CARRARA SUBURBPROFILE

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1 1 SUBURBPROFILE Carrara is considered a unique residential address being a quiet, leafy suburb yet within close proximity of all the Gold Coast has to offer. OVERVIEW Carrara is situated within the heart of Queensland s Gold Coast, 10 kilometres from Surfers Paradise and 70 kilometres from the Brisbane CBD. The suburb is surrounded by large tracts of green open space and has direct access to the Gold Coast waterways. Carrara is considered a unique residential address being a quiet, leafy suburb yet within close proximity of all the Gold Coast has to offer. GOLD COAST CITY COUNCIL POPULATION PROJECTIONS 1,000, , , , , , , , , , Source: Resolution Research - Australian Bureau of Statistics April POPULATION TO INCREASE BY 400,000 TO REACH 905,000+ POPULATION AND DEMOGRAPHICS According to the latest data provided by the Australian Bureau of Statistics, as at June 30, 2014 the Gold Coast was home to just over 546,000 persons. By 2036 the region s population is projected to grow by almost 400,000 people to reach a resident population of 905,000 persons. This large increase in the region s population is expected to be a significant stimulus for the Gold Coast economy and will inevitably translate into a high level of underlying demand for new dwellings.

2 Construction has begun on the $121 million redevelopment of the Carrara Sports Precinct. 2 As at June 2014, Carrara was home to 12,372 persons. The population has grown marginally over the five years to June 2014 principally as a function of the limited land available of the development of new homes throughout the suburb. By 2036 the population is projected to reach just over 16,700 persons. The 2011 Census provides a picture of the underlying demographic profile of Carrara. The Census revealed that the dwelling landscape of the suburb is comprised of a diverse range of homes with 62% of all dwellings detached houses, 32% townhouses and 6% apartments. Families accounted for the largest proportion of households (44%) followed by couples with no children (29%) and lone persons (22%), the remaining 5% of dwellings were occupied by group/ share households. The area is a popular residential address for home owners and renters alike with 67% of homes either owned outright or occupied under a mortgage and the remaining 33% held under rental tenure. INFRASTRUCTURE & EMPLOYMENT Construction has begun on the $121 million redevelopment of the Carrara Sports Precinct which will be delivered as four key projects including the new Carrara Sports and Leisure Centre, upgrades to the Carrara Indoor Stadium upgrades to Carrara Outdoor Stadium and a range of upgrades throughout the precinct including improvements to the existing sporting fields. NEW $121 MILLION SPORTS PRECINCT The Carrara Sports Precinct is home to the Gold Coast s premier sporting facility the Carrara (Metricon) Stadium. In 2011 the stadium underwent a $144 million upgrade to allow seating for over 25,000 which is being expanded to seat 40,000 for the 2018 Commonwealth Games. The Stadium is home to the Gold Coast Suns AFL team, hosts ICC Cricket matches, concerts, festivals, IAAF athletics events and FIFA World Cup soccer matches. The Stadium will be a major focal point for the 2018 Commonwealth Games hosting both the opening and closing ceremonies and the athletics competitions. The new Sports and Leisure Centre will provide world-class competition and training facilities on the Gold Coast capable of accommodating international sporting events. The 2018 Commonwealth Games badminton and wrestling competitions will be hosted at the venue. 8KLM FROM 200 HECTARE GOLD COAST HEALTH AND KNOWLEDGE PRECINCT Carrara is well serviced by numerous health and medical facilities. The area is only 8 kilometres from the 200 hectare Gold Coast Health and Knowledge Precinct which is home to Griffith University, the Queensland Academy of Health Sciences

