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Demand for homes on the Gold Coast is outstripping supply

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Demand for homes on the Gold Coast is outstripping supply

Demand for homes on the Gold Coast is outstripping supply.Source:Gold Coast Bulletin

THE Commonwealth Games has pushed the Gold Coast property market to new heights, but now there are concerns the city won’t be able to keep up with housing demands.

Industry experts believed the market had gained momentum since it was thrown into the worldwide spotlight in April.

Ray White Surfers Paradise chief executive Andrew Bell said the bustling market since the Games had made it clear there was a shortage of stock.

“We certainly saw some reduced activity during March as everyone got prepared for the Commonwealth Games, but now there is greater buyer demand than there are properties for sale,” he said.

Demand for homes on the Gold Coast is outstripping supply

It seems everyone wants to move to the Gold Coast.Source:Supplied

Referencing research by property analyst Michael Matusik, Mr Bell said there were 19,000 new dwellings registered for sale over the past five years but 24,000 were needed to handle population growth.

He said there were about 9250 new dwellings or lots approved but not yet developed or registered for sale, which equated to less than two years’ supply.

“However, if we were to assume that the 5000 undersupply of the past five years was to be absorbed, then the real new housing supply drops to just 10 months, which is an acute shortage,” Mr Bell said.

He said the Games heralded a new chapter for the Coast as it evolved from a tourist town into a vibrant city with an expanding economy.

Demand for homes on the Gold Coast is outstripping supply

The Gold Coast and its relaxed lifestyle was thrown into the spotlight during the Commonwealth Games.Source:Supplied

“The city’s property market is riding the irreversible momentum that has now come to the Gold Coast in terms of economic diversity and with more employment options we will need more housing options for people,” Mr Bell said.

REIQ Gold Coast zone chairman Andrew Henderson said the city was dominated by owner occupiers, which was making the market much more competitive.

“There seems to be an overwhelming number of people wanting to live here on a permanent basis,” Mr Henderson said.

“There’s jobs around now, the infrastructure that we’ve got available to us after the Commonwealth Games is a big improvement.

“I think a lot of people are more than happy to stay in their homes a lot longer … which doesn’t create an abundance of supply.”

Demand for homes on the Gold Coast is outstripping supply

There is barely any space left to build in some suburbs.Source:AAP

Harcourts Coastal managing director Dane Atherton urged people to get their foot in the surging property market door to reap the benefits.

“I think the pessimistic view of a Coast property slump has definitely not happened and anyone waiting for that to happen I would caution them that they might miss the market,” Mr Atherton said.

Source: www.news.com.au

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Market Place

Gold Coast Property attracting buyers

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gold coast

The Gold Coast may be famous for attracting millionaire buyers, but it’s also home to a host of affordably-priced properties that make the most of their heavenly surroundings.

Whether you’d like to see and be seen at celebrity-favourite Surfers Paradise or unwind at the peaceful sands of pristine Palm Beach, these apartments offer the enviable Gold Coast lifestyle without the lavish price tag.

Just moments from the sea and sand, these five properties cost under $500,000 — a sensible spend for your first-home buyer, down-sizer or investor.

Gold coast property

The amazing pool in the Royal Palm complex, where unit 1F/973 Gold Coast Highway, Palm Beach, is listed at offers over $450,000.

80 The Esplanade, Surfers Paradise QLD 4217

gold coast
Spectacular views on a budget: On the balcony of 80 The Esplanade, Surfers Paradise.

Price: $439,000

2 bed, 2 bath, 1 car

Agent: Ray White Surfers Paradise Group, Jordan Thams 0414 602 022

This spacious apartment in the heart of Surfers Paradise has a glorious outlook over the beachfront and the skyline, viewable from an extended wrap-around balcony.

Featuring both an indoor and outdoor pool, a spa, tennis court, entertainment area, spa and steam room, the complex is perfectly positioned to provide a host of lifestyle and leisure options.

Agent Jordan Thams said its location and amenities made the block increasingly popular for owner-occupiers.

“There [are] 164 apartments in the building and there [are] only about 38 properties that are still in a holiday pool, and that number’s been decreasing for the past ten years,” he said.

“It’s extremely close to the Cavill [Avenue] Mall. It’s only probably a three minute walk down the road, so close enough to walk in to all the facilities of Surfers Paradise, but far enough away that you don’t have any noise issues.

“The light rail is directly behind the building as well, so there is a back entrance gate to the building where you can step straight out to Surfers Paradise Boulevard and the light rail stop is right there.”

27/1941 Gold Coast Highway, Burleigh Heads QLD 4220

gold coast
Views and vibes: 27/1941 Gold Coast Highway, Burleigh Heads.

Price: $495,000

2 bed, 2 bath, 1 car

Agent: PRD Nationwide Burleigh Heads, Braiden Smith 0413 203 626, Mark Smith 0418 768 053

This bright, cheerful apartment has a secret feature: its own private walkway to the white sands of the beach.

