Skyridge estate: Gold Coast's west hits new property price record as housing gets even more scarce

The days of cheap property west of the M1 are coming to an end, with a big money sale being recorded in a $1.5bn mega development as housing gets increasingly rare. FIND OUT MORE

The days of cheap property west of the M1 are coming to an end, with the first $1m sale of a suburban block at the new Skyridge estate.

The city’s western suburbs, which were previously among the cheapest locations to buy land on the Gold Coast, are now feeling the same squeeze as beachfront communities, where the average price of new units has risen above $2m.

Real estate figures say the premium on property in the region is now forcing prices up far away from the coastal strip as buyers are forced out towards the rural sections of the city.

Leading agent Michael Kolloche said the high prices were the new normal.

The Skyridge estate under construction.

“The Gold Coast has had strong levels of interstate migration which have maintained since Covid and we are seeing that there is a significant deficit between the migration and the new dwellings and that is driving prices up,” he said.

“The cost of construction is not slowing down and will maintain at these levels because of the lack of labour in the market which is creating a void there and driving the prices of new homes up.”

The increasing sales prices come amid increasing scarcity of traditional house and land packages on the Gold Coast, with little remaining greenfield development sites other than Skyridge.

Suburbs once regarded as cheaper and more affordable to buy into such as Helensvale, Coomera and Pimpama are now seeing increasingly expensive prices.

Undeveloped blocks of around 600 sqm on Upper Coomera’s Rangeview Road now start from $800,000, while a 1139 sqm block on Pimpama’s Elkins Street is priced just shy of $1m.

The Worongary estate site, which is 700 sqm, was bought by couple Alex Hill and Toby Donelan, themselves property developers, who are planning to build a three-storey house on the block.

The first $1m property Skyridge has sold. L-R Sales agent Rami El Kiki, buyers Toby Donelan and Alex Hill, and sales director Brinton Keath

Ms Hill said the couple’s new home would set “a very high benchmark” for the rest of the estate.

“We have plans to build a substantial three storey five-bedroom house to a size that allows for luxuries to be included that will complement the lifestyle and amenities the SkyRidge precinct offers,” she said.

“This includes a 700 sqm floor plan, third level roof deck to take in the uninterrupted views, walk-in robes and ensuites in every bedroom, a wellness room which will include an integrated sauna, ice bath and home gym, and a custom-designed concrete pool overlooking the stunning skyline.”

It comes just weeks after the release of PropTrack’s June Quarterly Home Index which showed two more Gold Coast suburbs – Southport and Pacific Pines – had average house prices of more than $1m.

An impression of tie view from the estate.

SkyRidge project director Chris Alston, from developer CRA Group, said demand for property in the Skyridge estate was exceeding expectations.

“We’ve had multiple back-up buyers for this lot showing the demand for prime elevated sites, but more importantly sales are now achieving over $2000/sqm, double what was paid when the development was first launched four years ago,” he said.

“The steady price growth and capital gains have been attributed to buyers appreciating the continued high quality of the development including entry statements, architect designed landscaping, public art and strong building covenants.”

Mr Alston said the first sections of the estate would open by Christmas, with a further 2000 parcels of land set to hit the market in the coming decade.

“We’ve already unveiled a number of amenities such as a community hub, parks and public art, with construction well-advanced on our two-hectare hero park – Lorikeet Park.

The project will take 10 years to deliver.

“Once open later this year it will become a major drawcard of the development and include stunning city and ocean views, a stunning 500-person capacity events amphitheatre, and an off-leash dog park among a range of other features yet to be announced.”

Construction of SkyRidge began in 2020 and more than $172m worth of homes have already sold in the precinct.

Once completed by 2036, SkyRidge will have up to 3500 dwellings and be home to more than 10,000 people.

Its size will rival Varsity Lakes, or the equivalent of Chevron Island, Bundall, and part of Surfers Paradise combined.

It is expected to inject $3.2bn into the economy in the next 15 years.

The release of its first stage in October 2021 produced a frenzy of buyers, with the Bulletin revealing at the time that more than 15,000 people had registered to secure one of 3500 houses in the subdivision.

The demand was so high the developers were forced to stage a ballot to choose buyers.