Brunswick’s civic heart continues to consolidate around the Merri-bek Arts and Culture Precinct, where a growing cluster of cultural institutions, recreation facilities, and public infrastructure has created one of the inner north’s most defined community hubs.&nbsp;

Within this evolving precinct, <a href="https://www.apartments.com.au/new-apartments/saxon-street-by-milieu-brunswick-31-saxon-street-brunswick-vic-3056">Saxon Street by Milieu</a> introduces new housing directly alongside the civic anchors that shape daily life in the suburb.

At 31 Saxon Street, the project sits immediately beside Brunswick Baths and within moments of Brunswick Library and Town Hall, longstanding institutions that support both community services and everyday amenity.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348840]

Next door, the newly delivered Balam Balam Place arts precinct has emerged as a central piece of Merri-bek Council’s cultural strategy, bringing together creative studios, exhibition spaces, maternal and child health services, and community programming in a purpose-built civic facility. Together, these destinations have reinforced the surrounding blocks as a focal point for public life in Brunswick.

This part of <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> forms a key pocket within the suburb’s designated Major Activity Centre, where long-term planning has prioritised walkability, civic investment, and increased housing supply close to transport and services. The surrounding street network reflects that strategy, with compact blocks, established retail corridors and active transport links supporting a lifestyle that is largely navigable on foot.

Within a few minutes’ walk, Sydney Road delivers one of Melbourne’s most recognisable streets, known for its long-running mix of independent retailers, international dining venues and everyday convenience. Tram routes along Sydney Road provide frequent connections south toward the CBD and north through Brunswick and Coburg, while Jewell Station on the Upfield line sits within roughly a ten-minute walk, offering direct train access into the city.

[smartcode_project:default project_id=136434 project_image_fid=348839]

Active transport also plays a significant role locally. The nearby Upfield Bike Path forms a key north–south cycling corridor linking Brunswick through Parkville and into the central city, reinforcing the area’s reputation as one of Melbourne’s most accessible inner-urban neighbourhoods for cyclists and pedestrians alike.

The surrounding civic cluster extends beyond cultural infrastructure. Siteworks, a nearby creative hub supporting artists and community organisations, adds to the concentration of cultural activity in the immediate area. Educational institutions such as Brunswick North Primary School, Brunswick Secondary College and RMIT’s Brunswick campus are also within easy reach, contributing to the suburb’s diverse resident base spanning families, students and professionals.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348841]

Designed by <a href="https://www.apartments.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows Architects</a> in collaboration with <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> and landscape architects <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, the nine-level building has been shaped to respond to the surrounding streetscape, with lower levels aligning to the street and upper storeys stepping back to soften its scale and improve solar access.&nbsp;

Curved balcony forms reference nearby heritage architecture, while the development’s public realm improvements include a widened footpath along Saxon Street to strengthen pedestrian connections between the precinct’s civic sites.

Sustainability also underpins the project’s approach. The building is designed to operate entirely on electric infrastructure supported by rooftop solar, with an average 7.5-star NatHERS energy rating and EV-charging readiness across the development. Shared resident amenities will include a landscaped rooftop terrace with barbecue and covered dining areas intended to encourage informal interaction between residents.

Saxon Street marks developer Milieu's fifth project in Brunswick and continues its focus on design-led infill housing across Melbourne’s inner suburbs.&nbsp;

Construction has commenced through reputable builder Manresa, who will complete the project in 2027.

[smartcode_project_cta:default project_id=136434]

Joel Robinson

Saxon Street by Milieu connects residents to Brunswick’s cultural and civic core

Within <a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a>, <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>&nbsp;takes a different approach to larger residences, moving away from the constraints of a single level.

In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.

Lustre is a four-bathroom residence where the layout creates a clear distinction between shared and private zones, with uninterrupted views toward the Dandenong Ranges extending the sense of openness from the main living areas.

Entry is to the primary living level, where the kitchen, dining, and living areas are arranged as one continuous space. Timber flooring runs throughout, with a fireplace set within the living zone. Full-height glazing brings in natural light, supported by double glazing that improves thermal performance.

