Coolangatta Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Coolangatta*, which in this report encapsulate sales in Gold Coast LGA, recorded a median house price of $1,380,000 and a median unit price of $770,000. This is an annual (Q2 2023 – Q2 2024) growth of 7.8% for houses and 9.4% for units. Comparing Q2 2023 and Q2 2024 house sales declined by -5.3% (to 463 sales in Q2 2024) and grew by 0.4% (to 2,863 sales in Q2 2024) for units. The house market is currently undersupplied, whilst the unit market is highly demanded. This created a buffer against higher interest rates, thus an ideal time for owners to capitalize on their investments. With very little new stand-alone houses planned, buyers should act fast before further price growth occurs.
CHANGE FROM LAST
YEAR
Coolangatta*, which in this report is based on Gold Coast LGA, will see approximately $7.4B of new projects commencing in the 2nd half of 2024. Commercial Residential
$229.1M
Industrial
$37.9M
$795.3M
HALF YEAR
HOUSE SALE S
Infrastructure
$1.7B
HOUS E ME D IAN PRICE Mixed-Use
HOUS E RE NTAL PRICE
$4.6B
UNIT S AL E S UNIT ME D IAN PRICE
There are several projects that will add to housing stock in Gold Coast LGA, whether through mixed-use or pure residential projects. These are specifically located in Coolangatta and immediate surrounds:
UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$1.38M
$770K
MEDIAN PRICE Q2 2024
$750
SALES
AVERAGE DAYS ON MARKET Q2 2024
49
74
HOUSE
U N I T
RENTALS
$780
•
9 Simpson Street (6 Units)
•
13 Chaffey Street (4 Townhouses)
•
Skyridge Residential Subdivision Stages 10-14 (355 Lots)
•
7 Molucca Avenue (8 units)
Although there are some new stock planned, it is mostly units and land. No new stand-alone houses are currently planned; thus, an undersupply will remain. This shortage is anticipated to push house prices higher.
AVERAGE DAYS ON MARKET Q2 2024
20
21
HOUSE
U N I T
4,333 Units/ Apartments
214 Townhouses
1,291 Lots