Central Gold Coast

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Given the positive final quarter of 2019, the central Gold Coast area is anticipated to remain fairly buoyant throughout the first half of 2020, according to a recent Herron Todd White (HTW) residential report. 
The valuation firm ask their valuers to give an educated outlook on the residential market in their service areas.
The report notes sales activity spiked during September and October 2019 and local agents have reported that good levels of demand continued throughout holiday period for a broad range of property.
The stable market conditions in the Sydney and Melbourne property markets along with the low interest rate environment and easing of lending policy has given confidence to local buyers, particularly those seeking to purchase property priced in the higher price brackets. 
"Burleigh Heads and Burleigh Waters remain hot spots, however more recently we have noticed good sales activity in the suburbs of Miami and in Sorrento (Bundall)," the valuation firm said. 
A two bedroom beach styled dimples in Miami has recently been sold for $670,000.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-miami-125810922" target="_blank">2/10 Cantwell Court </a>(pictured below), it comes renovated bath and kitchen, indoor and outdoor living space and backyard. 
Set on a 372sqm block, the house is only 900m away from Miami beach. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/9/miami%20.jpg" alt="">
The report notes it will be interesting to see how property will perform within the Isle of Capri (Surfers Paradise) over the year. 
The Isle of Capri is regarded as one of the preferred residential waterfront areas within the established areas of the central Gold Coast, being within close proximity to the Surfers Paradise CBD. 
A fairly large infrastructure project (road bridge upgrade) has commenced which aims to improve traffic flow through the locality (to and from the CBD area). The expected completion of the project according to local council is mid 2021.
 
In the meantime, residents are likely to be disrupted by the project due to increased traffic congestion caused by the ongoing road works.
"We will wait to see if the project has any significant impact on property sales in this pocket," the valuation firm stated. 
A waterfront house in Isle of Capri was sold for $4.5 million in January. 
The four bedroom, three bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-qld-isle+of+capri-132828586" target="_blank">25 The Corso </a>(pictured below).
The home comes with indoor and outdoor living space, swimming pool, open plan gourmet kitchen and four car garage.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/9/isle%20of%20capri.jpg" alt="">
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The unit market may experience slightly tougher conditions in 2020 compared with 2019, according to the HTW residential report. This market (particularly within Surfers Paradise and Broadbeach) is heavily reliant on investors from interstate and overseas.
With a good volume of new unit stock introduced in 2019 and more high density projects due to be completed this year on the central Gold Coast, there is some concern about a potential oversupply in this area. 
"On a more positive note, general feedback from local real estate agencies suggests that demand for rental properties has remained firm and rental values are trending upwards," the valuation firm said. 
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Central Gold Coast market to remain buoyant in the early 2020: HTW residential 

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Most agents are reporting a softening in buyer enquiry and demand across the board throughout the Gold Coast, according to the latest Herron Todd White (HTW) residential report. 
All sectors are reporting some softening in value levels and longer sale periods required to achieve a sale, the valuation firm said. 
"It is definitely a buyer’s market and they are more discerning with their choices and in no rush to sign up to buy," the report stated. 
One leading agent has reported a general drop of circa 10% for Bundall and Sorrento from the generally accepted top of the market in late 2017.
According to the report, this was evidenced in a top end sale where the purchasers had submitted an offer at $4.5 million less than eight months ago and have just gone to contract at $4.1 million on the same property.
"The local market is well aware of the downward trend in the southern cousins of Melbourne and Sydney, however there appears to be a general consensus that local value levels here didn’t sky rocket like our southern counterparts and as such any market correction here is likely to be much more gradual and gentle in nature," the report said.
"The unit investment market in the beach side suburbs of Surfers, Broadbeach, Mermaid Beach and, to a lesser extent, Main Beach was negatively impacted by tighter bank lending restrictions, including the reduction of interest only loans and the banks’ requirements to convert to a principal and interest loan upon expiry of the interest only loan term.
"This resulted in serviceability issues for a number of investors and we saw this translate to vendors accepting contracts below previous sales within the building."
HTW said that the foreign investor market slowed as Chinese investors now seem to have disappeared from the market.
The prestige residential market up to circa $2 million was still ticking over albeit at a slower pace compared to standard residential housing within the central precincts.
A three bedroom Main Beach apartment which was traded at $2,462,000 in 2008 has recently been sold for $1,775,000.
The 278 square metre sky home at <a href="https://www.realestate.com.au/sold/property-apartment-qld-main+beach-130949282" target="_blank">2/20-24 Hughes Avenue</a> (pictured below) comes with three bedrooms, living areas, large balcony and resort lap pools.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/27/main%20beach%20.jpg" alt="">
Dry block or non-waterfront houses transacted steadily with some softening in price levels.
This market sector was mainly driven by local buyers.
A deceased cottage positioned in the Main Beach high-rise precinct has recently beed sold for $1.5 million.
Sit on a 531 square metre block, the cottage at <a href="https://www.realestate.com.au/sold/property-house-qld-main+beach-131230022" target="_blank">18 Hughes Avenue</a> (pictured below) with redevelopment potential comes with two bedrooms, one bathroom and yards.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/27/main%20beach%202.jpg" alt="">
Moving slightly out of the central locality, a recent sale of a proposed vacant lot in Tallai (to be subdivided off an existing larger site) and comprising 4,238 square metres of near level vacant rural residential land sold to a local buyer for the asking price of $600,000.
The agent reported the buyer had been looking for circa 12 months and this fitted their needs.
Other vacant sites available for sale all had issues either with sloping contour, flood or in close proximity to high voltage power lines.
"This sale indicates that the market for good quality, well located vacant land is generating good buyer enquiry and strong prices," HTW said.
"This sale is one of many occurring on the Gold Coast where local purchasers are seeking specific properties and are willing to pay more for a property that satisfies their requirements."
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Central Gold Coast foreign investor market slows: HTW residential 