[smartcode_project:default project_id=342 project_image_fid=357506]

The kitchen is configured as both a working and social space. A large island bench provides seating, while a walk-in pantry extends storage beyond typical apartment expectations.

Gaggenau appliances, including a 900mm gas cooktop and 600mm oven, are integrated into a layout that connects directly to the adjacent dining and living areas, and outward to the terrace. This balcony includes a built-in BBQ, reinforcing the apartment’s capacity to accommodate larger gatherings without compromising internal space.

A dedicated laundry room, powder room, and a wine cellar area sit discreetly off the main living zone, ensuring that functional requirements are resolved without encroaching on primary living areas. The master suite is also located on this level, designed as a retreat with a walk-through wardrobe and an ensuite that includes double vanities, a bath, and a dedicated dressing table.

[smartcode_project:default project_id=342 project_image_fid=357508]

The mezzanine level introduces a second layer of living, rather than simply additional bedrooms. Two large bedrooms with built-in robes are positioned alongside a central bathroom, while a secondary lounge and study area create a self-contained zone suited to children, guests, or extended family. A large storage room further supports long-term usability, addressing a common shortfall in apartment design.

This separation of levels is central to how the residence functions day-to-day. It allows the lower level to operate as the primary entertaining and living space, while the upper level provides privacy and flexibility. The result is closer in feel to a townhouse or standalone home, but with the benefits of apartment living, security, and low maintenance.

[smartcode_project:default project_id=342 project_image_fid=364553]

Candela is close to 80 per cent complete, with Ironside delivering construction ahead of its expected October 2026 completion. The development comprises 58 residences, with a strong owner-occupier profile and a mix of one to four-bedroom apartments and loft-style townhouses.

Candela has exclusive access to private amenities, including a residential lounge and rooftop terrace. A charming café and a lifestyle wellness centre are located on the ground level, designed to foster community connection and extend the living experience beyond individual apartments without competing with the scale of homes like Lustre.

Candela, positioned in the heart of Ivanhoe Village, reinforces the practicality of the address. With a Walk Score of 90, residents are within immediate reach of cafés, retail, parklands, and Ivanhoe Station, while also benefiting from proximity to established schools and healthcare services.

[smartcode_project_cta:default project_id=342]

Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>’s <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a> is being shaped around a simple but increasingly rare premise in apartment development: that the built environment should actively support residents’ wellbeing.&nbsp;

Located on the former ABC Studios site on Gordon Street in Melbourne’s south-east, the new neighbourhood sits on an expansive 11,740 sqm site neighbouring the heritage-listed Rippon Lea Estate, whose gardens date back more than 140 years.

Rather than positioning wellness as an add-on amenity, the development integrates it into the physical planning of the site. Architecture by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> is arranged across six low-rise buildings set within extensive landscaping designed by <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, with more than 40 per cent of the land dedicated to gardens and green space. Walking trails, pocket gardens, and mature trees are threaded between buildings, creating a network of green corridors that encourage residents to move through the precinct on foot and spend more time outdoors.

[smartcode_project:default project_id=136535 project_image_fid=288420]

Milieu has intentionally framed these gardens as an extension of the neighbouring Rippon Lea Estate. More than 16,000 new plants will be introduced across the site, with species carefully selected to protect and complement the area’s ecological significance. The approach focuses on strengthening existing environmental conditions while establishing new habitats that support native wildlife, reinforcing the role of the landscape as both an active ecosystem and a defining element of daily life.

A private resident gate will provide direct access to the historic grounds during opening hours, allowing residents to move seamlessly between the development’s landscaped gardens and the estate’s expansive lawns, lakes, and mature trees. The project’s gardens will also be maintained by the same gardeners responsible for Rippon Lea, reinforcing the visual and ecological continuity between the two landscapes.