3 The Gold Coast is famous for its 57 kilometres of golden beaches which offer residents of Carrara access to one of Queensland s most iconic coastal playgrounds. 3 and the new $1.8 billion Gold Coast University Hospital. The Gold Coast University Hospital opened in 2013 and currently has a workforce of more than 5,000 persons. It is the largest public hospital in Australia and Queensland s largest clinical teaching and research facility. Construction of the new Gold Coast Private Hospital is currently underway within the Precinct, which on completion in late, will make the world-class Precinct the largest combined employment and educational node on the Gold Coast TRANSPORT Residents of Carrara are afforded quick access to the Pacific Motorway (M1) providing a direct link to Brisbane, the greater South-East Queensland region and northern New South Wales. The community is also has a high level of public transport infrastructure in place. The Nerang Train Station is situated 2.5 kilometres from Carrara and is serviced by the Gold Coast/Varsity Lakes line. The Gold Coast service is an express service running between Bowen Hills and Varsity Lakes, stopping at only a handful of stations along the way proving commuters with an efficient mode of transport to the Brisbane CBD and the central Gold Coast. At Central Station the line connects with the Airtrain which is a rapid transport rail service running between the city and the Brisbane Airport. HIGH LEVEL OF CONNECTIVITY Bus services connect the suburb with the GoldLinQ light rail rapid transport system which runs between Broadbeach and the Gold Coast University Hospital. The service runs across 17 stations along the coastal strip and inland to Griffith University. The Broadbeach South Station is located around 11 kilometres from Carrara. A number of Translink and Surfside bus services run through the suburb linking the community with major employment, retail, recreation and educational nodes throughout the Gold Coast. RECREATIONAL AMENITY The Gold Coast is home to a worldclass range of leisure activities in addition to the region s vast beaches, national parks and open parklands are numerous playgrounds, walking tracks and rainforests. The country s top theme parks are all located within the Gold Coast namely, Dreamworld, Movieworld, Wet n Wild, the Outback Spectacular and SeaWorld. These attractions are a significant contributor to both the state and local economies and position the Gold Coast as one of the country s strongest tourism markets. WORLD CLASS LEISURE REGION The Gold Coast is famous for its 57 kilometres of golden beaches which offer residents of Carrara access to one of Queensland s most iconic coastal playgrounds. There are 21 beaches throughout the Gold Coast stretching from the New South Wales border to South Stradbroke Island. Carrara is surrounded by a large tracks of green open space and within close proximity of Nerang National Park. A number

4 Jupiters Hotel and Casino at Broadbeach is situated ten kilometres from Carrara and is widely recognised at the Gold Coast s premier entertainment venue. 4 of popular parks punctate the suburb s landscape including the Alan Nielsen Park which is the home ground of the AFL Gold Coast Juniors and Cricket Gold Coast, Birmingham Sports Fields, Boonooroo Park (Central), Glennon Park Linkage Keith Williams Park, Lions Park, Paddington Drive Reserve and the Palm Meadows Baseball Facility. The 250 kilometre Nerang River flows through Nerang onto the Gold Coast Broadwater at Southport. A public boat ramp is located within Carrara providing residents of the community with access to one of the Gold Coast s major natural assets. Surrounded by the diverse offering of parks and the Nerang River, future development within Carrara is likely to be contained in order to preserve the unique quality of life enjoyed by the residential community. The luxury Mercure Gold Coast Resort is situated within the heart of Carrara and contains the picturesque, 350 hectare Palm Meadows Golf Course. Palm Meadows is recognised as one of South East Queensland s premier golf courses. The course s 18th hole is wold famous and ranks 18th in the world s top 500 golf course. The Emerald Lakes Golf Course is less than 3 kilometres from Carrara in the neighbouring suburb of Emerald Lakes. The Graham Marsh designed championship golf course offers generous greens, wide fairways and pristine lakes. The Golf course also houses a Driving Range, Coaching Centre, Pro Shop and Mini Golf course. Seven kilometres from Carrara is Australia s first Jack Nicklaus designed Lakelands Golf Club. The Golf Club is considered to be one of the country s premier golf courses and is one of the Gold Coasts major tourist attractions. Additionally, the area has access to a diverse range of sporting clubs ranging from cricket, soccer, AFL, rugby league and rugby union to swimming clubs, netball clubs, equestrian clubs, ten pin bowling and, of course, the legendary surf life-saving clubs of the Gold Coast. Jupiters Hotel and Casino at Broadbeach is situated ten kilometres from Carrara and is widely recognised at the Gold Coast s premier entertainment venue. Each year the Casino hosts a diverse array of concerts and performances from local and international acts, together with musicals, cabarets and comedy shows. Jupiters is one of the largest Casino s in Queensland and contains one of the largest convention spaces of any hotel in Australia. The Casino is a major contributor to the local economy and a significant provider of local jobs. RETAIL AMENITY The resident community of Carrara are within close proximity to a wide range of retail centres including the Gold Coast s largest shopping destinations Robina Town Centre and Pacific Fair. The everyday needs of the local THE 250 KILOMETRE NERANG RIVER FLOWS THROUGH NERANG ONTO THE GOLD COAST BROADWATER AT SOUTHPORT. A PUBLIC BOAT RAMP IS LOCATED WITHIN PROVIDING RESIDENTS OF THE COMMUNITY WITH ACCESS TO ONE OF THE GOLD COAST S MAJOR NATURAL ASSETS. SURROUNDED BY THE DIVERSE OFFERING OF PARKS AND THE NERANG RIVER, FUTURE DEVELOPMENT WITHIN IS LIKELY TO BE CONTAINED IN ORDER TO PRESERVE THE UNIQUE QUALITY OF LIFE ENJOYED BY THE RESIDENTIAL COMMUNITY.

