Joanne Wheeler is selling her Bundall home after 15 years. Photo by Richard Gosling
HOUSE prices continue to boom on the Gold Coast with the city now boasting seven million dollar suburbs. Now, a surprise suburb has joined the elite club.
BUNDALL is the latest suburb to join the elite million-dollar club on the Gold Coast, jumping to $1.055 million in the past 12 months.
CoreLogic data shows the 7.7 per cent increase over 124 house sales pushed the central suburb into the exclusive price threshold shared by Mermaid Beach, Main Beach, Broadbeach Waters, Clear Island Waters, Paradise Point and Surfers Paradise.
As a whole, the Gold Coast also recorded a 7.7 per cent increase in median house sale prices of $630,000 while the median sale price of units increased by 4.2 per cent to $422,000.
Main Beach is still the region’s most expensive suburb, but recorded a slight drop from $1.605 million to $1.520 million over just 12 house sales.
Real estate agent Karen Stewart from McGrath Surfers Paradise, who has handled property sales in Bundall for the past 15 years, said the suburb had clawed back to triumph.
“Five years ago it was a really tough market, you had sellers that wanted to sell, but the market hadn’t caught up after the GFC,” Ms Stewart said.
“It improved slowly over the last three years but really it’s the past 12 months where it has surpassed.”
Ms Stewart reported a trend towards buyers snapping up then renovating or rebuilding older homes.
“It’s so quiet and you’re out of the more transient suburbs but in 10 minutes you can be in places like Surfers Paradise and Broadbeach,” she said.
“We’ve had a lot of interstate buyers, we’re finding a lot more sales are coming from out of town, but there still is a fifty-fifty ratio of local and visitor buyers.”
REIQ Gold Cost zone chairman John Newlands said Bundall’s swift rise was partly due to its size.
“Bundall touches a very wide area — it takes in the suburb of Bundall, Sorrento, properties near the racecourse, and then a large base of waterfront properties and that elevates the price point,” Mr Newlands said.
It comes as property prices continue to climb less than 100 days out from the Commonwealth Games, with Willowvale and Currumbin Valley sitting in the $900,000 median house sale price bracket.
Mr Newlands said lifestyle and location factors would help more suburbs crack the million-dollar mark in 2018.
”Mermaid Waters is one — all of those suburbs that are centrally located, only a minute’s drive to the beach, close to shopping centres, boutique places and spots for families to take the children,” Mr Newlands said.
Mermaid Waters was the third-highest moving suburb of 2017, recording a 17.2 per cent increase in median house prices to $881,000.
“It’s all about demand, we’re starting to see a return of interstate investors from Sydney and Melbourne, so it’s starting to surge forward with a greater population wanting a waterfront lifestyle,” Mr Newlands said.
According to Ms Stewart, Benowa Waters is also one to watch.
“Benowa Waters has had a massive increase over the past 12 months due to the school catchment area being tightened up,” Ms Stewart said.
Vendors cash in on Bundall boom
Bundall homeowner Joanne Wheeler has listed her waterfront Daimler Drive property after 15 years and stands to sell for double the amount she paid for it.
Ms Wheeler bought the five-bedroom, three-bathroom north east facing house in 2002 for $730,000 — it is now on the market for $1.49 million.
The property is in the central Evandale Estate, close to the Gold Coast Turf Club, Chevron Island, and burgeoning Evandale Parklands.
“I always thought it was a bit unknown as a residential area, which is part of its appeal, and it’s remained so quiet,” Ms Wheeler said.
“I’m not surprised at the current market really, but I am pretty happy.”
Ms Wheeler, who moved from the UK to Australia 30 years ago, shared her home with her two grown-up children after being lured from Brisbane by the Gold Coast’s waterfront lifestyle.
”Directly where I am it has remained very quiet and unspoilt, although a few blocks have now got duplexes on them,” Ms Wheeler said.
“The area as a whole has changed dramatically, particularly with the cafe precinct and the development of the Gold Coast Arts Centre.”
Before listing her property, Ms Wheeler, who recently retired, made significant renovations including a new pool setting, kitchen and staircase.
“I finished up my work and it’s quite a large property, so I want to downsize, travel more and see family,” Ms Wheeler said.
Originally Published: www.news.com.au
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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