Complementing the landscape is a dedicated wellness hub designed to support everyday health and recovery. Residents will have access to a gym alongside yoga and Pilates studios, while mineral pools and infrared saunas provide spaces for relaxation and restorative wellbeing. Shared lounges, workshop spaces, and pet care facilities expand the concept of wellness beyond fitness, creating opportunities for social connection and community interaction within the precinct.

Environmental performance is another key component of the project’s wellbeing focus. Elsternwick Gardens will be entirely fossil-fuel-free, with homes designed to operate on renewable electricity rather than gas. Passive design strategies, including cross-flow ventilation, high-performance insulation, and thermally broken double glazing, are intended to maintain comfortable indoor temperatures while reducing energy demand. Solar photovoltaic systems will power common building services, while rainwater harvesting will help irrigate the extensive landscaping across the site.

[smartcode_project:default project_id=136535 project_image_fid=361030]

Milieu Founder and Managing Director Michael McCormack says the scale and setting of the project allowed the team to take a different approach to urban apartment living.

“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.

“Through that process, we arrived at a design that centres on a fully realised natural landscape – a series of private, interconnected gardens that encircle the homes and extend seamlessly from Rippon Lea Estate.”

Elsternwick Gardens will comprise three residential offerings, Gordon Place, Ripponlea Terrace, and The Garden Pavilion, each designed for owner-occupiers and shaped around high-quality interior design by Woods Bagot, K.P.D.O., and Flack Studio. The first stage, Gordon Place, includes one-, two-, and three-bedroom apartments designed with a strong focus on indoor-outdoor living and sustainability.

[smartcode_project:default project_id=136535 project_image_fid=288412]

Milieu recently appointed <a href="https://www.apartments.com.au/builders/brady-constructions">Brady Constructions</a> to deliver the project, marking a key milestone for the development. The appointment follows the demolition of the former studio buildings on the Gordon Street site, with construction progressing toward the delivery of the nature-led community.

Situated between the established villages of Elsternwick and Ripponlea, the development balances its garden setting with strong urban connectivity. Residents will be within walking distance of cafés, restaurants, and local retail, while nearby train and tram connections provide quick access to Melbourne’s CBD and the beaches of Elwood and St Kilda.

With construction underway and the first residents expected to move in by early 2027, Elsternwick Gardens represents a growing shift in apartment development toward environments that prioritise wellbeing as much as density or location. By placing landscape, sustainability, and shared spaces at the centre of the design, Milieu is positioning the project as a residential neighbourhood where wellness is not just promoted, but built into the structure of everyday life.

[smartcode_project_cta:default project_id=136535]

Elsternwick Gardens' wellness-first design strategy

Brisbane-based developer <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a> has made a striking debut on the Gold Coast, officially unveiling its $250 million COMO development in Varsity Lakes, a lifestyle-driven residential project anchored by an extensive rooftop wellness and activity precinct.

Having recently launched to market, construction has already been fast-tracked by <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a>, ensuring momentum continues on what is set to become a landmark residential address for the growing Varsity Lakes community.

Located at 22 Lake Street, Varsity Lakes, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels, comprising one-, two- and three-bedroom residences designed for modern living. However, it is the project’s rooftop amenity offering that sets COMO apart.

[smartcode_project:default project_id=135546 project_image_fid=363510]

Designed as a dedicated wellness and recreation hub, the rooftop will feature a 25-metre lap pool, fully equipped gymnasium, and multiple pickleball and paddleball courts - amenities rarely seen in boutique apartment projects.

Residents will also have access to a sauna and plunge baths, while landscaped gardens and relaxation zones will provide tranquil spaces overlooking sweeping panoramic views across the Gold Coast skyline.

The rooftop precinct has been designed to function as the social and wellness heart of the development, encouraging residents to embrace an active, balanced lifestyle within their own building.

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363512]

Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.

“Amenities were at the forefront of our decisions,” Laverty said.

“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.

“The rooftop at COMO has been designed to be the epicentre of that lifestyle, with a suite of wellness and recreation facilities that are quite unique for a boutique development of this scale.”

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363514]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the residences prioritise liveability, featuring spacious layouts, 2.7-metre ceilings and high-quality finishes throughout.

