Gold Coast residential land values continue to grow: Choice Homes

Gold Coast residential land values continue to grow: Choice Homes
Gold Coast residential land values continue to grow: Choice Homes

Residential property developer Choice Homes believe the next residential hotspot for the Gold Coast will be in the northern areas, with land sales around the decade-long Coomera Town Centre project.

Stage 1 of the development features a major shopping precinct, activity centres and transit hub. 

The developer has sought to expand stage one to include cinemas. 

The expansion of stage one could potentially create an additional 100 jobs. 

The $390 million Gold Coast International Marine Precinct will also be a boon for the Gold Coast and a key pillar in the city’s economy, Choice Homes noted in their recent report

According to the Valuer-General’s 2017 Property Market Movement report, Choice Homes noted the residential land on the Gold Coast has increased by 8.5% over the past year to $320,000.

There have been significant increases in some market sectors and localities since its last evaluation resulting in the land value increases, according to Queensland’s valuer-general Neil Bray.

Gold Coast director for property valuation and advisory business Herron Todd White Tod Gillespie commented that although the valuations confirmed that Gold Coast’s property market is growing stronger, it does not reflect the market value of the area.

“There is still some disparity between market value and government site value and if you could buy land at some of the sites valued there would be a rush of buyers,” he said.

Meanwhile REIQ Gold Coast zone chairman John Newlands says that northern NSW buyers should look towards place such as Coolangatta for affordability as well as predicting that there will be more growth on the northern region of the Gold Coast area.

“The northern corridor including Hope Island and Coomera is also something to watch,” he says.

“We are starting to see other industries apart from tourism and construction firing in their own capacity — film making, the medical and education industries are giving the Coast more depth and with the depth comes more jobs.”

What happens on the Coast is the professionals go to major cities for jobs and we lose a lot of talent,"

He also commented that Gold Coast’s ‘boom and bust’ reputation was starting to diminish due to other industries expanding.

CoreLogic has also reported in March that Gold Coast’s property market price has hit a record-high of $600,000 revealing that house prices increased by 6.2% over the past 12 months to December 2016 and 21.2% over three years.

This surpasses Brisbane’s $85,000 and is just $25,500 short of Melbourne’s median price while Sydney continues to dominate other localities with $905,000.

Gold Coast Choice Homes

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