Coolangatta Property Market Update 1st Half of 2023
In Q4 2022, Coolangatta* recorded a median house price of $960,000, and a median unit price of $630,000. This represents annual (Q4 2021 – Q4 2022) price growth of 1.1% for houses and 6.8% for units. That said on a quarterly (Q3 – Q4 2022) basis median house price softened by -1.0% for houses and grew at a slower rate of 0.1% for units. The market current reflects cash rate hikes, lower consumer confidence, and changing economic conditions. Q4 2022 recorded the lowest number of house sales, of 1,368 sales. There are now new opportunities for buyers ready to enter the market.
Average vendor discounts between Q4 2021 and Q4 2022 have rapidly swung for both property types, from a premium to discounts of -3.2% for houses and -1.9% for units. Market conditions in Coolangatta* have now shifted to favour buyers, as vendors are willing to accept below the initial listing price. Now is the time to buy.
House rental yields in Coolangatta¥ was 2.4% in December 2022, lower than Gold Coast Main (3.9%). That said, median house rental price increased by 7.7% (to $700 per week) in the past 12 months to Q4 2022, alongside an 8.8% increase in the number of houses rented. The unit rental market is undersupplied, with median unit rent increasing by 17.6% (to $600 per week) whilst the number of units rented declined by -8.3%. Overall, this suggests a resilient rental market.
4+ bedroom houses have provided investors with +15.4% rental growth annually, achieving a median rent of $750 per week.
Coolangatta¥ recorded a vacancy rate of 0.6% in December 2022, which is below Tweed Shire 1.4% and on par with Gold Coast Main’s 0.6% average. Vacancy rates in Coolangatta¥ have held steady over the past 12 months, indicating stability in its rental demand and quicker occupancy time. These key indicators create a conducive and sustainable environment for investors, especially with the recent quarterly (Q3-Q4 2022) softening in median house price.
