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Gold Coast

The Gold Coast suburbs where property is tipped to boom next

Gold Coast suburb

Meteoric house price hikes across key Gold Coast suburbs have sent the city hurtling towards a golden property era, and while it’s now almost impossible to nab a home for under a million dollars in most beachside spots, experts have named the next pockets tipped to boom.

Property experts have revealed Tugun, Mermaid Waters, Robina and Carrara are four of the top spots to spend your property dollars, after nearby suburbs Miami, Burleigh Heads, Tallebudgera and Bundall all posted jaw-dropping price growth of up to 38 per cent in a year, according to the June Domain House Price Report.

Houses in Miami climbed to $1,066,250 after the suburb experienced 38.5 per cent annual growth, while in Bundall, house prices shot up by 32.5 over the same period to $1,377,500.

Tallebudgera and Burleigh Heads each posted house price rises of just over 30 per cent to reach $1.2 million and $1.116 million while Mermaid Beach climbed close to the $2 million mark, rising by 17.9 per cent to $1.91 million.

Meanwhile, in Tugun, house prices rose almost 25 per cent to $880,000 – and by 5.7 per cent in Robina to $713,500.

In Mermaid Waters, house prices jumped 28.7 per cent to $1.063 million and, in Carrara, by 16.6 per cent to $642,000 – leaving plenty of room for gargantuan growth as stock levels remain tight and southern eyes increasingly look north to the sun-drenched city.

“From Mermaid (Beach) down to Palm Beach, Miami and Burleigh then inland to Tallebudgera we’ve seen extremely strong growth … those suburbs have really accelerated … and now you’re struggling to find anything under a million,” PRD Burleigh Heads director Adam Van Leeuwen said.

The top picks for the next boom suburbs on the Gold Coast

Suburb Median house price
Tugun $880,00
Mermaid Waters $1,063,000
Robina $713,500
Carrara $642,000
Southport $655,000
Ashmore $680,000
Helensvale $760,000


Data provided by domain

“We’re seeing record growth month on month … but I also think we have an extended period of growth coming towards our market.

“You’ll see the light rail come down to Burleigh in the next couple of years and lots of southern investors are looking to invest near that so I believe the best performing areas in the next 12 months will be Mermaid Beach – that will have a big kick this year due to some high prices coming through and the lack of supply – and then Tugun is going to see a lot of growth as it’s the most affordable suburb close to the beach and there’s a lot of infrastructure heading towards it.

“For buyers looking for homes under a million dollars, Tugun is going to be the spot … and there’s a lot of restaurants and cafes there now.”

Mr Leeuwan said with up to 50 groups flocking physically or virtually to most open homes amid record-low stock levels, snapping up a prime patch was a tough task.

“Buyers now know they have to see a property on the day and make a decision on the day or they miss out … and we’re increasingly selling to Sydney and Melbourne buyers – the numbers are much stronger than before and they are happy to buy virtually,” he said.

Gold Coast suburb

There are still ways into the Gold Coast property market without spending millions – you just have to know where to look. Photo: Kollosche

Ray White Surfers Paradise Group chief executive Andrew Bell said the city had previously been dubbed a boom-or-bust town for holidaymakers but with the stars aligned for a decade of significant growth it’s now seen as one of the nation’s most liveable cities.

“The Commonwealth Games created an injection of about $16 billion worth of infrastructure … and then we also saw private enterprise and the upgrades to shopping centres, and that sparks confidence … but COVID has driven more people to the region looking for an alternative,” Mr Bell said.

“Every time there’s been a lockdown down south there’s been a significant upswing here … and it’s across the board.”

But while key suburbs such as Palm Beach, Main Beach and Miami have borne the brunt of that upswing, Mr Bell said, demand was flowing out to surrounding suburbs and simultaneously offering a glimpse into the hot spots set to boom.

“In the apartment market the ‘kick-on’ will be in Broadbeach and Surfers Paradise … and then we’ll see good growth in Tugun and Currumbin,” he said.

“In housing, we’re seeing suburbs like Mermaid Waters and Sorrento … being identified as up-and-coming areas that are more affordable. Ashmore is still affordable as well, and you’ve got Helensvale and Carrara, and you can still get some good value at Robina.

“I always put down Southport there as well as there are some beautiful areas, and some of those older cottages are affordable.”

Despite a year of strong growth, Harcourts Coastal agent Christine Tucker said, her pick for the Gold Coast’s next hot spot was Mermaid Waters, with the pocket perfectly positioned to skyrocket in the years ahead.

