Northern corridor primed for boom time

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 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 to Pimpama and Ormeau 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 8793 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.

REIQ Gold Coast chairman Andrew Henderson predicted property values to increase with more services and infrastructure leading to a heightened demand for housing.

“The shopping centre should prove positive for real estate growth,” hesaid.

“Not only do residents get a new shopping centre, they also generally get public transport to go with it.”

He said properties close to Robina Town Centre and Pacific Fair experienced “incredible growth” after the refurbishment of both shopping centres in recent years.

“It didn’t matter if you were north, west, south or east of the shopping centre, everyone had a desirability to be nearby,” Mr Henderson said.

Jean Cain, who sells property in the northern corridor with Cain & Burdett @realty, said it was an exciting time for the region.

“This area is growing with a wide demographic of people, and even our clients from Hope Island have mentioned how they will be supporting this shopping centre, which only bodes well for property prices and further development in the area,” she said.

Westfield Coomera will open for the first time to the public on October 11.