Entry level southern Gold Coast property skyrocketing: HTW

Entry level southern Gold Coast property skyrocketing: HTW
Entry level southern Gold Coast property skyrocketing: HTW

HTW predicts that the residential property market for the Southern Gold Coast and Tweed areas will continue to improve slightly throughout 2017, according to its February 2017 update.

The valuation firm says at present it is quite common for a property to be sold within its first three weeks on the market and, more often than not, properties are attracting multiple offers from multiple parties within this timeframe.

“This shows demand is currently outweighing supply which in turn is pushing values upwards,” the report says.

“Prices and values have been on an upward spiral since 2012 and this looks set to continue unless demand steadies and the supply of properties to the market increases.”

Housing in affordable locations such as Murwillumbah and Elanora have seen dramatic increases within the past six months.

Entry level housing in Murwillumbah has increased from approximately $300,000 to around $325,000 to $340,000 within the past six to nine months.

Elanora has also seen an increase in entry level housing from $475,000 to $550,000 since the beginning of 2016.

“Palm Beach has been a strong performer for the past three to four years and also looks to continue to improve with a number of new residential developments planned along with new restaurants, cafes and bars to be opened in 2017, HTW says.

“An entry level house in Palm Beach is now mid $600,000, whereas the same style of product could have been purchased for mid $400,000 at the bottom of the market in 2011 and 2012 showing an increase of possibly up to or around 150%.

A four bedroom house at 57 Twenty Fifth Avenue, Palm Beach (above) was recently sold for $700,000.

“This market continues to perform strongly and there are no signs of it easing off.

If anything 2017 has started stronger than the last six months of 2016.”

Other than new residential developments coming on line, there is not a great deal of infrastructure planned for the southern Gold Coast.

However talk that the plans to extend light rail to the airport are being brought forward which will more than likely have short term negative effects with roadworks, road closures and resumptions, HTW says.

“However long term it will benefit and complement the area by connecting the airport and central and northern areas of the Gold Coast with a lot more ease than available at present.”

Tags: 
Gold Coast Htw

Comments

Be the first one to comment on this article
What would you like to say about this project?