Generation-Y first home buyers are helping drive a population boom in Australia’s fastest-growing regional suburb, Pimpama, in the northern Gold Coast corridor.
According to the Australian Bureau of Statistics, Pimpama recorded the fastest growth rate of any area outside of an Australian capital city between 2014 and 2015, with the number of residents growing by 20% in that period compared with 1.6% across Greater Brisbane and 1.2% Queensland-wide.
QM Properties General Sales Manager Damien Ross said first home buyers accounted for almost a quarter of buyers at its Pimpama-based Pacific Cove development, which will add 507 new homes to the suburb on completion.
“104 sites of between 400 and 800 square metres have sold at Pacific Cove since launching to the market nine months ago, with 28% of our first home buyers aged under 30 and another 56% aged between 30 and 40,” Mr Ross said.
“The owner-occupier focus has been a major drawcard, particularly for those buyers wanting to make their first home their forever home, with room to grow and start a family in an estate with a real sense of community.
“Starting prices of $239,500 for a 402m2 land lot and $399,000 for a four-bedroom home and land package have also made the prospect of leaving the rental market for the first time a real possibility.
“Buyers are also excited about the new infrastructure planned for the area, including new schools and the nearby Coomera Town Centre shopping hub.”
QM Properties’ current investment in the Gold Coast region includes more than 2,500 home sites across five estates – Pacific Cove, Coomera Retreat, Coomera Waters, Coomera Quays and the soon-to-launch Tuxedo Junction at Maudsland. Across the portfolio, 61.7% of buyers have come from the Gold Coast, with 7.5% from Logan City and 5.3% from Ipswich.
“Located 40 minutes to the Brisbane CBD and 20 minutes to Surfers Paradise, both Pimpama and Coomera have proven popular suburbs with those seeking the flexibility to commute to either local or city-based work,” Mr Ross said.
“Further signposting a construction boom in these areas, both Coomera Retreat and Pacific Cove will soon welcome a Master Builders Display Village, with showcase homes from the region’s leading builders set for completion in April and July respectively.
“The Queensland Government has also projected Gold Coast-wide growth from 515,202 residents in 2011 to 905,681 by 2036, with Coomera set to welcome another 78,300 residents in that time, and we expect demand for new homes to intensify significantly in both the short and long term.”
According to realestate.com.au, Pacific Cove was one of Australia’s top 10 most viewed residential communities in the first quarter of 2016, and its Coomera Retreat estate was the second most clicked-on land development in Australia in 2015.