Impeccable waves, a shimmering, world-class beach and a climate that's among the very best in Australia – these are just a few of the factors that make a Surfers Paradise address one of the most desirable in the country. The area is equally known for its high-rise buildings, and the suburb is set to reach even higher into the sky with further skyscraper construction on the horizon.
The population of Surfers Paradise is projected to rise by a whopping 75 per cent between 2011 and 2036, according to The National Property Research Company. Over 36,000 permanent residents will call Surfers Paradise home in two decades' time and, as such, a further 8,200 homes will need building.
The need for more homes isn't unique to Surfers Paradise – indeed, there are more new apartments being built in Australia than ever before. An article published by Business Insider Australia states that every one of Australia's major eastern hubs are looking to build new residential skyscrapers in the coming years. Work has already begun, and this is apparent due to the sheer number of residential cranes popping up all over the country.
In fact, there are more cranes working on high rise construction apartments on Australia's east coast than there are in the entirety of North America, according to property and construction consultants Rider Levett Bucknall. At the tail-end of 2016, well over 500 cranes were in use along the east coast, largely for the construction of new high rise apartments. You only have to take a gentle stroll along Main Beach to see for yourself, but it's not only skyscrapers enjoying the building boom.
Lower-level units are also taking shape across Surfers and beyond, with data from CoreLogic stating that over 30,000 were built in Queensland in 2016 alone – with more to come. Cameron Kusher, research analyst at CoreLogic, states that the sheer speed at which east coast developments are springing up is nothing short of astonishing.
"At the end of the June 2016 quarter, there were 55,682 units under construction across New South Wales, 46,676 under construction in Victoria and 31,070 under construction in Queensland. while data is not available at a capital city level however, what is occurring in each of these states is a proxy for the capital city unit markets," said Mr Kusher.
If you look at the long-run averages you can see that the current unit construction boom is unlike anything we've ever seen before," Mr Kusher concluded to Business Insider Australia.
Perhaps the most exciting development of all is the Orion Towers project. If the application, which has recently been submitted to the Gold Coast City Council for approval goes ahead, the twin conjoined towers will be among the tallest residential buildings in the southern hemisphere. With one tower reaching 274 metres, and the other 328 metres, this is a superstructure that looks set to dominate the Surfers Paradise skyline for decades to come. Boasting 179 storeys between them, Orion Towers look sure to absorb a sizeable proportion of Surfers' future population growth, but it's not only people that the building will house.
Orion Towers will also play host to a restaurant and shopping facilities, and an observation deck at its peak – an apex that's on par with Auckland's soaring Sky Tower. The columns will be linked by an elevated bridge with a notable curve, tentatively known as 'the curious ring', and there's even a 165-room five-star hotel planned. The Surfers region can only grow from here.
To find out more about the commercial side of the Surfers Paradise property market, be sure to get in touch with our expert team today!