Why this cheapie Gold Coast suburb is punching above its weight

The Gold Coast suburb of Pimpama has debuted among Queensland’s top 10 suburbs for house sales.

InfoTrack’s latest Property Market Update revealed the suburbs with the highest volume of house and unit sales from July to September this year.

Pimpama in the Gold Coast’s northern growth corridor was the only local suburb to make the list for the greatest number of house sales, and was ranked for the first time.

InfoTrack head of property Australia Lee Bailie said Pimpama was very well located between Surfers Paradise and Brisbane city.

“Given its convenient location, and its relative affordability, it’s not surprising to see it has made the list of house sales for the first time,” Mr Bailie said.

PropTrack’s latest Quarterly Home Values report showed Pimpama is the Gold Coast’s second most affordable house market, with a median price of $693,640 compared to the citywide figure of about $1m.

Harcourts Coastal sales director Rob Forde said Pimpama had emerged as a lifestyle destination in its own right, attracting young families and professional buyers for its easy commute and amenities.

A five-bedroom, two-bedroom house at 30 Baines Ct, Pimpama sold under the hammer this week to an interstate buyer for $1.325m.

“This was a buyer from Sydney’s northern beaches who flew up for the day of the auction,” Mr Forde said.

“Ten years ago, Pimpama wouldn’t have been on the radar for this interstate buyer, but a lot of the estates in the area are maturing and it is now a really genuine location for people who want the beach lifestyle, but may need to commute to work in Brisbane.”

Pimpama was ranked seventh behind Rockhampton’s Gracemere, Ipswich’s Redbank Plains, Townsville’s Kirwan, Moreton Bay’s Morayfield and Caboolture, and Logan’s Yarrabilba.

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Four-bedroom house at Looby Cres, Pimpama sold for $1.122m

The data also showed the Gold Coast region made a big impact for unit sales last quarter, with Surfers Paradise coming in at number one.

Three other Gold Coast suburbs made the list of top 10 unit sales for Queensland, including

Southport, Broadbeach, and Labrador.

“The Gold Coast continues to be a property hot spot in Queensland, given the highly desirable beachside lifestyle on offer for buyers,” Mr Bailie said.

The InfoTrack figures show houses retained their position as the most popular property type in Queensland with a 53 per cent share for the third quarter in a row,

Home units have increased their share to 21 per cent in Q3, which is a quarter-on-quarter increase of three per cent.

Article source: Queensland Property Investor