74-76 The Promenade, Isle Of Capri, will be auctioned off on April 7.Source:Supplied
SELLERS and real estate agents are hoping to leverage off the thousands of visitors flocking to the Gold Coast for the event.
ABOUT 1.5 billion people are turning their eyes to the Gold Coast over the next 10 days, providing a unique opportunity for homeowners to sell their properties.
Dozens of auctions have been scheduled throughout the Commonwealth Games to leverage off the hundreds of thousands of visitors expected to flock to the city.
Despite road closures and plenty of sporting action, sellers and real estate agents are hoping interstate and overseas visitors will attend auctions to secure their own slice of paradise.
Ray White Burleigh Waters sales agent Brent Hodge said its Gold Coast South Network had organised a marketing campaign around the event.
More than 20 properties will go to auction on April 8, which would be held at one location in Tweed Heads – well away from the city’s chaos.
He said they couldn’t guarantee people were going to “come off the aeroplane and buy property” but thought it was worth a try.
Ray White Prestige Gold Coast agents Sam Guo and Julia Kuo have multiple properties set to go under the hammer over the next two weeks.
Mr Guo said sellers didn’t want to miss out on the influx of visitors.
They had been inundated with requests from buyers to market or auction their homes throughout the Games.
“Our clients are hoping they might take advantage of all the interstate (visitors),” Mr Guo said.
He said they were hoping to appeal to those who wanted to explore the city while they were here and were interested in buying.
“I don’t believe everyone will go to see all the games,” Mr Guo said.
However, some agents remained unconvinced that holding auctions during the event would make much of a difference.
Professionals Mermaid Beach managing director Andrew Henderson said they would continue to market properties throughout the games but would hold off on auctions until May.
“We avoided April,” Mr Henderson, who is also the REIQ Gold Coast zone chair, said.
“It’s a great time to promote, we’ve been putting on as much stock as we can.
“I just didn’t think it was the right (time to) do auctions with road closures.”
Professionals Southport sales consultant Andrew Wright considered pushing one of his properties set to go under the hammer on April 8 back.
He was concerned about traffic congestion but said they had already postponed an auction on the property.
“It came into consideration because we were actually thinking of cancelling … but we just decided to proceed,” Mr Wright said.
“Geographically, that place is a long way from the Southport and Cararra hustle and bustle.
“There’s a lot of locals … that are interested (in the property), there may well be some interstate interest as well. But it certainly wasn’t a marketing plan.”
Burleigh Miami Realty principal Neil Pasley would have changed the April 15 auction of one of his properties if it were close to a big Games sporting venue.
He said the owners chose the date based on personal reasons but it didn’t bother him because it was not near a Games precinct.
He didn’t think many visitors would attend.
“Most people will either be at the Games or watching it on TV,” Mr Pasley said.
“If someone is interested, they’re going to come anyway.”
Auctions during the Commonwealth Games:
– 23 Hill Ave, Burleigh Heads (April 7)
– 47 Gumtree Crescent, Upper Coomera (April 7
– 74-76 The Promenade, Isle of Capri (April 7)
– 38 South St, Coolangatta (April 8)
– 27 Knightsbridge Parade West, Sovereign Islands (April 8)
– 19 Naples Ave, Isle of Capri (April 14)
– 9/17 Marseille Court, Sorrento (April 14)
– 19 Cadence Ave, Mermaid Waters (April 14)
– 32 Emu Court, Sorrento (April 15)
– 13 Glauca St, Burleigh Heads (April 15)
Tiny unrenovated beach shack makes owners $1m profit in two years
Riding the waves of the Gold Coast’s current buoyant property market, a classic two-bedroom beach house has just sold for an eyewatering $3.25m on the sandy shores of Palm Beach – making its former owners a princely $1m profit in just two short years.