“The best-performing suburbs are anywhere close to the beach … and Mermaid Waters has done really well. It’s just such a central location and it’s still close to the beach but you’ve got Bond University and you’ve got Pacific Fair close by,” Ms Tucker said.

She said she also expected the apartment market to further strengthen off the back of soaring house prices, with central hubs along the coastline tipped to cash in soon on that once-struggling sector.

Looking for that elusive bargain on the Gold Coast? Here are our top three picks – but you’ll need to be quick.

124/136 Palm Meadows Drive, Carrara

Offers over $670,000 

Gold Coast suburb

124/136 Palm Meadows Drive, Carrara QLD 4211

Perched a short drive from the heart of the Gold Coast, this immaculate three-bedroom home boasts a study, two bathrooms and a galley-style kitchen. It’s in a suburb that’s been tipped for major price growth.

20 Dilgara Street, Tugun

Offers over $949,000 

Gold Coast suburb

20 Dilgara Street, Tugun QLD 4224

Walk to the golden dunes of Tugun in just a few minutes from this four-bedroom family home on a 506-square-metre block. It features an outdoor undercover entertainment area and two bathrooms.

112 Thorngate Drive, Robina

Offers over $849,000 

Gold Coast suburb

112 Thorngate Drive, Robina QLD 4226

Sitting on a whopping 784-square-metre block, this three-bedroom, two-bathroom house is located in an up-and-coming hot spot and has a pool to boot. It’s currently rented out for $850 per week.

 

Article Source: www.domain.com.au

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Gold Coast

Gold Coast Housing Market Insights: August 2021

Gold Coast

The Urban Developer’s latest Gold Coast housing market insights reveal that the continued population shift has lifted prices to their highest point in 30 years.

This resource, to be updated monthly, will collate and examine the economic levers pushing and pulling the Gold Coast’s housing market.

Combining market research, rolling indices and expert market opinion, this evolving hub will act as a pulse check for those wanting to take a closer look at the movements across the market.

Gold Coast median house and unit price values 

Type Month Quarter Annual Median
All 2.0%▼ 6.9%▼ 22.2%▲ $695,489▲
Houses 2.2%▶ 7.3%▼ 24.7%▲ $847,237▲
Units 1.6%▼ 6.1%▲ 17.7%▲ $516,220▲

^Source: Corelogic Hedonic Home Value Index – July

The city has been in high demand from sea-change buyers with elevated household savings, drawn to increased affordability in south-east Queensland compared to rival markets in Sydney and Melbourne.

The latest Corelogic home value index shows that Gold Coast dwelling prices have risen by 2 per cent on a rolling four-week basis.

Among the biggest risers for dwelling values in the past six months have been Burleigh Heads, Carrara and Labrador, where double-digit rises have been recorded.

Gold Coast house prices remained steady with 2.2 per cent growth during July, pushing it up 7.3 per cent for the recent quarter and 25.7 per cent for the year to date.

The current median value for dwellings is $695,000 which is $16,000 higher than just a month ago.

The median house price of $847,000 continues to attract interstate migrants from the larger markets of Sydney, where the median is now $1.25 million, and Melbourne at $945,000.

The current median unit price on the Gold Coast is $516,000, which is $60,000 more than recorded at the turn of the year.

Renewed apartment development activity is now focused on the future route of the light rail between Broadbeach and the border, particularly Burleigh and Palm Beach.

Gold Coast’s housing market: policy updates

Federal budget 2021: property hits and misses

The Federal government rolled out its latest budget in May, a single-year plan centring on aged care, childcare, infrastructure, investment tax breaks and more help for home buyers as it tapers off the record spending from last year’s budget.

The budget will use superannuation incentives to help younger Australians enter the property market and older Australians vacate the family home.

While there have been some significant aids to the property industry and construction sector, experts have also noted some missed opportunities.

Queensland budget announcement

The state government plans to establish a $1-billion housing investment fund according to its 2021-22 budget.

The fund is expected to generate $160 million in four years which will be used to “drive new supply to support current and future housing needs”.

A further $265 million would be spent delivering satellite hospitals to Bribie Island, Caboolture, Brisbane South, Pine Rivers, Gold Coast, Ipswich and Redlands.

Brisbane Olympics to push property market’s limits

Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.

Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.

Meanwhile, prices on the Gold Coast and Sunshine Coast hit $792,000, up 18.2 per cent on last year, and $825,000 up 23.1 per cent, respectively.