5 Carrara is home to the famous Carrara Markets which is not only one of the Gold Coast s major tourist attractions but the biggest permanent weekend marketplace in Australia. 5 community are met at the recently completed Carrara Woolworths which is supported by a range of convenience shops. Neighbouring Nerang is home to the My Centre Nerang containing both Coles and Aldi supermarkets, a range of speciality retailers and service providers including medical and banking. Carrara is home to the famous Carrara Markets which is not only one of the Gold Coast s major tourist attractions but the biggest permanent weekend marketplace in Australia. The Markets contain around 500 stalls offering a wide variety of goods ranging from fresh produce, fashion, homewares and arts and crafts. The Markets also contain the popular Luke s Reptile Kingdom interactive show and King Tutt s Putt Putt with two themed 19 hole mini golf courses. Robina Town Centre is around ten minutes drive from Carrara and is one of the Gold Coast s largest shopping destinations. The Centre features a David Jones, Myer, Big W, Target, two Woolworths supermarkets, a Coles supermarket and more than 350 speciality stores. Robina Town Centre also contains an Event Cinema complex and a unique lakeside dining precinct. 15 MINS TO QLD S LARGEST SHOPPING CENTRE Pacific Fair Shopping Centre is the Gold Coast s largest shopping centre and is located 15 minutes by car from Carrara saw the commencement of a $670 million redevelopment of the shopping centre. Upon completion the centre will be home to 420 retailers and will be the largest shopping centre in Queensland and the fourth largest in Australia. The redevelopment will also include a world class indoor/outdoor leisure and entertainment precinct and a dining and bar precinct. The centre also contains the state-ofthe-art Event Cinema the largest on the Gold Coast. The Centre incorporates the Gold Coast s main bus interchange which provides excellent access throughout the Gold Coast and connects with links to greater South East Queensland and northern New South Wales. Surfers Paradise is unquestionably one of Australia s most revered tourism destinations and only a 15 minute drive from Carrara. Over recent years millions of dollars of infrastructure spending have been spent on rejuvenating the heart of the Gold Coast. The recently completed upgrade of the Cavill Mall, and the $25 million upgrade of the Foreshore area, together with the integration of the GoldLinQ light rail rapid transport system has delivered a unique vibrant and well-connected entertainment, recreational and retail precinct for tourists and residents alike. RESIDENTIAL APARTMENT MARKET FUNDAMENTALS The Gold Coast s residential apartment market is unquestionably strengthening after a period of relatively flat conditions. For the year ended 2014, apartment demand was at its highest level since 2006 which corresponded with a 3% lift in median values. SURFERS PARADISE IS UNQUESTIONABLY ONE OF AUSTRALIA S MOST REVERED TOURISM DESTINATIONS AND ONLY A 15 MINUTE DRIVE FROM.

6 Between 2012 and 2014 median values grew by a strong 10% underpinned by increasing levels of demand as highlighted in the chart below. 6 APARTMENT DEMAND HIGHEST IN 8 YEARS MEDIAN PRICE 10% A similar trend was observed throughout Carrara s apartment market with median values growing by 2% over the twelve months to December Between 2012 and 2014 median values grew by a strong 10% underpinned by increasing levels of demand as highlighted in the chart below. A further indicator of the strength of the area s apartment market is the current premium it is achieving over the broader Gold Coast market which, for the year ended December 2014, sat at an impressive $48,000. This strong result is thought to be based upon a number of key fundamentals namely, the quality of the suburb s dwellings, its superior locational attributes, the high level of amenity within the area and its connectivity with the Gold Coast region, Brisbane and greater South-East Queensland. RENTAL MARKET CONDITIONS Over the past three December quarters, median weekly rental growth throughout Carrara s APARTMENT MARKET FUNDAMENTALS 2004 TO 2014 $500, $450, $400, $350,000 $300, $250, $200, $150, $100,000 $50, $ Sales volumes Median price Source: Resolution Research - The State of Queensland April