The development sits beside Bond University, placing residents within walking distance of education, retail and dining options within the vibrant Varsity Lakes precinct, including Robina Town Centre, Varsity Lakes Train Station and a range of leading schools.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.

“<a href="https://www.apartments.com.au/developments/varsity-lakes-qld-4227">Varsity Lakes</a> was a clear choice for us to invest in as it’s a lifestyle hub that seamlessly blends lakeside living with urbanity,” he said.&nbsp;

“Como will capitalize on this great location, delivering a project that not only creates premium homes, but a lifestyle defined by community, wellbeing, and connectivity.”

Red &amp; Co has delivered more than 500 apartments and townhouses across 26 projects in Brisbane in recent years, with COMO marking the company’s first major Gold Coast development.

[smartcode_project_cta:default project_id=135546]

Red & Co unveils amenity-rich Como development in Varsity Lakes

Gold Coast developer&nbsp;<a href="https://www.apartments.com.au/developers/big-projects">Big Projects</a> has secured approval for its second Mermaid Beach project.

The developer, currently selling <a href="https://www.apartments.com.au/new-apartments/the-frederick-mermaid-beach-2265-gold-coast-highway-mermaid-beach-qld-4218">The Frederick in Nobby Beach</a>, has secured approval for its next project just 1.5 kilomnetres up the road.

The new development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/glenelg-residences-2462-2472-gold-coast-highway-mermaid-beach-qld-4218">Glenelg Residences</a>, has been designed by BDA Architecture and&nbsp;will have just under 100 apartments across an 11-storey building&nbsp;at 2462–2472 Gold Coast Highway, on the corner of Glenelg Avenue just under 300m from the future Mermaid Beach Light Rail stop.

The apartments, a mix of two- and three-bedrooms, will sit above a retail-focused ground plane and under extensive rooftop resident amenities.

<img alt="Exclusive: Big Projects plot Mermaid Beach apartment development, Glenelg Residences" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-06-11%20at%209.55.04%20am.png?VersionId=z6NV4izeuvhBSSVlY6vK6TPO1LxrFeaG" />

BDA said in its planning submission that the project is intended to support the area’s transition toward higher-density, mixed-use living. “This project offers the opportunity to generate appropriate higher-intensity development within the future Light Rail corridor of <a href="https://www.apartments.com.au/developments/mermaid-beach-qld-4218">Mermaid Beach</a>,” the submission noted.

At ground level, Glenelg Residences will include eight retail tenancies designed to activate the street frontage, complemented by a basement bar offering an additional hospitality element. Above, residents will have access to a rooftop amenity deck featuring an infinity pool, hot and cold plunge spas, day beds, and barbecue facilities.

The architectural approach adopts a restrained material palette of brick, textured concrete, and integrated landscaping, with cantilevered concrete frames and cascading planting intended to soften the built form. BDA described the design as aiming to create “a memorable sculptural mid-rise mixed-use building” that responds to both its coastal setting and urban context.

<img alt="Exclusive: Big Projects plot Mermaid Beach apartment development, Glenelg Residences" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-06-11%20at%209.55.45%20am.png?VersionId=cpjIVBqcT_sujmo2UMWkVyLcQ7WGJHaQ" />

The approval comes as the City of Gold Coast continues to plan for significant population growth, with regional targets requiring more than 100,000 new high-density dwellings by 2046.

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Big Projects, led by Matthew and John Barrett, is part of a growing cohort of developers that deliver construction in-house, providing a high level of confidence to prospective purchasers.
</section>

[smartcode_project_cta:default project_id=150260]

