Coolangatta Property Market Update 2nd Half 2024
Live where the surf meets the city in Coolangatta, with some of Queensland's best beaches at your doorstep. This vibrant town offers a laid-back lifestyle while being just minutes from Gold Coast's bustling attractions.
Property Trends
In Q2 2024, Coolangatta, which in this report encapsulates 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.
Project Development
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. Although there are some new stock planned, it is mostly units and land. No new stand-alone houses are currently planned. This shortage in houses is anticipated to push house prices higher.
Rental Market & Growth
House rental yields in Coolangatta was 2.8% as of July 2024, lower than Tweed Shire LGA (3.5%) and Gold Coast Main (3.2%). Further, median house rental price declined by -11.8% in the past 12 months to Q2 2024, at $750 per week (in Q2 2024). At the same time, the number of houses rented declined by -41.7%. This creates an opportunity for house renters. Conversely, the unit rental market saw a 16.4% increase in median rental prices (to $780 per week in Q2 2024) and a -15.4% drop in the number of units rented.
Vacancy Rates & Property Investment
Coolangatta recorded a vacancy rate of 2.1% in July 2024, higher than Tweed Shire LGA average (1.5%) and Gold Coast Main (1.7%). Vacancy rates increased in the past 12 months, due to investors re-entering the market. However, the current 2.1% rate is still below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This indicates a quicker occupancy of rental properties in Coolangatta, confirming a conducive and sustainable environment for investors.