Its two spacious bedrooms offer unfettered views of the ocean and hinterland, while the open plan living space spills out to a sunny north-facing entertaining deck.

For sale fully furnished, it’s the perfect weekend getaway or investment opportunity, just a short walk away from Burleigh’s popular retail and dining precinct at James Street.

Further along the coastline, there’s also easy access to the famous surf break of Burleigh Heads Beach, the striking headland and lush nature reserve.

25/8-12 Marine Parade, Miami QLD 4220

gold coast
Live at the beach for less: 25/8-12 Marine Parade, Miami.

Price: Interest over $499,000

2 bed, 1 bath, 1 car

Agent: Kingfisher Realty, Juliana Gomes – LREA 0409 205 012

This contemporary north-facing unit is set on the top floor of a boutique complex of just 27 apartments, minutes from Miami’s vibrant cafe culture.

Currently leased for $400 a week, it would make a low-maintenance addition to an investment portfolio.

Agent Juliana Gomes said the home’s strong bones and stellar location made it highly desirable.

“The apartment has high ceilings so it’s very airy and bright, and you do have a glimpse of the ocean from the balcony,” she said.

“It has very spacious bedrooms and it’s an older style apartment, so the construction is very solid.

“The location is fantastic. It’s just across the road from Piccolo [coffee shop] and Miami Surf Lifesaving Club — it’s really an area that’s growing and emerging, and it’s really popular.

“That’s a very desirable position to be in: beachside at Miami.”

1F/973 Gold Coast Highway, Palm Beach QLD 4221

gold coast
Unit 1F/973 Gold Coast Highway, Palm Beach, is located in the iconic Royal Palm complex.

Price: Over $450,000

2 bed, 2 bath, 1 car

Agent: McGrath Palm Beach, Brendan Andrews 0417 788 882, Rebecca Leo 0419 880 822

If you’ve ever dreamt of living in a resort befitting of an island paradise, this may be your lucky find.

This immaculately-kept apartment is part of the luxurious and iconic complex “Royal Palm” which features an enormous pool, spa, tennis courts and mini-golf.

Minutes from the beach, shops, cafes and the picturesque Currumbin Creek, the two-bedroom unit is bright, functional and a perfect blank canvas for your inner interior designer.

It was recently updated with new paintwork and carpets, so would make an easy move for the keen owner-occupier.

8F/50 Old Burleigh Road, Surfers Paradise QLD 4217

gold coast
Unit 8F, 50 Old Burleigh Road, Surfers Paradise.

Price: $479,000

2 bed, 2 bath, 1 car

Agent: HC Realty, Jim Mylonas 0459 922 066

It doesn’t really get more beachfront than this.

This apartment complex offers green lawns and lounges just metres from the sand — not to mention a tennis court, pool, sauna, spa and barbecue area.

Set on the eighth floor, this home’s compact floor plan is ideal for those looking to de-clutter or enjoy a low-maintenance lifestyle.

An added bonus? Investors would barely have to change a thing, as the property is currently tenanted for $500 a week.

Source: www.domain.com.au

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Market Place

Hinterland areas rising in demand

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hinterland property

Analysis by CoreLogic has highlighted locations in close proximity to capital cities which have seen interest due to ‘tree changes’, that has been the result of a wide number of factors.

Analysed by Tim Lawless, CoreLogic’s head of research, there were three main factors behind the increased demand in tree changes.

The first was due to the ‘wealth effect’, with home owners – especially those in Sydney and Melbourne – previously seeing their own finances increase due to their property, as well as the rising number of baby boomers looking for holiday homes or downsizing options.

Telecommuting was the second factor, which allows for employees to work from home, thereby de-emphasising the need to travel to a physical location for employment.

Affordability is always an important choice, and in this case is Mr Lawless’ third factor, as analysis showed hinterland properties tend to be priced lower than those in coastal or big city areas.

The analysis took a look at key hinterland markets in six states:

NSW

Unsurprising to some, the hinterlands markets in NSW are on the more premium end of the market; the Southern Highlands area currently has a median price of $735,371, the Blue Mountains is currently at $619,778, while the RichmondValley – Hinterland is more on the affordable end of the scale with a median price of $335,718.

In the short-term of the last 12 months, these three areas have seen limited value growth, with the former two rising by 1.4 per cent and 3.2 per cent respectively, while the Blue Mountains entered negative territory, declining 0.7 of a percentage point.

