Gold Coast prices forcing first home buyers west: HTW

The strength of Gold Coast house prices is forcing first home buyers to look further west to obtain an affordable home, according to HTW’s February 2017 update.

The valuation firm says the north-west Gold Coast and southern Logan area is one of the largest growth areas within south-east Queensland with a number of satellite cities now gaining momentum and newer residential estates moving in to a more mature phase with established infrastructure, schools and local amenities.

“The growth area of Upper Coomera continues to be underpinned by the investment and interstate market with these buyers accounting for the majority of vacant lot purchases and house and land sales,” the report says.

“This market saw vacant land prices increase during the second half of 2016, with larger lots coming on to the market, which hadn’t been offered in this area for some time.”

“Over the coming year, this market should be treated with caution as these prices may be reaching their peak.”

The government increased the First Home Buyer’s Grant to $20,000 during the latter part of 2016 which encouraged more construction activity.

“However with price levels increasing in this area, it is becoming extremely difficult for first home owners to purchase or build new product and are we are seeing these buyers moving further west to the satellite cities of Yarrabilba and Flagstone at Jimboomba.”

Property Observer found a four bedroom house in Upper Coomera on 1001sqm that recently sold for $730,000 (above).

The property, 74a River Meadows Drive, fronts the river.

A four bedroom home, 9 Summerview Avenue, Yarrabilba (below) is currently on the market expecting offers over $575,000.

The home features an in-ground saltwater swimming pool and is on 640sqm.