QLD Gold Coast 2022

Discussion in 'Where to Buy' started by Piston_Broke, 1st Jan, 2022.

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  1. Stanlite1988

    Stanlite1988 Member

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    Had a couple of opens with the main one on Sat. Had well over 30 groups through in 30mins at the sat open plus a couple of skype calls. The agent received just over 20 offers by COB Saturday. I can private msg you regarding price expectations for our property but don't want to disclose publicly if that is ok.

    Regarding the market for the Coomera/Pimpama area, it is hot, very hot, but the best prices are still confined to certian area's (or special circumstances housing...eg. OO house that has been spec'd up in a less good area). Essentially there are 3 distinct pockets emerging. the 1st is if your property is south of yawalpah road and west of Finnegan way to the highway expect about 50-100k less than the pockets outside those areas (to the east of the highway at least) looking at around the mid 6's to mid 7's depending upon land component and house size for a 4/2/2.

    The 2nd pocket is Gainsborough greens, if your in there prices are looking good and sale times are very low (sub 3 days from my best guess, 90% of properties in that area are selling after the first open - again best guess). If your property is in Gainsborough and backs onto the nature reserve that surrounds it I would guess that a pretty standard 4/2/2 lowset would be pushing the million mark, houses not backing the reserve maybe 100-150k less then that for comparable.

    The other pocket is the segment of Coomera east of Finnegan way. Here the closer you get to the ocean the higher the price (naturally) but generally starting prices for 4/2/2's are now low 7's unless the house is very dated.

    All this has happened very quickly, back in september a $700k sale for a lowset 4/2/2 would almost always mean a house on a large block (say above 650m2). The sub 500m2 range (probably the majority of houses in the area would have been comfortably sub 650k. Case in point in September 2021 an exact copy of my house (design from project builder) on similar land size sold for sub 600k, today that would def not happen and it would probably be pushing mid 7's
     
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  2. Hamish84

    Hamish84 Well-Known Member

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    Great info, thanks heaps for sharing. Northern GC sounds like it’s not slowing down!!
     
  3. Momentum

    Momentum Well-Known Member

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    Yes definitely try stay on the eastern side of the GC Hwy if possible if you want walking distance to the beach and bars/restaurants but it's pretty exy unless you're ok with a townhouse or apartment. That pocket in Monaco St next to the park isn't walking distance to any amenities so you'll need a car if you pop out for groceries or a meal but it's like an oasis with no traffic noise and lots of green space around you. Units in Monaco Street up near Crowne Plaza has a lot of drug users. Another exclusive pocket is Cronin island which you can only access from a bridge to the north of Chevron island. It has less than 40 houses on the main river with a park in the middle. There's a few nice places to eat/drink on Chevron but there's a 2 way bridge at either end so you get bottlenecks during peak hour. Budds Beach is also a nice resi pocket on the other side but I would be focusing on Mermaid and Broadbeach waters if you want a house on the water and close to the beach/restaurants. Isle of Capri would be my first choice if your budget allows. They've just put in another bridge at the eastern end for more thru traffic but it benefits the residents, unless you own the Flintstones house on the corner. I'm on mobile, excuse formatting etc
     
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  4. Momentum

    Momentum Well-Known Member

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    Technically they're GC but Pimpama and Coomera are bit of a stretch and turning into ghetto areas. No offence
     
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  5. Masakan

    Masakan New Member

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    Love the consice separation of pockets. We were originally looking at near the new sports hub but ended up keep being pulled back towards either Gainsborough Green or the area near Gainsborough Parklands/Football Club. Is that still considered Gainsborough Green? Seems very near the train tracks too though and withe the train station built just across I just imagine even double glazed windows might not be enough for sensitive ears.
     
  6. Harveys

    Harveys Well-Known Member

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    Seems there was no other point to the post than to be offensive.
     
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  7. Hamish84

    Hamish84 Well-Known Member

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    Yes that area is Gainsborough Greens. Anywhere east of the railway line and north of Yawalpah Road is Gainsborough Greens. Very, very nice homes and well maintained gardens. Much higher rate of owner occupier than other parts of Pimpama. Although you definitely pay for it, going by recent posts.

