property factsheet

PROPERTY
FACTSHEET
PROPERTY
WATCH®
REPORT
GOLD COAST Surfers Paradise
LABRADOR
Fourth Quarter 2013
1ST QUARTER 2015
OVERVIEW
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Labrador is located approx. 72km south
from the Queensland state capital of
Brisbane. It overlooks the Gold Coast
Broadwater to the east and Southport on
the southern border. In the 2011 census
Labrador had a population of 16,402,
indicating growth of 6.6% over 5 years.
Change from Last
Year
Half
Year
House sales
House median
House rents
Overview
MARKET
CONDITIONS
Median prices in the Gold Coast Region over 2013-2014 sat at $520,000 for
houses and $356,000,000 for units, with growth recorded at a stable 2.7%.
Labrador property market has performed exceedingly with average growth
of 8.1%; with house median at $440,000 and units $318,000
In Labrador, average days on the market has declined by 10% over the past
6 quarters, with Q4 2014 figures sitting at an average of 73 days. The rental
market experienced a declining trend of 51%; currently sitting at 34 days for
houses and 43 days for units. This suggests that sales and rental demand
for both types of properties is increasing rapidly.
Average vendor discounting has steadily declined over the past 12 months,
with Q4 2014 reporting lowest figures for both houses (-3.9%) and units
(-4.4%). This suggests buyers are willing to pay close to the asking price
and are competing for available stock, hinting at potential undersupply.
Investors will do well in Labrador with house rental yield at 4.6% and units
at 5.4%. In 2013-2014 median rents for both house and units recorded an
increasing trend, currently at $400 and $350 respectively.
GOLD COAST REGION GROWTH
Unit sales
Unit median
Unit rents
FUTURE DEVELOPMENTS
In 1st Half of 2015, approx. $4.8M worth
of new projects will be invested in the
Labrador area, with approx.78% of the
new developments focused on
increasing residential stock through both
purely residential and commercialresidential mixed development.
Major residential projects include the
Brisbane Road Apartments ($1.5M, 22
units), the Sunshine Court Townhouses
($780k, 3 townhouses), and the
Musgrave Avenue Townhouses ($1.2M,
7 townhouses).
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Note: Data for this factsheet reflects up to and inclusive of 31 st December 2014, close of Q4 2014
Source: Cordell Database, PRDnationwide, Pricefinder,
Real Estate Institute of Australia,. Gold Coast City Council
COMMENT
AVERAGE VENDOR DISCOUNT
Average vendor discount reflects the
average percentage difference
between first list price and final sold
price. A lower percentage difference
suggests buyers are willing to
purchase close to the first asking price
of a property.
KEY FACTS UNIT
Overview
MARKET
SALES ANDCOMPARISON
MEDIAN PRICE YEARLY TO DEC 2014
Labrador
House
Year
#
Price
Southport
Unit
#
Price
House
#
Price
Arundel
Unit
#
Price
House
#
Price
Biggera Waters
Unit
#
Price
House
#
Price
Unit
#
Price
2005 136 $350,000 658 $255,500 287 $380,000 1046 $318,350 51 $420,000 266 $265,000 229 $405,000
120 $248,500
2006 133 $385,000 651 $265,000 298 $389,500 1049 $310,000 60 $420,000 291 $289,000 218 $431,000
116 $270,000
2007 141 $438,500 810 $298,500 358 $438,500 1535 $370,000 77 $460,000 345 $310,000 269 $455,000
128 $287,000
AREA XXXXXX
AREA XXXXXX
2008
81 $422,000 448 $320,000 203 $465,000
863 $390,000 31 $515,000 180 $338,250 169 $480,000
96
2009
92 $423,750 508 $316,106 262 $455,000
890 $365,500 56 $540,000 327 $364,000 196 $465,000
103 $322,500
2010
78 $429,250 365 $325,000 151 $473,000
706 $345,000 43 $555,000 183 $392,500 128 $470,000
77
$325,000
2011
82 $398,750 256 $291,000 135 $410,000
545 $325,000 35 $450,000 101 $305,000 99
$460,000
54
$307,000
2012
67 $385,000 273 $285,000 148 $392,500
449 $305,000 46 $535,000 192 $306,000 118 $475,000
57
$300,000
2013
81 $387,500 421 $310,000 218 $425,750
680 $318,285 60 $485,000 337 $395,000 144 $465,000
62
$300,000
2014
88 $440,000 436 $318,000 206 $470,000
616 $330,000 60 $577,500 291 $380,000 138 $487,500
74
$310,000
Source: Pricefinder PDS Extract Filter, Real Estate Institute of Australia
$320,000
AVERAGE DAYS ON MARKET
KEY FACTS HOUSE
Median Sale Price:$440,000
Annual Suburb Growth: 13.5%
Average Days on Market: 66
% Change between First Listed Price
and Sold Price: -3.9%
KEY FACTS UNIT
Median Sale Price:$318,000
Annual Suburb Growth: 2.6%
Average Days on Market: 79
% Change between First Listed Price
and Sold Price: -4.4%
LABRADOR SALES AND MEDIAN PRICE
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Source: Pricefinder. Real Estate Institute of Queensland
RENTAL MARKET ANALYSIS
HOUSE
UNIT
KEY FACTS HOUSE
Median Rent Price: $400
Suburb Rental Yield: +4.6%
Average Days on Market : 34
Bedroom Breakdown:
2 Bed: 26%, 3 Bed: 56%, 4+ Bed: 18%
KEY FACTS UNIT
KEY FACTS
Interest in Labrador property market is recorded at 40 internet visits per
property, on par with the average regional Queensland of 48. Home
loan affordability is found mostly in the $1800-$2399 bracket per month.
Rental affordability sit within mid-high end of the market at $275-$349
Overview
per week. In 2011 21% of homes were fully owned and 28% rented.
Median Rent Price: $350
Suburb Rental Yield: +5.4%
Average Days on Market: 43
Bedroom Breakdown:
1 Bed: 11%, 2 Bed: 60%, 3+ Bed: 29%
LABRADOR RENTALS AND MEDIAN RENT
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Source: Australia Bureau of Statistics, RealEstate.com.au, Pricefinder, Real Estate Institute of Queensland, Rental Tenancy Authority Queensland
PROJECT DEVELOPMENT MAP
Total Project Spend
$1.4 M
$3.5 M
Residential
Location
Project Title
Estimated Commence
Location
Value
Date
Project Title
Commercial
Estimated Commence
Value
Date
COMMERCIAL
RESIDENTIAL
1
Brisbane Road Apartments
$1,500,000
25/02/2015
4
2
Sunshine Court Townhouses
$780,000
13/04/2015
5
3
Musgrave Avenue Townhouses
$1,200,000
01/07/2015
6
7
Frank Street
Commercial Development
Homeless Youth Centre
Accommodation Building
Gold Coast Physio & Sports
Health Labrador Clinic
Treasure Island Drive
Gymnasium & Café Fitout
Source: Cordell Database, Queensland Department of State Development, Infrastructure and Planning, PRDnationwide, Scribblemaps
$500,000
15/02/2015
$300,000
10/03/2015
$250,000
01/04/2015
$300,000
16/06/2015
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