Big Projects secures approval for Glenelg Residences in Mermaid Beach

Queensland Market Monitor

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SPONSORED POST
Welcome to a brand new year and the fifth edition of Urban Appeal magazine – Choice Homes’ guide to the many residential property investment opportunities in Queensland.
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I’m buoyed by the Queensland economy’s ongoing expansion thanks to continued population growth and an increase in tourism. 
We are expected to hit 6.7 million people by 2036 and the South East will be at the forefront of this massive increase, with an extra 2 million people set to live in the region. 
Over the past 26 years, Choice Homes has built premier residential housing throughout the state and we are excited about what the future holds. 
Probably the biggest shift for 2019 will be the impact of cooling property houses in the southern states. For South East Queensland this spells opportunity as more people look to the Sunshine State to either relocate or invest. 
Either way it will see a continued upswing in our property market, and the signs are already showing. For example Queensland continues to come out on top with nearly 70 suburbs recording double-digit growth over the past 12 months to June, according to a recent REIQ report. 
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The property price boom has continued on the Gold Coast as well, with four suburbs seeing double digit growth, showing select locations are performing exceptionally well. 
Choice Homes has strategically positioned itself in a number of these growth areas to provide a range of quality residential investment opportunities. 
With the wave of exciting new development in the pipeline, and the green light being given on several major infrastructure upgrades in the area, investing in South East Queensland continues to be a smart strategy.
We are also seeing the green shoots of growth in key towns in Central Queensland. Several mining projects have either commenced or restarted, quietly increasing the value of property in strategically placed areas such as Mackay.
From a company perspective, our joint initiative with SunYield by Stoddart
Group continues to add extra value for our investors. The program adds an additional $25 a week to investor's rental income through a solar scheme that puts a 6.5kW PV system on new houses built by Choice Homes.
This is truly a game- changer for the housing investment market with benefits for investors, tenants and the environment.
Choice Homes is also passionate about giving back to the community and supports a number of business, sporting and community-based organisations and initiatives, and we will continue to do so throughout the year.
Choice Homes’ reputation has been built over a quarter-century of hard work and industry smarts, and we will continue to provide quality homes in growth locations for many years to come.
Troy Knight is the director of Choice Homes.
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To download Choice Homes Urban Appeal 2019 magazine, <a href="https://www.choicehomes.com.au/estate/sovereign-estate" target="_blank">click here</a>.
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jrobinson-rf4aSBido9