    The area near the new train station is very new and there are some very high spec homes being built in there. Given there’s already a train line (Brisbane to Gold Coast line) you’ll be able to tell when you inspect homes if the noise bothers you. Personally I’d be more concerned about local traffic rat running to get to the station, to the football club and/or to the private school just to the north. And even then, I don’t think that would put me off.

    The area off Swan Road (Lindeman, Whitsunday, Ningaloo etc), while a little older, is much better in that regard. Still very nice, well-maintained homes with a good choice in block size and house spec, slightly older (circa 2014-2017), but should be quieter forever, yet still close enough to walk to the station. These two pockets are the only non-body corporate areas of Gainsborough. Further east they have shared facilities, pools etc., with a body corporate fee.

    Have a look at the master plan on Mirvac’s website.
     
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  8. Hamish84

    Hamish84 Well-Known Member

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    The only areas left of the GC where normies can afford detached housing.

    So sorry for diverting the discussion away from $5m canal frontage homes :D
     
  9. Big A

    Big A Well-Known Member

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    After a week of deep research I feel like I am starting to understand the market their. A strange market it is. The real estate agents are next level special.

    I am seeing a silly frenzy in the market. Feels more like crypto than property on the GC. A little look back maybe 18-24months ago and I see $3m-$4m getting you something special on good open water. Last year you needed more like $4m-$5m, And this year its looking more like $5m-$6m. This part of the market on the GC makes me a little nervous. I can see how this is happening. People like myself are looking at this sunning water front mansions and are saying while $5m is a lot of money, you aint buying anything like this in Sydney for $5m. So we rush up and throw money at them.

    Sellers and agents on the GC are seeing this stupidity and now they have jumped right in and are taking full advantage by asking even sillier money for property.

    97 Gibraltar Drive, Isle Of Capri, Qld 4217 - Property Details (realestate.com.au)
    40 Gibraltar Drive, Isle Of Capri, Qld 4217 - Property Details (realestate.com.au)
    38 Amalfi Drive, Isle Of Capri, Qld 4217 - Property Details (realestate.com.au)
    68 The Promenade, Isle Of Capri, Qld 4217 - Property Details (realestate.com.au)

    Looking at the above examples of properties sold last year. Agents keep telling me that prices have moved since last year. BS. Firstly some of those only sold late last year. Secondly prices dont just go up because a new year has clicked over. As far as I understand a price is established by comparing the most recent sales of similar homes. If something similar in a similar spot sold in the $4m's last year and that is the most recent comparable then how are similar properties now worth in the $5m's. I dont see too many sales in these locations ( Isle of Capri, Broadbeach waters , Sorrento ) that went for above $5m. Yet every property on the market now in those locations with a new prestige home on the open water is asking $5m plus with some even over $6m.

    One more example. This just sold this month.
    4 Saywell Street, Sorrento, Qld 4217 - Property Details (realestate.com.au)

    Now this one is on the market right now.

    7 Wombat Court, Sorrento, Qld 4217 - House for Sale - realestate.com.au

    Almost identical location. First one is a bigger land lot. Second one we can say is a newer higher end fit out.

    First one just sold for $4.25M and second one they want over $6m. How is there a $2m difference between these 2?
     
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  10. kierank

    kierank Well-Known Member

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    Looking at my crystal ball, there is bust coming …

    The original owner of our place (southern GC) paid $600,000 more than what we paid her (2008 vs 2016).

    In the last 12 months to 2 years, it has gone up $1M+.

    This is crazy and unsustainable.

    I know it will be different this time …
     
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  11. Piston_Broke

    Piston_Broke Well-Known Member

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    They've always been special up there...since back in the 90s slick RE operations that flew up Sydneyers in droves to buy overpriced RE.

    I won't be buying until REAs start chasing potential buyers and treat them like the first buyer to call all week.
     