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The most active central Gold Coast suburbs over the past few months have included Broadbeach, Broadbeach Waters and Benowa, according to Herron Todd White's latest monthly market report.
The property advisory firm says that demand for Broadbeach units under $500,000 remains firm and detached housing within Broadbeach Waters up to $1.75 million continues to be highly sought after.
One example would be a 2 bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-broadbeach-122986210" target="_blank">30 Surf Parade</a> that is for sale for $369,000.
The Broadbeach and Broadbeach Waters areas are becoming very popular due to their proximity to the beach, light-rail system, Pacific Fair shopping centre, boutique cafes and other various amenities.
Buyers with say $400,000 to $450,000 should find opportunities such as a partly or fully refurbished 2-bedroom, 2-bathroom low rise apartment within close walking distance to Broadbeach Mall and the beach.
Buyers with $500,000 to $750,000 should be looking to buy a non-waterfront detached house in Broadbeach Waters or possibly even a very basic entry level waterfront dwelling with canal frontage.
The market has improved considerably over the past two years within this area and at present it is likely to be difficult to find any waterfront property listed under $700,000.
Buyers with $1 million to $1.5 million will likely find either a recently constructed good to high quality non-waterfront dwelling or duplex or a renovated, good quality canal front home in this price range.
Alternatively, buyers could also look at good quality 3-bedroom apartments in the heart of Broadbeach if beachside living is the preferred option.
Lately there has also been a good run of sales of waterfront homes in Benowa.
Local agents have reported strong buyer enquiry for detached housing with either canal, lake or river frontage in the $1 million to $2 million price bracket in the Benowa Waters estate.
It appears that buyers in this price range are still looking to take advantage of the low interest rate environment and possibly there are more opportunities in this suburb in comparison to neighbouring suburbs such as Sorrento, Bundall and Broadbeach Waters.
Herron Todd White noted that there is a growing trend of short selling periods in affordable suburbs.
"We are also seeing a growing trend of shorter selling periods in the more affordable suburbs such as Merrimac and Mudgeeraba. Detached housing in the $450,000 to $550,000 price range in Mudgeeraba remains highly sought after and it has been quite common for property in this price bracket to sell within a couple days of being listed for sale."
Buyers with young families are the typical demographic in this area with affordability being a key issue in the decision making process.
"There appears to be very good levels of demand in other central suburbs such as Isle of Capri, Bundall, Sorrento, Mermaid Beach, Mermaid Waters, Robina and Carrara, however, agents are suggesting that there are low stock levels in these localities at present and vendors’ expectations are rising," the report advised.
Potential buyers looking to buy residential property priced under $1 million in these areas must be prepared to negotiate quickly due to the high demand and shortage of stock.
In the central north Gold Coast, Helensvale remains one of the boom areas, HTW noted.
"There has been a strengthening in the $500,000 to $650,000 price point."
The buyer demographic is mainly owner occupier family buyers looking for spacious 4- or 5-bedroom homes on large blocks.
One of the quieter market segments in the central north areas is semi-modern units and high rises around the Broadwater. In the Runaway Bay highrise precinct on Bayview Street and Oatland Avenue there have been less than five settled sales in the $700,000 to $1 million bracket.
These buildings are mainly owner occupied by retirees and units are tightly held when market conditions are favourable.
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Central Gold Coast

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