few kilometres from Miles Residences.
The airport is undergoing a $370 million redevelopment, and work has begun on the $673 million upgrade of the nearby Tweed Hospital.
North of Miles Residences toward Broadbeach there's The Star Gold Coast's $2 billion master plan which allows up to seven towers to be built, one of which, a $63 million tower, is reported to be homing a Marriott Brand W Hotel.
Apartments are in high demand
The two most popular destinations for interstate migration are the Sunshine Coast and the Gold Coast, the REIQ note. Some 7000 migrants moved to Queensland in the December quarter.
Surfers Paradise, which recorded more than 2,100 vacant rentals at the peak of the pandemic nine months ago, currently has 0.7% stock availability.
Record low vacancies have been reported across the entire Gold Coast, particularly in the south where there's a 0.3 per cent median vacancy.
“What we’re seeing is an unprecedented level of diminishing rental availability that’s placing significant pressure on our State’s housing sector – so much so that it’s unsustainable and why urgent action is required to better support both increased and ongoing property investor activity in the Queensland property market and the contributions they make to the state economy,” REIQ president Antonia Mercorella said.
For the last details and to check availability connect with the team at Keenan & Co via Miles Residences.
