Property Prices Go Through The Roof

PROPERTY prices in the northern corridor are set to boom following the opening of the long-awaited $470 million Westfield Coomera.

Real Estate experts are tipping the surrounding suburbs to benefit from the $1.5 billion Coomera Town Centre, which includes the new shopping centre and future plans for community space, commercial offices and entertainment facilities.

RiskWise Property Research CEO Doron Peleg said the entire region stretching from Oxenford in the south to Pimpama and Ormeau in the north would reap the benefits.

He said there were 3671 houses and 558 units in the pipeline for the next two years and while they carried a certain level of risk in the short term, over the medium and long term the area was likely to experience solid capital growth.

“The northern Gold Coast growth corridor is probably the fastest growing in the region,” he said.

“Anywhere we see population growth like this, we also see huge demand for dwellings, and this means the projection for strong capital growth is good.”

In 2011 there were 8,793 people living in Coomera but by the 2016 Census there were 13,305 – a growth rate of 51.3 per cent.

The property market also experienced solid growth, with median house prices increasing 26.5 per cent over five years to $449,000, according to CoreLogic.