Gold Coast property market showing signs of recovery: Prodap
The Gold Coast property market has shown signs of sustained improvement, recording the highest number of land sales in the June quarter since September 2011, according to property market research firm Prodap.
The report revealed that vacant land sales jumped 55% from 140 to 214 in the June quarter.
According to the report’s author Bill Morris, this is the first significant increase since June 2009, and is the strongest level of quarterly land sales for two years.
House and land package sales have also increased by 70%, from 56 to 97 sales, in the June quarter. Morris states that this is the strongest level since December 2010.
The report also states that Upper Coomera saw the highest number of land sales at 73, while Hope Island comes in second with 69 sales. Ormeau recorded 22 vacant land sales in the June quarter.
Pimpama recorded 11 vacant land sales, Coomera and Ready Creek recorded 10 sales each, and Willowvale saw 6 vacant land sales.
Developments in Upper Coomera with vacant land lots include: Coomera Retreat.
Located on 22 Hans Street in Upper Coomera, Coomera Retreat is a freehold estate in North Gold Coast, close to amenities, schools, and close to public transport.
Vacant land is priced from $199,900 and House/Land packages start from $355,000.
Developments in Hope Island with vacant land lots include: Cova.
Located 61 kilometres from Brisbane CBD, Cova has released three precincts: North Quay, Leeside, and Lakeside. North Quay comprises of 12 north-facing land lots fronting the Hope Island Canal, and has recorded 75% of sales thus far.
The remaining absolute canal-front blocks in North Quay range in size from 471sqm to 528sqm and are priced from $495,000.
Developments in Ormeau with vacant land lots include: The Brook.
Located 40 kilmetres from Brisbane CBD and 30 kilometres from Surfers Paradise, The Brook features large homesites up to 945 square metres.
Residential land is priced from $200,000.
According to the latest RP Data report, the median sale price for houses in Upper Coomera is $385,000, up 1.9% on last year. The average discount required to sell a house in 11.9%, while private treaty sales average 113 days on market.
The median asking rent for houses is $400 per week, while gross rental yield currently stands at 5.4%.
According to the latest RP Data report, the median sale price for houses in Ormeau is $410,000, down 2.6% on last year. The average discount required to sell a house is 9.7%, while private treaty sales average 127 days on market.
The median asking rent for houses is $420, while gross rental yield currently stands at 5.3%.