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HOUSE hunters looking to bag themselves a bargain in the northern Gold Coast are in luck, with three suburbs median house prices coming in well below the city’s overall median price of $655,000.
Willow Vale, Labrador and Pimpama were the three cheapest areas for the north as featured in the Bulletin’s Sold On Gold Coast — the Glitter Strip’s ultimate property guide.
Take a look to see what make these suburbs a standout for more than just their affordability factor.
1. WILLOW VALE
Median house price: $435,000
Median house rent: $425/week
Median unit price: NA
Median unit rent: $360/week
Average days on market: 61
Average hold period: 8.5 years
Population: 2096
Average weekly household income: $1872
Median age: 30
Willow Vale is one of the Gold Coast’s cheapest suburb to buy a house with a median of just $435,000.
The median house price is almost $200,000 less than the Gold Coast’s overall median of $630,000.
Sitting behind Springbrook, with a median house price of $405,000, Willow Vale is the city’s second most affordable suburb, attracting househunters looking for a bargain.
The northern rural suburb was formally part of Pimpama and offers a great middle point between the Gold Coast and Brisbane.
It is bordered by Pimpama, Upper Coomera, Wongawallan and Kingsholme.
The sleepy suburb is in the foothills of Tamborine Mountain and is home to the luxury five-star forest retreat — Ruffles Lodge and Spa.
Prices start at $229 per night for a studio-style unit, up to $859 per night for a two-bedroom villa.
The accommodation, spa, restaurant and wedding venue is set among 20ha of gardens, parkland, bush and forest — natural surroundings that characterise the whole suburb.
Those looking to settle down in Willow Vale will enjoy the country lifestyle while maintaining a suburban location.
The area is home to acreage properties ensuring there’s plenty of space for families who are wanting to raise their kids in a rural location, without being too far from city conveniences.
The Gold Coast is about a 30-minute drive from the suburb.
The area’s median house price has dropped significantly in the past 12 months from $915,000, providing buyers an opportune time to break into the area.
2. LABRADOR
Median house price: $441,250
Median house rent: $440/week
Median unit price: $350,000
Median unit rent: $385/week
Average days on market: 55
Average hold period: 11 years
Population: 18,261
Average weekly household income: $1012
Median age: 41
It is being hailed at the next Southport and its colours are only just starting to truly show.
Old homes are being renovated to rejuvenate Labrador and it’s benefiting from a boom in apartment development.
The $145 million investment to redevelop the Southport Spit is also set to benefit the suburb.
Ray White Labrador owner and principal Darren Davey said the suburb was going through gentrification.
“Looking to the future, it’s probably going to be one of the go-to suburbs of the Gold Coast,” he said.
“There’s lots of development and lots of people buying up older homes and renovating them into their dream home.
“There’s been a lot of 10-storey unit development in the area and it’s earmarked for another
five developments over the next 12 months.
“Lots of cranes in the sky means the area is going well.”
Mr Davey said white-collar workers and tradies were house hunting in the suburb thanks to its affordability and amenities, including access to the freeway.
“It’s growing in stature for white-collar workers who have access to everything, including the beautiful Broadwater,” he said.
“It’s a gem in the rough at the moment and will increase in value over the next two to three years.
“It’s very understated.”
The Broadwater Parklands, Griffith University and the Gold Coast University Hospital are all close by.
“Labrador stands to be what Southport has been over the last few years,” Mr Davey said.
3. PIMPAMA
Median house price: $470,000
Median house rent: $440/week
Median unit price: $402,900
Median unit rent: $375/week
Average days on market: 99 days
Average hold period: 5 years
Population: 9396
Average weekly household income: $1596
Median age: 27
Pimpama is one of the Gold Coast’s, even Australia’s, fastest growing suburbs and the booming area is benefiting from developers splurging on new infrastructure.
The area was once farmland but is now full of new houses and communities.
The northern suburb is a popular spot with families and young buyers looking to break into the Gold Coast market.
Gainsborough Greens sits in the heart of the suburb and is a masterplanned community
by Mirvac.
A $7.5 million park with an impressive playground, events amphitheatre and sport facilities will open this year.
The 5ha Bim’bimba Park will feature a basketball half-court, skate ramps, table tennis, barbecue and picnic areas as well as a 15m play tower with climbing nets and slides.
QM Properties also invested $3 million to construct a new bridge to boost connectivity in Pimpama, as the developer’s Pacific Cove estate continues to expand.
The 60m bridge was a gateway between the estate and local schools and shopping centres, including Pimpama Junction and Westfield Coomera.
“Pacific Cove is proving popular with first-home buyers looking for an affordable entry to the property market, with recent releases of lots priced from just $230,000,” QM Properties general sales manager Damien Ross said.
Pimpama has a $470,000 median house price, which has grown by 17.8 per cent in the past five years, according to CoreLogic.
Despite the market downturn that impacted most of the country, the suburb notched 2.2 per cent growth in the three months to April. The area’s median unit price also had steady growth in the past five years, jumping by 15.1 per cent to $402,900.
There had been 230 house sales and just 29 units have changed hands in the past 12 months.
Source: www.realestate.com.au
