Coolangatta Property Market Update 1st Half of 2021
In Q4 2020, Coolangatta* recorded a median house price of $720,000, and a median unit price of $482,000. This represents annual (Q4 2019 – Q4 2020) median price growth of 7.5% for houses and 8.4% for units. Between Q4 2019 – Q4 2020 sales declined, by -2.2% for houses (to 2007 sales) and by -7.1% for units (to 2551 sales). Price growth coupled with lower stock suggest a potential undersupply. The current Coolangatta* market indicate an ideal time to sell, as vendors are achieving final sale prices closer to their expectations due to the surge in demand, as well as low average days on the market.
Average vendor discounts between Q4 2019 and Q4 2020 have tightened for both property types, to -1.8% for houses and -3.0% for units. These are the tightest average vendor discounts recorded over the past 2 years, with sellers achieving final sale prices closest to their first list price. Thus now is an ideal time to sell.
In December 2020, house rental yields in Coolangatta¥ were recorded at 2.5%. In the 12 months to Q4 2020, the median house rental price slightly softened by -2.7% to $550 per week. However, average days on the market declined by -38.5% (to 16 days). Despite the softening in house rental prices, Coolangatta* is still a highly sought after location.
3 bedroom houses were the least impacted rental bedroom types, whilst 4+ bedroom house rents severely softened.
In December 2020, Coolangatta¥ recorded a significantly low vacancy rate of 0.4%, well below that of Gold Coast Main (0.7%) and Tweed Shire LGA (0.7%). Vacancy rates in Coolangatta¥ are at all time record lows, and well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms there is resilience in the rental market despite COVID-19, thus investors can be confident of a conducive investment environment in Coolangatta¥ .