What the experts are saying about the Gold Coast’s housing market

Dr Nicola Powell

Nicola Powell
Chief of Research
Domain

“What we have seen and what’s very evident for Queensland is the Sunshine Coast and the Gold Coast are very up there, and this data is really telling of who is active in the market.

“But 25 per cent of suburbs with higher property price growth than salaries is quite a strong milestone for Queensland.

“I think in the years leading up to the Olympics we’ll probably see even greater demand for properties there.”

Andrew Bell Surfers Paradise Managing Director Ray White

Andrew Bell
Surfers Paradise Managing Director
Ray White

“I have never seen anything like it in my 40 years in the industry, and it’s results like these that underpin just how strong the Gold Coast market is.

“Interstate buyers have long recognised how undervalued the Gold Coast market is, given that we are now the sixth-largest city in the country.

“Now we are beginning to see locals cotton on to how valuable the Coast is, which they had underestimated in the past, and they are well aware of the strong demand from interstate markets who see the Gold Coast as excellent value.

“Given the trajectory of the Gold Coast market, buyers are realising that it’s in their best interest to allow market forces to determine the value of their property which often greatly surpasses their expectations.”

 

Matthew Schneider

Matthew Schneider
Gold Coast Director
Urbis

“Consumer sentiment and ‘FOMO’ has well and truly returned to the Gold Coast property market and is playing a big role in the market.

‘Off the back of that, there is some real tightness in the supply for people who want to live in house and land packages.

“If people are anxious about the level of activity, development and growth on the Gold Coast that has existed over the last couple of years, the reality is we actually have to find a way to grow smarter and pick up the pace of delivering product if we are to meet those long-standing population targets.

 

Brook Monahan


Brook Monohan
Founder
Mosaic Property Group

“While prices for properties have increased, we believe the pace of growth will slow towards the back end of this year and we expect the market to experience only minimal increases in early 2022 followed by a slowdown and flattening of the market thereafter.

“This will likely be followed by a potential second leg up once the pandemic is well and truly behind us, unlikely before 2023.”

Gold Coast housing market forecasts

ANZ similarly predicts at the national level Australian house prices will rise by a strong 17 per cent through 2021, before slowing to 6 per cent growth in 2022.

CommBank forecasts dwelling prices will rise 8 per cent in 2021 and 6 per cent in 2022, with house prices to rise 16 per cent in that time and unit prices by 9 per cent.

Westpac has revised its property price forecasts, tipping values to rise 15 per cent in 2021 before slowing to grow by per cent% next year.

NAB has also upgraded its forecasts for dwelling prices—now expected to grow around 19 per cent in 2021 and per cent% in 2022.

Gold Coast auction clearance rates 

Week Clearance rate Total Auctions
Week ending 4 July 2021 65.5% 91
Week ending 11 July 2021 69.4% 63
Week ending 18 July 2021 60.6% 67
Week ending 25 July 2021 70.0% 60

^Source: Corelogic Auction Clearance Rates – July

For every 100 houses that went to auction on the Gold Coast during recent weeks, only three failed to find a buyer.

Some of the Coast’s biggest real estate agents are now struggling to keep up with the interest, with some agents reporting that 60 per cent of properties set for auction are selling before they are actually listed.

Figures from Corelogic show that Arundel, Coombabah and Gilston recorded growth of 10 per cent in the last three months, significantly outpacing well-heeled suburbs like Burleigh Heads, Hope Island and Palm Beach.

The top growth suburb for the quarter was Currumbin Valley, where the median house price climbed 11.9 per cent to reach almost $1.5 million.

Nine suburbs in total reached double-digit price growth in the three months to the end of June, with Coombabah rounding out the list of the ten top performers with a rise of 9.9 per cent.

Other suburbs to perform well included Merrimac (9.5 per cent), Reedy Creek (9.4 per cent) and Labrador (8.8 per cent).

New research by REA Group revealed units returned the biggest gains for investors in the following Coast suburbs: Surfers Paradise; Southport; Biggera Waters; Coombabah; Carrara; Mudgeeraba; and Nerang.

Gold Coast residential rental vacancy rate  

City July 2021 vacancy rate Monthly % change
Gold Coast 0.9%▲ 0.2%▲

^Source: SQM Research – reference period July

Rental stock on market 

City July 2021 vacancies Vacancy net change
Gold Coast 2843▲ 43▲

^Source: SQM Research – reference period July

Gold Coast rent prices 

Type Rent Monthly % change Annual % change
Houses $747.00▼ -0.4%▼ 15.9%▲
Units $497.00▼ -0.4%▼ 6.6%▲

^Source: SQM Research – reference period July

While owner-occupiers are seeking downsizing alternatives in coastal areas, investors are returning to the Gold Coast in the wake of historically low rental vacancy rates.

