Coolangatta property market cooled in late 2016: PRDnationwide
Fresh data from PRDnationwide has indicated that the Coolangatta property market cooled during the final quarter of 2016, having recorded growth in median house price of just 1.0%, and unit prices experiencing a reduction of 4.2%.
As one of the earliest settlements on the Gold Coast, Coolangatta is located approximately 29 kilometres from the Gold Coast CBD. Its predominant demographic is singles and home sharers between the age of 35 and 44.
During this period, Coolangatta properties received a median house price of $600,000 and a unit price of $445,000. Comparatively, median house prices in the nearby Gold Coast City region grew by 7.0% to $610,000 and unit prices lifted by 3.9% to $400,000.
Ongoing project development in Coolangatta and its surrounding suburbs for the first half of 2017 is valued at approximately $19.6 million, of which more than half (57.7%) is to be spent on residential dwellings. This is followed by infrastructure (25.5%) and mixed use developments (10.2%).
Positively, rentals in Coolangatta recorded a very low average vacancy rate of 0.3% throughout December 2016, with the low rate suggesting that there is consistent high demand for rental properties, in turn signifying a healthy investment environment.
median rent for units in Coolangatta has enjoyed a rising trend over the past year, sitting at $413 per week in the final quarter of 2016. House rent has experienced a slight decrease to $480 per week.
The average amount of days rental properties have sat on the market has stayed under 31 days over the past year, with houses currently sitting at a low 24 days and units at 19 days.