While the retro property might not be much to look at, it’s not the beach shack itself that has drawn such a huge investment from its new owner, it’s the prime location of the listing…
Interstate migrants are moving to QLD … but they’re not coming to Brisbane
Less than 5 per cent of interstate migrants during the 2016-2017 financial year settled in Brisbane, according to data from the ABS. Photo: Glenn Hunt
Interstate migration to Queensland is booming but analysis shows most new residents are bypassing Brisbane for other regions in the Sunshine State.
Buyers’ agency Propertyology analysed ABS data, which showed there were 17,246 internal migrations to Queensland in 2016-17. But out of those, only 846 relocated to Brisbane, which equates to less than 5 per cent.
Propertyology managing director Simon Pressley said the lion’s share went to the Gold Coast, Sunshine Coast, Moreton Bay, Cairns, Ipswich and the Scenic Rim.
“We’ve read a lot about interstate migration to Queensland lately and it’s been growing each year, which is great,” he said.
“The thing is, people automatically think Queensland means Brisbane but when you actually look closely at the numbers, they tell a very different story.”
As a proportion of total population growth over 2016-17, the biggest beneficiaries of interstate migration were Tasmania (22.5 per cent) and Queensland (21.9 per cent).
House prices in the regions with the most internal migrations have mainly increased — house prices on the Sunshine and Gold Coasts have increased by 7.9 per cent and 3.3 per cent respectively over the past 12 months — although Mr Pressley said the correlation between population growth and house price growth was often overstated.
“I know logically it makes sense — if an area has a big surge in population, house prices should go up — but there’s much more to it than that,” he said.
“Jobs growth is a lot more important than population growth, so is wage growth, [and] affordability is also extremely important.”
REIQ Gold Coast zone chair Andrew Henderson said each of those factors was connected and all had contributed to the Gold Coast’s house price success in recent years.
“Our local economy is strong but it’s also changed. We’re no longer solely reliant on the tourism industry. The diversity of our job offering has changed,” he said.
“With new infrastructure like universities and hospitals, we’ve got people moving here from interstate into jobs who would have never been able to move here 10, 20 years ago.
“So the age of the people we’ve got moving here has also changed. We’ve always had a lot of retirees but we’ve noticed a surge in people in their 20s, 30s and 40s – people moving their whole families up here. Around Mermaid Waters and Clear Island Waters there’s a really strong southern presence.”
Andrew Campbell of Ray White Redcliffe said the influx of interstate migrants buying up locally in the Moreton Bay region had become apparent more recently.
“We noticed a dip in the interstaters for a while but recently they’ve started to come back and it’s about affordability. All the properties around that median price are really moving so quickly,” he said.
Domain Group figures show the median house price in Moreton Bay is $456,000.
“There’s a lot of first-home buyers who fly up here for the weekend from Sydney. They know they can’t afford to buy there so they’re moving here because they see you can buy a house for under $500,000, get the lifestyle and still only have to drive 40 minutes to work in Brisbane,” Mr Campbell said.
But Mr Pressley said interstate migrants were being “pushed” to Queensland, rather “pulled” as they were during the mining boom.
“People have always wanted to come to Queensland because of the good lifestyle, weather and affordable housing,” he said.
“In the past they came for those things but also because we created more jobs year after year than everyone else. Now, we’re not dragging here through job growth, they’re coming here by default.
“To me, that’s why interstate migration hasn’t translated into property prices yet … and that’s why only minimal people have gone to Brisbane.
“I anticipate that in the next 12 months we’re going to see another really strong year of interstate migration into Queensland; if our economy improves, then it could translate to property prices for Brisbane and all over Queensland. Overall though, this is a good news story for Queensland and Brisbane as well. It’s looking positive.”
Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs
Andrew Galloway is selling his investment property in Loganlea, which has been identified as one of Queensland’s most affordable growth suburbs. Image: AAP/John Gass.Source:News Limited
THESE are the best performing cheapie suburbs in Queensland. Find out which areas buyers on a budget should be targeting.
QUEENSLAND’S best growth suburbs for buyers on a budget are in lifestyle locations and affordable hot spots in Brisbane’s backyard, a new report has revealed.
