Gold Coast’s first-home buyer havens revealed

Latest data has highlighted where first-home buyers can get a foot on the property ladder in the Glitter Strip city for $200,000 less. SEE WHERE

Gold Coast first-home buyer havens revealed

The Gold Coast’s northern suburbs have featured in a new cheat sheet for first-home buyers revealing where to get a foot on the property ladder for less.

But with interest rates on hold for the third month straight, providing a shot in the arm to the local market, first-home buyers are competing with mum-and-dad investors and other owner-occupiers all targetting homes priced under $1m.

Latest PropTrack data shows buyers can secure a home for about 30 per cent less than the cost of a typical house in the city by knowing where to look.

Data shows buyers can secure a home for 30 per cent less by knowing where to look

The report highlighted the top 10 most affordable house suburbs — all priced at least $200,000 below the city median — as well as the 10 cheapest unit locations.

The Gold Coast’s median house price was $1,013,750 and $635,000 for units in August.

Willow Vale was top for houses, with a median of $682,500, followed by Pimpama ($685,000), Coomera ($754,000), Coombabah ($760,000), and Ormeau Hills ($760,000).

Rounding out the list: Lower Beechmont, Nerang, Upper Coomera, and Oxenford.

For units, first-home buyer havens not also featured on the house list were: Helensvale ($520,000), Southport ($537,250), Labrador ($550,000), and Ashmore ($555,000)

NAB Home Ownership executive Andy Kerr said the Reserve Bank of Australia’s (RBA) pause on rates at 4.1 per cent had allowed homeowners to “catch their breath”.

“While interest rates are on hold this month, the cost of petrol, groceries and energy bills is still going up,” Mr Kerr said.

“More customers are now taking the opportunity to look at how they can manage their finances to contend with rising living costs, set savings goals or begin to rebuild a financial buffer.”

17 Coorong St, Coomera

Buyers’ agent Oliver Dunstan, of Rose and Jones, said the more positive market sentiment had stirred renewed competition for properties priced under $1m.

“That price point is extremely competitive, and probably buoyed by signalling by the RBA that we may now be at the peak of the era of rising rates,” Mr Dunstan said.

He said two of his clients had recently missed out of securing homes advertised for around $899,000, which had sold for 10-15 per cent more.

“Both these properties sold a couple of days after coming to market in multiple offer scenarios. It was quite reminiscent of the Covid boom days.

“People are sick of waiting around and now want to act with more confidence. My tip to a buyer would be, there are no bargains out there, you need to be prepared and comfortable to pay a firm price,” Mr Dunstan said.

buyers agent Oliver Dunstan, of Rose and Jones

National buyer’s agent Lloyd Edge said offering favourable contract terms was another way to cinch a deal.

“In Queensland you have the benefit of a building and pest clause and finance clause, which is usually 14 days each,” Mr Edge said.

“However I try negotiate these to 7 days in the hope I can get a better price on the property. I often offer a higher deposit in return for these better terms in order to secure the deal.”

Mr Edge said Pimpama topped his Queensland investor’s hot spot list, with 18.9 per growth in rental prices this year and a lower than average crime rate.

Ray White Surfers Paradise agent Josh Thomas said the Coast’s northern suburbs were an attractive option for first-time buyers wanting to escape the rent race, and young families upgrading from a unit or duplex and wanting more space.

He said infrastructure projects such as the Coomera Connector or second M1 would alleviate the area’s growing pains, as development had failed to keep pace with population growth.

Pimpama, Coomera and Willow Vale were all among Queensland’s fastest growing areas, according to the Australian Bureau of Statistics (ABS), with the Gold Coast’s population expected to hit more than seven million by 2046.

“Interest rate rises through 2022/23 did certainly deter some first-home buyers, but in the last several weeks there have been more inquiries and they are showing some confidence that there is now some stabilisation to the market, which will help people make informed decisions on what they can afford,” Mr Thomas said.

“First-home buyers and young families are looking in those suburbs for affordability and for being able to maintain their loan repayments, which is a wise move.”

National housing loans to owner-occupiers were down 14.1 per cent from lat year

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ABS data shows housing loans to owner-occupiers fell 1.9 per cent nationally in July, down 14.1 per cent from the same time last year.

The report did not include new loan commitments to first-home buyers.

Figures from property research service InfoTrack show Pimpama was one of Queensland’s most searched suburbs, though this was also not limited to first-home buyers.

For buyers with more in the budget, other local suburbs on InfoTrack’s top 10 list included Surfers Paradise, Burleigh Heads, Mermaid Waters and Palm Beach.

InfoTrack spokesperson Sandra Falzon said the company had noted an uptick of buyers using their online service.

“With the spring bumper selling season on the horizon, more and more Australians are putting extensive time into research so they can move quickly when it comes to putting in an offer,” Ms Falzon said.

Originally published as Gold Coast’s first-home buyer havens revealed