Why Coomera units could become hot property

Oakey Bay apartments in Coomerera are some of the only ones currently on the market.
COOMERA units could become hot property with the suburb’s unit real estate market tipped to skyrocket, according to a new report.
The Well Home Loans Green Shoots Report reveals the top 20 Queensland suburbs that are showing the clearest signs of predicted strong price growth.

Aerial view of residential housing around the Coomera River.
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The Coomera unit market is the only Gold Coast suburb to make the top 20 list.
The median asking price has jumped 10.5 per cent to $420,000 in the three months to April while days on market is down 8.3 per cent to 33 days.

Market conditions are set to favour unit owners at Coomera.
“The Coomera unit market has really gathered momentum during 2022,” said Well Home Loans CEO Scott Spencer.
“Inventory levels and days on market have been trending down, which has made conditions increasingly hard for buyers.
“Not coincidentally, vendors have responded by sharply lifting their asking prices.
“It’s likely Coomera unit prices will keep rising in the months ahead.”

Well Home Loans CEO Scott Spencer.
He said it was slightly different with other Gold Coast unit markets.
“As in Coomera, there are some suburbs where conditions favour sellers, but there are other suburbs where conditions favour buyers, and other suburbs where the balance of power is equal between sellers and buyers.
“If we look at all the unit markets on the Gold Coast, the Coomera market is definitely the one showing the clearest signs of strong price growth in the months ahead.”

55/26 Yaun Street, Coomera sold for $500,000 in February, 2020 through Raine & Horne Coomera.
Raine & Horne Coomera agent Peter Davidson said he believed units were popular in Coomera due to their affordability.
“We definitely have a lot of interest in units from both investors and owner-occupiers,” Mr Davidson said.
“Units don’t last long on the market. They’re lucky to last one or two open homes.”

New housing estates being built at Foxwell Rd, Coomera.
He said last week’s interest rates hike hadn’t deterred buyers yet.
“That particular market is still hot,” he said.
“It comes down to being in that affordable price range.”
The top 20 suburbs in the Well Home Loans Green Shoots Report shows inventory levels decreasing, days on market decreasing and asking prices increasing, all over a three-month period to April, 2022.
Suburbs also have to meet a sustainability test, to make sure their conditions are sustainable rather than a short-term anomaly.
The data comes from Suburbtrends, a property research consultancy.

The post Why Coomera units could become hot property appeared first on realestate.com.au.

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