Choice Homes launch fifth edition of Urban Appeal magazine

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Toowoomba’s property market continues to perform strongly, according to REIQ's latest Queensland Market Monitor’s quarterly report.
Over the medium term, Toowoomba has been a strong regional performer with the annual median sale price growing 21.1% for houses and 25.7% for units.
This ranks Toowoomba as the third-strongest performing regional market for housing and the best performing regional market for units in the state.
In a climate where regional residential markets have been severely challenged, this is a noteworthy result.
The March quarter delivered positive results with the median house price growing 1.3% to $355,000 and the median unit price grew a solid 2% to $309,500.
Toowoomba is one of the few regions in Queensland favoured with large infrastructure investment.
The $1.6 billion Toowoomba Second Range Crossing, the Gore Highway Interchange construction, the Murphys Creek Road and Postmans Ridge Road realignment, commencing this year.
Toowoomba is a steady market for both houses and units with a solid pipeline of projects in the region.
However, there is an increase in the supply of houses and units to this market which could affect the equilibrium of the market and its positive outlook over the coming months.
Toowoomba’s house market slipped of 0.8% over the past 12 months, to an annual median house price of $350,000 for March.
Over the medium term (five years), the housing market increased 21.1% or the equivalent of 3.9% per annum, from the annual median of $289,000 in March 2012.
There are some signs that demand is slowing.
The number of quarterly sales fell 2.4% from 551 in September to 538 in December.
Preliminary data shows a reduction to 426 transactions for the March quarter.
The most-active sale price for houses sits in transactions below $350,000.
Toowoomba is the second-most affordable local government area in the southeast corner, following Ipswich.
<a href="https://www.propertyobserver.com.au/images/2017/06/16/Screen%20Shot%202017-06-16%20at%2010.22.41%20am.jpg" target="_blank">Click to enlarge</a>
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The median days on market increased 10 days from 44 days in February 2016 to 54 days in February 2017.
The median vendor discounting, on the other hand, remained steady at 4.8%.
The number of listings increased significantly by 31.9% from 3906 listings in February 2016 to 5151 in February 2017.
This increase is just a reflect on of the growing supply of housing in the region.
The impact of the increasing supply on the market dynamics and median sale price will be monitored.
The unit market performed well this quarter reaching a quarterly growth of 2% to a median price of $309,500.
This growth partially compensated previous quarterly losses and helped control the dip on the annual median sale price of 0.6% with the annual median sale price falling to $308,000 for March 2017 from $310,000 for March 2016.
Over the medium term, Toowoomba remains the star performer for the unit market with the annual median sale price increasing from $245,000 in March 2012 to $308,000 in March 2017.
The size of the Toowoomba unit market is small, only about 500-600 sales per year. A comparison between the volume of sales in September and December 2016 demonstrates that demand remains steady with quarterly sales.
The most active price range for units is for transactions between $250,000 and $350,000, which aligns with the median sale price range.
<a href="https://www.propertyobserver.com.au/images/2017/06/16/Screen%20Shot%202017-06-16%20at%2010.22.50%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/16/Screen%20Shot%202017-06-16%20at%2010.22.50%20am.jpg" alt="">
Market trend indicators for the 12 months to February 2017 show a slower market for units with the median days on market increasing to 80 days and the median vendor discounting reaching 5.1% for February 2017.
The number of listings reported a significant increase of 36.5% from 619 listings for February 2016 to 845 listings for February 2017.
The impact on the market equilibrium and pricing is still unknown and will be assessed when data for the June quarter is available.
A three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-centenary+heights-125601038" target="_blank">147 Ramsay Street</a>, Centenary Heights (above) has been listed for over $349,000.
It was last sold in 2006 for $235,000 and the land was sold in 1984 for $22,000.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-middle+ridge-125015022" target="_blank">6/77 Bouganvillea Drive</a>, Middle Ridge (below) has been listed for over $299,000.
It last sold in 2012 for $316,500.
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j.ballantyne1990-6AQqhLzZaK

Toowoomba ranked third-strongest performing regional housing market in Queensland

