Extravagance: there's sudden increase around place (7)
I believe the answer is:
splurge
'extravagance' is the definition.
(thesaurus)
'sudden increase around place' is the wordplay.
'sudden increase' becomes 'surge' (I've seen this before).
'around' indicates putting letters inside.
'place' becomes 'pl' (I've seen this in other clues).
'surge' going around 'pl' is 'SPLURGE'.
'there's' is the link.
(Other definitions for splurge that I've seen before include "Spend a lot" , "Splash out" , "Orgy" , "Extravagant spending spree" , "Spend wildly" .)