THE GOLD Coast is known for its glitzy property appeal but a more solid foundation is tipped to define the market in 2018.
Property experts say infrastructure in the northern and central suburbs will contribute to an already booming market, buoyed by the buzz of the Commonwealth Games.
“I think the continued large amount of private enterprise infrastructure like the Westfield Coomera Town Centre, Sunland development at Mermaid Waters and The Star Gold Coast with its part-hotel, part-residential works will expand those areas,” newly appointed REIQ Gold Coast zone chairman Andrew Henderson said.
CoreLogic’s latest data to October 2017 revealed the median house price on the Gold Coast jumped 7.7 per cent in 2017, almost twice as fast as the national average.
Mr Henderson predicted prices wouldcontinue to increase, thanks to a seller’s market in the central suburbs.
“Most of the housing development is in the northern corridor, leaving the vast majority of the Gold Coast with existing stock to purchase in the central areas,” he said.
He said a wave of beachfront apartment developments was expected to be snapped up by locals wanting a sea change, and by savvy investors.
The CoreLogic report showed a 12-month increase of 3.7 per cent for median unit sales on the Coast.
“In terms of looking ahead, interstate migration is quite strong, jobs are very strong, there’s a significant amount of spotlight on the Commonwealth Games and then the infrastructure is a massive drawcard to keep bringing people in.”
It comes as $40 million worth of property is set to go under the hammer in a single day next week, at Ray White Surfers Paradise auction bonanza The Event.
RWSP CEO Andrew Bell predicted an influx of southern buyers, heralding the current climate as “the return of the holiday-maker”.
“We have truly been swamped, and there is no better word than swamped, with buyer inquiry,” Mr Bell said.
“The record numbers of people holidaying here on the Gold Coast has seen record levels of buying interest, and sales have been happening left, right and centre. If you had to use one word to sum up inquiry post-Christmas, it is Sydney,” Mr Bell said.
Originally published: www.news.com.au
Construction Under Way on Surfers Paradise Riverside Project
Sydney-based property developer HCAP Developments and Marquee Development Partners have broken ground on their joint venture on the Gold Coast.
The nine-storey development, designed by BDA Architects, will mark the first riverside residential tower to be built on the Surfers Paradise peninsula in more than 30 years.
The 1,518sq m site is located at 5-7 Peninsular Drive, Surfers Paradise on an exclusive peninsula that connects the Surfers Paradise beachfront with the Gold Coast waterways.
HCAP and Marquee will deliver 60 apartments at the riverside location. The duo recently completed residential towers in Brisbane’s Newstead and CBD.
Gold Coast Mayor Tom Tate joined HCAP Developments chief executive Steve Howell and Marquee Development Partners chief executive Mark Spedding to turn the first sod on Peninsular Residences.
“The Surfers Paradise peninsula is an absolute gem of a location, which has not seen a residential tower with a full complement of resort-style amenities built in more than three decades, so there has been significant pent-up demand,” Howell said.
Construction is under way after the project sold 80 per cent of its stock.
The developers have enlisted Gold Coast builder Rawcorp, with completion anticipated by mid-2019.
Aged Care Development on the Gold Coast Ramps Up
ASX-listed retirement developer Aveo has received approval for a 16-storey retirement tower on the Gold Coast, with construction set to begin before the year is out.
The Gold Coast City Council approved the $62.5 million tower in the suburb of Labrador, with the development set to accommodate 96 one-, two- and three-bedroom units for more than 150 seniors.
The tower, located on a 2014 square metre site in Frank Street, will offer a heated pool, gym, sauna and community room with dining and bar facilities and consultancy rooms for visiting health professionals.
Aveo Group chief executive Geoff Grady said the vertical living concept allows residents the convenience of living in a beachside postcode with access to care and health services.
“The needs of today’s retirees are changing and we know that our future residents won’t want to leave their familiar suburban areas – they’ll want to remain connected in their local community when they choose to retire,” Grady said.
The project is Aveo’s sixth retirement development on the Gold Coast.
Construction under way on Japara aged care project
Another publicly-listed aged care provider, Japara has commenced construction on a $30 million aged care facility in the Easy T precinct of Gold Coast’s Robina.
The six-storey facility will accommodate 106 beds across nearly 7000sq m and is anticipated to open in mid-2019.
Japara chief executive officer Andrew Sudholz said the project had been chosen because of its proximity to the Robina CBD.
“The site provided Japara with a rare opportunity to secure a parcel of land in an area of significant demand, with proximity to major infrastructure, such as Robina Town Centre and Robina’s health precinct – including public and private hospitals,” he said.
Japara’s new $30 million facility neighbours the recently sold Easy T Centre, anchored by a Spano’s Supa IGA supermarket and 40 speciality retailers.
The centre was acquired by Clarence Property for $31.6 million in 2006 and sold last month to a Gold Coast-based investor for $35.8 million.
Gold Coast’s billion-dollar aged care boom
Recent data by the Housing Industry of Australia revealed that the Gold Coast’s retirement community will inject $3.5 billion into the city’s economy over the next five years.
ABS figures showed that the number of over-65s living in the Gold Coast jumped 28 per cent between 2011 and 2016.
Meanwhile, a post-Commonwealth Games development pipeline of $30 billion will help meet the Gold Coast’s projected growth, with recent research by Ray White Surfers Paradise and Urbis suggesting that the post-GFC lull was well and truly over.
“As a result of the hiatus in development, we’ve had rental vacancy rate sitting at around one per cent for some time as well as significant pent-up demand for residential land in many areas of the city,” Ray White Surfers Paradise chief executive Andrew Bell said.
Frasers Welcomes $25m Reward Hospitality HQ to Yatala
Australia’s largest distributor of hospitality and catering products, Reward Hospitality, has acquired a new industrial estate in Yatala Central.
The 39-hectare site was provided by Frasers Property Group who have agreed to a seven-year lease with the hospitality giant.
Reward’s purpose-built distribution centre and head office will take up 13,300sq m of the Yatala site.
The new headquarters will feature 1,800sq m of office, meeting and showroom space designed by supply chain consultancy TM Insight.
“The facilities have been built to drive operational efficiencies and cater for Reward Hospitality’s continued growth. To accomplish this, we spent extensive time developing the technical design brief to correctly size the property and accommodate their operational fit out,” TM Insight director Travis Erridge said.
Reward Hospitality chief executive David Bull said the development will enlarge the company’s warehouse capacity and provide greater supply chain efficiencies.
The facility is expected to be operational by mid-2019. When complete Reward Hospitality’s new Yatala Central facility will be valued at an estimated $25 million.
Frasers Property Group has also been active in Sydney’s industrial sector, signing with Belgian-owned logistics and transport group FDM Warehousing to include a new $31 million purpose-built warehouse within their Eastern Creek Business Park in Sydney’s west.
“Queensland’s premier estate, Yatala Central, continues to support the expansion plans of national and international companies,” Frasers general manager Troy Whalan said.
“The estate is strategically located between the two largest cities in Queensland, Brisbane and Gold Coast.”
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