A word from our clients
JW. Prestige Agents Location Spotlight
Posted: 26th October 2020
Posted in: Media
There is unlikely any other Gold Coast location that has reinvented itself to the extent of Palm Beach over the past decade. The once sleepy beachside suburb that remained hidden between Burleigh Heads and Currumbin is now reshaping its identity like never before. New buildings, bars, restaurants and cafes are examples of how Palm Beach is finally realising its full potential.
Demographic Profile
The most prominent life-stage segment is Maturing and Established Independence (singles and homesharers aged 35-54), who make up 17.1% of Palm Beach residents. They are followed by Older Couples and Families (families, couples, extended families and single parents aged 55-64), who account for 14.2% of residents, and Independent Youth (couples, singles and homesharers aged under 35), who make up 13.7% of locals.
The suburb has approximately 15,200 residents, with a median age of around 39 years. There is an average of 2.2 persons in each household.
Real Estate Value
The median sale price over the past twelve months is $890,000 for houses and $470,000 for units. Over the past ten years, Palm Beach has delivered an average yearly capital increase of 4.97% for houses and 2.51% for units.
Focusing on recent growth over the past twelve months, house values have risen 4.76% compared with 9.81% for units. The rental market has also shown steady growth in returns. The median weekly rent is $650 for houses and $430 for units.
Property Demand
Realestate.com rates Palm Beach as a ‘high demand market’. Each property listing for the area receives an average of 1,091 webpage visits, compared to 663 webpage visits for properties throughout the rest of the state.
There have been 203 properties sold in the past twelve months. The average listing period has been 55 days for houses and 65 days for units. The average price discount was -4.75% for houses and -4.96% for units.
Location Layout
Palm Beach is approximately 6.2 square kilometres, with 35 parks that cover around 13.3% of its total area. It is bordered with Burleigh Heads to the north, Elanora to the west, and Currumbin to the south. It is approximately 92 kilometres from Brisbane CBD, 23 kilometres from Southport, 9 kilometres from Coolangatta, and 74 kilometres from Byron Bay.
Facilities and Attractions
Palm Beach is a true beachside suburb, with most properties located within a short drive to the sand. Additionally, there are waterfront homes situated on the canal system which links with Tallebudgera Creek. In recent years, Palm Beach has experienced rapid growth and development. As a result, it now boasts a range of cafes, restaurants, and nightlife options. Some of the popular options include The Scottish Prince, Wildernis, Suga, and The Collective.
Palm Beach Currumbin State High and Palm Beach State School are the notable education options within the suburb. It also contains many parks, reserves and ovals, an aquatic centre, dog beach and parklands. It’s located 13 kilometres from Varsity Lakes Railway Station, and is situated within close proximity to both the M1 and Gold Coast Highway.
Final Thought
Despite being overlooked by homebuyers in previous years, Palm Beach is now taking advantage of its prime Gold Coast location and transforming into one of the city’s most sought-after suburbs. Moreover, as it continues to grow, there will be more opportunities to invest in this location. Undoubtedly, it will become a Gold Coast standout in future years. So, it’s worth keeping an eye out for upcoming investment opportunities in the area.
