Gold Coast’s Nerang is shedding its down-market image with a host of new apartments in the pipeline making it Australia’s ‘ second fasting apartment boom suburb with a 12 month increase of 39 percent.
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 percent of all housing approvals in Nerang were for medium density housing.” Mr Saunders said.
“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, 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.