The housing market continues to improve on the Gold Coast with sales of housing lots rising 50 per cent in the September quarter, according to the latest report from Prodap Property Market Research.
The move was largely driven by “spec” builders buying lots at two estates, The Meadows at Coomera and Waverley Parks at Pimpama.
And it was helped along by a cut in local government infrastructure charges, which allowed the developers to discount the blocks by up to $20,000.
But the sales activity, 313 lots in the quarter compared with 214 in June and 140 in March, was the “first substantial lift” since 2007. The author of the Prodap report, Bill Morris, said the data, “reinforces our forecast that a new housing boom on the Gold Coast is under way”.
Mr Morris said the research did not show any rise in price for vacant land. In fact, the activity had been fuelled by rebates.
But the turnover of house/land packages also improved, fuelled by the sales of mid-priced product at Sunland estates at Royal Pines and The Glades.
Mr Morris said prices for existing housing on the Gold Coast had lifted in line with the 8 percent growth in prices across Queensland this year.