For an investment property under $500,000 and with good capital growth prospects, look no further than Palm Beach on the Gold Coast, Noosaville on the Sunshine Coast and Loganlea, south of Brisbane, where values have increased by up to 20 per cent in 12 months.
The Top Affordable Suburbs Report, released by researcher CoreLogic, identifies suburbs where property values are below half a million dollars and have shown strong capital growth.
These suburbs are good targets for entry-level buyers, offering affordable real estate, improving infrastructure and strong track records that suggest ongoing strength.
Palm Beach holds the number one spot as the most affordable for capital growth in the state, according to the report.
Unit values in the beachside enclave have jumped 20.2 per cent in the past 12 months and more than 52 per cent in five years to a $471,758 median.
But you can still snap up a two-bedroom apartment a few streets back from the beach there for $379,000.
After Palm Beach, the second most affordable growth suburb in the state is Noosaville on the Sunshine Coast, where unit values have gained more than 14 per cent in the past year to reach $486,468.
Alexandra Headland is also in the top 10 list compiled by CoreLogic, with units in the beachside suburb increasing in value by more than 12 per cent in a year.
But you can still get a two-bedroom unit with ocean views in the suburb for $429,000.
GOLD MINE FOUND IN BRISBANE BACKYARD
CoreLogic senior research analyst Cameron Kusher said first home buyers were still active in Queensland and the more affordable end of the market was not facing the same pressures as the more expensive suburbs, which explained why suburbs like Loganlea, Ripley and Jimboomba were performing well.
“We are finding the lower end of the housing market is the higher value stock — even in Brisbane,” he said.
“We might not see the same gains over the next 12 months or three years, but there’s still going to be demand in these affordable markets.”
The latest CoreLogic home value figures reveal a strengthening of affordable and lifestyle locations, particularly on the Sunshine Coast, which recorded a 5.5 per cent increase in home values in the past financial year.
HOME FIT FOR HARRY AND MEGHAN
Mr Kusher said the Gold Coast housing market was starting to cool off, but demand was still strong for the Sunshine Coast.
“These people from Sydney and Melbourne who want to buy a holiday property are looking at these areas and seeing pretty good value,” Mr Kusher said.
“I think that’s where the buyers are coming from.”
In Loganlea, about 25km south of Brisbane, house values have increased more than 14 per cent in the past year to a still very affordable $391,469.
Andrew Galloway is selling his investment property, which is on the market for just $339,000.
The four-bedroom, two-bathroom brick house at 10 Starling St, Loganlea, has been returning about $345 a week in rent.
Mr Galloway said the property had recorded solid capital growth in the past 11 years he had owned it and he had decided to take advantage of that.
“I think it’s achieved the capital gain it’s going to achieve in the time frame I’m going to have it,” he said.
Mr Galloway said he had noticed gentrification in and around the street in the past decade, which had made it more appealing.
Selling agent Pamela Anemaat of Raine & Horne Beenleigh said there had been an increase in large blocks in the suburb being subdivided by developers offering house and land packages, which had helped generate interest, particularly from first home buyers.
Mrs Anemaat said Loganlea was also popular suburb for investors because it was a high rental area and still so affordable.
“It is a feast for southern buyers, and they are moving up here and purchasing up here because they just can’t afford to buy a new home down there,” she said.
QLD’S 10 BEST PERFORMING AFFORDABLE SUBURBS
Suburb Property type Median value Value change Value change
12 mths 5 yrs
1. Palm Beach Units $471,758 20.2% 52.2%
2. Noosaville Units $486,468 14.4% 36.9%
3. Loganlea Houses $391,469 14.3% 43.8%
4. Mudgeeraba Units $399,637 13% 37.8%
5. Alexandra Headland Units $397,297 12% 36.6%
6. Ningi Houses $458,469 9.2% 11%
7. Jimboomba Houses $494,933 9.1% 22.1%
8. Ripley Houses $391,736 8.7% 23.9%
9. Elanora Units $372,760 8.6% 29.7%
10. Narangba Houses $493,418 8.3% 26.9%
(Source: CoreLogic, based on data to March 2018)
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