Brisbane’s vacancy rate dropped from 2.1 per cent to 1.7 per cent from the previous quarter, comparatively the Gold Coast’s has loosened slightly from a static 0.6 per cent to 0.9 per cent.

Carrara posted the strongest annual growth in rental demand of 26.2 per cent, followed by Biggera Waters at 19.8 per cent.

Southport’s rental demand grew by a more modest 7.7 per cent, with the CBD suburb hard hit by Covid-19’s exodus of international students.

But the centrally located suburb still delivered a healthy investor cashflow of $596.18, with capital growth of 15.6 per cent.

REA economist Paul Ryan said unit investors achieving a rental yield above 5 per cent were “doing very well”.

“House prices have risen, and that is pushing down rental yields,” Ryan said.

“That doesn’t make houses a bad investment, they may just not be bringing in the same yields or cashflow.”

Ryan said growth in rental demand for units on the Gold Coast, often cheaper to rent [than houses], are low maintenance and well located, had been “outstanding”.

“And with Covid, we have seen a lot of people moving to a region, and then renting before buying,” Ryan said.

Queensland building approvals 

Dwelling Approved Monthly % change
Houses 2015▼ -25.2▼
Units 2996▼ -18.4▼

^Australian Bureau of Statistics – Most recent reference period June (suspension of trend series between May 2020 and July 2020 due to Covid-19)

A significant dip in housing approvals has added fuel to the already hot property market, despite a lockdown softening.

Australian Bureau of Statistics data shows the number of private-sector houses approved dropped 11.8 per cent in June, following the downward trajectory since the end of the Federal government’s HomeBuilder stimulus package.

Across both houses and units the number of dwellings approved fell 6.7 per cent, compared to a 7.6 per cent decrease in May.

Queensland and Western Australia experienced the biggest decline in both house and unit approvals.

In Western Australia overall dwellings approvals dropped by 30.5 per cent, followed by Queensland at 18.4 per cent and Tasmania at 14.9 per cent.

In the 2020-21 financial year total dwelling approvals nationally were 27.3 per cent higher than in 2019-20 financial year, driven by a 42.8 per cent surge in private sector house approvals.

Dwelling approvals increased more than 88 per cent in Western Australia over the financial year, while in Queensland it was up 36.7 per cent and Tasmania experienced a 33.9 per cent increase.

Queensland home loan lending indicators 

Region First home buyer loan commitments First home buyer ratio – dwellings First home buyer ratio – housing
Queensland 2835▼ 35.8%▼ 31.4%▼

^Source: Australian Bureau of Statistics – most recent reference period June

Owner-occupier home buyers propelled a surge in housing credit in June.

Housing credit lifted 0.7 per cent—the most in 11 years—to be up 5.3 per cent when compared to a year ago, the strongest annual pace in two years.

Owner-occupier housing credit jumped 0.9 per cent, the biggest gain in five years, to be up 7.2 per cent on a year ago—the strongest annual growth rate in two years.

Investor housing credit rose by 0.3 per cent to be 2.0 per cent higher on a year ago, which is the strongest annual rate in three years.

“Deteriorating affordability is likely to weigh on owner-occupier demand, and a tightening in macro–prudential policy settings will restrain the supply of credit,” Westpac chief economist Bill Evans said.

“We expect housing credit growth to exceed 7 per cent by the first half of 2022, triggering a likely policy intervention. The precise response will depend on the composition of lending over the next year.”

Most economists now expect the RBA to begin raising rates over 2023 and 2024 to a natural rate of about 1.25 per cent.

Queensland interstate migration 

Region March (quarter) 2021 arrivals March (quarter) 2021 departures December (quarter) 2020 net
Queensland 28,500▼ 21,465▲ 7035▼

^Source: Australian Bureau of Statistics – March quarter 2021

With a population of roughly 3.7 million, Queensland’s south-east is Australia’s fastest-growing zone.

The Gold Coast and south-east Queensland were direct beneficiaries of Victoria’s extended lockdown last year, with a dramatic population shift north.

Australian Bureau of Statistics data for June revealed Victoria’s population fell by 12,700 while the number of interstate migration to Queensland increased by 30,000, or 2 per cent.

Before the pandemic, Gold Coast city planners were working to a framework that the population would reach a million by 2041, delivering 6000 dwellings for approximately 15,000 new arrivals per annum.

