Coolangatta unit block hits the market ahead of forecast rent rise

first_imgSome rentals are forecast to fetch up to $760 per week during holiday periods like Christmas. More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North2 hours ago02:37International architect Desmond Brooks selling luxury beach villa21 hours agoThe building houses five apartments.The units are currently being rented by tenants paying between $270 to $320 per week. Property records show a projected current market rent of up to $350. The Eden Avenue apartment block is at the heart of it all.IT’S all sunshine and rainbows for Coolangatta’s unit market, with a vendor offloading an entire apartment block in Rainbow Bay ahead of a predicted rise in rent.The building, on a 481sq m block at 50 Eden Avenue, houses five units and can be snapped up for $1.77 million. Stable tenancies are currently in place.Holiday rental projections vary from $420 to $760 during the low season up to Christmas.The median price for a two-bedroom unit in Coolangatta in the last year was $462,000, equating to a compound annual growth rate of 3.1% The area is buzzing.last_img read more