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The Gold Coast housing market is the juggernaut of the southeast, reaching a new high median house price of $615,000 for the March quarter, according to REIQ's latest Queensland Market Monitor quarterly report.
The unit market, on the other hand, slipped 1.2 percent to a March quarter median of $410,000 compared to $415,000 for December 2016.
Looking at annual data, (which is less volatile than quarterly data) the Gold Coast has been one of the state’s best performers for the house and unit markets, reaching an annual growth of 6.4 percent for houses and 5.2 percent for units to March 2017.
The Commonwealth Games $160 million Roads package fully funded by the State Government has been one of the key drivers of economic development in the region.
This investment is still in progress and will deliver a significant road upgrade to Southport – Burleigh Roads, Labrador – Carrara Roads, Olsen Avenue and Nerang – Broadbeach Road.
In addition to the numerous Commonwealth Games projects, the $70 million Gold Coast cruise ship terminal proposal is getting closer to become a reality.
Environmental approval from the Federal Government, potentially the biggest hurdle for the project, was granted in mid-May 2017.
The economic fundamentals supporting the property market in the region are solid and driven by a large infrastructure investment program.
Local agents are very positive about the future of the residential property market.
However, in the post-Games period, the Gold Coast economy may require concerted efforts from all levels of government to ensure a jobs program is in place to shore up employment in the region.
The housing market performed strongly over the March quarter, with the quarterly price growing 4.2 percent to a new high of $615,000.
The annual median house price increased 6.4 percent to $585,000 for the 12 months to March.
<a href="https://www.propertyobserver.com.au/images/2017/06/15/Screen%20Shot%202017-06-15%20at%201.47.27%20pm.jpg" target="_blank">Click to enlarge</a>
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This increase positioned the region as the second-best annual performer for the house market to March 2017 (following Noosa).
Over the medium term (five years), the Gold Coast median house price grew 26.5 percent, which equates to 4.8 percent per annum (from a median price of $462,500 in March 2012).
This makes the Gold Coast the strongest performing house market in the state over five years.
The Gold Coast has five suburbs with an annual median house price above $1 million, compared to only three suburbs for the March quarter 2016.
Paradise Point has entered the million-dollar club in this March quarter with an annual median sale price of $1.09 million.
Affordable houses in the region are still available primarily in the suburbs of Lower Beechmont, Jacobs Well, Neerang, Ormeau and Upper Coomera; which reported annual median sale price in the range of $385,000 to $468,000.
The volume of activity reduced 5.6 percent from 1892 in September 2016 to 1786 in December 2016.
Preliminary data for March indicates a reduction of about 23.1 percent to 1373 sales.
This data will have to be reassessed in the June 2017 Queensland Market Monitor to confirm whether the number of sales in the region is experiencing a downward trend or just quarterly volatility.
The most active price point for the house market has been the $500,000 to $750,000.
For the 12 months to February 2017, the median days on market and median vendor discounting reported minor changes.
A house in the Gold Coast takes approximately 35 days to sell and requires a discount of about 4.2 percent.
Housing supply increased 16.3 per cent to 11,514 listings for the 12 months to February, triggering an increase in the stock on market from 7.6 percent in February 2016 to 8.8 percent in February 2017.
A three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-robina-125589182" target="_blank">74 Easthill Drive</a>, Robina (above) has been listed for $629,000.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-qld-pacific+pines-125118482" target="_blank">36 Pago Terrace</a>, Pacific Pines (below) has been listed for over $600,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/16/36%20Pago%20Terrace.jpg" alt="">
The land was last sold in 2001 for $68,000 with the property built the following year.
The Gold Coast unit market slipped 1.2 percent to a March quarter median of $410,000, but it was still the busiest apartment market in Queensland, with preliminary sales of 1859 compared to Brisbane LGA of 1578 for the March quarter.
The annual median unit price increased 5.2 percent to $405,000 for March.
Similar to the house market, the Gold Coast is one of the best annual performer for the 12 months to March 2017.
Over a five-year period, the unit market increased by 12.5 percent, from an annual median sale price of $360,000 in March 2012 to $405,000 in March 2017, which is equivalent to moderate annual growth of 2.4 percent.
Based on annualised data to February 2017, units sell in about 50 days with a discount of 4.4 percent.
The annual number of listings to February 2017 increased 27.2 percent to 14,112.
This triggered a lift on the stock on market from 9.3 percent in February 2016 to 11.8 percent in February 2017.
The Gold Coast’s rental market has operated within the tight to healthy range for the past 19 quarters.
Vacancy rates returned to the tight range, reaching 1.7 percent over the March quarter.
Local real estate agents operating in the region indicated that generally properties remained vacant between 1 to 2 weeks and the market has performed well and reasonably steady over the past two to three years.
<a href="https://www.propertyobserver.com.au/images/2017/06/15/Screen%20Shot%202017-06-15%20at%201.47.34%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/15/Screen%20Shot%202017-06-15%20at%201.47.34%20pm.jpg" alt="">
The Gold Coast’s rental market is the most expensive in Queensland with the median rent for a three-bedroom house at $470 per week, which is $30 a week more expensive than the same house in Brisbane LGA.
The median rent for a two-bedroom unit, at $420 per week, increased by $20 or about 5 percent over the March quarter.
This increase has positioned the Gold Coast two- bedroom unit rental market as one of the most expensive in Queensland, along with Brisbane LGA.
The weekly median rent of three-bedroom townhouses held steady at $420 for March.
<a href="https://www.propertyobserver.com.au/images/2017/06/15/Screen%20Shot%202017-06-15%20at%201.47.42%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/15/Screen%20Shot%202017-06-15%20at%201.47.42%20pm.jpg" alt="">
The indicative gross rental yields for houses weakened by 0.2 percentage points to 4 percent for March due to the upward trend of the median sale price.
In contrast, the gross rental yields for units increased 0.2 percentage points to 5.3 percent due to the reduction on the quarterly median unit price.
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