Coolangatta PRD Market Update 2nd Half of 2020
Coolangatta recorded a median house price of $661,000 and a median unit price of $425,000 in Q2 2020. This represents annual (Q2 2019 – Q2 2020) median price growth of 2.1% for houses, and a softening of -2.9% for units. Between Q2 2019 - Q2 2020 sales declined, by -44.7% for house (to 954 sales) and by -53.7% for units (to 977 sales). Market conditions shows signs of resilience throughout COVID-19, with positive price growth for houses and only a slight softening for units, despite the expected decline in demand.
Over the 12 months to Q2 2020, average vendor discounting has tightened to -3.8% (houses) and -4.6% (units). Market conditions in Coolangatta provide unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In June 2020, house rental yields in Coolangatta (postcode 4225) was 2.4%. In the 12 months to Q2 2020 median house rental price remained stable at $535 per week, whereas median unit rental price grew by 2.3% to $440 per week. This represented a resilient rental market throughout COVID-19.
4+bedroom houses have provided investors with +0.9% rental growth annually, resulting in a median rent of $565 per week.
Over the June 2020 Quarter, Coolangatta (postcode 4225) recorded a low vacancy rate of 1.5%, lower than Gold Coast Main (4.0%) and on par with Tweed Shire LGA (1.5%). Vacancy rates in Coolangatta (postcode 4225) have remained on a declining trend since June and December 2019, even amidst COVID-19 conditions. This confirms there is a healthy rental demand and investors can be confident of conducive investment environment in Coolangatta.