7 Over the past three December quarters, median weekly rental growth throughout Carrara s apartment market has been strong. This strong lift in median weekly rents illustrates the strength of demand for rental apartments within the area. 7 apartment market has been strong. Median weekly rents of one, two and three bedroom apartments have grown by $83, $30 and $50 per week respectively. This strong lift in median weekly rents illustrates the strength of demand for rental apartments within the area. The healthy rental market conditions throughout the suburb are further evidenced by the gross rental yield being recorded at the time of this research which is a high 5.8%. Carrara is currently recording an extremely tight vacancy rate of 1.1%. To put this in perspective, a vacancy rate of 3% is accepted as the indicator for a balanced rental market where supply is in line with demand. Clearly, Carrara s rental market is in a state of undersupply HIGH GROSS RENTAL YIELD 5.8% AT A GLANCE Carrara is situated within the heart of Queensland s Gold Coast, 10 kilometres from Surfers Paradise and 70 kilometres from the Brisbane CBD. Carrara is considered a unique residential address being a quiet, leafy suburb yet within close proximity of all the Gold Coast has to offer. By 2036 the Gold Coast s population is projected to grow by almost 400,000 people to reach a resident population of 905,000 persons. This large increase in the region s population will inevitably translate into a high level of underlying demand for new dwellings. At the time of the 2011 Census that the dwelling landscape of Carrara was comprised of a diverse range of homes with 62% of all dwellings detached houses, 32% townhouses and 6% apartments. The area is a popular residential address for home owners and renters alike with 67% of homes either owned outright or occupied under a mortgage and the remaining 33% held under rental tenure. Construction has begun on the $121 million redevelopment of the Carrara Sports Precinct. The Precinct is home to the Gold Coast s premier sporting facility the Carrara (Metricon) Stadium. In 2011 the stadium underwent a $144 million upgrade to allow seating for over 25,000 which is being expanded to seat 40,000 for the 2018 Commonwealth Games. The Carrara (Metricon) Stadium will be a major focal point for the 2018 Commonwealth Games hosting both the opening and closing ceremonies and the athletics competitions. Carrara is only 8 kilometres from the 200 hectare Gold Coast Health and Knowledge Precinct which is home to Griffith University, the Queensland Academy of Health Sciences and the new $1.8 billion Gold Coast University Hospital and the soon to be completed Gold Coast Private Hospital. The community has a high level of public transport infrastructure in place being 2.5 kilometres of the Nerang Train Station which is serviced by the Gold Coast/Varsity Lakes line, 11 kilometres from the Broadbeach South GoldLinQ light rail station and with a number of Translink and Surfside bus services running through the suburb. The Gold Coast is famous for its 57 kilometres of golden beaches which offer residents of Carrara access to one of Queensland s most iconic coastal playgrounds. Surrounded by the diverse offering of parks and the Nerang River, future development within Carrara is likely to be contained in order to preserve the unique quality of life enjoyed by the residential community. There are three major golf courses within a 7 kilometre radius of Carrara - the Palm Meadows Golf Course, the Emerald Lakes Golf Course and Australia s first Jack Nicklaus designed Lakelands Golf Club. The resident community of Carrara are within close proximity to a wide range of retail centres including the Gold Coast s largest shopping destinations Robina Town Centre and Pacific Fair. Carrara is home to the famous Carrara Markets which is not only one of the Gold Coast s major tourist attractions but the biggest permanent weekend marketplace in Australia. The Gold Coast s residential apartment market is unquestionably strengthening after a period of relatively flat conditions. Between 2012 and 2014 median apartment values in Carrara grew by a strong 10% underpinned by increasing levels of demand. The healthy rental market conditions throughout the suburb are evidenced by the gross rental yield being recorded at the time of this research which is a high 5.8%.

8 1 PACIFIC FAIR SHOPPING CENTRE 2 JUPITER S CASINO 3 6.5KLM 7KLM BROADBEACH 7.3KLM BROADBEACH PALM MEADOWS DRIVE, MEDIAN APARTMENT PRICES Sydney vs Melbourne vs Brisbane vs Gold Coast 1996 to $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Sydney Melborune Brisbane Gold Coast

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