Gold Coast Property: $200m Changing Hands Every Week

BOUT $200 million in property is changing hands every week on the Gold Coast as the city continues its property boom.
The latest data from CoreLogic shows more than $11.5 billion in sales in the year ending July, with on average four units a day sold in Surfers Paradise alone.

It is the second-highest selling year on record, only eclipsed by the $13.7 billion sold just before the global financial crisis in the 12 months in January 2008.

Upper Coomera and Helensvale are the hot spots for affordable housing, with 17 homes in the two suburbs being snapped up every week.

Robina (352), Pacific Pines (321) and Nerang (283) were next on the number of houses sold.

The number of unit sales in Surfers Paradise, 1602, was nearly double that of Southport, 883.

Hope Island (617), Labrador (593) and Broadbeach (498) were next.

The $10 billion splurge helped lift the median house price on the Coast to $580,000. The unit price is $385,000.

That is up from $550,000 and $370,000 on the previous 12 months. The data also revealed houses are quicker to sell, spending 35 days on the market compared to 52 for units.

Ray White Surfers Paradise Group CEO Andrew Bell said the high sales volumes of houses in the northern corridor reflected the push for affordable housing, while retail and dining upgrades contributed to Surfers Paradise’s popularity.

“The market has been dormant for a long time so we expected to see robust activity this year — $10 billion in sales is certainly reflective of a lot more buying activity and an increase in property prices,” Mr Bell said.

“There are still a lot of people buying from interstate, certainly the holiday home buyer is back out in force.

“Investors see better value on the Gold Coast than many other markets.”

Childcare director Brenda Fabri has her four-bedroom waterfront home at Southhaven Drive, Helensvale, on the market and said it was hard to pick the right time to sell.

“We built at a boom time where we paid top dollar and for ages the land value went down,” the 52-year-old said.

“Now it has gone back up again and I know in our street over the past six months we’ve seen a lot of houses go on the market and sell very quickly.

“We thought now would be a good time for us to sell as things seem to be moving a bit more.”

Kerrie Kennedy of Ray White Hope Island is marketing the property and said Helensvale’s location and planned infrastructure made it appealing for buyers.

“It’s quick and easy out to the motorway and a lot of families live here because of the good schools and parks,” Ms Kennedy said.

“When the light rail comes people will be able to travel all the way from Brisbane right down the Coast and into Surfers Paradise and that’s a big thing that people are talking about here.”

Source: Gold Coast Bulletin 19 November 2016

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