This Week in Real Estate – 21st April 2023
Health Precinct For GC North
Coomera has been earmarked for a $1.5 billion health precinct with the first stage set to deliver a private day hospital, surgical theatres and a GP clinic.
Developers, Keylin and Kinstone Group, have lodged plans for the project which will be built on a 47.7ha parcel of land in Coomera.
Keylin managing director Louis Cheung says the private precinct will work in well with the State Government’s planned $1.3billion public hospital precinct in the area.
The private day hospital will be built at the intersection of Wellness Way and Creek Road South.
“In addition to its specialist and allied health services, the hospital will also feature premium end-of-trip facilities, a rooftop restaurant with extensive views of the northern Gold Coast, and a ground level cafe for patients and visitors,” Cheung says.
The masterplan for the project features the 400-bed, 60,000sq m Foxwell Day Hospital, and dining and business precincts with a “lifestyle and wellbeing” approach.
Quote Of The Week
“A record return in overseas migration was unexpected, and it has left housing demand far outstripping supply, which has contributed to the start of a more sustained upswing in value”
Eliza Owen – Head of Residential Research CoreLogic
Price Downturn Over
The property price downturn appears to be over, according to leading market analysts.
CoreLogic and SQM Research say the decline is over and prices are set to rise again.
According to CoreLogic’s Eliza Owen the market likely hit bottom in early March.
“A record return in overseas migration was unexpected, and it has left housing demand far outstripping supply, which has contributed to the start of a more sustained upswing in value”, Owen says.
SQM Research managing director Louis Christopher says auction markets are improving and the fact that vendors are increasing their asking prices shows the markets are heading up from the bottom.
“I believe the worst is over for the Sydney and Melbourne markets”, Christopher says.
“We’ve still got inflation out there and housing historically has been a good hedge against inflation. We’ve also got record population growth, so we’re seeing a surge in underlying demand for accommodation”.
CoreLogic’s daily dwelling values index has rebounded 1.3% since early February.
Auction Market Powers On
Auction activity remains strong throughout Australia following a pause in official rate rises.
According to PropTrack’s Cameron Kusher the halt in interest rate rises may have instilled confidence in buyers.
“You still really do have that challenge that there isn’t a lot of stock available for sale and if interest rates are on hold and prices are rising, it will start to give people a bit more confidence that we’re very close to the top,” he says.
Ray White Managing Director Dan White says buyers have already shown they are more confident in the market.
He says vendors are now returning to the market which should alleviate some of the issues caused by the shortage of properties listed for sale in recent months.
“It has started to change in last few weeks and after Easter,