The value of land at the Gold Coast is nearing the record highs of a decade ago. Values have increased by more than 35% over the past 5 years. The Valuer-General’s 2017 Property Market Movement Report has revealed that the median price for residential land has jumped by 8.5% to $320,000. This is $30,000 shy of the $350,000 high in 2007 before prices fell as a result of the global economic crisis.
Based on the latest reports, minor increases in land value were recorded in most suburbs with the biggest growth evident in Carrara, Nerang, Palm Beach, Clear Island Waters and Bundall. According to figures, land value at the Gold Coast is second only to Brisbane although land values have increased by 36% since 2012 when the market reached its lowest point.
Tom Tate, mayor and council budget boss welcomes the report findings and vows to minimize any impact on rates bills. The report shows the strength of Gold Coast’s real estate market; however, it would be a challenge to ensure that the Gold Coast doesn’t end up as an urban sprawl to accommodate more residents.
Instead of building out, the Gold Coast in building up because an urban sprawl will destroy the quality of the city. Buildings are following the light rail route for higher density and urban infill.
According to Tom Bleier of Gold Coast Residents and Ratepayers Association, he expects that the latest figures released on land values will have an impact on rates bills. The report was good news because it obviously showed that land values were catching up with pre-global financial crisis levels. Since land is now at a premium, many would be selling their lands for a good price. If land values increase, so will rates but it is still a steady climb because land values have not really rocketed too much.
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