Coolangatta PRD Market Update 1st Half of 2020
Coolangatta recorded a median house price of $650,000 and a median unit price of $420,000 in Q4 2019. This represents annual (Q4 2018 – Q4 2019) median price growth of 1.6% for houses and a softening of -5.6% for units. Between Q4 2018 – Q4 2019, total sales declined by -17.1% (to 1359 sales) for houses and by -19.8% (to 1680 sales) for units. There is currently less competition in Coolangatta and a more affordable unit price, which provides a great opportunity for first home buyers to enter the market.
Average vendor discounting between Q4 2018 and Q4 2019 has tightened to -3.7% (house) and -4.5% (units). There is a shift towards favouring vendors, where buyers are willing to negotiate closer to the initial listing price. That said there is still a discount for buyers, making now an ideal time to transact in the market.
House rental yields in Coolangatta Postcode 4225 were recorded at 3.9% in December 2019, slightly below Gold Coast Main (4.1%) and Tweed Shire LGA (4.2%). Over the 12 months to Q4 2019 house rental median price strengthened by 1.9% to $535 per week, followed by unit rental median price softening by -4.4% to $430 per week respectively. This suggests that there are more opportunities for investment into houses as opposed to units.
2-bedroom houses have provided investors with +2.5% rental growth annually, resulting in a median rent of $410 per week.
Coolangatta recorded a low vacancy rate of 1.2% in December 2019, a lower rate than Gold Coast Main (2.3%) and Brisbane Metro (2.9%). This is good news for investors, as there is a healthier rental demand in Coolangatta.