It's Off Units And On For Young And Old As Market Rocks Around The Block

Sun Herald

Sunday May 28, 2006

By MICHELLE SINGER

THE Gold Coast property market, once focused on high-rise apartment living, has shifted emphasis to blocks of land and new homes for young couples, young families and empty nesters.

At one end of the market is the Gold Coast's north shore. Once known for its bushland on either side of the Gold Coast Highway, the area has been transformed into Australia's fastest-growing precinct.

Market entry point for a three-bedroom single-storey home is around the $300,000 mark; land prices start at about $200,000.

At the other end of the market, and aimed at baby boomers and generation Xers, Sanctuary Cove is still finding a solid take-up rate for house and land packages.

The Resolution Research and Marketing company has identified Coomera, a satellite suburb between the Gold Coast and Brisbane, as the country's fastest growing, thanks to the $2.2 billion worth of development planned for the area.

Not only will the town be the same size as Southport, but the proposed Coomera town centre will be bigger than Pacific Fair, with about 100,000 square metres of retail space.

"Also planned are a number of government and service buildings, educational institutions and a medical precinct," the company said.

The site, earmarked for the land surrounding Dreamworld, is held by the theme park's owner, Macquarie Leisure Trust, and has been given the green light by the Queensland Government.

Area councillors regard the town centre as the focal point of this new community along with its newly built $9 million railway station.

While Macquarie Leisure Trust has not revealed firm plans for the make-up of the centre, operator Omni Leisure Operations chief executive officer Greg Shaw has said facilities such as libraries, community centres and schools would be provided.

Brisbane-based developer Devine is one of a number of companies with landholdings in the residential zonings and has found particular strength in the market from young, first home buyers looking for lifestyle and affordability.

"A lot of people like to be close to golf courses and the beach but a lot of them work in the city so they come to Coomera because they can have that here - they're close to the Gold Coast and Brisbane at the same time," Devine sales manager Sally Wilson said.

Despite the release of hundreds of blocks of land, the average property price in Coomera has still increased 11 per cent a year since 1998.

Further down the Coomera River, and considered the most premium waterfront available on the Gold Coast, Sanctuary Cove has reached a new milestone.

This month, the release of 21 new home sites on the region's golf course, the Pines, has set a new benchmark for the development, selling for up to $1.4 million each.

Sanctuary Cove was built around four man-made lakes and two championship golf courses. Facilities include a marina and shopping village.

When first approved, 1734 residential lots were planned. So far there are 1800 residents with room for 900 more households.