  12. Tim34

    Tim34 Member

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    Gold Coast
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  13. Boss

    Boss Well-Known Member

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    The Gold Coast is exactly the same as anywhere else.

    You need to look at recent comparables (key word being "recent").

    So in markets that are rising fast comparables that are even 3 months old are essentially useless.

    And it's January 18th 2022 so the Agents are correct; prices are higher than last year (that's how fast the market is moving).

    Furthermore, QLD will continue to boom this year and thus people are listing with very high expectations and these high expectations will most likely be fulfilled too.
     
    Last edited: 18th Jan, 2022
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  14. Harveys

    Harveys Well-Known Member

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    Gold coast
    Gold Coast has historically been a boom bust town, when it busts top of the market busts harder than bread and butter properties.
     
  15. Big A

    Big A Well-Known Member

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    Thank you @Tim34 , I recall you saying that. I believe it use to be an air bnb and has been renovated and sold.


    So is it a boom and bust town or same as anywhere else.
    From the research I have done so far , it doesn’t look like it works the same as anywhere else. Certainly not the Sydney market anyway.


    So prices are higher because it’s January 2022 compared to December 2021 just because another month has gone by? So if nothing in that last month has sold that’s comparable for a higher price does that mean the market is still running up? Or could the market have paused? Now if comparable properties start selling for less than the last few , I’m assuming that’s the market telling you that prices are going down.

    The above sounds logical to me, so I would say the price doesn’t always go up just because time has gone by and the last direction of momentum was up.

    Either way the market will do what the market will do. I personally will not be paying the frenzy premium that’s being asked right now. If I find something fits what I’m looking for and is comparable in quality and price to most recent sales regardless wether they were last month or last year then I will consider it. If not then I’ll wait or stay exactly where I am.

    I wouldn’t call a market in which property prices rise 40%-60% in a 12-24 month period normal. I would call that a boom. After a boom comes a ???? While Sydney also booms from time to time history supports those booms and they don’t tend to turn to busts. Sure periods of a flat market can follow. The GC market history doesn’t inspire such confidence.
     
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  16. Harveys

    Harveys Well-Known Member

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    Yuk. :confused:
     
  17. Masakan

    Masakan New Member

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    Brisbane
    Thanks for the history and insight. I almost bought one in the newer area and found a house that ticked all the boxes. Was supposedly one of the top bidders according to REA but didnt realize the new train station coming in and it would be only 200m from it. Ended up losing by 5k.

    I struggle where I was before when it was 450m away especially when they blare their horns when they pass the station. So I would have definitely not be happy in the end.
     
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  18. Hamish84

    Hamish84 Well-Known Member

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    I trust in future you will do this type of due diligence prior to making an offer on a property :cool:
     
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  19. Tealey1

    Tealey1 Active Member

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    Sydney

    Hey hey Big A! Interesting thoughts and good pointers on the agents getting greedier and greedier with limited supporting recent sales data.

    My partner & I bought a house in Elanora in Oct21 for $1.05m and kicking ourselves at what we could have gotten a year prior (waterfront in Burleigh).

    I think FOMO took over. We do want to live in the area long term so whether or not this will be our PPOR, at least we have somewhere in the GC. (Renting in Syd and want to move up soon)

    I’m in a very well paying Job (tech sales) my GF’s job pays okay and we are buying and investing as much as we can but I can’t see a world when we could possibly afford a $4m+ PPOR on the water even though that’s what we dream of doing. Especially considering it will probably have doubled to $8m+ in the next decade (very conservative estimate)

    Curious, what have you done to get into the position you are today?!

    It’s inspiring and I want to know what we can do!
     
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  20. Investor1111

    Investor1111 Well-Known Member

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    Darwin
    How will the Robina Unit market perform? Im curious. The developable land in the surround area has been eaten up pretty rapidly, hence why this is a load of stock on the market for Robina units currently. The unit that was my first PPOR hasnt seen much CG as a result, only 40-50k in 5 yrs :( Will the gap between houses and units close in this suburb? Keen to hear thoughts :)
     

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