PA­CIFIC PINES A FAST MOVER DUE TO VALUE

The Courier-Mail - Property - - REALESTATE - ALISTER THOM­SON

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“If you haven’t got an es­tab­lished track record of de­vel­op­ing suc­cess­fully in pre­vi­ous cy­cles or through the GFC then banks are very wary. I have heard from lots of peo­ple who are strug­gling,” he said. A NEW Gold Coast sub­urb has emerged as the prop­erty mar­ket’s lat­est hotspot for house sell­ers and it isn’t at the beach.

The fam­ily-friendly sub­urb of Pa­cific Pines ex­pe­ri­enced a 43 per cent in­crease in the num­ber of houses last year com­pared with 2014. Ac­cord­ing to CoreLogic, there were 253 house sales in 2014, ris­ing to 362 last year. The area ranked be­hind Up­per Coomera, which tra­di­tion­ally is first.

Home­own­ers are tak­ing ad­van­tage of the surge in de­mand with some prop­er­ties sell­ing within a few days.

Vic­to­ria and Glen Wood bought a four-bed­room house on Yamba St in 2014 and had mul­ti­ple of­fers af­ter the first open home re­cently through LJ Hooker Pa­cific Pines agent Tim Wolff.

The prop­erty, on a 910sq m block with a swim­ming pool, went un­der con­tract af­ter three days on the mar­ket.

“That’s how fast it moved. I had a good feel­ing it would be quick but I thought quick would be two weeks. I did not ex­pect that,” Mrs Wood said.

The fi­nal price, around $530,000, was $10,000 more than the cou­ple

Bris­bane in­vestor Ni­cole Devine, also a real estate agent with Space Prop­erty, has picked up the keys to an apart­ment at Habi­tat on Ash­grove were ask­ing.

Mrs Wood said Pa­cific Pines was pop­u­lar be­cause it of­fered value for money.

“You can get a lot of house for the price. Ini­tially I wanted to buy near the beach but that’s so ex­pen­sive and you don’t get a nice place for the price,” Mrs Wood said .

She planned to stay in the area and rent a prop­erty be­fore buy­ing again.

LJ Hooker Pa­cific Pines prin­ci­pal Pas­cal Pierre said some houses were sell­ing with­out hit­ting the open mar­ket. His agency han­dled 20 to 30 off-mar­ket sales last year. that she re­served off the plan two years ago.

“I sensed we were at the bot­tom of a cy­cle then and mov­ing into re­cov­ery mode.”

“I rented out the prop­erty within the first week it was leased,” she said.

“The mar­ket is mov­ing quicker and quicker and we’re even sell­ing a whole bunch of prop­er­ties off-mar­ket,’’ he said.

“Prices are in­creas­ing and the ma­jor­ity of our prop­er­ties are re­ceiv­ing mul­ti­ple of­fers.’’

Mr Pierre said while he wouldn’t call it a “boom” mar­ket, it was one that favoured sell­ers and he ex­pected fur­ther cap­i­tal growth over the next 12 to 18 months.

CoreLogic fig­ures show the me­dian house sale price in­creased by 3.4 per cent to reach $481,000 last year.

Prop­erty an­a­lyst Terry Ry­der sin­gled out Pa­cific Pines as a mar­ket that was ris­ing steadily in his Price Pre­dic­tor Index Au­tumn 2016.

REIQ Gold Coast zone chair­man John New­lands said the sub­urb’s af­ford­abil­ity and in­creas­ing in­fra­struc­ture were driv­ing sales.

A $15 mil­lion Coles out­let is un­der con­struc­tion and new net­ball courts have al­most been com­pleted at the Pa­cific Pines Com­mu­nity Cen­tre.

“Af­ford­abil­ity is driv­ing sales and it has also been lag­ging be­hind the rest of the mar­ket and is catch­ing up,” Mr New­lands said.

Ni­cole Devine in­vested in a new three-bed­room apart­ment at Habi­tat on Ash­grove. Pic­ture: AN­NETTE DEW

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