First home buyers drive Australia’s fastest-growing regional suburb
Generation-Y first home buyers are helping drive a population surge in the northern Gold Coast’s Pimpama, which was also Australia’s fastest-growing regional suburb.
Pimpama recorded the fastest growth rate of any area outside of an Australian capital city between 2014 and 2015, with the number of residents growing by 20% in that period, according to the Australian Bureau of Statistics.
Compared with Pimpama, Greater Brisbane witnessed an increase of 1.6% while it was 1.2% for the whole of Queensland.
According to QM Properties general sales manager Damien Ross, first home buyers accounted for almost a quarter of buyers at its Pimpama-based Pacific Cove development, which will add 507 new homes to the suburb on completion.
“104 sites of between 400 and 800 square metres have sold at Pacific Cove since launching to the market nine months ago, with 28% of our first home buyers aged under 30 and another 56% aged between 30 and 40,” Ross said.
“The owner-occupier focus has been a major drawcard, particularly for those buyers wanting to make their first home their forever home, with room to grow and start a family in an estate with a real sense of community.”
Prices for a 402 sqm land lot start at $239,500, while a four-bedroom home and land package costs $399,000. The relative affordability has also made the prospect of leaving the rental market for the first time a real possibility for first home buyers, added Ross.
“Buyers are also excited about the new infrastructure planned for the area, including new schools and the nearby Coomera Town Centre shopping hub.”
QM Properties’ current investment in the Gold Coast region includes more than 2,500 home sites across five estates – Pacific Cove, Coomera Retreat, Coomera Waters, Coomera Quays and the soon-to-launch Tuxedo Junction at Maudsland.
Across the portfolio, 61.7% of buyers have come from the Gold Coast, with 7.5% from Logan City and 5.3% from Ipswich.
“Located 40 minutes to the Brisbane CBD and 20 minutes to Surfers Paradise, both Pimpama and Coomera have proven popular suburbs with those seeking the flexibility to commute to either local or city-based work,” Ross said.