Ashmore Research Factsheet 2nd Half of 2017
The Ashmore property market recorded a median house price of $585,000 and $327,000 for units in Q2 2017, representing an annual price change of 0.9% and 10.5% respectively. The Molendinar property market recorded a median house price of $630,000 and $357,500 for units in Q1 2017, representing an annual price growth of 10.5% and 15.0% respectively. Over the same period of time house prices in the Gold Coast City region grew by 6.0% to $632,000 and unit prices grew by 3.9% to $415,600. First home investors looking for a unit will greatly benefit in Ashmore, due to its more affordable price point but higher level of capital growth. Molendinar proves to be a hidden gem in Gold Coast, with property prices that are more affordable than the Gold Coast LGA, yet achieving higher annual capital growth.
Median rents in Ashmore increased for houses (by 3.9%) and units (by 7.0%) over the past twelve months to Q2 2017, currently at $530 and $380 per week respectively. Ashmore’s vacancy rate is 0.9%, much lower than the Gold Coast North area (2.4%). Increasing returns and an extremely low vacancy rate suggests savvy investors will find rewarding opportunities in Ashmore’s high-demand rental market.
Median rents in Molendinar has seen positive growth for houses (by 8.2%) and units (by 5.2%) over the past twelve months to Q2 2017, currently at $568 and $405 per week respectively. Favourable rental yields of 4.8% (house) and 6.7% (units) will be welcomed news for both current and potential investors, particularly when compared to the Gold Coast North area rental yields of 4.2% (house) and 5.2% (units).
Over the past two years between 2015 and 2017 new development in Ashmore is estimated at approx. $41.4M, 62.2% of which is dedicated to residential stock. Development in Molendinar amounts to approx. $27.3M in 2015-2017, split equally between commercial and industrial projects.
As suburbs that are of close proximity to the Gold Coast Commonwealth Games 2018 much of Ashmore’s development has been centered in ensuring the smooth operation of the Games. This includes the completion of the GOLDOC GHQ Stages 2-4 refurbishment and fitout works in late 2016 and the scheduled commencement of the fencing and barriers infrastructure construction in late 2017. These projects have increased activity and local job growth in Ashmore, which should continue as part of the Games’ legacy.