Looking more mid-term over the last five years, a different picture is painted, with values in the Southern Highlands rising 9.3 per cent, the Blue Mountains rising 9 per cent, and the Richmond Valley – Hinterlands area saw a rise of 3.9 per cent

Victoria

Also in the more premium side of the market, noteworthy hinterland markets in Victoria are the Yarra Ranges and the Macedon Ranges with median dwelling values of $674,944 and $700,664 respectively. In the short term of the last 12 months, the Macedon Ranges has performed exceptionally with a rise of 7.5 per cent in value change, while the Yarra Ranges have been underperforming, declining by 0.6 of a percentage point. In the mid-term of the last five years however, the top performer switches with the Macedon Ranges growing only 2.6 per cent, while the Yarra Ranges have seen values rise by 7.8 per cent.

Queensland

Moving into more affordable territory, the Sunshine Coast Hinterland and Gold Coast Hinterland regions have median dwelling values of $539,292 and $593,954 respectively. Both these areas have experienced solid growth in the short- and mid-term; in the last 12 months, the Sunshine Coast Hinterland value rose by 2.2 per cent while the Gold Coast Hinterland rose by 8.1 per cent; the largest rise out of all of the key hinterland markets. Over the last five years, the ranking stays the same but the percentages normalise slightly; Sunshine Coast Hinterland saw values grow by 4.5 per cent and the Gold Coast Hinterland rose by 6.8 per cent.

Western Australia

The main hinterland regions for metropolitan Perth follow a similar trend to that of Perth itself – continued softening. Mundaring and Kalamunda currently have similar median dwelling values of $452,224 and $457,055 respectively. In the short-term of the last 12 months, these values have declined by 4.3 per cent and 5.7 per cent respectively, while in the mid-term of the last five years the declines are less severe with drops of 3.8 per cent and 2.6 per cent respectively.

South Australia

The Adelaide Hills region is the only noteworthy hinterland area according to CoreLogic, which has seen little success, but success none the less. With a median dwelling value of $494,166, this has been a rise of just 0.8 of a percentage point in the short-term of the last 12 months, and a rise of 2.1 per cent for the mid-term of the last five years. This puts Adelaide Hills as the smallest value growing hinterland market for both the short- and mid-terms.

Tasmania

The Central Highlands of Tasmania is the most affordable hinterland region analysed with a median dwelling value of $214,000, but it is delivering solid growth. In the short-term of the last 12 months, the Central Highlands saw dwelling values rise by 6.8 per cent, and in the mid-term over the course of the last five years, dwelling values rose by 5.1 per cent.

Source: www.smartpropertyinvestment.com.au

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Market Place

Gold Coast among the most expensive regional QLD cities to rent property

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Gold Coast among the most expensive regional QLD cities to rent property

A new report reveals the Gold Coast is one of the most expensive regional Queensland cities to rent property.

RENTERS on the Gold Coast are forking out some of the highest prices for properties in regional Queensland.

A new report released by non-government social housing provider, Compass Housing Services, reveals the Gold Coast has the second highest median rent in regional Queensland.

The report lists the median rent each week on the Coast as $440, meaning tenants would need a weekly income of $1467 to be able to afford it.

While also in the top five of least affordable areas are; Noosa at $457.50, Gympie at $285, Hervey Bay at $320 and the Sunshine Coast at $430.

REIQ Gold Coast zone chairman Andrew Henderson said one of the main factors affecting prices was the lack of properties available for rent as owner-occupiers were the region’s dominant buyers.

He said the fluctuating number of tourists and transient workers also contributed to the property shortage as well as the type of those available, while the slow release of land for new housing estates put added pressure on the rental market.

“The Gold Coast has got some unique factors,” Mr Henderson said.

“That diversity is also a bit of a challenge when trying to break down those figures.”

Latest data from the Residential Tenancies Authority shows suburbs in the 4217 postcode — including Benowa, Bundall, Main Beach and Surfers Paradise — were the most expensive areas to rent with $850 the median price per week for a four-bedroom house.

That is $120 more than the same period the previous year.

The cheapest place to rent was the 4209 postcode — which included Coomera, Pimpama and Willow Vale — with $179 the median price per week for a one-bedroom flat.

Gold Coast among the most expensive regional QLD cities to rent property
Coomera, Pimpama and Willow Vale are among the cheapest suburbs to rent on the Gold Coast.

Lucy Cole Prestige Property managing director Lucy Cole said areas in the northern corridor were cheaper because there were plenty available.

“Because there’s so much competition up there, (rent) is lower,” she said.

She said quality homes at the heart of the city were harder to find and offered the best of the coast lifestyle, which made them more expensive.

“We know that there’s a scarcity of good properties,” she said.

“The size and (number of) rooms also plays a big part.

“If it’s a multimillion-dollar home … that’s where you’d expect to pay more.”

CoreLogic research analyst Cameron Kusher said while house value growth was slowing across the Coast, rental growth looked to remain strong.

“This is potentially reflective of the increasing number of residents moving to the region but they are choosing, at least initially, to rent rather than buy,” he said.

“Rental growth is expected to continue along at a fairly strong pace, especially considering that migration to southeast Queensland remains strong.”

Source: www.realestate.com.au

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