Gold Coast's new home development hotspots: HTW
Future new home development on the Gold Coast is ramping up in areas such as Hope Island, Beenleigh and the Scenic Rim (west), with building costs increasing at the lower end of the scale, but not greatly for the prestige and higher-end market when compared to 2009.
Herron Todd White's August review noted builders and developers said the cost is higher due to raw materials costs and green compliance, adding to the cost per square metre.
HTW said most of the remaining vacant sites in Helensvale, River Links and The Peninsula, will be developed in the next few years and warned that valuation of off the plan housing can be a minefield as rates for very similar products can range from $1,100 per square metre to over $1,600 per square metre.
"These estates have building covenants which attract architecturally designed and quality project packages that range on a rate per square metre basis from $1,100 to $1,700 for living area," HTW noted.
"These dwellings will mostly feature attractive mixed cladding, stone benchtops throughout, ducted air-conditioning and often leave landscaping and pool packages outside the building contract. These estates have smaller lot sizes ranging from roughly 300 square metres to 600 square metres and therefore attract investors, project builders and turnkey packages.
"These building contracts are typically $200,000 to $275,000. Floor plans are usually compact 3-bedroom plus study or 4-bedroom and the rates per square metre of living are generally $1,000 to $1,200 which has crept up from our previous review in 2009."
On the North Western M1 corridor, Maudsland's, Riverstone Crossing, Highland Reserve and Coomera Springs are showing consistent land value increases, according to the report.
