Coolangatta Property Market Update 1st Half of 2024
In Q4 2023, Coolangatta, which in this report encapsulate sales in Gold Coast LGA, recorded a median house price of $1,292,500 and a median unit price of $745,000. This is annual (Q4 2022 – Q4 2023) growth of 13.4% for houses and 12.6% for units. During this time total sales increased by 1.8% (to 460 sales) for houses and 3.4% (to 1,777 sales) for units. This is reflective of cash rate hikes and cautious confidence, as price growth is slower despite high demand for property.
Average vendor discounts between Q4 2022 and Q4 2023 have tightened, to -2.1% for houses and -1.2% for units. This is the tightest discount recorded for houses in the past 18 months. The market is still favouring buyers but is shifting closer to a seller’s market. The peak of a discount has passed, in late 2022 – early 2023, thus those looking for a more affordable final price must act fast.
House rental yields in Coolangatta was 3.9% as of December 2023, on par with Tweed Shire LGA (3.9%) and slightly below Gold Coast Main (4.0%). That said median house rental price increased by 9.5% in the past 12 months to Q4 2023, to $980 per week, whilst the number of houses rented declined by -64.3% (to 5 houses). This suggests an undersupplied and resilient house rental market. Unit saw a 20.3% growth in median rental price (to $722 per week) and a 39.7% surge in the number of units rented (to 88 rentals), thus a highly demanded unit rental market.
3-bedroom houses have provided investors with a remarkable +15.1% rental growth annually, achieving a median rent of $875 per week.
Coolangatta recorded a vacancy rate of 0.9% in December 2023, slightly below Tweed Shire LGA average (1.1%) and Gold Coast Main (1.0%). Vacancy rates increased in late 2022 – mid 2023, due to investors re-entering the market. However, it has notably decreased for the past 6 months due to more people being priced out of the sale market and opting to rent. This indicates high rental demand and quicker occupancy. Thus, a conducive and sustainable environment for investors.
