A Gold Coast developer has secured what is being touted as “the last major subdivision site” in one of Queensland’s most stunning regions.
Alder Developments has launched an expressions of interest campaign for the 89 residential lots which will be developed at Airlie Beach, with the 24-hectare project to be known as Airlie Summit.
Alder Development general manager Greg Tupicoff said the company had been monitoring the market in the Whitsundays for the last few years.
“There is considerable demand for new housing in the region with a significant shortfall in the availability of permanent rental, holiday rental and owner occupier properties alike,” he said.
“With the pandemic border restrictions of the last couple of years, those who would usually go overseas to holiday have instead been travelling domestically.
“The Whitsundays has become a beach holiday mecca and the region’s growth is simply not keeping up with demand.”
Alder is the latest in a long list of Australia’s biggest property players investing in the Whitsundays region, which is benefiting from over $43 billion worth of projects either earmarked or already underway.
In April, an Australian consortium announced that it would construct a new $350 million marina and resort at Shute Harbour, 12.5km from Airlie Beach.
The masterplanned development will comprise of 58 managed resort dwellings, each with their own private marina berths of 25-35m at their doorstep, managed apartments with resort club facilities and a 100-plus room resort hotel, which will include function and meeting rooms, bars, restaurants, a swimming pool and undercover parking.
The median house price in Airlie Beach soared 8.9 per cent to $860,000 off the back of 52 sales in the past 12 months.
The indicative gross yield for units in Airlie Beach, a tourist mecca, are a healthy 6.14 per cent, according to PropTrack.
Meanwhile, the latest REIQ Vacancy Report for the June quarter has vacancy rates in the Whitsunday region at just 0.8 per cent.
“Regional Queensland’s property market is showing no signs of slowing down and the projected growth in the region was a key reason why we decided to acquire this site now,” Mr Tupicoff said.
“Between the proposed Bowen Orbital Space Port, the $63.5 million Shute Harbour Terminal and the speculated revival of numerous closed resorts after various Whitsunday islands have recently changed hands, residential demand will continue to skyrocket.”
Mr Tupicoff says the site is in a key location for the region, offering aspirational land lots with some of the best views in the Whitsundays freehold land market.
“It is on top of the highest zoned land in the area, nestled amongst the bushland of Conway National Park, with spectacular views of the main street and the blue waters of the Coral Sea below,” he said.
“The development represents a fantastic opportunity for anyone looking for a permanent holiday home, investors looking for diverse real estate and owner occupiers who are looking for a unique outlook.”
Civil construction works at the site started this month.
The 89 lot site will include two “super lots” for townhouses and apartments, with expressional of interest now open.
Prices have not yet been disclosed.