The Gold Coast suburb of Nerang is shedding its down-market image with a host of new apartments in the pipeline, making it Australia’s second fastest apartment boom suburb with a 12-month increase of 39%.
Bankwest general manager broker sales Stewart Saunders said while the rest of the country was experiencing huge declines in medium density housing, Nerang was continuing a long-term trend towards apartment living.
“Over the 12 months to March this year three quarters, almost 80 per cent of all housing approvals in Nerang were for medium density housing.” Mr Saunders said.
LJ Hooker Nerang sales manager Chris Pittaway said developers predicted “huge growth potential” in Nerang.
“I have lived in Nerang for the past 14 years after I moved here from Sydney and I think it has evolved a bit like Redfern,” he said. “No one wanted to touch it in the past but now a lot of new developments have started springing up. There is a new Red Rooster, a service station and a golfing and tennis academy KDV Sport and these have given the place a modern facelift.”
He said Nerang’s location and infrastructure were driving interest.
Mr Pittaway said the suburb wasn’t considered an option for many people in the past but it was now high on the list for home buyers and investors.
If you’re looking to buy an apartment or home in Nerang, contact our Gold Coast building and pest inspectors to check the property. Even if the property has just been built, a handover report is essential to look for any building defects, poor workmanship or incomplete finishes.