INFRASTRUCTURE BOOSTS ASHMORE-BENOWA APPEAL
Written on the 23 July 2015
BUYERS with a keen eye for future growth should be targeting the Ashmore-Benowa region as it rides the Coast's rising property cycle, says CBRE Gold Coast director Chris Litfin.
The region has become the latest target for infrastructure upgrades ahead of the Commonwealth Games with the state government committing $160 million to improve several major road networks.
Litfin says the upgrades along the coastal corridor inland from the beach strip will have a similar impact to the light rail network, which has spurred billions of dollars in new development for beachside suburbs.
"Buyers with a keen eye for future growth have historically sought out areas with major infrastructure upgrades in the pipeline, as this often paves the way for increasing values and an improved lifestyle in terms of convenience and accessibility," he says.
Work is expected to commence later this year on a new traffic-light intersection at Ashmore Road and Ross Street, replacing the existing roundabout.
The new intersection will feature multiple lanes along with significant improvements to Nerang-Broadbeach Road and Olsen Avenue which is expected to greatly enhance traffic flow in the area.
The Benowa-Ashmore region is also already experiencing growth with the new Coles Benowa Village shopping centre currently under construction and significant investment by RACV in upgrading Royal Pines Resort. This includes a major overhaul of the Royal Pines Resort golf course, which is home to the Australian PGA Championship, now the richest tournament in Australia.
"The state government has recognised that the Benowa-Ashmore region is primed for major growth over the coming years and ahead of the Commonwealth Games is delivering infrastructure for the many new residents who will choose to live here for the strategic location," says Litfin.
"Major infrastructure changes, including the new road works and the soon to be completed Benowa Village shopping centre will complete the picture, creating a new urban heart and broadening the appeal of the location to a more diverse audience."
Rayjon Group is capitalising on market growth in the western fringe by through its new Vantage Gold Coast project, which adjoins both Royal Pines Resort and the new Coles Benowa Village.
"It is the first major masterplanned community the area has seen in years, but I expect activity will continue to ramp up as demand for new product increases on the back of improved lifestyle and accessibility," says Litfin.
Vantage Gold Coast is a new urban village being developed in a parkland environment on Ross Street, Benowa. The project is now selling, with two-bedroom, two-bathroom, two-car apartments priced from $405,000.
More than $5 million in stage one apartments have already gone under contract. Rayjon Group expects to start construction later this year, with a view to completing the first stage and central lifestyle amenities by Christmas 2016.