Gold Coast property: Suburb where unit values have jumped 14 per cent in a year

Property prices in this central Gold Coast suburb are spiking, with a new report and leading industry figures saying values will only get higher, especially for unit owners.

PROPERTY prices in the central Gold Coast suburb of Benowa are spiking on the back of a wave of downsizers flooding into the area, a new report reveals.

Benowa and Ashmore are becoming the new lifestyle destinations of the city, according to a market outlook report by respected consulting firm Urbis.

Over-50s looking to offload their family homes for something smaller are snapping up smaller houses and the small number of units in the area.

Property prices for units are doing well in Benowa, rather than on the Coastal strip. Picture: David Clark

According to the report the median price of units in Benowa has surged 14.3 per cent in the past year. The Gold Coast’s overall unit market saw a 1.8 per cent decline in median price.

OTHER NEWS:

Why cops gatecrashed Candyman son’s birthday party

Gold Coast’s best and worst resourced schools revealed

Star Students: TSS’s 55 best

Despite the boon for owners, the report warns of a big problem looming for new entrants — there are very few apartments coming and that is already pushing prices up.

Ray White Surfers Paradise CEO Andrew Bell said steady growth was expected to continue for the foreseeable future.

COAST AIRPORT’S BIG UPGRADE

Andrew Bell. Photo: Steve Holland

“I am not surprised to see these values doing better than the average of the Gold Coast and I expect it will continue,” he said.

“The only thing which will slow it down is if prices rise too sharply and that would force people out of the area.

“Areas such as Benowa, Ashmore and Bundall are all suburbs which are great fits for downsizers,” Mr Bell said.

COAST SUBURBS BECOME ‘MINI CITIES WITHIN A CITY’

The property market in Benowa is outdoing the Coast overall.

According to the Urbis report:

* More than 50,000 jobs are set to be created in the area in the coming 25 years, with the total employment in the area to grow by 59 per cent;

* By 2041, healthcare and social assistance will be the area’s largest jobs provider employing almost 19,000 people;

* Around 270 people will move to the Benowa/Ashmore region annually through until 2041, with the bulk of those arriving being over the age of 55.

Social research Mark McCrindle said downsizers would continue to play a critical role in the shaping of the Gold Coast’s property market.

AMAZING OFFER: GET A SAMSUNG GALAXY TAB A 8.0 WITH THIS BULLETIN SUBSCRIPTION (T & Cs apply)

Sunland Group's Marina Concourse.

“The make-up of areas change with time and we are already starting to see that happen,” he said.

“Just look at areas like Robina which is popular with both retirees and young people.”

The report notes the supply of new units in the coastal fringe region has fallen from a high of 488 in early 2015 to 276 as of this year.

Of these, just 90 are in Benowa and it says there is “limited opportunity for future apartment projects”.

The most recent to be completed is developer Sunland Group’s Marina Concourse towers at Royal Pines.

Soheil Abedian and Sahba Abedian. Photo: Richard Gosling

Sunland managing director Sahba Abedian said Benowa was increasingly being seen as a desirable location

“Benowa has been able to establish a unique identity of its own, generating its own lifestyle appeal through clever urban design and boutique destinations and retail spaces,” he said.