Over the weekend, while assisting a client, I asked her to consider a suburb that she had previously overlooked due to its reputation for high rental rates and a run-down appearance. I explained that following the recent surge in growth on the Gold Coast post-COVID, some areas known for certain characteristics have undergone significant changes. The shift from a predominantly rental demographic to an owner-occupied one has led to an uplifting transformation of the neighborhood. The properties and streets have become more presentable and have experienced a rise in value.
When I mentioned that this transformation could be described as suburb gentrification, my client was unfamiliar with the term. Realizing that others might also be unaware, I felt the need to shed light on this concept in simpler terms.
What is Suburb Gentrification? It’s essentially a process where a neighborhood undergoes a transformation!
In the specific case I mentioned, the suburb experienced a shift from being predominantly rented to having a higher number of owner-occupied properties. This shift was driven by the affordability of the properties in the area. As a result, the streets have been revitalized, reflecting the pride homeowners take in their residences.
Social
On a social level, this transformation fosters a stronger sense of community, as residents tend to stay in their properties for longer periods, building connections and relationships.
Commercial
We can also see examples of this in commercial areas, where old and rundown buildings have been converted into thriving cafes, breweries, and bars, adding value to the surrounding areas. There has been a few Gold Coast suburbs that have witnessed several such transformations in recent years.
From a homebuyer’s perspective, suburb gentrification is a positive development, as it contributes to substantial capital growth. The increasing appeal of the suburb leads to significant price appreciation, often surpassing the average rate.
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