Queensland’s population is now expected to surge by more than a quarter of a million people in the next four years, according to forecasts in the federal budget, as people continue to flood in from other states.

Additional forecasts suggest it will top 5 million by the middle of the next decade.

 

 

Article Source: www.theurbandeveloper.com

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Developments

Marquee prepare launch for Palm Beach apartment development, Northshore

In a joint venture with LHPP, Northshore will have 93 residences, starting from two-bed apartments and ranging to a small collection of villas

The South East Queensland developer Marquee Development Partners are continuing to bulk up their apartment development pipeline, following the speed of their latest Kirra Beach.

Marquee’s Kirra Beach apartment development SOL didn’t even hit the market, selling out all 46 apartments in the in-demand Kirra Beach in just 10 days.

The development, which will go down as one of the Gold Coast’s fastest sell-outs, was Marquee’s eighth project, and they’re set to launch their ninth.

Their next Gold Coast project, Northshore, is north of the Kirra hotspot, in the equally booming north Palm Beach area.

Marquee

In a joint venture with LHPP, Northshore will have 93 residences, starting from two-bed apartments and ranging to a small collection of villas, and will only be available for resident-only buyers.

The development will feature five-star resort-style amenities which come standard in Marquee’s Developments. Residents will have access to a waterfall edge pool with Baja deck and floating sunbeds, outdoor dining, cinema, full-sized gym, work from home facilities and extensive wellness offerings.

Marquee’s sales director Azura Griffen says the open plan apartment designs will blur the lines between inside and out.

In Marquee’s pipeline is another Kirra Beach project, down the road from the sold-out Sol.

At 4 Musgrave Street, the 14-level tower with 39 apartments has been designed by the Brisbane-based Ellivo Architects.

In their brief submitted to the Gold Coast City Council, Ellivo note the importance that all primary indoor and outdoor living areas are oriented to the beach.

Marquee’s sales director Azura Griffen said there was an unbelievable amount of interest levelled at SOL since the public received their first glimpse.

“We never could have predicted the almost instantaneous sell-out,” Griffen said.

 

Article Source: www.urban.com.au

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Developments

Land Developers’ Bid for Coastal 35-Storey Apartment Tower

35-storey

Queensland developers Gallery Group is beefing up its portfolio with plans for a 35-storey residential tower on the Gold Coast.

The 102-apartment tower is on a 2064sq m parcel of land at 203-211 Surf Parade at Surfers Paradise, two blocks back from the beach.

Five two-storey houses would make way for the development to be called Chalk, which, according to architects Raunik Design Group, would fuse art deco with contemporary design.

The design report said the brief had been to create something inspired by the naturally formed chalk mineral “by exposing the beauty of raw, unfiltered natural materials to unveil a purer way of living”.

“Naturally formed materials such as concrete, glass and stone are intertwined carefully with earthy tones to create a grounded atmosphere both in and around the building,” the report states.

“Chalk’s character is inspired by art deco fused with a contemporary feel … precise geometric shapes integrated with simplistic design elements achieve timeless results.”

35-storey

▲ Five two-storey dwellings would make way for the 35-storey tower at the southern end of Surfers Paradise. Image: Raunik Design Group 

A glass minimalist facade will capture views of the coastline and Broadbeach, while communal amenities including a pool, gym and function space are provided on level 4 and the rooftop.

The development comprises 17 two-bedroom apartments and 85 three-bedroom apartments, which includes larger three-bedroom penthouses and sub-penthouses.

The land is zoned for high density, with no building height restrictions. A 17-storey development has been approved by the Gold Coast City Council on a neighbouring site on Old Burleigh Road.

35-storey

▲ A minimalist glass facade will help to frame expansive views of the coastline. Image: Raunik Design Group 

Gallery Group’s land development and projects arms have both squarely focused on house and land communities in south-east Queensland.

But, like some other Gold Coast-based developers, Gallery Group is now swooping on the hot Gold Coast apartment market, where average apartment sales are more than $1 million.

Sherpa recently lodged plans for a 17-storey apartment building at Palm Beach, while south-east Queensland house builder Urbane Homes lodged plans for a 14-storey beachfront apartment tower at Coolangatta.

Colliers research has shown the Gold Coast has recorded almost a year’s worth of apartment sales in the first three months of 2021.

About $800 million of apartment stock was sold in the March quarter—just $112 million short of the total sales in 2020.

The average price for an apartment was $1.06 million, with prices increasing 42 per cent during the past two years.

 

Article Source: www.theurbandeveloper.com

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