Property market on central Gold Coast improving: HTW
The most active central Gold Coast suburbs over the past few months have included Broadbeach, Broadbeach Waters and Benowa, according to Herron Todd White's latest monthly market report.
The property advisory firm says that demand for Broadbeach units under $500,000 remains firm and detached housing within Broadbeach Waters up to $1.75 million continues to be highly sought after.
One example would be a 2 bedroom unit at 30 Surf Parade that is for sale for $369,000.
The Broadbeach and Broadbeach Waters areas are becoming very popular due to their proximity to the beach, light-rail system, Pacific Fair shopping centre, boutique cafes and other various amenities.
Buyers with say $400,000 to $450,000 should find opportunities such as a partly or fully refurbished 2-bedroom, 2-bathroom low rise apartment within close walking distance to Broadbeach Mall and the beach.
Buyers with $500,000 to $750,000 should be looking to buy a non-waterfront detached house in Broadbeach Waters or possibly even a very basic entry level waterfront dwelling with canal frontage.
The market has improved considerably over the past two years within this area and at present it is likely to be difficult to find any waterfront property listed under $700,000.
Buyers with $1 million to $1.5 million will likely find either a recently constructed good to high quality non-waterfront dwelling or duplex or a renovated, good quality canal front home in this price range.
Alternatively, buyers could also look at good quality 3-bedroom apartments in the heart of Broadbeach if beachside living is the preferred option.
Lately there has also been a good run of sales of waterfront homes in Benowa.
Local agents have reported strong buyer enquiry for detached housing with either canal, lake or river frontage in the $1 million to $2 million price bracket in the Benowa Waters estate.
It appears that buyers in this price range are still looking to take advantage of the low interest rate environment and possibly there are more opportunities in this suburb in comparison to neighbouring suburbs such as Sorrento, Bundall and Broadbeach Waters.
Herron Todd White noted that there is a growing trend of short selling periods in affordable suburbs.
"We are also seeing a growing trend of shorter selling periods in the more affordable suburbs such as Merrimac and Mudgeeraba. Detached housing in the $450,000 to $550,000 price range in Mudgeeraba remains highly sought after and it has been quite common for property in this price bracket to sell within a couple days of being listed for sale."
Buyers with young families are the typical demographic in this area with affordability being a key issue in the decision making process.
"There appears to be very good levels of demand in other central suburbs such as Isle of Hills Shire, Bundall, Sorrento, Mermaid Beach, Mermaid Waters, Robina and Carrara, however, agents are suggesting that there are low stock levels in these localities at present and vendors’ expectations are rising," the report advised.
Potential buyers looking to buy residential property priced under $1 million in these areas must be prepared to negotiate quickly due to the high demand and shortage of stock.
In the central north Gold Coast, Helensvale remains one of the boom areas, HTW noted.
"There has been a strengthening in the $500,000 to $650,000 price point."
The buyer demographic is mainly owner occupier family buyers looking for spacious 4- or 5-bedroom homes on large blocks.
One of the quieter market segments in the central north areas is semi-modern units and high rises around the Broadwater. In the Runaway Bay highrise precinct on Bayview Street and Oatland Avenue there have been less than five settled sales in the $700,000 to $1 million bracket.
These buildings are mainly owner occupied by retirees and units are tightly held when market conditions are favourable.